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Monday
Thanks for your reply! BTW I live in LA County, with the fires in January, the tax deadline was extended till October (in case you were wondering why I'm this late!). I was attempting to clai...
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Thanks for your reply! BTW I live in LA County, with the fires in January, the tax deadline was extended till October (in case you were wondering why I'm this late!). I was attempting to claim the foreign earned income exclusion. Yes I had 3 streams of income last year (2024). I worked a 1) self-employed venture that is local to California 2) part-time position that gave me a w-2 (also in California) Then, in June of 2024 I quit my w-2 job when I was hired for: 3) a remote full-time position with a company based in Canada (which sent me a T4, their w-2 equivalent I guess). For this work, I was hired remotely, so I still lived in the US the entire time. I was eligible for this position as a Canada-US dual Citizen. Note that I never lived outside of my resident country (US) in 2024, so Turbotax's two tests to determine foreign income exclusion (physical presence & bonafide residence) didn't seem to fit in my situation based on what I read in their descriptions. Unless I read them incorrectly. When I tried to declare my foreign income from the Canadian T4 I noticed that it was wrongly lumping the other two US sources (w-2 and self-employed) into that amount, drastically changing my taxes owed amount. I'm using Turbo Tax on a desktop, and just basic at this point. Thank you, any advice would be appreciated!
Monday
1 Cheer
In TurboTax, go to:
Other Tax Situations
Business Taxes
Self-Employment tax
Click "Make Adjustments"
Enter the amount of income that is subject to self-employment tax as "Other SE NonFa...
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In TurboTax, go to:
Other Tax Situations
Business Taxes
Self-Employment tax
Click "Make Adjustments"
Enter the amount of income that is subject to self-employment tax as "Other SE NonFarm Profit."
That will create Schedule SE, and the self-employment tax will appear on Schedule 2.
Monday
1 Cheer
withdrawal of money will not create a tax problem as long as you and the C-corp have positive tax basis at the end of the year.
generally, this would mean that schedule L on the k-1s shows a po...
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withdrawal of money will not create a tax problem as long as you and the C-corp have positive tax basis at the end of the year.
generally, this would mean that schedule L on the k-1s shows a positive amount for ending capital. liabilities, if any, can also affect tax basis
Monday
When you are ready to e-file, you can add your banking information if you want to receive your refund by direct deposit.
You have to go to Step 2 in the FILE section.
HOW TO CHANGE OR ENT...
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When you are ready to e-file, you can add your banking information if you want to receive your refund by direct deposit.
You have to go to Step 2 in the FILE section.
HOW TO CHANGE OR ENTER BANKING INFORMATION FOR REFUND
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/change-transferred-direct-deposit-information/L77NCbU6D_US_en_US?uid=m6tuh572
You cannot change banking information while your return is in pending, nor can you change it after the return is accepted. The IRS does not allow it.
Monday
there may be a time limit for being able to open 2021. shortly after the 2024 tax season closes later this year, Turbotax, if it follows true to form, will no longer support 2021. so you will not be ...
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there may be a time limit for being able to open 2021. shortly after the 2024 tax season closes later this year, Turbotax, if it follows true to form, will no longer support 2021. so you will not be able to install the app. if installed you will not be able to open it. you should save copies of returns as pdfs to avoid this issue.
Monday
Hello, Just and update. Yes — Master Limited Partnerships (MLPs) are treated as publicly traded partnerships for tax purposes, and they’re generally taxed as partnerships rather than corpor...
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Hello, Just and update. Yes — Master Limited Partnerships (MLPs) are treated as publicly traded partnerships for tax purposes, and they’re generally taxed as partnerships rather than corporations if they meet the qualifying‑income rules. That means they file an annual partnership return with the IRS on Form 1065, which includes a Schedule K‑1 for each partner, no matter how small the ownership stake. Here’s how it works in practice: Form 1065 is the partnership’s master return — it reports the entity’s total income, deductions, credits, etc. A Schedule K‑1 is prepared for every unitholder, showing that partner’s share of those items. The partnership sends each K‑1 to the IRS and to the partner. The IRS uses the K‑1 copy to match against what the partner reports on their own return — so even a single unit in an MLP will generate a K‑1 in the IRS’s system. This is why even small MLP holdings can create extra tax complexity — the reporting obligation exists for every partner, large or small, and the IRS already has the same K‑1 you receive.
Monday
I have an LLC taxed as a partnership. There are 2 partners [1] Myself 90% [2] LLC taxed as C-corp 10% in which I am the sole member of this LLC-C Corp. So in reality I am the sole member of these 2 ...
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I have an LLC taxed as a partnership. There are 2 partners [1] Myself 90% [2] LLC taxed as C-corp 10% in which I am the sole member of this LLC-C Corp. So in reality I am the sole member of these 2 LLCs. During startup, I contributed monies to get it going. Now that my business is profitable, can I withdraw money to offset this initial contribution, without incurring any tax implications? Thanks.
Monday
I am a US citizen working for the UN outside of the United States. I file form 2555 (foreign earned income exclusion) and am not subject to self employment tax on the income earned outside of the US....
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I am a US citizen working for the UN outside of the United States. I file form 2555 (foreign earned income exclusion) and am not subject to self employment tax on the income earned outside of the US. Last year I spent 3 weeks teleworking from the US and must pay self employment tax on the income earned in these three weeks. I have tried to enter that income on Schedule SE but am unable to enter any information on that form. I have also tried to enter the income information on Schedule 2 but am also unable to type on that form. Please advise what I must do in order to be able to access Schedule SE and report this income.
Monday
Hi, I set up a traditional IRA in 2024 and put in nondeductible contribution. But I forget to file IRS 8608 with my 2024 return. How can I amend the siution? What form do I need to file? Ap...
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Hi, I set up a traditional IRA in 2024 and put in nondeductible contribution. But I forget to file IRS 8608 with my 2024 return. How can I amend the siution? What form do I need to file? Appreciate your help!
Monday
if you earned 0 there is no income to report. you may still be able to deduct expenses, but we have little info on why 0 income. The tax code has rules that disallow deducting expenses for an activi...
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if you earned 0 there is no income to report. you may still be able to deduct expenses, but we have little info on why 0 income. The tax code has rules that disallow deducting expenses for an activity that meet the criteria of being a hobby.
Monday
Again, so-called experts need to re-read OPs question. i can think of at least two occasions where a disability affects income calculation/tax liability. 1) Waiver of the 10% early withdrawal...
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Again, so-called experts need to re-read OPs question. i can think of at least two occasions where a disability affects income calculation/tax liability. 1) Waiver of the 10% early withdrawal penalty for a traditional IRA; and 2) Treatment as a “eligible designated beneficiary” exempted from the 10-year rule for RMDs from an inherited IRA. For taxpayers under age 65, a physician must complete a statement certifying the permanent and total disability. However, you don’t need a physician’s certification if you have a VA P&T disability determination. In that event, use VA Form 21-0172 in lieu of a physician’s statement to claim “disability” status. As mentioned above, there are at least two examples where a VA disabled individual could receive favorable tax relief.
Monday
See the following FAQ for instructions to amend a tax return that you filed with TurboTax.
How do I amend my federal tax return for this year?
The IRS says it is currently taking 16 weeks or ...
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See the following FAQ for instructions to amend a tax return that you filed with TurboTax.
How do I amend my federal tax return for this year?
The IRS says it is currently taking 16 weeks or more to process an amended return.
Don't file the amended return until your first return has been accepted and you have received the original refund.
If you need further help, please tell us whether you are using TurboTax Online or the CD/Download TurboTax software.
Monday
Can I add bank info to my acct?
Topics:
Monday
Ugh, this is such a tricky one. The IRS rules on this feel intentionally confusing. From what I've gathered, it all comes down to whether the treatment is seen as cosmetic or medically necessary. If...
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Ugh, this is such a tricky one. The IRS rules on this feel intentionally confusing. From what I've gathered, it all comes down to whether the treatment is seen as cosmetic or medically necessary. If it's just for general male/female pattern baldness, the government usually says NOPE, that's cosmetic, and you can't deduct it. BUT..... if you can prove the hair loss is a direct result of a diagnosed medical condition—like alopecia, a thyroid issue, or from something like chemotherapy—then you might have a case. My brother actually went through this. He started losing his hair pretty badly in his late 20s because of a thyroid disease, and it just crushed his confidence. He started looking into EVERYTHING, from local treatments to even going abroad. I remember him looking into regenerative options and showing me the website for a place called R3 Stem Cell Mexico, since the costs seemed so much more reasonable than clinics in the States. He was worried about the travel, and of course..... whether any of it would be deductible. Anyway, what made the difference for him was his doctor. He got a very specific doctor's note that officially linked his hair loss directly to his thyroid disease. He ended up doing a treatment closer to home, and his tax guy said that piece of paper was EVERYTHING. Without it, there was zero chance of a deduction. Even with it, it wasn't a sure thing, but it made it a legitimate medical expense. So I guess the short answer is: probably not, unless you have a doctor who will put it in writing that your hair loss is a symptom of a specific disease. Definitely talk to a tax pro, but I'd start with your doctor first. Good luck!
Monday
Thank you ----- the ability to open back to the 2021 program is sufficient for me. Good info !!!