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yesterday
We've had a rental house since 2022. It is split into 2 apartments. This year in 2025 we moved into one as our primary residence. So now the expenses are split 50/50 and Turbo Tax allowed me to enter...
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We've had a rental house since 2022. It is split into 2 apartments. This year in 2025 we moved into one as our primary residence. So now the expenses are split 50/50 and Turbo Tax allowed me to enter the percent split for expenses and correctly split them. It seems depreciation should also be cut in half but Turbo Tax did not change it. So does it need to be cut in half? And if so, how do I get Turbo Tax to apply the split or do I have to change the depreciation basis? If so, where do I change that in Turbo Tax so that it doesn't automatically put in the full depreciation amount?
yesterday
I am getting the same error on Turbotax online: North Carolina return rejection[D-400] If the Exception to Underpayment of Estimated Income is not null, Part 1 Line 26e cannot be blank. Zero is allo...
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I am getting the same error on Turbotax online: North Carolina return rejection[D-400] If the Exception to Underpayment of Estimated Income is not null, Part 1 Line 26e cannot be blank. Zero is allowedReject Code NCD400-2146 However, I did not ask for an exception to underpayment and even when I say "no" to exception, an "E" shows up in that "exception to underpayment" spot (in previous year returns, there is no E in that spot). Then Line 26e is not blank (which is what the error says). It is 0, but NC keeps on rejecting it. Turbotax support said there was a software issue where it was inappropriately inserting an E in the "exception to underpayment". They said it should be fixed soon, but that was 2 weeks ago and my form still has the "E" and then 0 for line 26e, which is triggering the rejection. I would really like to efile this and not file by mail. Is there anything else that I can do to correct it? I tried deleting the underpayment penalty worksheet and clearing cache like this post said but this did not work for me. Thanks!
yesterday
TurboTax does not handle line 20U. You're on your own, but here are the instructions from the 2025 1065 K-1
Section 743(b) adjustments. If the partnership reports a section 743(b) adjustment to par...
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TurboTax does not handle line 20U. You're on your own, but here are the instructions from the 2025 1065 K-1
Section 743(b) adjustments. If the partnership reports a section 743(b) adjustment to partnership items, report these adjustments as separate items on Form 1040 or 1040-SR in accordance with the reporting instructions for the partnership item being adjusted. A section 743(b) adjustment increases or decreases your share of income, deduction, gain, or loss for a partnership item. For example, if the partnership reports a section 743(b) adjustment to depreciation for property used in its trade or business, report the adjustment on Schedule E (Form 1040), line 28, in accordance with the instructions for box 1 of Schedule K-1.
Code AJ. Excess business loss limitation. If the partnership has deductions attributable to a business activity, it’ll provide a statement showing your distributive share of the aggregate gross income or gain, and aggregate deductions, from the business activity of all the partnership’s trades or businesses. You can use this, along with other information, to figure any excess business loss limitation that may apply. See section 461(l) and Form 461 and its instructions for details.
read the 461 instructions of who must file
https://www.irs.gov/pub/irs-pdf/i461.pdf
yesterday
Thank you for all your help. I just discovered this whole chain of communication regarding New York State nonresident tax. https://ttlc.intuit.com/community/state-taxes/discussion/your...
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Thank you for all your help. I just discovered this whole chain of communication regarding New York State nonresident tax. https://ttlc.intuit.com/community/state-taxes/discussion/your-employer-has-reported-this-correctly-new-york-has/01/496538#M22447
yesterday
for the 1099-R do not use the I need to prepare a substitute 1099-R option. it still wants an ein
you can enter as misc income on Schedule 1 line 8z
for 1099 what happens if you leave a...
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for the 1099-R do not use the I need to prepare a substitute 1099-R option. it still wants an ein
you can enter as misc income on Schedule 1 line 8z
for 1099 what happens if you leave all the payer info blank. in desktop deluxe i don't get an error when all is left blank. Online might be different
as a dummy number 36-1234567 but i wouldn't use it unless TurboTax insists.
yesterday
I just filed the Federal through turbotax. I also ran it through the CA state tax. It says he owes $0 in taxes. Does he still need to send in a CA state return, or can we skip this year?
yesterday
so what is your question? You must file Form 8936 and the A. the basic version of online probably does not have this - only deluxe or higher.
from the IRS
File Form 8936 with your tax retur...
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so what is your question? You must file Form 8936 and the A. the basic version of online probably does not have this - only deluxe or higher.
from the IRS
File Form 8936 with your tax return
You must file Form 8936 when you file your tax return for the year in which you take delivery of the vehicle. This is true whether you transferred the credit when the vehicle was place in service or you’re waiting to claim the credit when you file.
yesterday
When adding Business Expenses, you'll see several categories of expenses. Click the down-arrow to see more in each category. However, you can add your own worded expenses in the 'Miscellaneous Expe...
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When adding Business Expenses, you'll see several categories of expenses. Click the down-arrow to see more in each category. However, you can add your own worded expenses in the 'Miscellaneous Expenses' section.
@seven-root-steve
yesterday
there are two ways to be able to indicate take it as a credit. 1) by using the 1099 and linking to form 1116 or 2) entering the info through the 1116, for 1) go back to the 1099 and indicate you want...
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there are two ways to be able to indicate take it as a credit. 1) by using the 1099 and linking to form 1116 or 2) entering the info through the 1116, for 1) go back to the 1099 and indicate you want to take it as a deduction or 2) delete form 1116
It's rare that the deduction is better than the credit. You must have more in itemized deductions than the standard deduction. It can happen if your marginal tax rate (the effect of taking a deduction) is higher than your average tax rate (the effect of taking it as a credit). As a deduction, you lose whatever would have been a carryover if taking the credit. Then again, most times the carryover or carryback is never useful.
yesterday
In trying to efile my NYS return I have been asked to verify information - what do my 1099R's list as state tax withheld in box 14. My 2025 numbers are identical to my 2024 numbers which were filed...
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In trying to efile my NYS return I have been asked to verify information - what do my 1099R's list as state tax withheld in box 14. My 2025 numbers are identical to my 2024 numbers which were filed and refund issued. Turbo Tax indicates that my state withholding amounts (on 4 1099R's) total $2008.44 - and refund is projected as $2008. I'm told that my withholding amounts cannot be greater than or equal to the state distribution amount. The information I have entered is correct - and cannot proceed further. What to do?
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yesterday
Yes, the 7.5% of AGI applies to the total Medical Expenses included on your return. Here's more info on Deductible Medical Expenses.
@superlyc
yesterday
Assuming you have no earned income (wages), the interest is taxed in three distinct tiers:
Tier 1: Tax-Free Portion ($0 – $1,350)
The first $1,350 is covered by the dependent's stan...
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Assuming you have no earned income (wages), the interest is taxed in three distinct tiers:
Tier 1: Tax-Free Portion ($0 – $1,350)
The first $1,350 is covered by the dependent's standard deduction for unearned income.
Tax: $0
Tier 2: Child’s Tax Rate ($1,350 – $2,700)
The next $1,350 is taxed at the child's individual marginal tax rate, which is typically 10%.
Tax: ~$135
Tier 3: Parents’ Tax Rate ($2,700 – $15,000)
The remaining $12,300 is taxed at the parents' highest marginal tax rate.
For example, if the parents are in the 24% tax bracket, this portion would incur approximately $2,952 in tax
In this example, total tax would be $3,087. If your form 8615 is not computing appropriately, you could Delete it and step through your 1099-INT entry again. Be sure you indicated you are being claimed as a Dependent in the Personal Info section. Here's more info on Form 8615.
@parekhalpa07
yesterday
No. I finally solved the problem myself by switching to the off line version.*-
yesterday
I guess the question is specifically where on the correct CA Forms (540? or 540 CA?) to enter/write the IRC 1341 claim of right credits. Any help will be appreciated
yesterday
yes Bill. I realized that TT was accounting for both Roth conversions. But my wife had a carry over on NON-deductible contributions and hence the total was less. Thx v much
yesterday
Filing return for deceased son; completed Form 1310 but efile asks me to sign using HIS name. Is it correct for me to sign as him?
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yesterday
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yesterday
Just here to say this bug is still a problem this year. I had to go into the interview and put my gross income info into a box that was for partner sourced (column F) as well as the all source (colum...
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Just here to say this bug is still a problem this year. I had to go into the interview and put my gross income info into a box that was for partner sourced (column F) as well as the all source (column G).