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You must enter an investment sale for the Form 8949 to be completed   To enter an investment sale - Click on Federal Taxes (Personal using Home and Business) Click on Wages and Income (Personal Income using Home and Business) Click on I'll choose what I work on (if shown) Under Investment Income On Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B, 1099-DA), click the start or update button

As stated previously, Michigan FTE is not supported in any version of TurboTax for tax year 2025. You cannot manually enter any values into TurboTax forms that will be used in state tax calculations. Please follow the previous instructions to download the forms from Michigan's website to manually complete and include with your state tax return, which must be mailed.   @user17721261700 

In the 3520A, Line 17 should show the total investment made into the trust. This includes the opening balance of $300,000 plus the 2025 contributions of $3,500 ($500 wire and $3,000 in expenses you paid). The total for Line 17 is $303,500.   Now for line 18. Because the Foundation "spent" $3,000 on taxes and HOA fees but had $0 in revenue, it has a net loss for the year. Enter: ($3,000) (as a negative number).      By doing it this way, your Part II (Income Statement), where you listed the $3,000 in expenses, perfectly matches the Part III (Balance Sheet). The IRS wants to see that the "Loss" reported on the income statement is reflected in the reduction of the trust's net worth on the balance sheet.   When you fill out your personal Form 3520, Part I, make sure you report the total transfer to the trust as $3,500. The IRS considers your personal payment of the Foundation's bills ($3,000) to be a "constructive transfer" of cash to the trust.          

License codes (16 digits) cannot be entered on the TurboTax mobile app or in the online version, as they are specifically for the TurboTax Desktop software on Windows or Mac. If you bought a CD/download, you must install the software on a computer to use the code.   Go to this TurboTax website to download the edition you purchased to install on a personal computer - https://turbotax.intuit.com/personal-taxes/cd-download/install-turbotax/

1099 Dashboard   When you look at 1099 dashboard on Schwab you should see the various formats for the documents.  TT uses CSV files.  If CSV files are not indicated you will not be able to import from Schwab  

If your 1099-B file is too large to upload in TurboTax Online, you can enter your sales manually as summaries instead of individual transactions. You can summarize totals separately for long-term and short-term sales. To enter summarized totals: 1. Go to the Wages & Income section and find the Investment Income area. 2. Start or update the section for stocks, bonds, mutual funds, and other sales. 3. When prompted, choose to Enter sales totals instead of importing or entering each trade. 4. Enter the total proceeds (sales) and cost basis for each category: short-term covered, long-term covered, etc., based on your 1099-B. This lets you report large numbers of transactions more easily.

If you received less than your remaining basis (cost less depreciation), you should see a loss on the sale. In other words, you sold it for less than it was worth.   Cost / Basis = Your original cost (purchase price) x 16% Sale / Proceeds = What you received from the dealer x 16%   See also: How do I enter the sale of a vehicle used for a business or rental property?  

Can i just move the 2024 file or import it while doing 2025 on the original account? Or are you saying that i have to reenter all the 2024 forms all over again into a separate license ? Does that also mean i have to buy 2024 federal and state forms again just to get data i already paid for and filed? Note/clarification: my original account has tax years 2014 through 2023.  last year i used a new account for 2024,  but i don't recall having any tax history challenges this year i want to go back to using original account, but it looks like it already prepaid me to be on the new account. I have already downloaded the app and used that license What would be your advice to clean this up?   Kind regards, Chris

Wash sales cannot be combined into section totals.  They should be entered individually so that you can track your cost basis and know when you are allowed to use the information on a final sale. The financial company does know when a wash sale occurs, they do not know when it ends as explained below.   Wash Sale Rule Defined: A wash sale occurs when an investor sells or trades a security at a loss, and within 30 days before or after, buys another one that is substantially similar. It also happens if the individual sells the security at a loss, and their spouse or a company they control buys a substantially similar security within 30 days. The wash-sale rule prevents taxpayers from deducting a capital loss on the sale against the capital gain of other stock. Affect on Cost Basis: The loss that occurs on a wash sale is added to the cost basis of the shares purchased that created the wash sale. When all shares are sold and there is no repurchase, that increased cost basis will be used in full and used to determine gain or loss. As long as you are tracking the wash sales and are not using them on the tax return when you are not allowed, then you can simply enter the same cost basis as the selling price. This will  reconcile your tax return with your Form 1099-B Proceeds which is what the IRS is comparing.   Wash Sale ends: The wash sale disallowed is not added to the net gain/loss rather it is adjusted and suspended so that it does not affect the total gain or loss for any pending wash sales.  The rub is that the broker only knows when a wash sale occurs, not when a wash sale no longer exists. This can spill over between two tax years.  Likewise you can have a wash sale during a tax year, and then fully dispose of the stock in the same year which would eliminate the wash sale rule for the final sale of the same stock.    It's up to you to know when you no longer have to consider the wash sale rule.    Example:  X bought 5 shares of ZZZ stock, at $5 per share, then sold it for $3 per share, however immediately before the original 3 shares were sold, X bought another 5 shares at $5.00 per share.        $25 for the first block of shares        15 is the proceeds creating a $10 loss  The $10 loss is now added to the cost of the new shares for an overall cost basis of $35.     Once the second block of shares is sold (5 shares with cost basis of $30) without any repurchase with in the 60 day window (30 days before or 30 days after the sale), and if they are sold at a loss, then no wash sale exists on the sale, and a loss is allowed.