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The information shown for Code 99O47 Cumulative Passive Losses is for your information only. You would not enter this on your tax return.   However, you should confirm that you have reported loss... See more...
The information shown for Code 99O47 Cumulative Passive Losses is for your information only. You would not enter this on your tax return.   However, you should confirm that you have reported losses for this investment. If you were unable to match those passive losses with passive income, you may have a carryover that would be available to offset other income now that you sold the investment.   For more information, see IRS Tax Topic 425 - Passive Activities - Losses and Credits.
Thank you so much for the confirmation!
Can someone help me with the above question? Is it safe to ignore Form 8990 for Sunoco LP (as it is a gas pipeline company with public utility status). @Mike9241  @Rick19744 
A 401(k) is not an IRA.
One more question?  Do I delete the 1099-DIV I entered in Turbo Tax to start with or leave it in and enter 0.00 in Box 1 to stop Turbo Tax from telling me I need to enter something on Box 1.   Thanks
I meant to say the gains were under $500 for each kid.
Right. But I think there's two checkboxes as a part of it. Question 2 in 7a is about FinCEN Form 114. That is definitely a no for me given the balance of the account.   Question 1 seems to ask this... See more...
Right. But I think there's two checkboxes as a part of it. Question 2 in 7a is about FinCEN Form 114. That is definitely a no for me given the balance of the account.   Question 1 seems to ask this regardless of balance, but I am not sure if the account falls under the definition being asked for foreign financial account.
To enter the tax withheld on your 1099-B, check the box indicating you have other boxes on your 1099-B to enter. Enter the federal tax withheld in box 4.  
By selecting 'Passive income' it relieves you of detailed entries simply by selecting 'Income re-sourced by treaty. It can be done but it's not necessary and can be time consuming for you. The result... See more...
By selecting 'Passive income' it relieves you of detailed entries simply by selecting 'Income re-sourced by treaty. It can be done but it's not necessary and can be time consuming for you. The results will be the same. You can review information here about this situation by tax champ pk. @nitoro 
Being away for school is considered a temporary absence and doesn't effect residency.   She is a full-year resident of Georgia. Georgia will tax all her income but give her credit for taxes paid ... See more...
Being away for school is considered a temporary absence and doesn't effect residency.   She is a full-year resident of Georgia. Georgia will tax all her income but give her credit for taxes paid to another state. She will also file non-resident state returns for any state she worked in.   Where you physically work determines the state source income, not where the company is located. (For example, Walmart is based in Arkansas, but you don't pay Arkansas tax unless you physically worked there.) It sounds like she worked in Alabama while earning the income reported on both W2s. Is that correct? Or did she physically work in Arizona also?   She would file a non-resident Alabama return. She likely has withholdings from Alabama reported in box 17.   It sounds like the Arizona W2 only reports state information, so if she physically worked in Arizona, she would also file a non-resident Arizona return.   I'm a bit confused on the W2 situation, so if you you have additional questions, please clarify the W2 information.
That question appears when you enter the education section in TurboTax and it also appears when you enter the Form 1098-T. As long as you answered it correct one of those times you should be OK. You ... See more...
That question appears when you enter the education section in TurboTax and it also appears when you enter the Form 1098-T. As long as you answered it correct one of those times you should be OK. You can prepare the amended return just to be safe though and if your tax doesn't change, you don't need to file it.
Yes. For 2024, the additional standard deduction amounts for taxpayers who are 65 and older or blind are: $1,950 for Single or Head of Household (increase of $100) $1,550 for married taxpayers or Qua... See more...
Yes. For 2024, the additional standard deduction amounts for taxpayers who are 65 and older or blind are: $1,950 for Single or Head of Household (increase of $100) $1,550 for married taxpayers or Qualifying Surviving Spouse (increase of $50)  
Yes, you do need to report both. For the W2, you would report this in the W2 section of your return. To report the 1042S, go to:   Log into your account Select Wages and income Less Common incom... See more...
Yes, you do need to report both. For the W2, you would report this in the W2 section of your return. To report the 1042S, go to:   Log into your account Select Wages and income Less Common income Miscellaneous Income, 1099-A, 1099>start Scroll to the bottom of the page to Other Reportable Income Other taxable income, answer yes Then give a brief description of the income and the amount listed..  Here, describe this as 1042 S income and the amount.  If withholding tax was paid with the 1042-s, here is how to report.   Go to Federal  Deductions and Credits Estimates and Other Taxes Paid Other Income Taxes  Other income Taxes paid in 2023 Withholding not already entered on a W2 or 1099.     
having the same problem - gone thru the state returns a couple time - no error and no unanswered questions.  TT has flaws, and they provide ZERO support - except for extra fees...to fix their errors.... See more...
having the same problem - gone thru the state returns a couple time - no error and no unanswered questions.  TT has flaws, and they provide ZERO support - except for extra fees...to fix their errors.   
After sucessful IVF treatment my wife sold her extra eggs for $6,500 and received a 1099MISC with the $6,500 reported on line 3 (other income) from the clinic.  TurboTax seem to be forcing me to fill... See more...
After sucessful IVF treatment my wife sold her extra eggs for $6,500 and received a 1099MISC with the $6,500 reported on line 3 (other income) from the clinic.  TurboTax seem to be forcing me to fill out schedual C which doesn't really fit (and nothing else seems to fit either.  Help!  
This is my first time working with the 1098T and 1099Q.   My child is 19 and a fulltime student who is our dependent.   Both forms list her and her SSN.    We pay her expenses directly via the state ... See more...
This is my first time working with the 1098T and 1099Q.   My child is 19 and a fulltime student who is our dependent.   Both forms list her and her SSN.    We pay her expenses directly via the state 529 plan we set up with her as beneficiary (funds sent directly to school from plan)  and we also pay the remaining balance as well.  Who files these forms?   Us as her parents or her?
Your minor children need to file tax returns if their UTMA income is greater than $1250.  Either way delete them from your return.   @KMSapphire 
If it is a lease arrangement, you cannot take the tax credit.   But if you financed the purchase of the system (you are the system owner), you can take the tax credit for cost of the system.   You ca... See more...
If it is a lease arrangement, you cannot take the tax credit.   But if you financed the purchase of the system (you are the system owner), you can take the tax credit for cost of the system.   You can't include interest or finance charges, but the cost of the solar system does qualify for the credit.  The key is ownership.     See Federal Tax Credit for Residential Solar Energy
So would I end up getting taxed on it again when I report it to the US side of things? And don't I still need to report the gross income?