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a month ago
Go to Business tab-Continue Choose Jump to Full List -or I'll choose what I work on Then….. Business Income and Expenses - Click the Start or Update button Then click EDIT by the business...
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Go to Business tab-Continue Choose Jump to Full List -or I'll choose what I work on Then….. Business Income and Expenses - Click the Start or Update button Then click EDIT by the business name and the next screen should be a list of topics, Business Profile, Income, Inventory/Cost of Goods Sold, Expenses, Assets, and Final Details last. Under Business Expenses, Click Start or Update by Other common business expenses Then click Update by Insurance Payments Then click Update by Health Insurance Premiums Self-employed health insurance deduction goes on Form 1040 Schedule 1 line 29, as long as the expense is not greater than your net self-employment income. If it does exceed your net self-employment income it gets split automatically. An amount equal to your net self-employment income goes on Form 1040 schedule 1 line 29, and the remainder gets added in to medical expenses on Schedule A. If it is deducted from your Social Security then delete it from ss and enter it under self employment.
a month ago
Realized losses should be reported as shown on consolidated 1099-B from broker. If your options expired the broker will report that also.
a month ago
I also can't seem to find the Print Center.
a month ago
I dont feel I have the expertise to answer your question. However, I resolved my own issue in this regard to my satisfaction by "asking" ChatGPT. Obviously, I am not a tax professional, cannot gi...
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I dont feel I have the expertise to answer your question. However, I resolved my own issue in this regard to my satisfaction by "asking" ChatGPT. Obviously, I am not a tax professional, cannot give tax advice, and don't know if that would work for you and your situation.
a month ago
a month ago
Start AMEND in the tax return file you SUBMITTED you won't get that Error Message.
a month ago
I went to submit my Federal and State return and the federal was rejected. Turns out it was because when I did my daughters return, I did not select that someone can claim her as a dependent. I ...
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I went to submit my Federal and State return and the federal was rejected. Turns out it was because when I did my daughters return, I did not select that someone can claim her as a dependent. I have now done an amended return for my daughter and made sure to select that she can be claimed as a dependent. I was able to submit the Federal one electronically and then it appears I have to mail in the one for the state of Maine. My questions are: 1. How long should I wait to refile my Federal electronically? I assume I need to wait until her federal amended is processed, right? 2. Seeing as I have to mail in her state amended, it could take a bit longer and I am concerned it may take several weeks for that to be processed. What happens if it is not processed before the 15th tax deadline and it doesn't allow me to file mine? 3. Ironically on the State return there is noting on that form stating someone can claim her as a dependent, is that only on the federal form? If so, then do I still have to wait for the state amended to be processed or just the federal? Any help would be appreciated
a month ago
Unfortunately, unless your vehicle was used for business, the loss on the vehicle is a personal loss and is not deductible for tax purposes.
Previously, a deduction was available for personal ...
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Unfortunately, unless your vehicle was used for business, the loss on the vehicle is a personal loss and is not deductible for tax purposes.
Previously, a deduction was available for personal and casualty losses. However, personal casualty and theft losses sustained in a tax year beginning after 2017 are not deductible unless they are attributable to a federally declared disaster.
a month ago
my wife has a disability policy she has been collecting since 2020. she applied for ssdi as required buy the insurance company. she was approved in 2023 and received a large backpay check from ssdi. ...
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my wife has a disability policy she has been collecting since 2020. she applied for ssdi as required buy the insurance company. she was approved in 2023 and received a large backpay check from ssdi. her policy required us to repay that lump sum from ssdi back to insurance company. the insurance company and accountant said this large payment was not taxable as it was a repayment. now the the irs says we owe taxes on 70k in money we didnt get to keep. anyone have any irs info that states repayments like this are or are not taxable?
a month ago
1 Cheer
If your son used the scholarship money reported on the Form 1099-MISC for qualifying education expenses, it would not be taxable. He must enter the Form 1099-MISC to report the income then enter a ne...
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If your son used the scholarship money reported on the Form 1099-MISC for qualifying education expenses, it would not be taxable. He must enter the Form 1099-MISC to report the income then enter a negative amount to income to cancel it out. He should enter the Form 1099-MISC in the Wages and Income section, then Other Common Income, then Income from Form 1099-MISC. Indicate that the income was only earned in 2024, was not associated with his job and he did not have a profit motive to earn the money. That way it will be reported as other income as opposed to self-employment income.
Then make make an adjusting entry to cancel the income out as follows:
1. From the Federal menu in TurboTax find Wages and Income
2. Find Less Common Income
3. Choose Miscellaneous Income, 1099-A, 1099-C
4. Choose Other Reportable Income
5. Enter a description of the adjustment and the amount as a negative number
a month ago
The Identity Protection PIN (IP PIN) is a six-digit number issued by the IRS to help prevent the misuse of your Social Security number (SSN) on fraudulent federal income tax returns. You still need t...
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The Identity Protection PIN (IP PIN) is a six-digit number issued by the IRS to help prevent the misuse of your Social Security number (SSN) on fraudulent federal income tax returns. You still need to use your SSN, but the IP PIN adds an extra layer of security.
Follow these instructions to enter your Identity Protection Personal Identification Number (IP PIN) or to remove an IP PIN that you accidentally entered.
Open or continue your return.
Navigate to the IP PIN section:
TurboTax Online/Mobile: Go to IP PIN.
TurboTax Desktop: Search for IP pin (don't forget the space) and select the Jump to link.
On the Identity Protection PIN screen, answer Yes. Select Add and enter your IP PIN in the space provided.
If you need to remove the IP PIN, select the trash icon.
Select Continue, then select Done.
a month ago
If the depreciation showing in prior years is $0 it sounds like you likely should amend the returns to show the correct amount of depreciation. You will need to set the rental home up in Turbotax as...
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If the depreciation showing in prior years is $0 it sounds like you likely should amend the returns to show the correct amount of depreciation. You will need to set the rental home up in Turbotax as an "asset" for it to properly calculate depreciation. The property, since it is overseas, should be depreciated over a period of 29 years. When the property is sold, you will be responsible for recapturing the depreciation allowed or allowable so you should benefit from it in the years where you can. If you have been reporting this for longer than it is reasonable to amend, you can also try adjusting for it in this tax year using the "change in accounting method" form. To learn more about that option see THIS thread.
a month ago
So basically I was supposed to receive 2 grants for Fall 2023 .. unfortunately I did NOT receive them until 2024. At this point I had already graduated (I graduated Fall 2023) and had paid the tuitio...
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So basically I was supposed to receive 2 grants for Fall 2023 .. unfortunately I did NOT receive them until 2024. At this point I had already graduated (I graduated Fall 2023) and had paid the tuition I owed OUT OF POCKET. If I had received the grants on time I would have obviously applied it to my tuition and the grants would have NOT exceeded what I owed (meaning I would have still had money to pay for out of pocket). Since I received the grants too late I did NOT use the money for tuition/related expense because I didnt have ANY since I had already graduated. My question is this: Are these grants considered income or not? I am stuck since I had to pay more than I needed to in 2023 due to no receiving these grants. Thanks in advance and God bless!
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a month ago
The vouchers are TurboTax's estimate. which evidently don't make sense to you. IRS requires you to estimate your total tax for the year and pay as you go. you can base your estimate on prior ...
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The vouchers are TurboTax's estimate. which evidently don't make sense to you. IRS requires you to estimate your total tax for the year and pay as you go. you can base your estimate on prior year's tax , or 90% of this year's tax, whichever is smaller. each quarter your estimated tax paid and withheld must be at least 25% of the estimate, even if your income is uneven, this is the simplified method. if your estimate is based on this year's tax and turns out to be wrong you may be penalized. you can compensate by overestimating. if your estimate is based on prior year's tax, you know that when you file by April 15, which is also the first estimated tax payment due date. How convenient.
a month ago
@KrisD15 @regarding this part: “When entering the sale, the program asks if there was or will be a second sale within two years. Since you did sell both within two years, you would select "Yes" and c...
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@KrisD15 @regarding this part: “When entering the sale, the program asks if there was or will be a second sale within two years. Since you did sell both within two years, you would select "Yes" and continue. In this situation the program will not give you an exclusion to gain for both sales. ” How do I answer that for Home 1 (the rental) it seems if I answer Yes and then again Yes for Home 2, the program does not give exclusion for any of the two. Do I answer no for Home 1 and then Yes for Home 2 (referring to the home I already got the exclusion)? If I understand correctly we should get full exclusion on home 1 and only partial exclusion on home 2 (due to sale due to job change)? Thanks
a month ago
Is the contribution limited to 25% of wages or of net profit? If it is wages, and the excess is from 2021, what is the best way to correct? Can I just submit 5330 and pay 10% of the overage?
a month ago
1 Cheer
Blocked dividend income, such as dividends restricted in Russia due to sanctions, presents unique challenges for claiming the Foreign Tax Credit (FTC). Generally, the IRS allows taxpayers to defer re...
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Blocked dividend income, such as dividends restricted in Russia due to sanctions, presents unique challenges for claiming the Foreign Tax Credit (FTC). Generally, the IRS allows taxpayers to defer reporting blocked income until it becomes unblocked and accessible. However, during the deferral period, you cannot claim the FTC for taxes paid on that income.
Once the income is unblocked and included in your taxable income, you may then claim the FTC for any foreign taxes paid, provided all other requirements are met. It's important to follow IRS guidelines, such as filing an information return and declaring the deferral under Rev. Rul. 74-351. This ensures compliance and allows you to claim the credit when the income becomes taxable.
Publication 54
a month ago
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a month ago
This just happened to me. I was under the impression that I would be paying for the basic federal and state filing prices. They asked me numerous times throughout the filing process if I wanted to up...
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This just happened to me. I was under the impression that I would be paying for the basic federal and state filing prices. They asked me numerous times throughout the filing process if I wanted to upgrade, which I declined every single time -- I don't need the extra services since I have a very basic and straightforward financial situation. It wasn't until I read the receipt that I saw they charged me for Deluxe ($69) + state ($59). I immediately called customer service, where they attempted to tell me there was nothing that could be done because it was already paid for. However the problem is, they don't tell you that you're paying for Deluxe until you've already paid!!! On top of that, they are now charging you $40 for direct deposits -- literally a free financial service anywhere else but with TurboTax! The reason they're doing this is to force you into using their own bank (Karma). I really hope there is a class action lawsuit coming their way. They are a deceitful and immoral company.