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a week ago
Something went wrong on S-Corp and K-1 not showing pass through entity
a week ago
You are posting from online TurboTax Live. If that is what you actually used, then you chose to use help from a "Live" tax expert.
Have you forgotten how to access your account?
Man...
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You are posting from online TurboTax Live. If that is what you actually used, then you chose to use help from a "Live" tax expert.
Have you forgotten how to access your account?
Many people have multiple TT accounts and forget how to access them. Log out of the account you are in now.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/many-intuit-accounts-
turbotax/L9aVfKS1Z_US_en_US?uid=ll5g6zcx
Account Recovery
. You can arrange for the Live help you are paying the extra fee for with your questions from 5 a.m. to 5 p.m. Pacific time Monday - Friday.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/product-setup/connect-tax-expert-turbotax-live/L73wOZD5D_US_en_US?uid=m8zw1pbb
Or....if you just carelessly clicked on "live" to post a question, then please explain clearly what you mean when you say you "allowed a contractor" to do your taxes. How/where did you find the "contractor?"
a week ago
I believe I was scammed I don't know what to do with this situation I'm in
Topics:
a week ago
1 Cheer
There is nothing impermissible about making maximum permissible deductible contributions to a solo 401(k). It's a common way to reduce present taxable income with the understanding that this deferre...
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There is nothing impermissible about making maximum permissible deductible contributions to a solo 401(k). It's a common way to reduce present taxable income with the understanding that this deferred income and the gains on it will eventually be taxable as ordinary income when distributed. Keep in mind that distributions are taxable as ordinary income, so it generally makes sense to defer the taxable income only if you expect your marginal tax rate when eventually distributed to be lower. For those with good saving habits, that's often not the case, so someone presently in a low tax bracket such as yourselves might be better off deferring less income now and instead investing that money in capital investments where gains can enjoy taxation at long-term capital gains rates instead of at future ordinary income tax rates. Still, you might want to defer enough income to keep you in the AGI range that allows the maximum Retirement Savings Contributions Credit, which might preclude you from topping out your current tax bracket. With AGI below $46,000 for 2024, the retirement contributions that you made would typically make each of you eligible for a $1,000 tax credit on Form 8880. (If slightly above that AGI, it might make sense for some of the Roth IRA contribution(s) to be traditional IRA contribution(s) instead.) (Note that there is no our Roth IRA. Roth IRAs are not joint accounts, they are owned by a single individual.)
a week ago
Yes, you should ask your employer to stop withholding NY income tax and SDL & PFL.
You will need to make estimated quarterly tax payment to Ohio (and maybe your city and/or school district).
...
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Yes, you should ask your employer to stop withholding NY income tax and SDL & PFL.
You will need to make estimated quarterly tax payment to Ohio (and maybe your city and/or school district).
You will need to file a NY non resident return t get a refund of the NY income tax withheld.
To request a refund for mistakenly withheld New York State Disability Insurance (SDI) and Paid Family Leave (PFL) premiums, you must first contact your employer . The issue must be resolved through your payroll department, as you cannot recover these insurance premiums through your NY tax return.
You are not subject to NY tax if you work 100% outside NY. That changes if you spend even one day in NY.
a week ago
The deadline to obtain a return of the excess 2023 contribution was October 15, 2024, provided that you files your 2023 tax return or requested a filing extension by April 15, 2023. As fanfare said,...
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The deadline to obtain a return of the excess 2023 contribution was October 15, 2024, provided that you files your 2023 tax return or requested a filing extension by April 15, 2023. As fanfare said, after that date you are subject to an excess contribution penalty on the 2023 excess for 2023 and 2024. The excess 2023 contribution can now only be corrected by either applying it as a contribution made for 2025, if eligible, or by an ordinary distribution equal to the amount of the excess 2023 contribution; no investment gains on this are to be distributed. If the 2023 excess is distributed in 2025, it will be reported on line 12 of your 2025 Form 5329 to be subtracted from the amount on line 9, reducing the excess on line 14 to zero. When entering the 2025 Form 1099-R into 2025 TurboTax, you'll need to enter a zero in box 2a of TurboTax's 1099-R form to indicate to TurboTax that this is a distribution of the excess after the due date of the 2023 tax return. This will cause 2025 TurboTax to treat the distribution as nontaxable and to prompt you for the required explanation statement.
a week ago
@carolp03 IF Windows computer...you can try the manual update (it takes a while, so be patient): Manually Update TurboTax for Windows Software ________________ But if that doesn't work, an...
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@carolp03 IF Windows computer...you can try the manual update (it takes a while, so be patient): Manually Update TurboTax for Windows Software ________________ But if that doesn't work, and you have checked to ensure your W10/W11 OS updates are fully installed.......then a few folks have found that a full uninstall/reinstall of the TTX software was required for them to get it working (Make sure you have your installation code handy).
a week ago
1 Cheer
Q. Tuition is $23348, so grants - tuition =$6972, this will be his taxable income, right?
A. Yes.
Q . I want to do 529 withdraw now. Is my 529 qualified expense $14160 (meal/board) or $1416...
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Q. Tuition is $23348, so grants - tuition =$6972, this will be his taxable income, right?
A. Yes.
Q . I want to do 529 withdraw now. Is my 529 qualified expense $14160 (meal/board) or $14160 - $6972 (grants -tuition)=$7188?
A. $14,160.
Room & board (R&B) are not qualified expenses for tax free scholarship. So, all the R&B can be allocated to the 529 distribution. Don't forget books and a computer as additional qualified expenses for the 529 distribution. Books/computers are also qualified expenses for tax free scholarship; but, in your case, are best allocated to the 529 distribution.
Q. My son's grants are more than tuition, the excess of grants over tuition is taxable, do I have to reduce qualified 529 withdraw by this excess?
A. No, since the excess scholarship did not pay for any qualified expenses.
Q. The taxable grants is treated as earned income by dependent's filing requirement in 1040 Instruction, right ?
A. Yes*
Q. So, my son's taxable earned income will be $6972 (grants -tuition)+$4000 (AOTC )+$4000 (work study) =$14972, his unearned income is $200; $15, 172 total reportable income. Is he required to file a tax return for 2025?
A. No, because his total income is less than the $15,750 filing requirement for 2025 (technically HIS filing requirement is 14972 + 450 = $15,422 [earned income + $450] rather than $15750).
But, you may want to have him file, anyway, to document the reporting of the additional $4000 of taxable scholarship that allows you the claim the AOTC
*Scholarships are a hybrid between earned and unearned income. It is earned income for purposes of the $15,750 filing requirement (2025) and the dependent standard deduction calculation (earned income + $450). It is not earned income for the kiddie tax and other purposes (e.g. EIC). For grad students and post grad fellows (but, not undergrads), scholarship, stipend and fellowship income is earned income ("compensation") for IRA contributions.
a week ago
I just went into TT program for 2024 and did the update where the data is saved and the update takes place. Now when I click on the icon in order to restart the program, the program flashes for an in...
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I just went into TT program for 2024 and did the update where the data is saved and the update takes place. Now when I click on the icon in order to restart the program, the program flashes for an instant and then won't open. I've restarted my computer and this doesn't help. I tried opening my 2023 TT program and that worked fine. Help!
a week ago
Problem resolved! maybe my message to TT tech changed something
a week ago
@ glennnakamura wrote: company name on state information form Turbotax business tells me that my company name is not entered correctly on my state tax information page. There is no problems with...
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@ glennnakamura wrote: company name on state information form Turbotax business tells me that my company name is not entered correctly on my state tax information page. There is no problems with the name on the federal information form. I can't understand why there is a problem. So is that an error message you are receiving about the state information worksheet when you run an error check? I'm a fellow user, not affiliated with TurboTax/Intuit. I don't use TurboTax Business, but in the personal products (not Business) I have seen past postings where some users had a problem similar to this; i.e., a conflict between the Federal and state information worksheets. I'm curious if this state by any chance is California, and is it displaying an error that something on the state info worksheet must be entered on the Federal Information Worksheet? Or is it a different state? I know in the personal product, some users had occasional trouble with the California worksheet. If it's similar to the personal products, when the name is entered, it is reflected on the Federal Information Worksheet and should flow automatically to the state info worksheet. Even if it "looks" correct on both worksheets, something in the background between the 2 worksheets may be out of kilter and needs to be reset. Do I assume correctly that you didn't enter the company name manually on the state side? Try this. Go to the Federal side and "edit" the company name (but actually you will reuse the same name); i.e, select the entire field and remove and re-enter the same name again to see if it resets something and allows it to flow and be recognized correctly on the state information worksheet. Be sure you don't enter an extra space after the name. Once you "edit" the company name in the Federal with the same name, save the file, and then close TurboTax. Then launch TurboTax again, open the file, and see if all is OK with no conflicts between the 2 worksheets.
a week ago
1 Cheer
make sure in the basic property description you indicate it's located in a foreign country
later on there is another screen with a question about the property being locate in a foreign country
ch...
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make sure in the basic property description you indicate it's located in a foreign country
later on there is another screen with a question about the property being locate in a foreign country
check that and then there should be a question about some or all of the property being located in a foreign country. check one of these. following there is a screen to enter cost and date placed into service. the date placed into service will determine wether the life is 30 or 40 years. turbotax should automatically apply the straight line convention over either 30 or 40 years.
if you are using forms mode
then depreciation type =MACRS
depreciation method is alternative method
you should see the recovery period as being either 30 or 40 years
a week ago
1 Cheer
@Marfanon wrote: ....I loved the earlier reply noting it's a good time to short their stock!!!! Oh, ugh. Hopefully, you do some research first. If you do, you will discover that Intuit ha...
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@Marfanon wrote: ....I loved the earlier reply noting it's a good time to short their stock!!!! Oh, ugh. Hopefully, you do some research first. If you do, you will discover that Intuit has ~$19 billion in revenue and, of that, a little over $200 million is derived from TurboTax desktop sales.
a week ago
I so agree with you and many others that are very tired of dealing with TurboTax.....especially those of us that have used them for YEARS. I finally upgraded to Windows 11 just so I could see if I c...
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I so agree with you and many others that are very tired of dealing with TurboTax.....especially those of us that have used them for YEARS. I finally upgraded to Windows 11 just so I could see if I could actually download the Desktop Business 2024. DIDN'T Make a difference! I have spent so much time speaking with product support that I feel like I should send those individuals Christmas cards this year. It's unfortunate that the mostly pleasant customer support people work for a corporation that no longer cares about their business customers. I too am switching to H&R block AND I will be moving away from Quickbooks Online Payroll as well. We may all be small fish to INTUIT, but if enough of us place our personal as well as our companies money elsewhere, maybe the C-Suite will take a hit to their "bonuses".....or better yet, their stock options. I loved the earlier reply noting it's a good time to short their stock!!!!
a week ago
Turbotax business tells me that my company name is not entered correctly on my state tax information page. There is no problems with the name on the federal information form. I can't understand why...
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Turbotax business tells me that my company name is not entered correctly on my state tax information page. There is no problems with the name on the federal information form. I can't understand why there is a problem.
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a week ago
These are RSU shares. As I already paid tax when the shares vested, the cost basis should be based on the market value when the vesting took place. They are showing the par value of the shares as t...
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These are RSU shares. As I already paid tax when the shares vested, the cost basis should be based on the market value when the vesting took place. They are showing the par value of the shares as the cost basis which is pennies, when it should be about $150 or so. Brokerage house is of no help and I transferred the shares to Fidelity when I left the company. So, I have to change the cost basis for the trades of that company shares only and I have been doing it for the last two years. Unfortunately, I am having trouble with accessing those trades in Turbotax 2024.
a week ago
My wife and I file jointly, but we each have separate businesses as sole proprietors (Schedule C). This year, our combined net income, after business expenses, was around $124K. We contributed a to...
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My wife and I file jointly, but we each have separate businesses as sole proprietors (Schedule C). This year, our combined net income, after business expenses, was around $124K. We contributed a total of about $66K to our Solo 401(k) accounts, plus $14K to our Roth IRA. As a result, our federal income tax owed is only $1700. Of course, this doesn’t include self-employment taxes, which are still a big chunk of money. Of course, our personal living expenses are greater than our remaining income after these retirement contributions. We used cash saved from previous years to fund the contributions, with the primary goal of reducing our tax bill. I’m not concerned about an audit, since all our numbers and expenses are legit. I’m just genuinely curious—do other folks out there use strategies like this to significantly reduce their federal income tax bill? Thanks!
a week ago
not on the return. just the total in 1a. but do keep the details should the iRS ever inquire. also, any taxable amounts received not on the 1099-K needs to be reported.
a week ago
1 Cheer
Sorry for your loss. Unless you had an interest in the property that preceded her death, you use $500K as the basis. In all probability there will actually be a loss after selling expenses are taken...
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Sorry for your loss. Unless you had an interest in the property that preceded her death, you use $500K as the basis. In all probability there will actually be a loss after selling expenses are taken into account.