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April 8, 2025
3:30 PM
I haven't filed 2023 yet
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April 8, 2025
3:30 PM
If you did not indicate that it was a rollover, you would be taxed on it. There is a follow-up question after you enter the 1099-R.
April 8, 2025
3:30 PM
Yes. If that is the only income that you have then you don't need to file the 1040, just the 1041. Enter the 1099-DIV in there and TurboTax will walk you through the rest.
@cher52
April 8, 2025
3:29 PM
Hello, We received two 1095-A forms because our adult daughter (who lives in the same household but is filing a separate return) was on a different health insurance plan (but still through Covered C...
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Hello, We received two 1095-A forms because our adult daughter (who lives in the same household but is filing a separate return) was on a different health insurance plan (but still through Covered CA). When entering the information into TurboTax, do I just enter both policy numbers and their corresponding details, and will TurboTax automatically combine the advance premium tax credit amounts? Alternatively, should I select the option that says "I shared this policy with another taxpayer who’s not on my taxes" for each form? If the policy is considered shared, how do I properly allocate the policy amounts and the SLCSP percentages between the two returns? Any guidance you can provide would be greatly appreciated! Thank you in advance for your help!
April 8, 2025
3:29 PM
This error usually occurs if there is no number in Box 16 on your 1099-R form. If your provider did not enter a number there, please use the number in box 2a.
April 8, 2025
3:28 PM
April 8, 2025
3:28 PM
Your W2 show contributions- amounts put into the account. the 1099-SA shows distributions amounts paid out our the account. If you r 1099-SA were used for qualified medical expenses, they are tax f...
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Your W2 show contributions- amounts put into the account. the 1099-SA shows distributions amounts paid out our the account. If you r 1099-SA were used for qualified medical expenses, they are tax free.
April 8, 2025
3:28 PM
It was a 403(b) account and it went to a traditional IRA within 60 days.
April 8, 2025
3:27 PM
TurboTax transfers data from your federal return to your state return. If you don't want to claim the Earned Income Credit, you will need to remove it on your federal return.
To get back to t...
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TurboTax transfers data from your federal return to your state return. If you don't want to claim the Earned Income Credit, you will need to remove it on your federal return.
To get back to this on your return:
Open your return
Go to the Deductions & Credits section
Under You and Your Family, select Revisit for the Earned Income Credit
What are the qualifications for the Earned Income Credit (EIC or EITC)?
April 8, 2025
3:27 PM
Review your entries to help ensure that TurboTax will help you create the correct part-year tax returns.
Open TurboTax and select My Info
A Personal profile summary screen will pop up
Se...
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Review your entries to help ensure that TurboTax will help you create the correct part-year tax returns.
Open TurboTax and select My Info
A Personal profile summary screen will pop up
Select Revisit by your address
Scroll through the screens to help ensure that you have the correct answers for your state of residence and make sure that you didn't choose that you lived in another state.
If you see Other State Income and select Edit
Check your answer for Did you make money in any other states? Answer the questions and select Continue.
April 8, 2025
3:26 PM
I had no idea, such a dumb restriction. There should be an exception for new college graduates.
The LLC can not be used to offset Self employment tax, only income tax.
With $12,565 of earned income, your standard deduction will reduce your taxable income (and your income tax) to $0.
...
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The LLC can not be used to offset Self employment tax, only income tax.
With $12,565 of earned income, your standard deduction will reduce your taxable income (and your income tax) to $0.
The fact that you mention adjusting for small business tax, indicates that you have self employment income.
Note, that the self employment tax on line 23 of form 1040 comes after the Schedule 3 credits (on line 20) are applied. Self employment Tax is how the self employed pay their social security and Medicare tax.
April 8, 2025
3:25 PM
YES I NEED THE 2023 TAX RETURN TO GET THE AGI TO PROCESS THE 2024 RETURN, THAT'S THE PROBLEM I THOUGHT I SAVED THE RETURN FRO 2023, HOWEVER, I CANNOT LOCATE THE RETURN. DOES TURBOTAX STORE TAX RETUR...
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YES I NEED THE 2023 TAX RETURN TO GET THE AGI TO PROCESS THE 2024 RETURN, THAT'S THE PROBLEM I THOUGHT I SAVED THE RETURN FRO 2023, HOWEVER, I CANNOT LOCATE THE RETURN. DOES TURBOTAX STORE TAX RETURN DATA FOR PRIOR YEARS?
April 8, 2025
3:25 PM
wait, not looking at this - so ignoring allocation of 1095, it does not support just the simple part of entering and computing taxes when the 1095 is linked to a business?
April 8, 2025
3:25 PM
Review the TurboTax Help article How do I print estimated tax vouchers for my 2024 taxes? for navigation instructions.
April 8, 2025
3:24 PM
Where you should enter your 1099-misc depends on why you got it. Basically, if it is self-employment income, it gets entered on Schedule C. And if it is not self-employment, it is ordinary incom...
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Where you should enter your 1099-misc depends on why you got it. Basically, if it is self-employment income, it gets entered on Schedule C. And if it is not self-employment, it is ordinary income. Does a 1099-NEC or 1099-MISC mean I'm self-employed?
How do I report income from self-employment? income will be reported on Schedule C.
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Here's how to enter a 1099-MISC that you may have received for another reason. (not self-employment). You will be asked 3 follow-up questions.
Under Other Common Income, select Start or Revisit next to Form 1099-MISC. Enter your 1099-MISC info on the Let's get the info from your 1099-MISC screen and click Continue.
On the Describe the reason for this 1099-MISC screen, enter a description of the income.
Click Continue.
Select None of these apply on the Does one of these uncommon situations apply? screen.
Select No, it didn’t involve work like my main job on the Did the involve work that's like your main job? screen.
Select I got it only in 2024 on the How often did you get income for? screen.
Select No, it didn’t involve intent to earn money on the Did the work involve an intent to earn money? screen.
Select No on the Do you have another 1099-MISC? screen.
Answering differently to any of those three questions will imply self-employment and generate Schedule C.
April 8, 2025
3:24 PM
You wouldn't owe taxes to Maryland if you did all the work in Texas. Per this excerpt from the instructions to Maryland Form 505, your income would only be taxed in Maryland if it was from a business...
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You wouldn't owe taxes to Maryland if you did all the work in Texas. Per this excerpt from the instructions to Maryland Form 505, your income would only be taxed in Maryland if it was from a business, trade, profession or occupation carried on in Maryland. Even though your employer is located in Maryland, unless you physically worked there or were an owner in your employer's business, you would not be considered to being carrying on business activities in that state. So, you just need to file as a part-year resident in Maryland for the months you worked or lived there.
April 8, 2025
3:24 PM
Some of the partnerships are coming to an end an I want to be ready to report the final tax. Is there a place where the carryovers are kept?
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