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If you help manage your elderly parent's property investments without a formal business, you generally can't deduct related expenses as business deductions unless you operate a sole proprietorship or... See more...
If you help manage your elderly parent's property investments without a formal business, you generally can't deduct related expenses as business deductions unless you operate a sole proprietorship or LLC for that purpose. Forming a sole proprietorship or LLC focused on managing these investments might allow you to deduct ordinary and necessary business expenses. These could include costs like travel, office supplies, or professional fees directly related to managing the property. However, for expenses to be deductible, the activity must be engaged in for profit and properly reported as a business. Since you aren't set up as a business, personal expenses or those not connected to a business likely won't qualify. Considering you don't seek reimbursement, establishing a legal business entity could provide a framework to deduct legitimate expenses. Still, qualification depends on meeting IRS requirements for business activities.
You posted your 2024 tax return was rejected.  You do not amend a rejected tax return, you correct the error and file the return again.   To complete and file a 2024 tax return, started with the ... See more...
You posted your 2024 tax return was rejected.  You do not amend a rejected tax return, you correct the error and file the return again.   To complete and file a 2024 tax return, started with the online editions, you will need to download the 2024 tax data file.  Then you will need to purchase, download and install on a personal computer, Windows or Mac, one of the 2024 desktop editions.  Once installed you need to open the 2024 tax data file you downloaded by clicking on File and then on Open Tax Return.   To access your current or prior year online tax returns sign onto the TurboTax website with the User ID you used to create the account - https://myturbotax.intuit.com/ Scroll down to the bottom of the screen and on the section Your tax returns & documents.  Click on the Year and Click on Download .tax file   To complete and file a 2024 tax return using TurboTax you would need to purchase, download and install on a personal computer one of the 2024 desktop editions from this website - https://turbotax.intuit.com/personal-taxes/past-years-products/   A 2024 tax return can only be printed and mailed, it cannot be e-filed using TurboTax.
You are the only one that would know if you amended your tax return and then either e-filed the amended return or you printed, signed, dated and mailed the amended tax return to the IRS.   What d... See more...
You are the only one that would know if you amended your tax return and then either e-filed the amended return or you printed, signed, dated and mailed the amended tax return to the IRS.   What did you do?
This is coming from IT-112-NR.   On the smart worksheet, you will see the full amount that was transferred from the NJ return of your total taxes for NJ.  But then there was an entry that is lower. ... See more...
This is coming from IT-112-NR.   On the smart worksheet, you will see the full amount that was transferred from the NJ return of your total taxes for NJ.  But then there was an entry that is lower.   It looks like as you were walking through the NY return, when asked the question of Tax Computed on Your New Jersey Return, you entered an amount that was smaller than the amount of total tax you actually paid.  In forms mode (in the desktop version), this is in blue which generally indicates user entry.  (Forms mode to see calculations is not available in the online version.) If that number is removed it goes back to the full amount and your total NY credit is the full amount you paid to NJ.  Which then drops down your NY taxes due.   To get to the entry of the lower amount, select the following: State Taxes New York Credits Credits for taxes paid to other states
Your math is correct.    If you are using desktop software you may need to do a manual update. Try clearing your Cache and Cookies and then try this link instructions.   If you are using the onli... See more...
Your math is correct.    If you are using desktop software you may need to do a manual update. Try clearing your Cache and Cookies and then try this link instructions.   If you are using the online software, Clear Cache and Cookies. 
When I made sure the software updates were uploaded into my computer; I then quit turbotax, then shut down my computer; re-booted my computer; re-opened the now updated turbotax software, then tried ... See more...
When I made sure the software updates were uploaded into my computer; I then quit turbotax, then shut down my computer; re-booted my computer; re-opened the now updated turbotax software, then tried again and it worked fine.  
If you want to see this written in official FTB guidance, you can pull up the Instructions for Form FTB 3885 (Corporation Depreciation and Amortization). Under Section C: Depreciation Calculation Met... See more...
If you want to see this written in official FTB guidance, you can pull up the Instructions for Form FTB 3885 (Corporation Depreciation and Amortization). Under Section C: Depreciation Calculation Methods, the state explicitly dictates: "Declining Balance. Under this method, depreciation is greatest in the first year and smaller in each succeeding year... Salvage value is not taken into account in determining the basis of the property, but the property may not be depreciated below a reasonable salvage value."
Before amending your 2025 tax return in TurboTax Online, you need to wait until the IRS has accepted and processed your original return. Starting an amendment before your return is fully processed ca... See more...
Before amending your 2025 tax return in TurboTax Online, you need to wait until the IRS has accepted and processed your original return. Starting an amendment before your return is fully processed can cause delays or complications. To amend your 2025 tax return to include Form 1099-MISC income from Mississippi Band of Choctaw Indians under Miscellaneous income, follow these steps in TurboTax Online: 1. Go to the Federal section and select Wages & Income. 2. Scroll down to the 1099-MISC and Other Common Income area. 3. Find the Miscellaneous Income category and select Edit/Add. 4. Enter the details exactly as shown on your Form 1099-MISC from the Mississippi Band of Choctaw Indians. 5. After adding the income, proceed to the Amend a Filed Return section. 6. Follow the prompts to create an amended return (Form 1040-X) for 2025. Make sure the income details match your Form 1099-MISC exactly to avoid errors.
I have a Schedule K-1 from a publicly traded partnership (PTP) that has multiple income types listed in Box 20Z — ordinary business income, other net rental income, and Section 1231 gain/loss. Turbo... See more...
I have a Schedule K-1 from a publicly traded partnership (PTP) that has multiple income types listed in Box 20Z — ordinary business income, other net rental income, and Section 1231 gain/loss. TurboTax combined all of these on a single K-1 worksheet classified as Passive-PTP. Is this correct, or do I need to create separate K-1 worksheets for each income type? And if TurboTax did not flag it as an error, can I assume it handled it correctly with one worksheet?
My child is a high school student but we did not have independent school tuition. Unfortunately, I am not sure what to do in your situation.
Yes, based on what you describe for the reason you are being paid. If it was a true reimbursement, then you would be required to submit receipts, which would be considered an accountable plan. I... See more...
Yes, based on what you describe for the reason you are being paid. If it was a true reimbursement, then you would be required to submit receipts, which would be considered an accountable plan. If you submit receipts for legitimate business expenses under an accountable plan, the reimbursement is tax-free. Since this is more like a stipend for your assistance, it does relieve self employment tax however, it is subject to personal income tax.   @zombitroid 
Need to amend my 2024 Taxes
andyoak, What you state here is exactly what I'm experiencing with my TurboTax 2025 tax preparation. Using Part V and selecting Part I, 7a and 8d, I'm getting tripped up in the no e-filing and Form ... See more...
andyoak, What you state here is exactly what I'm experiencing with my TurboTax 2025 tax preparation. Using Part V and selecting Part I, 7a and 8d, I'm getting tripped up in the no e-filing and Form 7220 requirement snare. Although in this situation involving a <1mW system, a Form 7220 submission may not be necessary, at lease according to IRS instruction for Form 3468, a statement substantiating <1mW capacity must be attached! I suspect this to be the real reason TurboTax is not allowing e-filing. It's just getting mislabeled as 'Form 7220 requirement'.
This occurs when you don't pay enough tax throughout the year, even if you are still owed a refund. The IRS sets this, not TurboTax.    The TurboTax summary usually indicates a small underpayment... See more...
This occurs when you don't pay enough tax throughout the year, even if you are still owed a refund. The IRS sets this, not TurboTax.    The TurboTax summary usually indicates a small underpayment penalty calculated on Form 2210.
Currently I am using Turbotax Home and Business. In the business section > self-employed retirement. I have a solo 401K and I've entered the following:   Individual and Roth 401(k) plans - Maximiz... See more...
Currently I am using Turbotax Home and Business. In the business section > self-employed retirement. I have a solo 401K and I've entered the following:   Individual and Roth 401(k) plans - Maximize Contribution to Individual 401(k) - YES - Roth 401(k) elective deferrals = $23,500 Your Contributions Enter the amounts that you contributed or will contribute to a Keogh, Traditional SEP, Roth SEP, Traditional SIMPLE or Roth SIMPLE Plan for 2025. I left this empty and clicked maximize to no. Prior years I have used an SEP IRA, but my understanding is since I have a solo 401K, I can do this as an employer contribution. After I go through these screens it gives me Retirement Contributions: Here are your self-employed retirement deductions using the maximum allowable contribution. Note: The maximum you can defer to all your 401(k) plans is $23,500, and you can put more into your plan as profit sharing.   Individual 401(k) $0 Roth 401(k) $23,500 Amount contributed $23,500 Maximum allowed to qualified plans $36,162 Amount to contribute by plan due date $36,162 Employer match $0 The $36,162 value is correct in terms of the formula (Net Income - 1/2 SE)*20%. I am unsure here why for employer match is noted $0, but when looking at this intially, I assumed the $36,162 is what it is telling me I can contribute. However, after I go through the person section it gives me the below. Looking at this, it seems to be thinking the roth contribution is deductible, subtracting my contribution from the $36,162. In the end the deduction amount seems right, but unclear why Turbotax framing it seemingly incorrectly.  I've tried to delete the Keogh, SEP, Simple Contribution worksheet, but it still gives me this same result.   Keogh, SEP, SIMPLE and /or 401(k) Maximum $0 Amount to be Contributed by Plan Due Date $12,662 Total retirement contributions $0 Amount deductible $36,162
In your specific case, your double-taxed income is the Delaware Box 16 amount, but you did get credit on your return for the tax paid to Pennsylvania.
You received a letter 4883c because your return was flagged by the IRS for potential identity theft or fraudulent activity.   Please read this IRS document for more information.