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yesterday
@taxmodern has a good approach to address your tax question. However, if you rent your home for less than 15 days in the year, rental income from that short-term rental is generally not taxable and d...
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@taxmodern has a good approach to address your tax question. However, if you rent your home for less than 15 days in the year, rental income from that short-term rental is generally not taxable and doesn't have to be reported. This means you don't need to enter the 1099-K income related to this simple rental use in TurboTax as rental income. Property management companies sometimes use payment settlement entities to issue 1099-K forms even when your rental income doesn't meet the $20,000 or 200 transaction reporting threshold. Despite receiving such a form, IRS (Pub.527) clearly says you don't have to report rental income when it's from rentals under 15 days. You can also call the property management company to ask for a correction of the 1099-K. Tell them to look at this IRS link as the reason for the correction. @liberwatt
yesterday
Part of the frustration with this issue is that Taxpayers are only told they are receiving a letter. There is nothing to say when the letter was sent. There is nothing explaining what the letter is a...
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Part of the frustration with this issue is that Taxpayers are only told they are receiving a letter. There is nothing to say when the letter was sent. There is nothing explaining what the letter is about. The only thing Taxpayers know is that receipt of the letter is in 2-3 weeks, whatever that means. When 2-3 weeks had passed I phoned IRS and a very helpful Staffer checked, told me our letter was sent April 2. She informed me our QMINs were incomplete or missing which perplexed me at the time as I knew I included same, double- and triple-checked before filing. The letter, however, would appear to throw a Taxpayer in an endless loop. It says to send in a Form 5695 with QMINs. The Workaround is found in the IRS Publication "TY2025 Known Issues and Solutions". Please see my earlier post above with information excerpted from that publication.
yesterday
Hi, I feel your pain; however in the future we may not be able to request paper at all!!! If you feel this is unfair, I would suggest you voice your concerns to the IRS and your legislative body. ...
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Hi, I feel your pain; however in the future we may not be able to request paper at all!!! If you feel this is unfair, I would suggest you voice your concerns to the IRS and your legislative body. FYI, I have used my routing number and account number to receive and/or pay city, state, and federal governments, I hope this information helps.
yesterday
Yes, the IRS is probably correct. Your taxable social security will be calculated incorrectly if you indicate that you are a U.S. citizen living abroad in one of the countries listed. You can’t skip...
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Yes, the IRS is probably correct. Your taxable social security will be calculated incorrectly if you indicate that you are a U.S. citizen living abroad in one of the countries listed. You can’t skip this question. You must answer NO if you lived in the United States as xmasbaby0 indicated above.
There is no need to file an amendment as the IRS has made the adjustment on your return.
yesterday
The rules are the same so the questions are the same for US and foreign rental property. The major difference lies in the building's depreciable life.
yesterday
Log out of your return and try one or more of the following:
Don't use Internet Explorer.
Clear cache and cookies,
Sign in using a different browser.
Sign in using a differe...
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Log out of your return and try one or more of the following:
Don't use Internet Explorer.
Clear cache and cookies,
Sign in using a different browser.
Sign in using a different device.
Log back into your return.
yesterday
Read my earlier post. It explains what to file. It appears to have worked as my IRS account info changed to show our filing is now being processed.
yesterday
if you e-filed in TurboTax Online, you'll see its status on the Tax Home screen of your account. We'll also send you emails letting you know when your e-file status changes.
yesterday
Thanks!
yesterday
you took the time to write that I should contact the members of Congress from 2010? how thoughtful
yesterday
Using all nines won't go through e-file, but using 99-0099999 will work for a foreign pension.
The best way to enter foreign interest is in Other Reportable Income. You can delete the 1099-...
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Using all nines won't go through e-file, but using 99-0099999 will work for a foreign pension.
The best way to enter foreign interest is in Other Reportable Income. You can delete the 1099-INT entry and replace it with the following:
Delete the 1099-INT entry you currently have (use the "trash can" icon).
Go to Wages & Income -> Less Common Income.
Select Miscellaneous Income, 1099-A, 1099-C.
Select Other reportable income (at the bottom of the list).
Description: Enter "Foreign Bank Interest (Turkey)" and the bank name.
Amount: Enter the USD equivalent
No EIN needed
yesterday
@pdussias If it's asking for an EIN number you are entering it in the wrong place. There is no EIN on social security SSA-1099. Delete it and enter it here, Enter a SSA-1099, SSA-1099-SM or RRB-...
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@pdussias If it's asking for an EIN number you are entering it in the wrong place. There is no EIN on social security SSA-1099. Delete it and enter it here, Enter a SSA-1099, SSA-1099-SM or RRB-1099 under Federal Taxes (Personal for Home&Business) Wages and Income Then scroll down to Retirement Plans and Social Security Then the second line - Social Security (SSA-1099. RRB-1099) - click the Start or Revisit button Then keep going, on the next screen be sure to answer Did you live in a Foreign Country? NO. If you are married you need to say No for each spouse.
yesterday
No problem,
yesterday
You have 3 years to file a return if you are getting a refund. No time limit if you owe. Sorry, Online is only for 2025 now. Online for 2024 and prior is closed now so you can not start a new 20...
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You have 3 years to file a return if you are getting a refund. No time limit if you owe. Sorry, Online is only for 2025 now. Online for 2024 and prior is closed now so you can not start a new 2024 or prior return or finish one. You have to do each year separately How to prepare a prior year return https://ttlc.intuit.com/community/using-turbotax/help/how-do-i-prepare-a-prior-year-tax-return/00/25984 To do a prior year return you have to buy the Desktop program here, https://turbotax.intuit.com/personal-taxes/past-years-products You will need Windows 10 or Mac Ventura 13 to install it on. If you can't install the Desktop program or if you have a simple return and want to file for free, you can fill out the blank IRS forms by hand. Here are some basic forms….. Here is the IRS 2024 Form 1040 https://www.irs.gov/pub/irs-prior/f1040--2024.pdf OR if you want bigger type use 1040SR for Seniors, https://www.irs.gov/pub/irs-prior/f1040s--2024.pdf And 2024 Instructions https://www.irs.gov/pub/irs-prior/i1040gi--2024.pdf Sch 1 : https://www.irs.gov/pub/irs-prior/f1040s1--2024.pdf Sch 2 : https://www.irs.gov/pub/irs-prior/f1040s2--2024.pdf Sch 3 : https://www.irs.gov/pub/irs-prior/f1040s3--2024.pdf Then when you do file 2025 enter 0 for the 2024 AGI since you are filing 2024 late. You have to print and mail prior year returns. When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s. Use a mailing service that will track it, such as UPS or certified mail so you will know the IRS received the return. Don’t forget state.
yesterday
Hi, Have you entered your mortgage interest on another form? Check out your forms ....Another work around is finish your taxes and at the end you may get a series of errors where you need to enter ...
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Hi, Have you entered your mortgage interest on another form? Check out your forms ....Another work around is finish your taxes and at the end you may get a series of errors where you need to enter data into a field. Hope this helps
yesterday
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yesterday
Thanks. I had seen the 99-999999 value on TurboTax help. It would be useful if TT could document the best value in the software itself, as this situation must be fairly common. Regards, jerry
yesterday
There is a credit for the elderly or disabled (you don't have to be both). But because it has not been adjusted for inflation since 1983, very very few people qualify. If you qualify, TurboTax (TT) w...
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There is a credit for the elderly or disabled (you don't have to be both). But because it has not been adjusted for inflation since 1983, very very few people qualify. If you qualify, TurboTax (TT) will automatically calculate it. It goes on Schedule 3, line 6d, which goes to 1040 line 20. It is not a refundable credit. That is, you must have a tax liability to offset to get the credit. Very few people, with that little income have an actual tax to offset. If you think you qualify, and TT missed it, In TurboTax enter at: Federal Taxes Tab Deductions & Credits -Scroll down to: --Other deductions & Credits -Elderly or Disabled credit
yesterday
After you enter the 1099 income, remove it by following these steps:
Open to federal income
Scroll to the bottom/ show more income
Locate Miscellaneous Income, 1099-A, 1099-C, Start
...
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After you enter the 1099 income, remove it by following these steps:
Open to federal income
Scroll to the bottom/ show more income
Locate Miscellaneous Income, 1099-A, 1099-C, Start
Scroll to the bottom
Other reportable income, Start
Other taxable income?
Select YES
Description damage award 1099-NEC
Amount, enter your negative amount with a minus sign in front, for example -3600
continue