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yesterday
Form 8960 instructions: If the amount reported in box 14, code H, of Schedule K-1 (Form 1041) is a positive number, enter it on Form 8960, line 7, and increase your MAGI on Form 8960, line 13 (or...
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Form 8960 instructions: If the amount reported in box 14, code H, of Schedule K-1 (Form 1041) is a positive number, enter it on Form 8960, line 7, and increase your MAGI on Form 8960, line 13 (or Form 8960, line 19a), by the same amount. If the amount reported in box 14, code H, of Schedule K-1 (Form 1041) is a negative number, and the trust has indicated some (or all) of the adjustment also requires a MAGI adjustment, enter it on Form 8960, line 7, and make the applicable increase or decrease to your MAGI on Form 8960, line 13 (or Form 8960, line 19a), as necessary.
yesterday
I just updated my desktop version (2/12 @12:40 pm CST), I still do not see where I can enter tips that are included on my W2 in box 1 that are reported elsewhere on my W2.
yesterday
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yesterday
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You need to go to the Business Info section, then find the Partner Summary screen. On that screen, edit the partner account of the partner who contributed the cash and scroll through that section unt...
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You need to go to the Business Info section, then find the Partner Summary screen. On that screen, edit the partner account of the partner who contributed the cash and scroll through that section until you find the screen for Partner Capital. Then enter your contribution in the Cash Partner Contributed to Partnership category.
yesterday
how do I get turbo tax free edition
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yesterday
It's not a MAC issue. I bought a new Macbook last year specifically to do taxes. It worked like a charm. This year, no data transfer. Perhaps there is an update coming. who knows but disappointe...
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It's not a MAC issue. I bought a new Macbook last year specifically to do taxes. It worked like a charm. This year, no data transfer. Perhaps there is an update coming. who knows but disappointed that it will take so much longer.
yesterday
does H&R store your data on cloud, where, as someone else posted, it stays forever to be harvested? and it is nonetheless disappointing that Turbo rushed to exclusively go to a not-ready-for-primeti...
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does H&R store your data on cloud, where, as someone else posted, it stays forever to be harvested? and it is nonetheless disappointing that Turbo rushed to exclusively go to a not-ready-for-primetime W11 with no fallback to W10 other than risky online version. deja-vu of years of stubborn misjudgments by Turbo
yesterday
Do you have a question? Post it in this forum.
yesterday
No, Average Share Price is not the same as Comparative Sales. Average Share may be used instead for inherited stock values, however.
Key Reasons for Using Comparative Sales Prices:
IRS Co...
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No, Average Share Price is not the same as Comparative Sales. Average Share may be used instead for inherited stock values, however.
Key Reasons for Using Comparative Sales Prices:
IRS Compliance: The IRS requires that stocks, bonds, and donated items be valued at their Fair Market Value (FMV) on the applicable date, which often translates to using specific, comparative selling prices rather than averages.
Accuracy in Reporting: For non-cash charitable contributions (Form 8283), for instance, the valuation is based on what a willing buyer would pay for a similar item (comparative sales/FMV), not the average price of all items sold, to ensure precise, individualized valuation.
Transaction-Level Detail: TurboTax has adopted stricter, transaction-level reporting on forms like Form 8949 to align with the IRS's emphasis on tracking individual, accurate transactions rather than averaged data, which is considered a more accurate representation of the taxable event.
@TinkerToyRonnie
yesterday
Once it's in an IRA, it largely loses any identity it used to have. This can sometimes be very important, because it might lose certain tax benefits. Since you seem to be working on a New York Sta...
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Once it's in an IRA, it largely loses any identity it used to have. This can sometimes be very important, because it might lose certain tax benefits. Since you seem to be working on a New York State return, it is important to know that in New York, retirement benefits paid to former state employees are tax-free in the state, while any other retirement benefits are only tax-free for the first $20,000 per year.
In your case the answer is none of the above, because no matter where the money came from 3 years ago, it is in an IRA now. And it since it is an IRA rolled over from a 457 plan, it is not an IRA rolled over from a pension.
If you are a former NY government employee, I would not do any more rollovers until you get tax advice from someone expert in New York tax law. I don't know if the Roth conversion would have been taxable or tax-free (in NY) if you did it directly from the 457, but it will be taxable now. Be very cautious about future rollovers that take money out of the 457 and put them in some other plan unless you talk to a tax advisor first.
yesterday
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yesterday
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yesterday
How did you get ahold of someone from Cross River Bank?
yesterday
We are hoping by this weekend, if not before. We don't have a specific date.
yesterday
We are hoping by this weekend, if not before. We don't have a specific date.
yesterday
We are hoping by this weekend, if not before. We don't have a specific date.
yesterday
i still get the same error message using turbotax business desktop when are you going to fix that program via update 2/12/26
yesterday
Mine was issued 1/29. 2/12 and still nothing.
yesterday
OK so I have received a K1 from fathers ESTATE that has an amount in 11D and the same amount in 14H. THe K1 is the final year and there was no income just the loss from sale of house. So now ...
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OK so I have received a K1 from fathers ESTATE that has an amount in 11D and the same amount in 14H. THe K1 is the final year and there was no income just the loss from sale of house. So now when doing my 1040 I see TT deducting the 11D amount from capital gains but all of a sudden I am thrown into the NIIT category and sadly this year I am over the 250K on other incestment income. So TT is taking MAGI minus 250K and calculating tax. All seems correct calculations BUT I had no income from estate and only capital loss caryover. Is this right am I paying tax on that K1 loss as well as my other investment income. TT is putting the K1 loss on line 7 of 8960 as postive number and so it is bumping my total investment income back up. I hope I explained this OK Thanks
yesterday
Charitable donations go on Schedule A with other itemized deductions such as mortgage interest and property tax. Unless you have enough itemized deductions to exceed your standard deduction, the ch...
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Charitable donations go on Schedule A with other itemized deductions such as mortgage interest and property tax. Unless you have enough itemized deductions to exceed your standard deduction, the charity donations have no effect on your refund or tax due.
2025 STANDARD DEDUCTION AMOUNTS
SINGLE $15,750 (65 or older/legally blind + $2000)
MARRIED FILING SEPARATELY $15,750 (65 or older/legally blind +1600)
MARRIED FILING JOINTLY $31,500 (65 or older/legally blind + $1600)
HEAD OF HOUSEHOLD $23,625 (65 or older/legally blind + $2000)