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2 weeks ago
is this a simple trust which is required to distribute income. the distribution occurs even if no physical assets were sent to the beneficiaries. also a trust that terminates is deemed to distribute...
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is this a simple trust which is required to distribute income. the distribution occurs even if no physical assets were sent to the beneficiaries. also a trust that terminates is deemed to distribute everything.
a grantor trust is treated as a disregarded entity, so all income is distributed although generally a grantor letter rather than a k-1 is issued.
2 weeks ago
My brokerage house reported wrong cost basis for number of trades. I want to update the cost basis in Turbotax. I have about 350 trades. I am getting access to only the first 100 trades and only b...
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My brokerage house reported wrong cost basis for number of trades. I want to update the cost basis in Turbotax. I have about 350 trades. I am getting access to only the first 100 trades and only button available is continue. When I press it, it comes out to the income list and it keeps repeating every time I try. How can I access my trades after the first 100 to change the cost basis? Thanks.
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2 weeks ago
not only is there interest but also a late payment penalty of .5% a month. being more than 5 months late that's an additional 3% of what's owed. as stated the IRS will bill you.
2 weeks ago
You can’t figure it. The IRS will mail you a bill for any interest and penalties.
2 weeks ago
Just file your tax return and pay the tax that you owe. The IRS will send you a bill for the interest and penalty. TurboTax is not able to calculate the exact amount of interest.
2 weeks ago
I prepared my taxes in TurboTax but there is no option to pay additional interest because of extension here. How can I pay it together?
2 weeks ago
Here's how you can enter the repayment in TurboTax Online. You cannot enter it in Free Edition. You have to use Deluxe or Premium. Read these instructions and the TurboTax screens carefully. There ar...
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Here's how you can enter the repayment in TurboTax Online. You cannot enter it in Free Edition. You have to use Deluxe or Premium. Read these instructions and the TurboTax screens carefully. There are several similar-sounding questions.
Start off as if you were entering unemployment benefits that you received. Go to:
Federal
Wages & Income
Unemployment Government benefits on Form 1099-G
Unemployment and paid family leave
Answer the questions as follows.
Did you receive unemployment or paid family leave benefits? - No, I didn't. (If you did receive unemployment benefits in 2024, answer Yes. A few steps later you will enter the unemployment that you received before you get to the place where you enter the repayment.)
Were you required to repay unemployment benefits (uncommon)? - Yes
Did you pay back any government unemployment from 2023 or earlier? - No
Did you pay back any non-government unemployment from 2023 or earlier? - Yes
Click Continue.
How much non-government unemployment did you repay? First, enter any benefits that you received in 2024 and repaid in 2024. - Leave this box blank.
Next, enter benefits that you received in 2023 or earlier, and repaid in 2024. - Enter the amount that you repaid. The amount that you enter here will go to Schedule 1 line 24e.
Click Done.
2 weeks ago
Hi, I recently joined a company located in New York City. I work 100% remotely from my home in Ohio. My employer has been deducting New York State income tax. I spoke with HR, and they said the comp...
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Hi, I recently joined a company located in New York City. I work 100% remotely from my home in Ohio. My employer has been deducting New York State income tax. I spoke with HR, and they said the company does not have a payroll system set up for Ohio, and it would cost more for them to implement it, so they currently have no plans to do so. How should I handle New York State tax and Ohio State tax? Can I get the New York State tax refunded? I also noticed two additional deductions: New York State Short Term Disability (SDL) tax New York Paid Family Leave (PFL) tax According to New York State, these benefits are based on where the work is actually performed. Since I work 100% from my home in Ohio, I believe I would not qualify for these benefits. Should my employer stop deducting these two taxes? If they can't, can I get these taxes back? Thank you!
2 weeks ago
I RECEIVED A LETTER FROM THE IRS/STATE
TurboTax does not receive any information from the IRS or your state after your return was filed, so no one at TurboTax knows about a letter you recei...
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I RECEIVED A LETTER FROM THE IRS/STATE
TurboTax does not receive any information from the IRS or your state after your return was filed, so no one at TurboTax knows about a letter you received from the IRS or the state.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-audit/turbotax-audit-support/L6AcMoNFD_US_en_US?uid=m5z7by9u
https://ttlc.intuit.com/turbotax-support/en-us/help-article/internal-revenue-service/got-cp2000-notice-irs/L7Da6em2t_US_en_US?uid=m4of6ngd
2 weeks ago
Topics:
2 weeks ago
1 Cheer
If you want your return to be reviewed by a "Live" expert you will need to upgrade to online Live Assisted. Then you will need to get that help during business hours Monday- Friday 5 a.m. to 5 p.m...
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If you want your return to be reviewed by a "Live" expert you will need to upgrade to online Live Assisted. Then you will need to get that help during business hours Monday- Friday 5 a.m. to 5 p.m. Pacific time.
https://turbotax.intuit.com/personal-taxes/online/live/full-service/
LIVE ASSISTED
https://turbotax.intuit.com/personal-taxes/online/live/how-it-works.htm
https://ttlc.intuit.com/turbotax-support/en-us/help-article/product-setup/connect-tax-expert-turbotax-live/L73wOZD5D_US_en_US?uid=m8zw1pbb
2 weeks ago
Federal and state refunds come from completely separate entities, There is no rule as to which one will come first or how much time there will be between their arrivals. Some states process returns...
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Federal and state refunds come from completely separate entities, There is no rule as to which one will come first or how much time there will be between their arrivals. Some states process returns quickly and some are very slow.
STATE RETURN
Make sure your state return was accepted: https://turbotax.intuit.com/tax-tools/efile-status-lookup/
To track your state refund:
ttps://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/track-state-refund/L3jgO8PGs_US_en_US?uid=lt447ebr
https://ttlc.intuit.com/turbotax-support/en-us/help-article/state-taxes/contact-state-department-revenue/L9qVToi02_US_en_US?uid=m6e06um0
2 weeks ago
TurboTax does not send your refund check. Your refund(s) come from the IRS and/or your state.
To check on regular tax refund status via automated phone, call 800-829-1954.
Federal ...
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TurboTax does not send your refund check. Your refund(s) come from the IRS and/or your state.
To check on regular tax refund status via automated phone, call 800-829-1954.
Federal and state refunds come from completely separate entities. There is no rule as to which one will come in first or how long it will be between their arrival in your account.
TurboTax gives you an estimated date for receiving your refund based on a 21 day average from your date of acceptance, but it can take longer. “21 days” is not a promise from TurboTax or the IRS.
First, check your e-file status to see if your return was accepted:
https://turbotax.intuit.com/tax-tools/efile-status-lookup/
Once your federal return has been accepted by the IRS, only the IRS has any control. TurboTax does not receive any updates from the IRS. Your ONLY source of information about your refund now is the IRS.
You need your filing status, your Social Security number and the exact amount (line 35a of your 2024 Form 1040) of your federal refund to track your Federal refund:
https://www.irs.gov/refunds
To track your state refund:
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/track-state-refund/L3jgO8PGs_US_en_US?uid=lt447ebr
If you chose to have your TurboTax fees deducted from your federal refund, that will take some extra time, while the third party bank handles the refund processing
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/refunds-take-longer-others/L14YlqFrH_US_en_US?uid=lexdr7zh
.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/irs-refund-taking-longer-21-days/L2vRAJbdU_US_en_US?uid=lexe7lst
2 weeks ago
@fanfare: lol (for that java part) Do you understand what "embedding your own browser with your app" means? Yes, that is a single browser, and it runs almost everywhere without having to change ...
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@fanfare: lol (for that java part) Do you understand what "embedding your own browser with your app" means? Yes, that is a single browser, and it runs almost everywhere without having to change a line of your code. Reg nuances and list of browsers... well, that's why there are standards, but again that is irrelevant once you are embedding your own.
2 weeks ago
Not My federal tax return
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2 weeks ago
1 Cheer
@user17583998547 wrote: Some sources say use the same depreciation as before with given up property (let's say it was $5,000) for the remaining years (my case was 8 years remaining out of 27....
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@user17583998547 wrote: Some sources say use the same depreciation as before with given up property (let's say it was $5,000) for the remaining years (my case was 8 years remaining out of 27.5 years) plus new additional basis for 27.5 years. In addition, I don't need to consider any building vs land ratio for the replacement property? That is correct. You continue to depreciation the original amount of the old property, using the original placed in service date (so you will get 8 more years). As a second asset, you enter the 'extra' amount paid ($100,000), using the new placed in service date. Land needs to be considered. The two pieces that I mentioned are based on the building itself, after the cost of the land has been factored in.
2 weeks ago
I did not get the state tax return tax return
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2 weeks ago
15 years. The gain due to depreciation is based on the greater of (a) the actual depreciation that you took and (b) the amount of depreciation that you were eligible to take. Unless you mista...
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15 years. The gain due to depreciation is based on the greater of (a) the actual depreciation that you took and (b) the amount of depreciation that you were eligible to take. Unless you mistakenly took too much depreciation, you were only eligible to take 15 years of depreciation, so that is what your gain due to depreciation is based on (for real estate, it is actually called "Unrecaptured Section 1250 Gain", not "recapture").