All Posts

My 1099-r does not have code 1listed, it has code 7,D listed.  I’m having this issue with early distribution penalties because when the TurboTax program asked me if this distribution was subject to early distribution penalties I was honest and said yes.  Someone else referred to the “let’s see if we can we save you money section”.  When the TurboTax program asked me if this distribution was subject to early distribution penalties and I replied yes the program just moved on to the next section, it didn’t ask me any more questions about the distributions or penalties on only part of the distributions. I called TurboTax help line and spoke to a representative about my issue. She directed me to contact the financial institution and have them send two 1099 -r forms separating the subject to penalties and not subject to penalties amounts and then entering the information as two 1099-r.  I did call the financial institution and was informed that they do not do anything like that and suggested I contact a CPA to resolve the issue. so, I’m back to square 1.  Again, the interview section asked if the amount was subject to early distribution penalties but never asked any follow-up questions during which I could have addressed my specific situation.  The TurboTax software seems very deficient in this area.  What do I do now because the way it stands I either pay thousands of dollars in penalties I shouldn’t have to pay or I bring my information to a CPA to do my taxes making TurboTax and all the time I spent using it useless?

Schedule C is necessary because it reports income and expenses from a business you operated as a sole proprietor or self-employed individual. Even if you entered income and deductions, Schedule C organizes this information to calculate your net profit or loss from your business activities. If you did not need Schedule C in past years, it could be because you didn't have business income or were reporting income differently (e.g., as an employee). Now, if you have income from self-employment, Freelance work, or a side gig, the IRS requires Schedule C to report those earnings and related expenses correctly.

You complete your tax return by finishing all 3 Steps in the File section. In Step 3, to e-file your tax return, you must click on the large button labeled "Transmit my returns now".   After completing the File section and e-filing your tax return you will receive two emails from TurboTax. The first email when your tax return was transmitted and the second email when the tax return has either been accepted or rejected.

Para completar tus impuestos en TurboTax, sigue estos pasos básicos: 1. Inicia tu declaración: Abre TurboTax y crea o continua tu declaración. 2. Ingresa tu información personal: Completa datos como nombre, dirección y dependientes. 3. Introduce tus ingresos: Agrega información de W-2, 1099 u otros ingresos. 4. Agrega deducciones y créditos: Completa secciones como gastos médicos, donaciones o educación. 5. Revisa y corrige errores: TurboTax verifica que tu información esté correcta. 6. Presenta tu declaración: Elige presentación electrónica para acelerar tu reembolso. 7. Realiza seguimiento: Usa TurboTax para ver el estado de tu declaración y reembolso. Sigue las indicaciones en cada paso dentro de TurboTax para una experiencia guiada y detallada.

I submitted our return using the AMANA QMID# I7Q6 (I as in ice) back in February and it was accepted. Taking unusually long to get our refund and 10 weeks later finally got a letter stating that the QMIN number is missing or incomplete. All the correct info is on the 5695 so I changed it to L7Q6. We'll see what happens. Hopefully this works. 

La depreciación de tu casa alquilada puede no aparecer si la propiedad o sus detalles no están registrados correctamente en la sección de Gastos/Activos (Depreciación) de TurboTax. Cómo calcular la depreciación en TurboTax: 1. Ve a la sección Ingresos y Salarios, luego selecciona Propiedades de Alquiler y Regalías. 2. Haz clic en Editar/Agregar junto a tu propiedad alquilada. 3. Navega a la sección Gastos/Activos (Depreciación). 4. Agrega o edita los detalles de tu propiedad, incluyendo fecha de compra, costo y mejoras realizadas. 5. TurboTax calculará automáticamente la depreciación basada en esta información. TurboTax utiliza las reglas del IRS para calcular correctamente tu depreciación según el tipo de propiedad y la fecha de compra.

On the printed PA-40 NR return, it says you should send in a copy of your return from your state of residency (e.g., MD). When I go to "print and file" I see that TT does not print another copy of the MD return -- will it submit the other state's return when you e-file?

Tu reembolso generalmente se procesa después de que el IRS recibe y acepta tu declaración de impuestos. El tiempo para recibirlo depende del método de presentación y de pago seleccionado, así como del método de reembolso. Para recibir tu reembolso más rápido: 1. Elige la opción de depósito directo para que el dinero se transfiera directamente a tu cuenta bancaria. 2. Presenta tu declaración electrónicamente en lugar de hacerlo en papel. Con TurboTax, puedes ver el estado de tu reembolso en la sección correspondiente dentro del programa. El IRS generalmente tarda hasta 21 días en procesar declaraciones electrónicas con depósito directo.

Current taxes owed can Never be paid from a current tax refund.  You have to pay the federal taxes owed.  In the File section of the program you had to select which of the options to pay the taxes.  Paying from a tax refund was not one of those options.   See this for how to pay federal taxes owed -https://ttlc.intuit.com/community/tax-payments/help/how-can-i-pay-my-federal-taxes/01/26212?search-action-id=619334327869&search-result-uid=26212

probably half a million or so disappointed.  a lot of them probably switched to HR Block or TaxAct who still support Win 10.  unfortunately online is not the same experience as desktop so it's not a great replacement if you've used desktop for a while and depend on Forms mode etc.   online is very interview-centric (and be careful what "offers" you click on) - to enter 1099-R etc you should be able to navigate to the left menu under Income, go to Wages & Income Summary page and from there you can select categories similar to desktop categories.  For Deductions and Credits Summary you may need to click on "Add more tax breaks" to see the categories.

TurboTax does not pay your state taxes owed.   Your proof of payment is the cancelled check, bank account statement for direct debit for the state tax payment or your credit card statement for the state tax payment.