All Posts
Wednesday
I’m currently a resident alien and have both Traditional and Roth 401(k) accounts. I’m considering whether it would make sense to convert them to IRAs before potentially becoming a non-resident alien ...
See more...
I’m currently a resident alien and have both Traditional and Roth 401(k) accounts. I’m considering whether it would make sense to convert them to IRAs before potentially becoming a non-resident alien in the future. I’ve seen some guidance suggesting a 30% tax, but it’s unclear whether this applies to principal, earnings, or both. This seems higher than the tax rate if I invest directly through a brokerage account, so I’m a bit confused.
Given that in the future—e.g., 1–2 years—I might be an NRA, specifically, I’d like advice on:
1. Should I continue contributing to my 401(k)? If so, should it be Traditional or Roth?
2. If not, when would be the best time to transfer my existing 401(k)s to an IRA? Should I transfer to a Roth IRA, or just move the Traditional 401(k) to a Traditional IRA?
Topics:
Wednesday
from an income tax standpoint each member is issued a k-1 for their share of income/loss, deductions, credits and distributions. the k-1 uses the terms "shareholder's" and "corporation". Thus, there...
See more...
from an income tax standpoint each member is issued a k-1 for their share of income/loss, deductions, credits and distributions. the k-1 uses the terms "shareholder's" and "corporation". Thus, there is this technical difference. an LLC not electing S-Corp can make disproportionate allocations. An "S-corp" that did this may be deemed to have a second class of stock which would void the S-election.
Wednesday
I need my schedule D attachment for 2024 1040 SR.
Topics:
Wednesday
No, the members of the LLC are still members, not shareholders. Filing as an S corporation does not alter the nature of the LLC.
Wednesday
@taytay330423 wrote: I can’t get into my account because I’ve changed my username and phone number. What can I do to get my taxes filed NOTE: Once you get back into your account, be sure to up...
See more...
@taytay330423 wrote: I can’t get into my account because I’ve changed my username and phone number. What can I do to get my taxes filed NOTE: Once you get back into your account, be sure to update your settings. To do that, once you are logged in go to the left menu column, scroll way down and click on Intuit Account, then select the tab Sign In and Security. Here's how to, hopefully, recover your account access. If unsuccessful, we can tell you how to phone TurboTax Support. If you can't log into your online TurboTax account with your current User ID, email address, or phone number, you can try using the Account Recovery tool at the link below. If you don't have the same email address or phone number, you can use the blue Try Something Else method (see image I provided below.) That alternate method will look you up by other parameters. NOTE: Before running the account recovery tool below, log out of all Intuit accounts including this user forum, or you might end up in a loop. Then clear your browser Internet cache, close your browser, then reopen it, and go to the link below. You may wish to copy this link so you can paste it into the new browser session. https://myturbotax.intuit.com/account-recovery .
Wednesday
I completed and successfully submitted both the 2023 1065 and 1041 federal tax returns in 2024 using the 2023 Business Desktop product. I then purchased and downloaded the 2024 Business Desktop prod...
See more...
I completed and successfully submitted both the 2023 1065 and 1041 federal tax returns in 2024 using the 2023 Business Desktop product. I then purchased and downloaded the 2024 Business Desktop product. When I opened it, it asked which return I wanted to start and gave me both the 1065 and 1041 return options. I selected the 1065 option and the applicable information from my 2023 return was downloaded to the 2024 return. Long story short: When I attempted to open the 2023 return, TT asked me to update, which I did. TT then stated they could not find the file and had a link to find the file. The update apparently corrupted the 2023 software. I had no file with the extension “*.tax2023”. I selected the back-up pdf and got this popup: We’re having trouble opening your file. You can try using your back-up file instead. You’ll find instructions on how to open your back-up file in the link below. Error: 102346. TT Community directed me to call TT Customer Service. The agent said that error code means the 2023 Business software is corrupted and I would have to completely manually input everything for my 2024 tax returns. I did that and submitted our 1065 tax return through TT. Since my 1041 tax return is on a fiscal year basis, I recently manually input everything again for my 2024 1041 tax return. My issue is that I noticed an error on my 2023 1041 tax return. I apparently missed checking the blocks for the fiscal year starting August 1 and ending July 31; therefore, it defaults to a calendar year. Since the 2023 TT Business software is corrupted, how do I amend a 2023 TT 1041 Tax Return?
Topics:
Wednesday
1 Cheer
It's entirely possible that the employer contribution made in 2025 was related to your participation in 2024 and was not a mistake. Ask this employer about it. Employer contributions are often not ...
See more...
It's entirely possible that the employer contribution made in 2025 was related to your participation in 2024 and was not a mistake. Ask this employer about it. Employer contributions are often not made until after the end of the year. They have until the due date of their tax return to make the contribution. With regard to your taxes, the employer contribution is not reported to the IRS. Nothing about it would go on your 2025 tax return.
Wednesday
1 Cheer
As others have posted they choose to discontinue it in October, like thumbing their noses as the customer base who use the 1040 and Schedule A. Seems like they want to focus their base on 1040EZ or ...
See more...
As others have posted they choose to discontinue it in October, like thumbing their noses as the customer base who use the 1040 and Schedule A. Seems like they want to focus their base on 1040EZ or 1040A only. Can't believe only a year later we are fighting the same battle. They must have fired the prior product manager who made this poor decision last year and now hired a new product manager and they are trying it again. It is time to shop for a new tax program. I have dreaded doing so, as TT carries over from year to year wonderfully, but it seems like they are losing their customer focus. Sad.
Wednesday
Does it also offer a similar product to Turbo Tax, plus the equivalent to It's Deductible. Might be worth the switch as Intuit is not interested in maintaining the customer base which is more than s...
See more...
Does it also offer a similar product to Turbo Tax, plus the equivalent to It's Deductible. Might be worth the switch as Intuit is not interested in maintaining the customer base which is more than someone with a 1040a.
Wednesday
13 Cheers
Been using It's Deductible for years. Why are they doing this AGAIN! They had such an outcry the previous year they did this they had to reinstate it. Clearly by a product manager who does not lis...
See more...
Been using It's Deductible for years. Why are they doing this AGAIN! They had such an outcry the previous year they did this they had to reinstate it. Clearly by a product manager who does not listen to customer focus. I have often wondered when we would be forced to find another tax preparation solution. This product is a god send when you have a lot of donations for the year. Why discontinue it in October, like another said. Seems like the motivation is to movethe customer base to another program or competitor.
Wednesday
What can I do to get my taxes filed
Wednesday
We cannot advise you as to the taxability of a specific investment. Here are two short excerpts from the prospectus for Victory Tax Exempt Intermediate-Term Fund.
"The Victory Tax Exempt Intermed...
See more...
We cannot advise you as to the taxability of a specific investment. Here are two short excerpts from the prospectus for Victory Tax Exempt Intermediate-Term Fund.
"The Victory Tax Exempt Intermediate-Term Fund (the 'Fund') provides investors with interest income that is exempt from federal income tax."
"While the Fund is managed so that at least 80% of its annual interest income will be tax exempt, it may invest up to 20% of its assets in securities that generate income that is not tax exempt. The exemption of income for federal income tax purposes does not necessarily mean that income is exempt under the income or other tax laws of any other state or local taxing authority."
For more information contact Victory Funds.
Wednesday
2 Cheers
While all of us have a legitimate gripe about this, we truly need to put our money where our mouth is. The first step we need to take is to make certain our credit card that is on file which pays for...
See more...
While all of us have a legitimate gripe about this, we truly need to put our money where our mouth is. The first step we need to take is to make certain our credit card that is on file which pays for the automatic renewal of TurboTax, is removed. Go into TurboTax right now, and remove all payment methods. Next, everyone needs to contact H&R Block and advise them to update their information page regarding how they provide a similar program, because I can’t find this on their webpage.
Wednesday
I still haven't received my return. And I had a expert life agent review my taxes
Wednesday
Victory Tax Exempt Intermediate
Topics:
Wednesday
Either use a U.S. friend’s number or just make one up like 555-123-4567 to satisfy the program. It won’t affect your return.
Wednesday
1 Cheer
@user17568826280 sorry for missing the point. I see where the issue is. My off the top reaction would be to NOT allocate anything to a "non-resident" but I need to research this -- because in proba...
See more...
@user17568826280 sorry for missing the point. I see where the issue is. My off the top reaction would be to NOT allocate anything to a "non-resident" but I need to research this -- because in probate cases you indeed can leave your "non-resident" husband both as an executor and/or inheritor. There has to be some co-relation. Please give me a day or two search case law and the text of the statute. Sorry for my lack of detailed knowledge on this.
Will be back
pk
Wednesday
I am trying to continue to file my taxes, but I repeatedly get forced to review the Address and phone number page. I don't have a valid US phone number. I have lived overseas for almost 2 years.
Topics:
Wednesday
How to review your fees https://ttlc.intuit.com/community/charges-and-fees/help/how-do-i-review-my-fees-in-turbotax-online/00/26353 For help with fees https://ttlc.intuit.com/turbotax-support/e...
See more...
How to review your fees https://ttlc.intuit.com/community/charges-and-fees/help/how-do-i-review-my-fees-in-turbotax-online/00/26353 For help with fees https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-account-billing/reduce-fees/L3Kp3yEYs_US_en_US?uid=lctgt82n Are you asking about being upgraded to the Online Premium version? To go back to a lower version or the Free Edition you can try to clear and start over https://ttlc.intuit.com/community/using-turbotax/help/how-do-i-clear-and-start-over-in-turbotax-online/00/26444
Wednesday
2 Cheers
Did you know that in Japan, they do taxes by the government sending a postcard that essentially says we did your taxes, and we think you owe, or we owe you X amount of yen. TurboTax, and HR block lo...
See more...
Did you know that in Japan, they do taxes by the government sending a postcard that essentially says we did your taxes, and we think you owe, or we owe you X amount of yen. TurboTax, and HR block lobby hard to keep the tax code complex so they make money. They use the money we pay them to lobby our government. And now they are reducing functionality to save more money. Eff them.