All Posts

Are you able to compute the odometer readings on January 1, 2025 and December 31, 2025?   The beginning and ending odometer readings will compute the total miles driven for the year.  Subtract the business mileage to determine your personal mileage.   You may be able to determine the readings that are needed from mileage records captured during oil changes and other mechanical service.  In some cases, software apps capture your mileage information.  Does your car warranty information capture mileage information?

In order to add a vehicle to your business to claim mileage, here are the steps:   Navigate to Federal > Income > Wages & Income Summary > Self-employment income and expenses Edit your business  Choose add expenses for this work Select the check box for Vehicle and continue ( you may need to select add more expense categories) Now, vehicle will appear in list of expenses. Choose pencil icon to the right of vehicle expenses. Continue through the interview to add details about the vehicle an input mileage.

You may be able to reduce or eliminate the early distribution penalty of 10% depending on whether you meet one of the qualified exceptions.   After you enter the Form 1099-R and any other Form 1099-R to be included in your return, you should see a follow-up screen showing that you owe extra taxes on that income.  Later, there will be a page that shows several categories where you can enter the amount of the distribution used for one of those categories.  This entry could reduce the penalty.     Take a look at the following information to learn about the exceptions to the early distribution penalty:   Retirement topics - Exceptions to tax on early distributions  

The IRS does not require that you report the 1099-Q in your tax return, if the entire distribution was used for qualified expenses. "Beneficiaries are not required to report distributions on their tax return as long as the distributions are used for qualified education expenses."   If that is correct for your situation, you can delete the 1099-Q. Here's more information on Form 1099-Q.

After you amend your 2024 tax return in TurboTax Online, the program should guide you to file the Form 1040X. If it does not automatically take you to the 1040X form to print, you can try these steps: 1. Go to Your Tax Returns & Documents: From the Tax Home screen, select this option. 2. Select the 2024 Tax Year: Choose the return you amended. 3. Find and Select the Amended Return: You should see an option to view or print your Form 1040X. 4. Use the Print Center: Alternatively, from the menu, select Tax Tools then Print Center and look for the amended return forms. If the 1040X form still doesn't appear, it may help to save and exit TurboTax, then reopen and check again.

Correcto, tienes que ingresar la fecha de nacimiento con el mes, el dia, y el año.  Si se rechaza tu declaración por que la fecha de nacimiento no concuerda, si la fecha está incorrecta, cambiala y manda la declaración de nuevo.     Si la fecha de nacimiento está correcta en tu declaración, tendrás que llamar a la Oficina del Seguro Social al 1-800-772-1213, para verificar que sus records están correctos.  Una vez que ellos corrijan la fecha de nacimiento, tendrás que esperar hasta cuatro semanas para que el IRS actualice la fecha en su recors.  Ya que sea corregido, podrás enviar tu declaración de nuevo.     También tienes la opción de enviar tus impuestos por correo, pero si la Oficina Seguro Social sigue con la fecha incorrecta, tus impuestos se rechazarán de nuevo el próximo año.   ¿Cómo presento mi declaración por correo postal?

The software wants you to report the 199A income from your partnership K-1.  Follow these steps.    At the screen Enter Box 20 info, select code Z Section 199A information.  No amount is entered. Click Continue. At the screen We need some information about your 199A income, you may need to enter the following information:    Ordinary business income (loss) from this business,    Rental income Enter these values for the qualified business income deduction to be calculated.  The preparer of the K-1 information should have generated information for you   

To find your Roth IRA contributions prior to 2025,the most reliable resource is IRS Form 5498, which your brokerage generates annually to report your contributions; you can typically find these archived in the "Tax Documents" or "Statements" section of your online brokerage account. You can also check your account history to find contributions, although older information may be limited.   Going forward, it is best to keep a running total, updated yearly.  This is because withdrawals of the cost basis of the Roth IRA  will not be subject to the 10% penalty, or taxable if withdrawn early.   If you are not taking any early withdrawals this year, the total contributions are informational only, and will not impact your tax return.

You can purchase the Desktop software, and then transfer the data from the Online software.     You can not edit worksheets in the Online software, but transfering the data will make them available in FORMs mode in the Desktop version.   If you started your 2025 return in TurboTax Online you can switch to TurboTax Desktop,  Install TurboTax Desktop. Important: If your return includes a state,  Make sure you also install the corresponding state program(s) in order to proceed. On the Desktop, Select Continue From TurboTax Online. This is on the first screen in the Desktop version There are two rectangular blue buttons [Start a New Return] Select [Continued From TurboTax Online] Sign in to your Online Intuit Account. Your data will be imported into TurboTax Desktop, and your return will open once the data transfer is complete. See the TurboTax Support for How do I switch from TurboTax Online to TurboTax Desktop?