All Posts

Thank you very much. I do understand that is what I need to enter, but the TurboTax interface is asking sale price, sale dates, etc instead of letting me enter cost basis and earnings. How do I switch off that “easy” mode?   thank you again.

You can elect to report your improvements as expenses if your gross receipts are less than $10,000,000 and your building has a unadjusted cost basis of less than $1,000,000. If so, you can expense the cost of your improvements up to 2% of the basis of your building or $10,000, whichever is less. You will see the option to take this election when you make an asset entry on the screen that says Let's see if you can claim these improvements as expenses: You enter the cost of the improvements as miscellaneous expenses. The tools would not be deductible unless they were purchased specifically to make the improvements.

I followed your steps and it turned out to be the same amount $13,088. However, what happened was that my tax liability increased ( my refund decreased). The dilemma here is that employer contribution has to be counted as business expense and should be decrease the tax burden instead of the opposite. Am I wrong?

Have you already filed, or is your return still in preparation?    The following info assumes you are still in the preparation stage and have not yet filed:   Are you able to return to the My Info section OK as @xmasbaby0 mentioned above to add a dependent?    Or does TurboTax think you were finished and has closed your interview?   If the latter, you have to open the unfiled return back up to make any edits.   To do that, at the Tax Home look for a link "Add a State."  That doesn't really add one, but opens the interview back up.     Again, don't use that method if you have already filed, and it's been accepted.  If you already filed, report back for more information.

Did you get a response as to how to handle the short-term and long term gains and losses from sales after doing an NUA?  Also, regarding the prior replies in this thread, is it still necessary to do a manual workaround so that the NUA gains are exempt from NIIT?  Thanks!

The cumulative total would be the prior year and current year as shown on the asset worksheet. It should autofill when you input the information. I added this information this year and it calculates prior depreciation.   You can review your entries in the asset section of your rental to ensure they are complete and change prior depreciation taken.  

You will have 3 lines entered for Box 12.  To enter multiple box 12 amounts, select +Add another box 12 item.   How do I fill out the box 12 information from my W-2?  Click that link to see an example.     The W-2 you got from your employer will have four lines for box 12—labeled 12a, 12b, 12c, and 12d.   Any amount on a box 12 line will also have an uppercase (capital) letter code associated with it.   In each box 12 line, select the capital letter code from the dropdown and enter the corresponding amount.    Important: Don't confuse the lowercase box 12 letter (for example, the a in box 12a) with the capital letters in the dropdown. So, if your box 12a has the letter code D in it, select D (not A) from the dropdown.   And if 12a is blank, leave it blank—don't select A.

You can allocate these funds a few different ways depending on what is most reasonable for you.    One of your adjustments is self-employment tax deduction. You can allocate this using the same ratio you used to allocate the self-employment income.   The other adjustment is the student loan interest deduction.   - If you made all of your student loan payments while you were a resident of NY, you can allocate 100% of this portion of the adjustment to NY. - If you made all of your student loan payments after you moved out of NY, you can allocate 0% of this portion of the adjustment to NY. - You can look back at your payment history and can allocate the adjustments based on actual amount paid in each state. - You can also prorate the expenses based on the percentage of time you spent in NY. Based on the dates entered in your TurboTax program, you spent about 10.5 months in NY. This works out to 87.5% - so you would multiply your student loan interest by 87.5% and that's the amount that would be allocated to NY.

Hi,     Steps 1 - 4 and 6 - 8 were successful but there were no follow-up questions (step 5) about "about who you inherited this 1099 R from.  Here you will enter information about your mother since you inherited the plan from her."   I deleted the 1099, saved the file and reentered it again but still wasn't prompted about who I inherited the 1099 from.   Any ideas where I went wrong?

I have a family of four: mom, dad and two dependent daughters.  One daughter did her taxes right, the other left the 'claim you as a dependent' box unchecked.  Both their returns were accepted, and mine was rejected (because I was last to file).  The feedback above seems to indicate you need at least an IP PIN for both the filer and the dependent who mis-filed to get the return accepted. My question is: will all 4 of us need to get IP PINs to have my family return accepted?