All Posts
yesterday
When you entered the 1099-R into TurboTax what code was in box 7?
In addition, was this an early distribution from your Roth IRA? If so there may have been penalties even if the amount issue...
See more...
When you entered the 1099-R into TurboTax what code was in box 7?
In addition, was this an early distribution from your Roth IRA? If so there may have been penalties even if the amount issued wasn't taxable.
yesterday
The capital loss carryover is important to use for 2025, to reduce your tax. Follow the steps in the link below.
How do I enter my capital loss carryover?
yesterday
It lets me modify "Other State" but not the state amounts.
Topics:
yesterday
Return was expected to be a $xxxx.xx. with TurboTax's fees deducted ($50.00). The IRS confirmed approval of the total amount (before TurboTax fees), but TurboTax shorted me $122.78 on top of that.
Topics:
yesterday
Hi, This is regarding Balance sheet and form 7203. Our LLC S-Corp has incurred a loss of about 13000 K in year 2025. We are 2 shareholders with 50% share of each of us. We have made a capital cont...
See more...
Hi, This is regarding Balance sheet and form 7203. Our LLC S-Corp has incurred a loss of about 13000 K in year 2025. We are 2 shareholders with 50% share of each of us. We have made a capital contribution of total 4000 K in year 2025. Last year (2024) we had a total profit of 4000 K. In calculating how much each of us can claim this year's loss in our personal federal tax return Turbotax calculated like this: Stock basis: 2000 K Capital contribution : 2000K Total Stock basis: 4000K Part III Shareholder Allowable Loss and Deduction Items: Ordinary business loss: 6500 K Allowable loss from stock basis and Capital contribution : 4000 K Each of us can claim 4000K with carry over of 2500K to claim in next year. In the balance sheet of Liability and Equity section of 2025 Tax Return of the S-corp the balance at the beginning is 500000 K and end 504000K. In this case what number should be in the beginning Capital contribution in the balance sheet of 2026 1120-S Return? I appreciate the response. Thank you. Nurul Islam, MD
Topics:
yesterday
The expenses can be entered directly on the Schedule C as though you are self employed.
What is a Statutory Employee?
To begin your expense entry associated with your statutory wages use the...
See more...
The expenses can be entered directly on the Schedule C as though you are self employed.
What is a Statutory Employee?
To begin your expense entry associated with your statutory wages use the following steps.
TurboTax Online or TurboTax Desktop: Search > Type Schedule C > click the Jump to... link
Select Edit beside your Self Employment > Select Add expenses for this work > Scroll through the expenses and select all the ones you need
Continue through the pages if you don't see what you need on the first page (2,3,4,5, etc).
Place a check in the box beside each one > Continue
On the screen Here's your ___ info select Edit beside each expense you need to enter the amount
Continue until you are finished
yesterday
The non-taxable portion of the dividends will either be listed on the 1099 form and attachments you receive from the broker, or you will have to contact them and request that information. After y...
See more...
The non-taxable portion of the dividends will either be listed on the 1099 form and attachments you receive from the broker, or you will have to contact them and request that information. After you enter your Form 1099-DIV with the tax-exempt dividends reported in box 12, you will come to a screen that says Tell us more about your Exempt-Interest Dividends. On that screen you will see where you can enter the state(s) associated with the exempt interest dividends.
yesterday
what is the next step after reviewing and verifying the imported form 1099 from linked accounts to turbotax?
Topics:
yesterday
I need somebody from Turbo Tax to call me, [phone number removed]. The IRS has stated a math error was made on my return and they are reducing my refund by $1414.00. I have reviewed my return and d...
See more...
I need somebody from Turbo Tax to call me, [phone number removed]. The IRS has stated a math error was made on my return and they are reducing my refund by $1414.00. I have reviewed my return and do not see where an error was made. I have used Turbo Tax for years and have never had an issue until the 2025 tax return. I strongly feel the IRS is making the mistake. They need to re-read the questions. PLEASE CALL ME.
yesterday
Does the new senior deduction take effect in 2025?
Topics:
yesterday
If the holding period was 12 months plus one day, the program should be able to recognize the holding period and not require the amount. However, since it is not, I am guessing the software is requir...
See more...
If the holding period was 12 months plus one day, the program should be able to recognize the holding period and not require the amount. However, since it is not, I am guessing the software is requiring the value due to prior customers with short term holding missing the field. The programmers must sometimes mark boxes as required to ensure the success of the masses.
Double check your date acquired and date of contribution are at least 12 months plus one day.
You can try entering 0 as the basis (or the actual amount) to satisfy the software filing rule. Providing the data does not invalidate your tax return. The IRS will gladly accept your return without repercussion for this value.
You have this question showing you are asking in good faith and this is the advice you were given by a licensed professional.
yesterday
where to enter my state estimated payment in turbotax?
Topics:
yesterday
Theres no refund status
Topics:
yesterday
As usual Turbo Tax had issues e-filing my return. No solutions were found by the tech support so I had to file by mail. I have had issues with Turbo Tax every year that I have used them. Not next ye...
See more...
As usual Turbo Tax had issues e-filing my return. No solutions were found by the tech support so I had to file by mail. I have had issues with Turbo Tax every year that I have used them. Not next year I can guarantee that!
yesterday
I have capitol loss from 2024 that I want to report in 2025 tax file return. How to do that?
Topics:
yesterday
You're welcome. Good luck.
yesterday
Topics:
yesterday
Your math is correct. The amount of the tax only benefitted you to the tune of $1,292. So that is the amount that you should be entering on your tax return.
Do make absolutely certain to main...
See more...
Your math is correct. The amount of the tax only benefitted you to the tune of $1,292. So that is the amount that you should be entering on your tax return.
Do make absolutely certain to maintain all the records that back up your math in case there are ever any questions about the amount you entered. You should be able to prove it using all of the documents that back up last year's tax return.