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Tuesday
Please explain exactly where you are seeing the word "pending." When did you e-file?
Tuesday
TurboTax gets no information from the IRS after you file your tax return, so no one at TT knows what the IRS is doing with your return, nor will the IRS tell TurboTax. Only the IRS is in control. Y...
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TurboTax gets no information from the IRS after you file your tax return, so no one at TT knows what the IRS is doing with your return, nor will the IRS tell TurboTax. Only the IRS is in control. You can call the IRS or you might want to try contacting a tax advocate.
Call the IRS: 1-800-829-1040 hours 7 AM - 7 PM local time Monday-Friday When calling the IRS do NOT choose the first option re: "Refund", or it will send you to an automated phone line. So after first choosing your language, then do NOT choose Option 1 (refund info). Choose option 2 for "personal income tax" instead. Then press 1 for "form, tax history, or payment". Then press 3 "for all other questions." Then press 2 "for all other questions." - When it asks you to enter your SSN or EIN to access your account information, don't enter anything. - After it asks twice, you will get another menu.
Press 2 for personal or individual tax questions. Then press 3 for all other inquiries It should then transfer you to an agent.
TAX ADVOCATE
See this article for more info on how the Taxpayer Advocate Service works:: http://www.irs.gov/taxtopics/tc104.html
https://www.taxpayeradvocate.irs.gov/
Tuesday
To check on regular tax refund status via automated phone, call 800-829-1954.
Federal and state refunds come from completely separate entities. There is no rule as to which one will come in fi...
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To check on regular tax refund status via automated phone, call 800-829-1954.
Federal and state refunds come from completely separate entities. There is no rule as to which one will come in first or how long it will be between their arrival in your account.
TurboTax gives you an estimated date for receiving your refund based on a 21 day average from your date of acceptance, but it can take longer. “21 days” is not a promise from TurboTax or the IRS.
First, check your e-file status to see if your return was accepted:
https://turbotax.intuit.com/tax-tools/efile-status-lookup/
Once your federal return has been accepted by the IRS, only the IRS has any control. TurboTax does not receive any updates from the IRS. Your ONLY source of information about your refund now is the IRS.
You need your filing status, your Social Security number and the exact amount (line 35a of your 2024 Form 1040) of your federal refund to track your Federal refund:
https://www.irs.gov/refunds
To track your state refund:
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/track-state-refund/L3jgO8PGs_US_en_US?uid=lt447ebr
If you chose to have your TurboTax fees deducted from your federal refund, that will take some extra time, while the third party bank handles the refund processing
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/refunds-take-longer-others/L14YlqFrH_US_en_US?uid=lexdr7zh
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https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/irs-refund-taking-longer-21-days/L2vRAJbdU_US_en_US?uid=lexe7lst
Tuesday
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Tuesday
I came to this discussion via an internet search because I am an Amazon Vine reviewer. To me, as a somewhat experienced and educated small business accountant and tax preparer, Amazon is setting up a...
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I came to this discussion via an internet search because I am an Amazon Vine reviewer. To me, as a somewhat experienced and educated small business accountant and tax preparer, Amazon is setting up a scam and we should not facilitate that by paying their taxes. Here's what I mean: By declaring the suggested retail value (or some proxy they pick) and reporting that as income to Vine reviewers, Amazon is likely taking an inappropriate deduction on their taxes. They certainly do not pay that amount, if anything, as the cost of those goods. They also provide a rather detailed set of obligations to Amazon reviewers and completely control entry and exit from the program as well as which reviews they publish. So what is actually happening? Continued participants in the Vine program must perform ongoing services at certain levels to remain in the program, not to mention advance in "status." They are not hobbyists, but rather qualified writing professionals who have been carefully screened (based on past performance) for participation in a program. All they receive in exchange are goods of some value, with restrictions. So, while Amazon is reporting an amount of income, all that income is necessarily spent on acquiring inventory or materials required to do a job in exchange. That is cost of goods or supplies.
1) Vine reviewers should expect to file as small business owners. They are receiving income, even if it is all spent on goods required to do the job. The only reason to call it a hobby is if you're rich and don't care about the money.
2) All income from Amazon should be expensed as either supplies (which are consumed in providing the service) or cost of goods (inventory that can be resold or repurposed for personal use.)
3) Inventory has to be valued. Since by agreement with Amazon, goods must be kept for at least 6 months, there will always be some inventory unless all goods are treated as supplies. If any goods are intended to be resold, they need to be valued at the end of each tax year.
4) Even if goods are treated as supplies rather than cost of goods for resale, they still must be treated as income if they are converted to personal use. The value of these items at the time they are converted to personal use should be fairly determined. For guidelines, consider the valuation guidelines for contributions of goods. There are several alternatives presented there including such things as comparative sales and values at thrift stores.
So I would conclude the following:
1) Amazon's declared valuations on the 1099 are not likely appropriate valuations for the goods actually received (and required to be held for 6 months prior to resale or even gifting) by a small business who is not running the world's largest online retail marketplace.
2) Items converted to personal use should be valued appropriately and that is in fact taxable small business income, after expenses, that should be reported.
3) Items held as inventory for potential resale should be valued appropriately at the end of each tax year. Active participants in the Vine program who resell products received should expect to declare inventory on hand each year because of the six month obligatory holding period they agree to with Amazon. This inventory can be easily tracked though because Amazon keeps a complete record for you online (which of course would also be available to an auditor if the IRS were so inclined for any reason.) You can add the work of tracking inventory to the work of writing reviews as part of your business activity, along with your prime membership, writing tools, camera, internet connection, and so on. Of course your time itself is not an expense to the business, no matter how much of it you take to earn this paltry income from Amazon.
Tuesday
1 Cheer
@Impulse ADDENDUM: I now see you also have another thread in this forum, which implies you are using 2024 desktop software since you asked how to download it. https://ttlc.intuit.com/community/ta...
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@Impulse ADDENDUM: I now see you also have another thread in this forum, which implies you are using 2024 desktop software since you asked how to download it. https://ttlc.intuit.com/community/taxes/discussion/this-is-ridiculous-i-have-a-code-for-turbotax-premier-2024-but-nowhere-on-turbotax-com-is-there-an/00/3697240 Do you have the *.tax2023 data file from last year on your computer? If so, the 2024 desktop program should have automatically searched for it when you chose to start your return and then give you the option to transfer or not. Or is it this? Did you install the 2024 desktop software then used Online TurboTax (browser version) by mistake? It has happened to some people before.
Tuesday
1 Cheer
@Impulse wrote: "After hours entering tax data, i noticed that i failed to import prev year's file. Can i do this WITHOUT having to start new return? If not, it would be nice feature. THX" No. ...
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@Impulse wrote: "After hours entering tax data, i noticed that i failed to import prev year's file. Can i do this WITHOUT having to start new return? If not, it would be nice feature. THX" No. Unfortunately, I'm sorry to report that you have to start a new blank return in order to transfer-in the tax data file from the prior year. Where is your 2023 tax data file currently; i.e., how did you prepare your 2023 return--in Online TurboTax or in desktop software? Underneath your question the tag says you are using Online TurboTax. If so, and if you also used 2023 Online TurboTax last year, it should have transferred into your 2024 Online return automatically when you first started this year if you are using the same online account as last year. Or did you use 2023 desktop software last year and have the *.tax2023 data file stored on your computer? If so, we can tell you how to transfer it into either a desktop or online return--depending on what you are using--but in either case it will require you to start over. We would first need to know exactly what platform you used last year (online/desktop) and what you are using this year.
Tuesday
1 Cheer
OMG! Thank you JLtoday and justTaxes! You solved it! I only had 2 Windows 11 updates that hadn't been installed. They were optional and were driver updates (Intel - net and Intel Corporation -...
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OMG! Thank you JLtoday and justTaxes! You solved it! I only had 2 Windows 11 updates that hadn't been installed. They were optional and were driver updates (Intel - net and Intel Corporation - Bluetooth). Once I installed the 2 driver updates I went back into TurboTax and tried to e-File my Federal return and state return. They both finally went through! The TurboTax phone support representative I talked to last week couldn't figure out how to solve this issue even after 66 minutes on the phone. JLtoday / justTaxesguys, you guys rock!
Tuesday
I missed prior years depreciation on our rental property. Should I enter "0" or leave the auto calculated amount for Total depreciation claimed in previous years? Using turbo tax desktop version. I'm...
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I missed prior years depreciation on our rental property. Should I enter "0" or leave the auto calculated amount for Total depreciation claimed in previous years? Using turbo tax desktop version. I'm filing 3115 for missed depreciation in prior years. Please advice if you have any experience of filling this section. Also, if there are any sections to double check, please let us know. Thank you! Appreciate your response.
Monday
1 Cheer
Can you contact the partnership to find out why the k-1 was not marked final. You marking it as final would allow the passive loss which might be improper if there is a valid reason for not marking i...
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Can you contact the partnership to find out why the k-1 was not marked final. You marking it as final would allow the passive loss which might be improper if there is a valid reason for not marking it final. Thus without more info I would not indicate this is final. your actual cost basis is now zero since the $25K loss reduces your $25K cost to zero.
Monday
is this a Canadian corporation? then you'll need advice of a Canadian lawyer. This is an US income tax forum. valuation is beyond the scope of this forum. If a US corporation, properly dissolving it ...
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is this a Canadian corporation? then you'll need advice of a Canadian lawyer. This is an US income tax forum. valuation is beyond the scope of this forum. If a US corporation, properly dissolving it is a matter of state law of the state incorporation. from an income tax standpoint there is no requirement to zero out the ending balance. simply indicate the return as final.
Monday
1 Cheer
@gavrielsullivan asked: "what line on my 1040 is considered net income?" There is not a specific line on the Form 1040 labelled "net income." It is actually derived from a combination of mult...
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@gavrielsullivan asked: "what line on my 1040 is considered net income?" There is not a specific line on the Form 1040 labelled "net income." It is actually derived from a combination of multiple lines. See if the following articles are helpful in understanding the concept of "net income." TurboTax Tax Tip: What's the difference between gross income and net income? https://turbotax.intuit.com/tax-tips/irs-tax-return/whats-the-difference-between-gross-income-vs-net-income/c2nq4O4ct And Accounting Insights: Where is net income on the 1040 Form? https://accountinginsights.org/where-is-net-income-on-the-1040-form/
Monday
What does it say you cannot "apply" for? This is the user forum for TurboTax. If you are trying to get help for using Credit Karma:
https://ttlc.intuit.com/community/intuit-account/help/is...
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What does it say you cannot "apply" for? This is the user forum for TurboTax. If you are trying to get help for using Credit Karma:
https://ttlc.intuit.com/community/intuit-account/help/is-credit-karma-a-part-of-turbotax/00/2092900
https://support.creditkarma.com/s/
Monday
There is no extra fee to amend your tax return unless the change you are making requires you to use a higher version of the software than the version you used for the original return; in that situat...
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There is no extra fee to amend your tax return unless the change you are making requires you to use a higher version of the software than the version you used for the original return; in that situation you would be charged just the difference between the original software fees and the higher version fee. The only way to amend a 2021 return is to use the downloaded desktop software, which is what has been provided to you.
Monday
Line 9 is your total income.
Monday
Greetings,
I downloaded the 2021 Desktop version to Amend the tax return. and I was not charged any fees for the license/ download., should I have been charged a fee or is it normal to be free, or was...
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Greetings,
I downloaded the 2021 Desktop version to Amend the tax return. and I was not charged any fees for the license/ download., should I have been charged a fee or is it normal to be free, or was it included in what I paid back in 2022 for the Online 2021 tax return? Also, I originally filed it with the Online version. I have been reading the EULA for the Desktop version but it says: Under, Discontinuation of Policy and Software support it says: shall not be supported beyond October 15, 2024. If I use the Desktop version which is the only option it gives me to Amend the 2021 year, will it allow me to Properly Amend the 2021 Tax return or not?
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Monday
Hi, I live in NJ and work in NY (Hybrid) , I wasn't given a w4 form to fill out for NJ how do I account for and ensure I pay anything I owe in NJ taxes when I file? The only taxes being taken out ...
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Hi, I live in NJ and work in NY (Hybrid) , I wasn't given a w4 form to fill out for NJ how do I account for and ensure I pay anything I owe in NJ taxes when I file? The only taxes being taken out right now are for NY.
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