All Posts

If you have the 16  digit license code go here,   How to get started with the Desktop program, install and activate it https://ttlc.intuit.com/turbotax-support/en-us/help-article/product-delivery/download-software-turbotax-com/L7u9oLEkq_US_en_US?uid=luqgvzrd

You are correct that there will be activity that will not be reported on the new form.  Understanding Your Form 1099-DA states:        For 2025, the Form 1099-DA filing requirements generally apply to U.S. brokers. This means that taxpayers transacting with foreign brokers, such as exchanges based outside the United States, may not receive a Form 1099-DA from that foreign broker. Any taxable transactions using foreign brokers must still be reported on your tax return.   We will learn more about how these transactions will be reported as the 1099-DA form implementation is rolled out.   @Ulianovsky 

If you need to change the character of the partners' liabilities, you may need to adjust your balance sheet entries using Forms Mode. Click the Forms icon in the TurboTax Business header, then locate "Form 1065 p4-5" in the left column.  Click the form name to open it in the large window. Scroll down to Schedule L (Balance Sheet per Books).  Confirm your entries for the debt: Any amount entered on Lines 16 or 19b will be reported as qualified non-recourse.  Line 17(b): Recourse, if payable in less than a year Line 20(b): Recourse, if payable in 1 year or more. Line 18: all other Nonrecourse debt. Now scroll down to the Partners' Liabilities Smart Worksheet just below the Balance Sheet. Line B Nonrecourse: from Line 18 of the balance sheet. Line C Qualified Nonrecourse: from Line 16 or 19b. Line D Recourse: The total of column (b), lines 15, 17, 19a and 20 (beginning) and column (d), lines 15, 17, 19a and 20 (ending). These totals cannot be changed. Nonrecourse liabilities are allocated to all partners according to their profit percentage.  Other liabilities are allocated only to general partners according to their loss percentage, unless you enter a code in the small box in front of the number ("P" for Profit percentage, "L" for Loss percentage, "O" for Ownership percentage, or a custom allocation you entered previously).  The debt will be allocated to the individual partners' capital accounts (and Schedule K-1) based on the applicable percentage. Note that you should edit only numbers that appear in blue. Overriding calculated numbers invalidates the return for e-filing (you will need to mail the return). This is an IRS constraint.  

@Majk_Mom  said  "the only other expenses we have are all housing or food costs above the school's COA".   Then you cannot allocate those costs to the 529 distribution.  As you appear to know, your qualified living expenses is limited to your actual costs or the school's  allowance for "cost of attendance" (COA), whichever is less.  But, that also means that scholarships did not pay for "qualified" living expenses and cannot be used for the penalty exception.    Q. So, are you saying taxable scholarship is just income, so we can use it for whatever we want and simply report it and it increases our 529 QEE?  A. Yes, but subject to the COA limit.   Q. How does this relate to the 10% tax penalty?  A. Expenses that exceed the COA were not  "qualified" living expenses and cannot be used for the penalty exception.    Q. So would I assume my 529 QEE total from earlier stays the same, but my NQEE total is reduced to $747 after allocating the 2nd taxable scholarship. Is this right?  A. Yes, assuming the $747 is the amount living expenses exceed COA. 

If you want to know the amount you owe (including interest and penalties) you can get that information by going to Create or Sign In to Your IRS Account and creating (or logging in to) an IRS account.  In addition to seeing the amount you owe you will be able to download a copy of your tax transcripts from within your account.  

You can opt out of emails without deleting your account. This way you still have access to your tax records for prior years.   Sign in to your Intuit Account Manager. Select Data privacy from the left-side menu. Select Marketing preferences. Toggle the switches to Off for the types of communications you no longer wish to receive (Email, SMS, etc.). Select Save. Alternative: Click the Unsubscribe link at the very bottom of any marketing email you receive from TurboTax.

It depends. Generally, there is a 10% early withdrawal penalty if the taxpayer is under age 59½. However, there is an exception for an employee who separates from service at age 55 or older if the withdrawal is from that employer's 401(k) plan.   See this TurboTax article for details: 401(k) Withdrawal Penalty Exceptions