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yesterday
a PTP has two tax routines. One is for taxable income, which is generally items reported in Part III lines 1 through 15 though there may be some additional data in box 20. Box 20Z is solely for the Q...
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a PTP has two tax routines. One is for taxable income, which is generally items reported in Part III lines 1 through 15 though there may be some additional data in box 20. Box 20Z is solely for the Qualified Business Income or loss that the PTP generates. (it is not part of taxable income). In 20Z, only enter the QBI/199A income or loss. This is so TirboTxa will later prompt you for additional info concerning the QBI
seems strange. Ordinary business income would normally be on line 1 in part III, but rental income/loss would be on line 2. TurboTax does not allow entering of these two lines on a single K-1. Each would go on a separate K-1, which may require certain separate items in part III to be reported on a specific K-1
the 20Z inome/loss for each K-1 would be entered
yesterday
Yes, you can claim your mother's medical expenses that you paid out-of-pocket, even if she is not your dependent, under certain conditions. This is what the IRS says: You can include medical ...
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Yes, you can claim your mother's medical expenses that you paid out-of-pocket, even if she is not your dependent, under certain conditions. This is what the IRS says: You can include medical expenses you paid for an individual that would have been your dependent except that: He or she received gross income of $5,200 or more in 2025, He or she filed a joint return for 2025, or You, or your spouse if filing jointly, could be claimed as a dependent on someone else's 2025 return.
yesterday
You enter state estimated payments on the federal side because they can be a deduction if you itemize. When you enter state estimates you have to pick the state from the drop down box. You enter a...
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You enter state estimated payments on the federal side because they can be a deduction if you itemize. When you enter state estimates you have to pick the state from the drop down box. You enter all your state payments on the same screen. Just keep adding more. To enter State Estimated Taxes Paid (for all states), including a state estimated payment made in January for the prior year, go to Federal on left or at top (Personal for Home & Business) Deductions and Credits Then scroll way down to Estimates and Other Taxes Paid Estimates - click the Start or Update button
yesterday
You need to enter adjustments to income and tax withheld to report your share of your spouse's income as required by the community property laws in your state. For instance, if you have equal interes...
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You need to enter adjustments to income and tax withheld to report your share of your spouse's income as required by the community property laws in your state. For instance, if you have equal interest in income earned by both spouses under the community property laws of your state and you earned half as much as your spouse, you would have to add income to bring your reported income up to half of your combined income with your spouse.
Similarly, your tax paid in through withholdings needs to be allocated as well, So, if you paid in half as much through tax withheld as your spouse where the laws of your state say you have equal ownership in income, you would have to add additional tax withheld to bring your reported withholdings up to half of the total withheld.
I believe it is an IRS requirement that you e-file your return if you include Form 8958, although the instructions to the form do not mention it one way or the other.
yesterday
You will enter your North Carolina estimated tax payments in TurboTax under Federal Taxes, Deductions & Credits > Estimates and Other Taxes Paid.
yesterday
Yes, she will get her own account. If she can't login try the following:
Open the welcome email and click the activation link again to complete account setup (some accounts aren’t fully act...
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Yes, she will get her own account. If she can't login try the following:
Open the welcome email and click the activation link again to complete account setup (some accounts aren’t fully activated until that link is used)
If the link expired, request a new activation email from IDNotify support
Clear browser cache or try a different browser/incognito window
If still stuck, contact IDNotify Customer Support directly so they can verify the account and reset access:
US phone: 1-877-343-6569 (IDNotify by Experian)
Or use the support link in the welcome email
yesterday
"Five days early" did not mean you get your refund within five days. You misunderstood if you expected your refund in five days after filing.
"5 days early" means you are supposed to receive y...
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"Five days early" did not mean you get your refund within five days. You misunderstood if you expected your refund in five days after filing.
"5 days early" means you are supposed to receive your federal refund from one to five days sooner than the refund date shown on the IRS refund site. If it does not meet that "at least one day sooner" date, they are supposed to refund the $35 fee.
You have to pay attention to the date on the IRS refund site.
You need your filing status, your Social Security number and the exact amount (line 35a of your 2025 Form 1040) of your federal refund to track your Federal refund:
https://www.irs.gov/refunds
yesterday
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Go up to the top File tab and Open. Hopefully it finds it. Your return ends in .tax2025. Find tax files on Mac. You might need to show extensions. I think Mac doesn't show the .tax(year) at th...
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Go up to the top File tab and Open. Hopefully it finds it. Your return ends in .tax2025. Find tax files on Mac. You might need to show extensions. I think Mac doesn't show the .tax(year) at the end. https://ttlc.intuit.com/community/tax-data-file/help/find-your-tax-data-file-in-mac/00/26206
yesterday
I marked "X" on the "Yes" column on Part lll of 2025 Federal Tax Return?
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yesterday
I got notified that I need to amend my 2025 tax return to correct the Georgia SALT Limitation
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yesterday
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yesterday
If the change was based on federal information, check your IRS records t o see if you had any adjustments on your 2021 1040.
View the specific adjustments, NPA number, and details online via your...
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If the change was based on federal information, check your IRS records t o see if you had any adjustments on your 2021 1040.
View the specific adjustments, NPA number, and details online via your MyFTB account. If you can provide the specific details, someone here may be able to better assist you.
yesterday
I purchased Turbotax Deluxe with State. I completed my federal and State (Missouri) returns and filed them. I also did my daughters returns but had to wait for her to be here to hers because I di...
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I purchased Turbotax Deluxe with State. I completed my federal and State (Missouri) returns and filed them. I also did my daughters returns but had to wait for her to be here to hers because I did not have her band and drivers license numbers. Yesterday I went in Turbotax to print out her copies for our file and it said I needed to update. I got several messages about it not being able to update and after attempts I was told I needed to uninstall and reinstall 2025 but it would not affect my file. I did the uninstall and reinstall but it did total remove my daughters file as well as my own so I had to put all her info back in but when I got to the state it said It needed to load the state. I said okay, it said it was done but when I tried to move on to my daughters state form it said the state needed to be installed again. I said yes again, it said it was installed again but when I tried to go forward it repeated it need to install state. I tried manually installing state from your site but the same thing happened.
yesterday
No. The deduction for car loan interest can only be used for a certain brand new cars purchased in 2025; you cannot use interest on a used car for the deduction.
yesterday
To enter estimated tax payments in TurboTax Online:
1. From the left menu, go to Federal>Deductions and Credits
2. Look for Estimates and Other Taxes Paid and click Start on Estimated Tax...
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To enter estimated tax payments in TurboTax Online:
1. From the left menu, go to Federal>Deductions and Credits
2. Look for Estimates and Other Taxes Paid and click Start on Estimated Tax Payments
3. Enter Federal, State or Local estimated tax payments made for 2025
yesterday
No.
Interest on a used car loan is not deductible.
The OBBBA has introduced a new deduction for car loan interest paid for new cars you bought for personal use between 2025 and 2028.
...
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No.
Interest on a used car loan is not deductible.
The OBBBA has introduced a new deduction for car loan interest paid for new cars you bought for personal use between 2025 and 2028.
The deduction is up to $10,000 if your income is under $100,000 (or $200,000 if MFJ). The deduction is gradually phased out for higher incomes.
For the requirements of this deduction, please read this TurboTax Help article.
yesterday
Not -applicable
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yesterday
I'm working on my 2025 taxes and itemized deductions. In my 2025 form 1098, box 1 (mortgage interest received), my lender -reported prior year interest applied in 2024 in addition to interest app...
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I'm working on my 2025 taxes and itemized deductions. In my 2025 form 1098, box 1 (mortgage interest received), my lender -reported prior year interest applied in 2024 in addition to interest applied in 2025. They have a summary at the bottom of the 1098 form specifically calling out that box 1 includes both 2025 and 2024 interest applied. Total interest applied in 2025: $11K 2024 Interest Applied (Prior Year): $2.6K 2025 Net interest payments reported to IRS: $13.6K (reported in Box 1) The $2.6K was interest paid and applied in December 2024 on my refinanced loan which they reported the majority of on my 2024 form 1098, that I claimed for 2024 taxes in itemized deductions. I am unsure why they are including it on my form 1098 Box 1 for 2025 taxes (maybe it's the total inception to date interest on the refinanced loan 2024-2025 cumulative total). I'm going to ONLY report the 2025 interest applied of $11K for my itemized deductions and not include the 2024 interest that the lender listed on the 1098. There is also a box in Turbotax to check if the amount reported differs from the form 1098 with a convenient comment box section. Is this the appropriate reported amount - should I attach the form 1098 from the lender with my turbotax electronic submission? Any other considerations that I should factor in? thank you!
yesterday
Nothing suggested above worked. I tried Chrome, Edge and Firefox. With Firefox I could not figure out how to toggle on the Local Network Access in the dropdown menu. I turned of the antivirus and fir...
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Nothing suggested above worked. I tried Chrome, Edge and Firefox. With Firefox I could not figure out how to toggle on the Local Network Access in the dropdown menu. I turned of the antivirus and firewall software. Cleared all cookies and cache. No VPN running. Manually entering data is going to be a pain. Any other ideas?