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April 7, 2025
4:51 PM
For assets purchased in prior years, no amount of prior depreciation shows up. So the calculated amount under 200DB is incorrect.
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April 7, 2025
4:51 PM
yes it works best when you're able to use prior year tax for the estimated tax payments rather than 90% of the current year, as everything from prior year is known and it doesn't matter what unexpect...
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yes it works best when you're able to use prior year tax for the estimated tax payments rather than 90% of the current year, as everything from prior year is known and it doesn't matter what unexpected income you get or when. But, IRS allows for uneven income and estimated tax payments instead of even quarterly payments, by allowing you adopt an annualized income method on Form 2210 where you can lay out your AGI vs. the estimated payments to reduce/eliminate the penalty. You would need to provide cumulative AGI, Long Term Cap Gains/Qualified Dividends thru 3/31, 5/31, 8/31 for this method. Under Other Tax Situations / Underpayment Penalties, you can go through the interview process to see if it reduces/eliminates the penalty and then adopt this method.
April 7, 2025
4:51 PM
TN does not have income tax. Enter your w-2 as it appears. You will be able to adjust/allocate the wages when you prepare the part-year state return for the other state. If you were a resident ...
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TN does not have income tax. Enter your w-2 as it appears. You will be able to adjust/allocate the wages when you prepare the part-year state return for the other state. If you were a resident of two different states during the tax year, follow these steps. How do I allocate (split) income for a part-year state return?
April 7, 2025
4:51 PM
Hey can I get my stimulus check
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April 7, 2025
4:51 PM
1 Cheer
I would use eBay, but what matters the most here is that you use something that allows you to be prompted to remember what this transaction refers to in the unlikely event that you are asked to show ...
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I would use eBay, but what matters the most here is that you use something that allows you to be prompted to remember what this transaction refers to in the unlikely event that you are asked to show support for the numbers.
April 7, 2025
4:49 PM
It sounds like you are using TurboTax Online, but purchased a license code for TurboTax Desktop software.
If that is the case, follow the steps in this TurboTax Help Article to switch from Turb...
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It sounds like you are using TurboTax Online, but purchased a license code for TurboTax Desktop software.
If that is the case, follow the steps in this TurboTax Help Article to switch from TurboTax Online to TurboTax Desktop:
Install and/or open your 2024 TurboTax Desktop.
If you have not installed TurboTax Desktop software, select the product you need to complete your return.
Important: If your return includes a state, make sure you also install the corresponding state program(s) in order to proceed.
Select Continue From TurboTax Online.
Sign in to your Intuit Account.
Your data will be imported into TurboTax Desktop, and your return will open once data transfer is complete.
April 7, 2025
4:49 PM
2 Cheers
The problem seems to be that the partnership return was prepared incorrectly. The property hasn't been sold. Thus, its cost and probably most other expenses regarding the property should be reflecte...
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The problem seems to be that the partnership return was prepared incorrectly. The property hasn't been sold. Thus, its cost and probably most other expenses regarding the property should be reflected in the ending inventory. I think it is crucial that a corrected return and K-1s be filed. Failure could prompt an IRS audit. You can't ignore what is on the K-1. The IRS sure wouldn't. A tax pro should probably be consulted as to what can be expensed and what must be included in ending inventory costs.
April 7, 2025
4:49 PM
1 Cheer
According to the instructions for Form 8962, it only needs to be filed if you have a premium tax credit, which would only occur if you had entries in column C on your Form 1095-A. Since you don't hav...
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According to the instructions for Form 8962, it only needs to be filed if you have a premium tax credit, which would only occur if you had entries in column C on your Form 1095-A. Since you don't have that, the form would not need to be included with your tax return:
April 7, 2025
4:49 PM
I followed the suggestion from another contributor. I enter $0 for the prior year AGI and I was able to efile.
April 7, 2025
4:48 PM
" You would need to look at your 2023 W-2 and any other income documents to see how much state tax was withheld." Would this be the same as the amount from Line 5d of Schedule A? Or would it be L...
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" You would need to look at your 2023 W-2 and any other income documents to see how much state tax was withheld." Would this be the same as the amount from Line 5d of Schedule A? Or would it be Line 5e (smaller of the 2 amounts, 5d or 10,000)? This "Total of all your payments..." question has been confusing me and I'm glad to have found this topic. I would appreciate your response. Thanks!
April 7, 2025
4:47 PM
That is what it legitimately producing the QBI. Leave it alone.
April 7, 2025
4:46 PM
My K-1 Form lists STMT in Box 17, Code I. Moving further into the statement, there is the following additional detail: However, not sure what to enter in Turbo Tax for Code I.
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April 7, 2025
4:46 PM
It varies from state to state. Some states are fairly quick with refunds, while other states can take a long time processing returns--even several weeks--as they crack down on detecting fraudule...
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It varies from state to state. Some states are fairly quick with refunds, while other states can take a long time processing returns--even several weeks--as they crack down on detecting fraudulent returns. Here are some things you should check: First, you need to be sure your state return was successfully filed. If you efiled, be sure your efiled state return was accepted. If you used Online TurboTax, you can check by looking at the Tax Home in your Online account. Or did you choose to file by mail instead? TurboTax does not mail it for you. If you chose that method, you have to print, sign, date, and mail it. The FAQ below tells how to check on a state refund and has a link for your state. Then you'll see information for your state (which may include info on how long it takes in your state) and a link to go to your state's "Where's My Refund" tool. Your state may also have a FAQ section at it's "Where's My Refund" site that tells how long to expect in your state. Choose your state from the table in this FAQ: FAQ: How do I track my state refund? https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/track-state-refund/L3jgO8PGs_...1
April 7, 2025
4:44 PM
You can group them all together on the other medical expenses paid screen, but you need to keep records of the detail in case of inquiry. Do not duplicate anything you include in the total.
...
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You can group them all together on the other medical expenses paid screen, but you need to keep records of the detail in case of inquiry. Do not duplicate anything you include in the total.
The interview goes through each category and those categories are each reported on the Medical Expenses worksheet. But only the total of that worksheet goes to Schedule A.
You can only deduct the expenses that are in excess of 7.5% of your adjusted gross income (AGI) and you must itemize instead of taking the standard deduction.
April 7, 2025
4:44 PM
Stunningly, a year later, the half-wits at Intuit haven't even fix this problem! They keep raising the price and making a crappier and crappier product! These guys are morons.
April 7, 2025
4:44 PM
Hello, I owed a condo together with my son, paid 50K for it. The deed states that I had 90% ownership and he had 10%. It was my son's primary residence and I lived somewhere else. The property sold ...
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Hello, I owed a condo together with my son, paid 50K for it. The deed states that I had 90% ownership and he had 10%. It was my son's primary residence and I lived somewhere else. The property sold for 100K. Can he claim 100% of the sale proceeds? This way the whole amount would be exempt from Long Term Capital gains tax. We owed property for 5 years and he lived there for all this time. Note, we used my son's money to buy this place, but had to title it 90/10 for a special reason. I do have a proof that money was his. I don't want to be responsible for paying taxes on 90% of proceeds, because 100% went to my son. Thank you for advise.
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April 7, 2025
4:43 PM
Generally, you cannot claim expenses related to your vehicle if you use it to commute to work. However, if you use your car for something like Lyft or Uber, you might be able to claim repairs for you...
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Generally, you cannot claim expenses related to your vehicle if you use it to commute to work. However, if you use your car for something like Lyft or Uber, you might be able to claim repairs for your personal vehicle if you use it for work, but there are specific conditions to meet:
Eligibility: If you’re self-employed, you typically can deduct expenses for the miles you drive or for the actual automobile costs for business purposes.
You can calculate your driving deduction by adding up your actual expenses or by multiplying the miles you drive by the IRS’s standard mileage rate.
The per-mile rate for 2024 is 67 cents per mile. The rate increases to 70 cents per mile for 2025.
For more detailed information, you can check out these resources:
IRS: Business Use of Car
TurboTax: Are Car Repairs Tax Deductible?