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a week ago
Getting a check in the mail is no different from getting anything else in the mail. There is no fixed amount of time that it takes for mail to be delivered to you. It depends on where it was mailed f...
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Getting a check in the mail is no different from getting anything else in the mail. There is no fixed amount of time that it takes for mail to be delivered to you. It depends on where it was mailed from, where you live, and how slow the Postal Service is.
a week ago
Thank you so much!
a week ago
1 Cheer
Desktop Deluxe will work. All the Desktop programs have the same forms. You just get more help and guidance in the higher versions. You don’t need Home & Business for your S Corp income. You sho...
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Desktop Deluxe will work. All the Desktop programs have the same forms. You just get more help and guidance in the higher versions. You don’t need Home & Business for your S Corp income. You should have a K-1 and/or a W2 from the corp return. You don’t need Schedule C for that.
a week ago
Processing of a federal tax return by the IRS normally takes about 3 weeks if there are no problems with the tax return and no unusual situations, but your particular tax return might not be processe...
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Processing of a federal tax return by the IRS normally takes about 3 weeks if there are no problems with the tax return and no unusual situations, but your particular tax return might not be processed in the normal amount of time.
a week ago
Hi. I need to purchase TT 2023 and 2024. In 2023 I started an S Corp and our personal income was primarily W2 income from the corp. We had some income from the corp for rents and selling it a couple ...
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Hi. I need to purchase TT 2023 and 2024. In 2023 I started an S Corp and our personal income was primarily W2 income from the corp. We had some income from the corp for rents and selling it a couple shipping containers. We invested personal cash to start the business. The corporate tax filings have already been done by our CPA. We bought a house in 2024. We borrowed cash from the corp for the down payment and are paying interest to the business on the borrowed money. Do I need H&B or is Deluxe sufficient? Aside from what I described, we have not had any other non-W2 income during these years. Thanks.
a week ago
Did the IRS say they mailed it? Did you select to get a check instead of Direct Deposit? Or is Turbo Tax saying Ready to Mail? If Turbo Tax says Ready to Mail it means your tax return wasn’t fi...
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Did the IRS say they mailed it? Did you select to get a check instead of Direct Deposit? Or is Turbo Tax saying Ready to Mail? If Turbo Tax says Ready to Mail it means your tax return wasn’t filed and YOU have to print and mail it to the IRS.
a week ago
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a week ago
a week ago
We are in the same situation, so my wife selected 'Married Filing Jointly' and submitted her W-4. Is it normal that no federal tax is being withheld from her paycheck? I look forward to hearing fro...
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We are in the same situation, so my wife selected 'Married Filing Jointly' and submitted her W-4. Is it normal that no federal tax is being withheld from her paycheck? I look forward to hearing from you. Thank you.
a week ago
@Propeller2127 , you need to contact your financial institutions ( those that sent you the 1042-S) and update them on your being no longer NRA but a resident ( for tax purposes ?).
If you look at ...
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@Propeller2127 , you need to contact your financial institutions ( those that sent you the 1042-S) and update them on your being no longer NRA but a resident ( for tax purposes ?).
If you look at the 1042-S form at IRS -- > 2025 Form 1042-S you will see the income codes and the explanatory codes called out.
Per the above
(a) income code 6 ( in Box 1 of 1042-S) is dividend issued by US corps.. Thus these incomes need to be entered as dividend income -- form 1099-Div . You can use dummy forms to enter this data .Essentially this lines up with your post.
(b) income code 29 ( in Box 1 of 1042-S) is deposit interest ( probably from a financial institutions like a bank or monies held for investment at a broker ). You need to enter these amounts as interest earned. The non-withholding probably means the amounts were of a minimal nature ( under $10 ? ). This does not line up with your post. You do not have to use dummy 1099-INT -- TurboTax allows you to enter interest income with just name of issuer and the amount.
Is there more I can do for you ?
pk
a week ago
2 Cheers
I assume you entered her? There are a couple questions you could have answered wrong under My Info. Click on My Info then click Edit by Dependents, then click Edit by their name and go though all ...
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I assume you entered her? There are a couple questions you could have answered wrong under My Info. Click on My Info then click Edit by Dependents, then click Edit by their name and go though all the screens again. First of all check their date of birth. Also you need to enter a ssn for them. And say her ssn is valid for employment. If your child was away at college, count the number of months away as having lived with you. The correct answer to claim the person is to say "the whole year". This will indicate you supported the person the whole year, thus it will be entered on your return correctly showing up as a dependent. Or the one that says did your CHILD pay more than half of their support. It's not asking if you did. If you can't get it to change then try completely deleting them and re-entering them. Sometimes that helps to clear something out. Or check and make sure you didn't accidentally check the box that says you (or your spouse) can be claimed as a dependent on someone else's return. You can't claim any dependents if you (or your spouse) is a dependent.
a week ago
1 Cheer
You don’t have to enter the 1098. Just enter the right amounts in the right places. If you took the Standard Deduction the 1098 wouldn’t show up on your return at all. It’s not like income that ...
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You don’t have to enter the 1098. Just enter the right amounts in the right places. If you took the Standard Deduction the 1098 wouldn’t show up on your return at all. It’s not like income that the IRS matches to your W2 or 1099 forms. And anyway you are not claiming more on SCH A. They don’t care about you claiming less deductions.
a week ago
What do you mean I do not have to put in the 1098 amount? The IRS matches that amount with what I put on the return. If it doesn't match it might red flag the return.
a week ago
The amount going to A can't be adjusted as it reads the 1098 information. I can add interest from a source where I did not receive a 1098. Example if I were paying for a seller financed mortgage and ...
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The amount going to A can't be adjusted as it reads the 1098 information. I can add interest from a source where I did not receive a 1098. Example if I were paying for a seller financed mortgage and no 1098 issued. However to adjust for the interest taken as an expense on E I put that amount on A as a negative to deduct it from the deductible interest from the 1098.
a week ago
1 Cheer
First, it seems to me that you told 2022 TurboTax that you claimed only $7,000 of this credit on your 2008 Form 5405, not the $7,500 actually claimed, resulting in TurboTax correctly calculating base...
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First, it seems to me that you told 2022 TurboTax that you claimed only $7,000 of this credit on your 2008 Form 5405, not the $7,500 actually claimed, resulting in TurboTax correctly calculating based on $7,000 a minimum required repayment of $467 for 2022 and 2023. With you telling 2022 TurboTax that a total of $6,000 was repaid in 2010 through 2021, plus the $467 paid each year 2022 and 2023, that left only $66 of $7,000 to be repaid in 2024. In other words, it seems that TurboTax made no calculation errors. (I'm assuming that you transferred in the prior-year TurboTax file when beginning your 2023 and 2024 tax returns.) Second, I don't see how an underpayment of tax by $33 in 2022 and 2023 can cause penalties and interest of $150 and $594 respectively, and an underpayment of tax by $434 in 2024 can cause a penalty of $150. It seems to me that these penalties are the result of under-withholding or insufficient estimated tax payments having been made and have little to do with the mistake that you made when preparing your 2022 tax return.