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2 weeks ago
I signed sellers closing documents today. I believe the closing agent will file a 1099-S, but TurboTax should apply section 121 exclusion and any capital gains up to $250,000 should be excluded.
2 weeks ago
@hjw77 ,
while I don't know a whole lot about clergy and tax, the fact that W-2 is issued kind of clouds the situation. I say this because W-2 implies employee status, the employer withholds FICA...
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@hjw77 ,
while I don't know a whole lot about clergy and tax, the fact that W-2 is issued kind of clouds the situation. I say this because W-2 implies employee status, the employer withholds FICA, Federal and State taxes. If your employer has indeed withheld your FICA taxes ( and contributed at 50% towards the FICA) then that amount should have shown up on boxes, 3.4.5.6 of the W-2 and the requisite amounts transferred to the IRS ( IRS then forwards the FICA/SECA to SSA. So something is wrong here.
My ref. here is --> Topic no. 417, Earnings for clergy | Internal Revenue Service
If it turns out that neither your employer nor you have transferred any of the total SECA ( 2 X FICA), then you do not need to amend your return. Just go to local SSA office and settle your accounts with them. There ois generally NO interest or penalty for this. But you should settle with SSA.
Is there more I can do for you ?
2 weeks ago
A) 2025 B)Green Card c) got it d) ok
2 weeks ago
@Cavachon1 , sorry for the confusion --- while the Treasury Reg generally implies time i.e. you use the prop as residence for some time and then/priorly used it as income, the same logic can also be...
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@Cavachon1 , sorry for the confusion --- while the Treasury Reg generally implies time i.e. you use the prop as residence for some time and then/priorly used it as income, the same logic can also be applied if one has a building where one portion is used as rental while the rest is used for residence. Your case , from your clarification, is one building used as income for a period and also as residence at another period. Thus you are good to go.
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2 weeks ago
Hello,
I learned much from the forum, and had received help earlier from Opus17 and BillM223 in March. So, I am continuing to work at age 70, ready to join a HDHP plan at the upcoming open enr...
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Hello,
I learned much from the forum, and had received help earlier from Opus17 and BillM223 in March. So, I am continuing to work at age 70, ready to join a HDHP plan at the upcoming open enrollment in Dec 2025, to also cover my wife, and my college grad, dependent on the same tax return, until she moves out.
1. Should I sign up for such HPDP family plan, so that my wife can get her own HSA where her contributions are tax deductible 2. Would I take care of my health expenses via my typical annual premium and savings, but cannot use any money from the HSA 3. Would my wife's HSA annual contributions be limited to a single, or a family maximum? 4. Would my daughter be allowed to use such HSA savings for health/ medical expenses? Thank you!
Reference which helps but does not quite answer my situation: https://www.ppibenefits.com/Resource-Library/Compliance-Corner/FAQ/can-an-employee-still-contribute-to-an-hsa-if-her-covered-spouse-will-soon-be-eligible-for-medicare-if-so-how-much-can-she-use-the-hsa-to-pay-for-her-spouses-medical-expenses
2 weeks ago
When you file your 2025 return next year you can change it then. When will your divorce be final? You may have to file 2025 as Joint or MFS.
2 weeks ago
Pk, Thank you for your reply. I’m not sure what you mean by the whole building must be transferred for this reg to apply. For clarification, it’s a single-family home. Perhaps you mean, you can’t sel...
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Pk, Thank you for your reply. I’m not sure what you mean by the whole building must be transferred for this reg to apply. For clarification, it’s a single-family home. Perhaps you mean, you can’t sell just one unit, you have to sell both? Both are being sold together at the same time. Also, the other eligibility requirements have been met.
2 weeks ago
Still not able to apply for flex loan has any one successfully wen able to connect their bank
2 weeks ago
#1 Yes you can pay directly on the IRS website https://www.irs.gov/payments Be sure to pick the right kind of payment and year.....2025 Estimate #2 when you file next year you just enter the da...
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#1 Yes you can pay directly on the IRS website https://www.irs.gov/payments Be sure to pick the right kind of payment and year.....2025 Estimate #2 when you file next year you just enter the date you paid and the amount. It is easy. It will be under Federal > Deductions & Credits > Estimates and Other Taxes paid #4 Turbo Tax will automatically fill out Form 2210 if you have a penalty. If you do have a penalty….you might be able to eliminate it or at least reduce it. You can go to Federal Taxes tab or Personal tab, under Other Tax Situations and select Start by the Underpayment Penalties. You will answer a series of questions that may reduce or eliminate the penalty. Or you can elect to have the IRS figure the penalty for you. It's form 2210.
2 weeks ago
@NCperson @baldietax thank you again. Follow up questions, 1 I think I need go online and select 2025 1040 ES and pay, right? 2 What proof will I get and must file with my return after I made th...
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@NCperson @baldietax thank you again. Follow up questions, 1 I think I need go online and select 2025 1040 ES and pay, right? 2 What proof will I get and must file with my return after I made this estimated payments? Never done this before. Just want to double check before I do that in case missing something important. 3 Since it is already in November, does it matter whether I make that one time estimated tax payment now or later towards the end of the year? 4 If 2210 is too complicated for me, can I still use TurboTax? Maybe just pay a little more interests. Maybe it is still cheaper than a CPA? Or is the real CPA offered by TurboTax another option? I am not sure if they offer to do this. thank you so much
2 weeks ago
https://turbotax.intuit.com/personal-loan/
2 weeks ago
Look at your card statements.
2 weeks ago
1 Cheer
https://www.irs.gov/newsroom/faqs-for-modification-of-sections-25c-25d-25e-30c-30d-45l-45w-and-179d-under-public-law-119-21-139-stat-72-july-4-2025-commonly-known-as-the-one-big-beautiful-bill-obbb
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https://www.irs.gov/newsroom/faqs-for-modification-of-sections-25c-25d-25e-30c-30d-45l-45w-and-179d-under-public-law-119-21-139-stat-72-july-4-2025-commonly-known-as-the-one-big-beautiful-bill-obbb
The Code says an expenditure is treated as occurring when installation is "completed." The form 5695 instructions also say "completed". I tried to look for a more comprehensive definition of what "completed" means and I couldn't find one.
Usually, folks on this board will say that "completed" includes final inspection and turn-on. However, it might be worth it to claim the credit even if the inspections aren't done, knowing that there could be a gray area if you are audited. (For business credits, the term is "placed in service", which I would argue definitely includes being inspected and turned on. But "placed in service" is not the language used for the residential credit.)
2 weeks ago
YOU HAVE SAVED ME, THANK YOU SO MUCH!!!
2 weeks ago
1 Cheer
If you are a US person for tax purposes (citizen, green card holder, or resident alien) then gifts are not taxable to the recipient. However, there are two reporting requirements you must follow.
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If you are a US person for tax purposes (citizen, green card holder, or resident alien) then gifts are not taxable to the recipient. However, there are two reporting requirements you must follow.
1. If you own or control a foreign bank account that has more than US$10,000 equivalent at any time in the year, you must file an FBAR report.
https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar
2. If you are a US person who receives a gift from a foreign person of more than US$100,000 in a year, you must file form 3520 to report it. There is no tax owed. This is filed separately, it is not part of your annual tax return, and Turbotax does not support this form, you will have to fill it out and mail it in yourself. https://www.irs.gov/businesses/gifts-from-foreign-person
2 weeks ago
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2 weeks ago
I’ve looked everywhere in the app and there is nowhere to check what card was used or where to find my receipt for this TurboTax deluxe [removed]
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