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yesterday
You cannot deduct a loss for a worthless stock in an IRA. Unlike a taxable brokerage account, you cannot claim a capital loss for worthless securities inside an IRA.
yesterday
if box 13 of your k-1 13M reads $111,000, that's what you syupposed to enter in TurboTax. what you need to do is go back to the company and get explanations.
income subject to SE tax is report...
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if box 13 of your k-1 13M reads $111,000, that's what you syupposed to enter in TurboTax. what you need to do is go back to the company and get explanations.
income subject to SE tax is reported in box 14 usually 14A.
the K-1 is supposed to reflect what needs to be reported on your 1040 for the current year
yesterday
Enter zero when asked for prior year Adjusted gross Income (AGI). See the following links for more info:
What do I put for my AGI if I didn't file last year?
Where do I correct my AGI i...
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Enter zero when asked for prior year Adjusted gross Income (AGI). See the following links for more info:
What do I put for my AGI if I didn't file last year?
Where do I correct my AGI in TurboTax Online?
yesterday
How to prepare a CA amended return
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yesterday
You do not enter expenses based on how they were paid for. You simply enter the expenses that you had. TurboTax (TT)will the allocate then to the best tax benefit. That is, TT will allocate tuition...
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You do not enter expenses based on how they were paid for. You simply enter the expenses that you had. TurboTax (TT)will the allocate then to the best tax benefit. That is, TT will allocate tuition, books and computer to the American Opportunity Credit (AOC) up to the amount needed to get the maximum credit. Anything left over will be allocated to the 529 plan. So, there is only one place to enter books and computer.
yesterday
The form is "Available". If you haven't already, update your software by going to the black menu bar at the top of the screen. Click on "Online" and then "Check for Updates". If that doesn't solve ...
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The form is "Available". If you haven't already, update your software by going to the black menu bar at the top of the screen. Click on "Online" and then "Check for Updates". If that doesn't solve the issue, try a manual update of the software as follows:
Close TurboTax Business and all other programs except this browser window.
Select this link to download the 291 MB update.
Save the update file to your Windows desktop.
Double-click the update file w_bizrelsuperpatch... on your desktop to install the manual update.
yesterday
Just a thought: It really should be as simple as asking your child's other parent if you can claim the child this year. If they say yes, go for it. I'm pretty sure if you both end up claiming th...
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Just a thought: It really should be as simple as asking your child's other parent if you can claim the child this year. If they say yes, go for it. I'm pretty sure if you both end up claiming the child that'll drastically hold up both returns and possibly guarantee an audit!
yesterday
TurboTax generlly assume an activity does not qualify for QBI, so there is a check box to say it does. it reads something like a qualified business under 199A. In addition, certain info must be enter...
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TurboTax generlly assume an activity does not qualify for QBI, so there is a check box to say it does. it reads something like a qualified business under 199A. In addition, certain info must be entered in the QBI section of the TurboTax form
yesterday
@ miguelaf1957 Please confirm something. Underneath your question there is a tag that says "Online TurboTax." Please state exactly what product you are using and if it's online in a browser or i...
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@ miguelaf1957 Please confirm something. Underneath your question there is a tag that says "Online TurboTax." Please state exactly what product you are using and if it's online in a browser or in installed software? Unlike a handful of other authorized retailers, Costco only sells the TurboTax desktop software. Did you buy desktop TurboTax Home and Business from Costco, but ended up in Online TurboTax by mistake (Online Premium edition) instead of using your desktop product?
yesterday
you can't because TurboTax doesn't support it. Manually prepare it and attach it to your return which must be mailed
https://www.irs.gov/forms-pubs/about-form-8621
yesterday
Part of my closing costs included property taxes.
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yesterday
I should say, there is no "other" option once you've selected 1099-B, but again, if you have to choose something else in order to work around the system, that is sloppy. Why not just put an "other" ...
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I should say, there is no "other" option once you've selected 1099-B, but again, if you have to choose something else in order to work around the system, that is sloppy. Why not just put an "other" option under the 1099-B form page?
yesterday
Does column A exactly match what was on the last accepted return? Some amend by changing the original return to see what it will look like or to get a head start on amending, rather than starting wit...
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Does column A exactly match what was on the last accepted return? Some amend by changing the original return to see what it will look like or to get a head start on amending, rather than starting with the amended return link which results in rejection. Another possibily is perhaps you filed the amended return too soon after the original.
the rejection message does not come up on a websearch
yesterday
You can use the instructions below to remove the fee or possible downgrade your return. If there is a Form 1099-Q added to your tax return, you may have to delete it first. I have included instructio...
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You can use the instructions below to remove the fee or possible downgrade your return. If there is a Form 1099-Q added to your tax return, you may have to delete it first. I have included instructions below on how to delete this form if it is in your return. You may also be able to downgrade How do I downgrade to a different TurboTax Online product? The TurboTax Free Edition is for customers who are filing simple Form 1040 returns only (no schedules except for Earned Income Credit, Child Tax Credit and Student Loan Interest. Roughly 3.7% of taxpayers qualify. If you have additional forms or attachments, you'll need to use a different TurboTax product. You can review your fees using the instructions below to find out why you're being charged. You can follow the instructions in this article to remove any unwanted Fees Why am I being charged for TurboTax Free Edition? You can review your fees in TurboTax online as follows: Go to the left side on your screen under "Tax Home" Go to "Tax Tools" then "Tools" The "Tools Center" Box will pop up Click on "My Fees" to see a summary of your Turbo Tax Fees. If you need to delete a Form 1099-Q from your tax return, you can do it using the steps listed below: If you answered Yes to Did you receive Form 1099-Q for qualified tuition program distributions in 2025? You should go back and answer it No. You can do this as follows: Click on Search at the top right of your TurboTax screen. Type Form 1099-Q in the search box Click on the link Jump to Form 1099-Q Your screen will say Form 1099-Q, Answer No If you used TurboTax Online to delete your Form 1099-Q you can: Click on "Tax Tools" in the left panel of your TurboTax screen Select "Tools" Click on "Delete a Form" Scroll down the list of your forms to find Form 1099-Q Click on the trash can to the right of your form to delete it If you used TurboTax Desktop, to delete your Form 1099-OID you can: Click on "Forms" in the top right of your TurboTax screen to switch to "Forms Mode" In your left panel of your TurboTax screen find Form 1099-Q Click on "Delete Form" at the bottom of the form Click on "Yes" to confirm the deletion If you have additional information or questions regarding this, please return to Community and we would be glad to help.
yesterday
100k sales means no Schedule L required. Also not charging interest. I always figured if I loan my S-Corp $1,000 and then just pay it back from sales it's all good and has no effect on taxes (ma...
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100k sales means no Schedule L required. Also not charging interest. I always figured if I loan my S-Corp $1,000 and then just pay it back from sales it's all good and has no effect on taxes (maybe I'm wrong?). However, I sadly loaned the biz money (under $5k) by swiping a personal credit card on the business POS machine. That means it appears on a 1099k. Google implies to put an expense called Loans. I'm thinking maybe that's only if doing Schedule L? I'm probably over complicating things, but I worry things should definitely matter HOW the money was used as well. How could it be the same if I loan the biz $1k and it used the money for COGS verses used it just to make a business credit card payment. (COGS = would be reported as a COGS expense was made, but a credit card payment isn't reported as it was the previous transactions that were the expenses). UPDATED THINKING: If I loan the biz $100 cash and it pays a business credit card, the business can just give me the $100 back and it absolutely does not effect taxes at all. Pretty sure that's correct. Still completely stuck on how to account for loaning money through a credit card machine where it hit a 1099K and thinking there's a difference between how the business used the money. Writing a loan as an expense PLUS adding an expense for money used for inventory/supplies seems off. (And then having it be just as a loan expense if I used the funds to pay a credit card payment where that isn't reported). Thanks for ANY ideas!
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yesterday
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yesterday
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I'm having the exact same issue with a Rheem heat pump water heater, QMID K3A8. When I work through form 5695 manually I see that I am eligible for the full 30% credit, but Turbotax calculates a cred...
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I'm having the exact same issue with a Rheem heat pump water heater, QMID K3A8. When I work through form 5695 manually I see that I am eligible for the full 30% credit, but Turbotax calculates a credit of $0 with the message, "Based on what you've entered so far, we can't get you the home energy credit for 2025 and you have no credit to carry forward to 2026." My tax liability is significantly more than the non-refundable credit amount.
yesterday
@David66, you must not have read the other messages that said there is NO "other" option. If there were, that would be fine and make sense. It makes NO sense to report a CD as a stock sale. Even i...
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@David66, you must not have read the other messages that said there is NO "other" option. If there were, that would be fine and make sense. It makes NO sense to report a CD as a stock sale. Even if the IRS doesn't care, it's sloppy.