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7 hours ago
we bought vacant land in 2025 and sold the land in 2025. Where is this entered
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7 hours ago
1 Cheer
Based on your original comment about entering a date of 01/01/2025 my advice is as follows. Keep in mind that the 'related party rules' apply so the asset(s) retain the exact same character in both ...
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Based on your original comment about entering a date of 01/01/2025 my advice is as follows. Keep in mind that the 'related party rules' apply so the asset(s) retain the exact same character in both the farm and the sole proprietor activity.
Gather all the information of your asset(s) in the farm:
Cost
Date placed in service
Depreciation recovery period (5y, 7y, 10y, etc).
Next delete each asset in the farm, then enter them in the Schedule C with all the exact same information. The assets must retain their exact same details as though they were always in the sole proprietorship. Whatever is left for depreciation will continue until fully depreciated in the Schedule C.
Please update here if you have additional question and we will help.
@molly1414
7 hours ago
No, unless you have a special situation where your pension is excluded on the California return. If you are a full-year California resident, your pension is generally fully taxable by California reg...
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No, unless you have a special situation where your pension is excluded on the California return. If you are a full-year California resident, your pension is generally fully taxable by California regardless of where you worked when you earned it.
7 hours ago
In the Windows Desktop program…… When you click on SEARCH in the upper right you either get the Turbo Tax Digital Assistant or the Turbo Tax Help box depending if you are signed in. I have gotten th...
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In the Windows Desktop program…… When you click on SEARCH in the upper right you either get the Turbo Tax Digital Assistant or the Turbo Tax Help box depending if you are signed in. I have gotten the Jump to links using both ways. In the Desktop program you can sign in or sign out of your account under FILE on the top menu. If you are signed in it will say Signed in as [name] under File. SEARCH will open the Digital Assistant like a chat box. Go to the bottom and type your search then click the send arrow on the right side. If you are signed out, it will say Sign in under File. The SEARCH box will ask you to sign in. If you get a window asking you to sign in, don't sign in. Click the X in the top right corner to get rid of the sign in window. Then you will have the Search box where you enter your search at the top of the box.
7 hours ago
Are reinvested dividends and reinvested capital gains included in the cost basis of a Traditional IRA?
7 hours ago
I have SSA income from Chinese government. I don't need to pay USA tax for this income per US-China Tax Treaty Art 17-2. I have entered this income and subtracted this income using Tax Treaty Art 17-...
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I have SSA income from Chinese government. I don't need to pay USA tax for this income per US-China Tax Treaty Art 17-2. I have entered this income and subtracted this income using Tax Treaty Art 17-2 under 2025 1040-SR Schedule 1, Part I, z - ‘Other income’. According to IRS instruction for form 8833, When you report Social Security income under a tax treaty, you can be exempt from filing Form 8833. But Gemini said it’s better to file it. What do you think? If I need to file Form 8833, is there a way to attach the PDF of Form 8833 to my e-filed tax return through TurboTax? Otherwise, I have to print my tax file and mail it to IRS with form 8833. Thank you.
7 hours ago
1 Cheer
For the 2025 Form 2210 (Annualized Income Installment Method) recalculation, you should enter -$2,000 for the first period (1/1/2025 to 3/31/2025). Per IRS Publication 550 and Schedule D instruc...
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For the 2025 Form 2210 (Annualized Income Installment Method) recalculation, you should enter -$2,000 for the first period (1/1/2025 to 3/31/2025). Per IRS Publication 550 and Schedule D instructions, a capital loss carryover from a prior year is treated as if it were incurred in the first month of the current tax year. (See IRC § 1212(b)(1))
7 hours ago
You may enter this manually without attaching a rent certificate.
Go to State Taxes → Wisconsin → Homestead Credit (Schedule H or H‑EZ)
TurboTax will ask you to enter the numbers from yo...
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You may enter this manually without attaching a rent certificate.
Go to State Taxes → Wisconsin → Homestead Credit (Schedule H or H‑EZ)
TurboTax will ask you to enter the numbers from your rent certificate;
Total rent
Months lived there
Heat included?
Number of occupants
Food/services value (if any)
When you finish the Homestead Credit section, TurboTax will not ask for a PDF upload.
If you’ve entered all the rent certificate information, your Homestead Credit claim is complete.
7 hours ago
Please see this revised help article on entering information for your crypto transactions. It was just released earlier today.
There are now three ways to enter your crypto information in Turbo...
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Please see this revised help article on entering information for your crypto transactions. It was just released earlier today.
There are now three ways to enter your crypto information in TurboTax:
Import your info directly from your crypto source (this is what we recommend, though it's not available for TurboTax Desktop)
Upload a PDF or TXF file
Enter your transactions manually
The revised instructions include steps to convert a CSV file to TXF file for download to TurboTax Desktop. TurboTax Desktop will not have the ability to import a CSV file.
@rem84271
7 hours ago
I don't understand why if I'm not utilizing any of the features of turbo tax how you justify the expense. Moving forward I will not be using this product, it is a waste of money.
7 hours ago
That is correct.
7 hours ago
This is a verification question. TurboTax is asking if you received a state or local refund in 2024 because it may be taxable if you itemized deductions. Check your 2024 Schedule A or your state refu...
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This is a verification question. TurboTax is asking if you received a state or local refund in 2024 because it may be taxable if you itemized deductions. Check your 2024 Schedule A or your state refund records to confirm.
7 hours ago
1 Cheer
Only if you provide substantial services in conjunctions with the property. In this case, you may use Schedule C. Rental Activity (even for professionals) is generally reported on Schedule E. S...
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Only if you provide substantial services in conjunctions with the property. In this case, you may use Schedule C. Rental Activity (even for professionals) is generally reported on Schedule E. See Topic 414 for an explanation
7 hours ago
If you are on the Online version, the "Restart" button often fails to clear "State" forms like the CRP. You have to manually excise it from the form list:
Open your return and click Tax Tool...
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If you are on the Online version, the "Restart" button often fails to clear "State" forms like the CRP. You have to manually excise it from the form list:
Open your return and click Tax Tools in the left-hand menu.
Select Tools.
In the pop-up window, select Delete a form.
Scroll through the list until you find the CRP Worksheet (it will likely be under the Minnesota state section).
Click Delete next to it and confirm.
Crucial Step: Look for a form called "State Information Worksheet" or "Minnesota Information Worksheet." If you see it, delete that too. This is often where the "Renter" flag is hidden.
Log out and back in again to change the form.
If you are using the software, go to the forms mode to locate each form. once these are located, you will select these one at a time. Wehn the form appears on your screen,press delete at the bottom to remove the form(s).
7 hours ago
I am a full time student working in the summers only. I do not support myself
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7 hours ago
Thanks for the response. Here is the page in question. I just added the first asset for my rental and this is the page I land on. Part one - do any of these apply - Not really- Not sure about the la...
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Thanks for the response. Here is the page in question. I just added the first asset for my rental and this is the page I land on. Part one - do any of these apply - Not really- Not sure about the last but guess what....I need to add another asset. It clear states in the direction that I will be able to add another asset after selecting YES. I picked yes untill all the asset were in place then couldn't understand why it wasn't asking about the sale of the asset. Then went back and answered NO. It should say Yes or No.
7 hours ago
Once you file your return the IRS will mail you a notice which will give you the detail of penalty and interest charged.
7 hours ago
That means that I can fill -$2000 as capital gain for 1/1/2025 to 3/31/2025. Right? Thank you.
7 hours ago
There are many different MAGI calculations for different things. See Schedule 1-A top lines 1-3 to figure the MAGI for Schedule 1-A. Mainly it’s your AGI from 1040/1040SR line 11a. https://www.i...
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There are many different MAGI calculations for different things. See Schedule 1-A top lines 1-3 to figure the MAGI for Schedule 1-A. Mainly it’s your AGI from 1040/1040SR line 11a. https://www.irs.gov/pub/irs-pdf/f1040s1a.pdf