All Posts

Quick followup: Even though she is filing tax because of her small tutoring gig, she has to now enter the 1098-T to show her taxable scholorship, correct. As it is not impacting her taxes, inspite of additional amount, she got as refund for expense she incurred,  showing up on 1098-T, will keep the filing as-is   I will let Turbo Tax handle the schedule 1 and taxable scholarship amount. Yes, it shows up on line 8r.    THANK YOU THANK YOU!

 Should I select "Unknown term basis not report to IRS"? The cost basis is $1885.42 (the same as proceed) since it's a money market fund that attempts to maintain $1 / share in value. Someone said for a money market,  there is no sales proceeds / cost basis to be reported. Thank you.

Annette,   Thank you for the suggestion.  I didn’t realize line two on the K1P document for the Code ZZ wasn’t supposed to flow anywhere.  I did what you said and the loss was accepted up to the passive income I had on the K-1 and the rest of the loss shows up as a carryover.   Going to try and file amended soon.   Thanks, Kraig 

Did you get a consolidated 1099?   That will have sections for 1099-Int and 1099-Div and 1099B and maybe some other 1099s.  You need to enter each section in the right place.  So read it carefully and look for headings.... 1099-INT for interest or 1099-DIV for Dividends or 1099B for sales.  I highlight each heading with a yellow highlighter to find them.   Box 2a should be in the 1099 Div section for Dividends.

Even if you are using AGI the amount from your IRS account, there are still some situations that could affect what AGI number you use.  Some of those situations are:   If you amended your return you must use the AGI from your original 2024 tax return. Make sure that you entered the number was entered correctly without rounding.  If you filed your return after November 10, 2025 enter $0 as your prior-year AGI. For more ideas that could help you find out what your AGI is, refer to the following TurboTax help article:   How do I find last year's AGI?

If you live in Alabama, married to a nonresident and did not live together on the last day of the year, you choose: file MFJ with all income from both of you or  married filing separate with just your income. if you are a military spouse, you have other options, see Armed Forces Tax Guide Reference: AL instructions

IRS form 1099-B may be imported from the provider, manually entered on a One-on-one basis or imported from a JPG of the IRS form 1099-B.   In TurboTax Online Premium, you may enter the IRS form 1099-B by following these steps:         Down the left side of the screen, click Federal. Down the left side of the screen, click Wages & Income. Scroll down to Investments and Savings and click the down arrow to the right. Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other. Click Add investments. At the screen Let’s find your account, click Enter a different way. At the screen How do you want to add your docs?, click Type it in myself. At the screen OK, let’s start with one investment type, select Stocks, Bonds, Mutual Funds.  Continue. At the screen Which bank or brokerage is on your 1099-B, enter the information. Click Continue. Do these sales include any employee stock, click No. Do you have more than three sales on your 1099-B, click No. Do these sales include any other types of investments, click No. Did you buy every investment listed on your 1099-B, click Yes.  Click Continue. At the screen Now, choose how to enter your sales, select One by one.  Click Continue. At the screen Look for your sales on your 1099-B, click Continue. At the screen Now enter one sale on this 1099-B, enter information. Click Continue. Repeat as necessary by clicking Add another sale.  Click Continue. At the screen Now, choose how to enter your sales, you may also select Sales section totals and import a .jpg of the IRS form 1099-B.  

When you have a 'shared' Marketplace policy and are also self-employed, TurboTax does not support the calculations for a self-employed health insurance deduction in this situation.  If a marketplace policy is not 'shared with another taxpayer not on your return' then TurboTax can calculate your self-employed health insurance deduction for you.    If  you choose your allocation for the shared policy as 100% and the other taxpayer indicates 0% on their return, you'll get a calculation for the deduction, but can't exceed net business income.   Here's more info on Self-Employed Health Insurance Deduction.     @dydyfedor-dydyfedor 

The FTB uses Form 3804, Pass-Through Entity Elective Tax Calculation and Schedule of Qualified Taxpayers to link credit payments to individual partner returns. Taxpayers can monitor PTE payments, including prepayments, via their MyFTB account under "Payment History" and "Estimate Payments & Credits".   To report California Pass-Through Entity (PTE) Elective Tax, qualified entities (S-corps, Partnerships, LLCs) must file Form 3804 with their original return and pay 9.3% of qualified net income. Payments are made via FTB Web Pay or Form 3893, with initial payments due by June 15, and final payments by the return due date.   Partners/shareholders claim their share of the credit on their individual tax returns using form FTB 3804-CR, Pass-Through Entity Elective Tax Credit.    @andrew0071