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April 7, 2025
8:47 PM
1 Cheer
If you were renting out the entire house, you would not enter days of personal use. If your house was a rental for the first half of 2024, the you would "dispose of" the rental property by indicatin...
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If you were renting out the entire house, you would not enter days of personal use. If your house was a rental for the first half of 2024, the you would "dispose of" the rental property by indicating it was converted to personal use. You will enter 100% of the expenses for the period it was a rental (e.g. insurance, maintenance). Something that is paid annually, like property tax would be allocated. You would report half as a rental expense and half as an itemized deduction. For the interest, make two separate entries - one for the rental and one for the personal residence period.
April 7, 2025
8:45 PM
Yes, you can. You are considered self-employed and will complete Schedule C which is how you report your self-employment income. The good news is that you can deduct ordinary expenses that you incur...
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Yes, you can. You are considered self-employed and will complete Schedule C which is how you report your self-employment income. The good news is that you can deduct ordinary expenses that you incurred making this income. Follow the steps below to enter your income.
Open TurboTax
Select Wages & Income
Select Self-Employment Income and Expenses
TurboTax will guide you through the interview screens to help you enter your income and expenses.
For additional information, review the TurboTax help articles: What self-employed expenses can I deduct? and How do I report income from self-employment?
You will also be subject to self-employment taxes. Self-employment taxes and deduction are calculated on Schedule SE. For additional information, please see the TurboTax article Self-Employed Federal Income Taxes.
April 7, 2025
8:44 PM
@rdowns96 The download is exactly the same as the CD but better. It will have all the updates. You can still install it on 5 computers and even on the other operating system Windows or Mac. H...
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@rdowns96 The download is exactly the same as the CD but better. It will have all the updates. You can still install it on 5 computers and even on the other operating system Windows or Mac. How to install and Activate the Desktop program with a License Code How to install TurboTax CD/Download software with license code If you want a CD you can now buy an install CD for $10 AFTER you buy the download and License Code for the version you want. That’s if you don’t want to use the download method or want to reinstall or install it another computer. TurboTax® Desktop 2024-2025 | Tax Software Download
April 7, 2025
8:41 PM
I agree. I have been a customer for many years. Now I can't get the disk so Turbo Tax is losing another long time customer!
April 7, 2025
8:41 PM
Once your tax return has been processed you can prepare your amendment. If you used TurboTax Online, simply log in to your account and select “Amend a return that was filed and accepted.” If you use...
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Once your tax return has been processed you can prepare your amendment. If you used TurboTax Online, simply log in to your account and select “Amend a return that was filed and accepted.” If you used our CD/download product, sign back into your return and select “Amend a filed return.” TurboTax will guide you through preparing your amended tax return.
For more information and instructions, review the TurboTax articles How to Correct Federal Tax Returns, How to File an Amended Tax Return with the IRS and Video: How to Amend Your Tax Return.
April 7, 2025
8:41 PM
For example, I bought the business for $300K and the majority of it was for the equipment required to run the business so I want to deduct the purchases of those
April 7, 2025
8:41 PM
You really need to post this on your other post. You should add on to the first post and keep all the posts together or we don’t know what you are answering.
April 7, 2025
8:40 PM
Self Employed Travel and Event Planner booked travel, led tours, hosted events, catered events. Formed LLC January 2025. Can I file a Schedule C for all the qualifying business deductions on my 202...
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Self Employed Travel and Event Planner booked travel, led tours, hosted events, catered events. Formed LLC January 2025. Can I file a Schedule C for all the qualifying business deductions on my 2024 taxes?
April 7, 2025
8:38 PM
I had a few years of renting a room in my home and failed to include a deduction for depreciation for those tax years since I incorrectly assumed depreciation should only be used when renting the ent...
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I had a few years of renting a room in my home and failed to include a deduction for depreciation for those tax years since I incorrectly assumed depreciation should only be used when renting the entire house. I was wrong. Now I am renting the entire house and realize I should have been including a depreciation component for the fraction of my home the room rental represented. So this year I plan to file Form 3115 together with my FED taxes to include the additional "catch up" depreciation deduction. I believe I understand the process and how to fill out Form 3115 but have a couple of questions regarding how to answer TurboTax interview questions. Even though I failed to include depreciation for those prior years (too many to just file amended returns) I should still let TurboTax assume I had been claiming depreciation for those prior years so that it will compute the correct depreciation deduction for this year. Then I will compute the catch up amount separately and include this as an "other expense" on line 19 with description "Catch up depreciation from Form 3115". So the question I've got here is what value should appear in the "Total Depreciation Claimed in Previous Years" interview box. I've assume I should not put 0 in this box so that TurboTax computes the correct amount for this year. Also, the catch up depreciation for the earlier years (2019-2023) must use just the starting basis value for the fraction of the home the room represents. Will this fly? I understand that to include Form 3115 with my return I won't be able to eFile. Lastly, the rental property is in Vermont. Any idea whether I need to file something analogous with my Vermont state return?
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April 7, 2025
8:37 PM
So did you get 2 W2 forms from the new and old employer? If you are married and filing a Joint return be sure each W2 is assigned to you. You get excess SS back if you had more than 1 employer a...
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So did you get 2 W2 forms from the new and old employer? If you are married and filing a Joint return be sure each W2 is assigned to you. You get excess SS back if you had more than 1 employer and those employers took out more than the max for Social Security tax in W2 box 4. For 2024 the max for Social Security is $10,453.20 on $168,600 of wages (168,600 x 6.2%). And it is for each spouse separately if married. Be sure each W2 is assigned to the right person. The excess is on 1040 Schedule 3 line 11 which goes to 1040 line 31. Did you only have 1 employer? If only 1 employer took out too much you need to get it back from the employer. Check W2 boxes 3 & 4. How much is in each box? Box 4 should be Box 3 x .062 up to a max of $10,453.20. If box 4 is more than that you need to get a corrected W2 from your employer. Try leaving the cents off box 4. But also go back and double check your W2 entries, you may have entered box 3 & 4 wrong. A lot of people who have asked this found they did enter an amount wrong.
April 7, 2025
8:36 PM
This is in response to someone who asked what version I am using. . My question is about how a 1099-R is entered in the 2024 version of TT Business vs how a 1099-R is entered in the 2024 version of T...
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This is in response to someone who asked what version I am using. . My question is about how a 1099-R is entered in the 2024 version of TT Business vs how a 1099-R is entered in the 2024 version of TT Premier. The only thing I can enter for a 1099-R in TT 2024 Business is the Ox 1 amount of the 1099-R. But in Premier, I can enter all the boxes present on the 1099-R. I cannot accurately file taxes without being able to enter all the boxes.
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April 7, 2025
8:35 PM
1 Cheer
I think you have it figured out; however, you won't be able to e-file the state tax returns. You will have to print and mail those. A state e-file requires it be accompanied by a federal e-file. F...
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I think you have it figured out; however, you won't be able to e-file the state tax returns. You will have to print and mail those. A state e-file requires it be accompanied by a federal e-file. For your additional forms, if you any joint accounts, you can split those however you want. For those that are titled in only one name file it with the person it belongs to.
For your joint federal return in TurboTax, I would also see what the results are if you file both states jointly.
April 7, 2025
8:35 PM
linking bank to input expenses
April 7, 2025
8:34 PM
1 Cheer
The 500 admission fee paid in 2024 could only be claimed if he started classes at the college in the first three months of 2025.
April 7, 2025
8:32 PM
Received a 1099 misc box 3 other income for replacement of fencing, trees, and shrubs due to a county road widening project. We will be replacing the fencing, trees, and shrubs. How/where do you ente...
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Received a 1099 misc box 3 other income for replacement of fencing, trees, and shrubs due to a county road widening project. We will be replacing the fencing, trees, and shrubs. How/where do you enter the expenses to offset the income. (This payment is not for temporary or permanent easements -that was reported separately)
April 7, 2025
8:32 PM
I have looked at California FTB documents and confirmed that CA follows federal methods for tracking installment sales of property. However, I don't know how to get @turbotax to complete my CA retur...
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I have looked at California FTB documents and confirmed that CA follows federal methods for tracking installment sales of property. However, I don't know how to get @turbotax to complete my CA return correctly and show the tax I owe. I received $25,000 principal in 2024 and the buyer withheld 3.33% from the payment (per CA law). According to my calculation I would be in the 9.3% tax bracket, so I should owe 5.99% on the $25,000 principal received, or $1,497.50. So, I don't know why TurboTax says my CA tax is $0. I also have a tax question on the interest received: do I owe CA tax on interest received on the note, even if I am a non-resident? Also, are my calculations above correct? If I don't get an answer back from TurboTax by the filing deadline I will submit a payment to FTB to avoid penalties.
April 7, 2025
8:32 PM
What kinds of income are NOT required to be allocated to NM on NM Form PIT-B? I receive income from 2 real estate partnerships in New York State which I am taxed on by New York State. Am I required ...
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What kinds of income are NOT required to be allocated to NM on NM Form PIT-B? I receive income from 2 real estate partnerships in New York State which I am taxed on by New York State. Am I required to allocate that partnership income earned and taxed in New York to NM on Firm PIT-B? In other words, do I have to enter it in column 2 as well as column 1 of PIT-B? And if so, can I claim the credit for tax paid to another state on Form PIT-1, line 20?
April 7, 2025
8:32 PM
I changed jobs and my new employer withdrew social security over the maximum deduction. I can't see if Turbo Tax accounted for this in my deductions and it isn't listed as an item I can enter.
April 7, 2025
8:31 PM
I work don’t need a 1099
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April 7, 2025
8:30 PM
The link below has the full instructions to download, install and register to desktop product.
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