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Capital gain or loss from sale of business property would be reported on TurboTax Premium Online.   In TurboTax Premium Online, Sale of Business Property may be found:   Down the left side... See more...
Capital gain or loss from sale of business property would be reported on TurboTax Premium Online.   In TurboTax Premium Online, Sale of Business Property may be found:   Down the left side of the screen, click Federal. Down the left side of the screen, click Wages & Income. Click to the right of Other Business Situations. Click to the right of Sale of Business Property. An IRS Form 4797 may be created from:   The Business Asset Summary under a Self-employment income and expenses, or  Your Property Assets under a Rental properties and royalties, Go to those summaries and report the business asset as sold, retired, disposed of, etc.
Canada tax taken at distribution interest
I have a 1099-R coded 8J and it's my understanding that this removal of excess should be exempt from the 10% penalty.   After reviewing the form, I'm back at the main "Here's your 1099-R info", I c... See more...
I have a 1099-R coded 8J and it's my understanding that this removal of excess should be exempt from the 10% penalty.   After reviewing the form, I'm back at the main "Here's your 1099-R info", I click continue...   No disaster distributions... ok next screen...   "Let's see if we can reduce your early withdrawal penalty"   Wha? I thought TT would be smart enough to realize this was a removal of excess?   It now asks me to "Identify the Plan"   My three options are "Qualified retirement plan", "Nonqualified annuity", and "Modified endowment". Well, according to google a Roth is NOT a "Qualified retirement plan", but it literally said I HAD to pick one, so that's what I picked...   On the next screen "These Situations May Lower Your Tax Bill..." "If you used the money you took out of a retirement account (other than an IRA)...", there is a list of couple dozen reasons like "Death" or "Incorrect Early Distribution", but no option for "Removal of Excess".   Again it feels like maybe I am on the wrong screen because I was FORCED to select "Qualified retirement plan" on the last screen. There is no indication that this is for a ROTH.   The next screen warns me "We Were Unable to Lower Your Tax Bill". Showing what looks like the [2a] taxable amount on the 1099r 8J is getting hit with the 10% penalty.   The next screen "Explain the Return of Contribution", I have a box to "Explain here the details", so I typed in "Remove an Excess Contribution".   I don't think that did it, still saying I owe 10% of the [2a] taxable amount.   Please halp!
I appreciate the answers but no one is reading the full question. TurboTax makes you take steps after that. Next to “ personal items” there is a blue link that says “ learn more”. There it gives furt... See more...
I appreciate the answers but no one is reading the full question. TurboTax makes you take steps after that. Next to “ personal items” there is a blue link that says “ learn more”. There it gives further instructions on listing everything you sold in a separate area of TurboTax 
@LWhitt58   Sounds like you used the Desktop program before?  Did you accidentally get into the Online version this year?  Online is priced differently.  The fees are to prepare the federal and state... See more...
@LWhitt58   Sounds like you used the Desktop program before?  Did you accidentally get into the Online version this year?  Online is priced differently.  The fees are to prepare the federal and state returns whether you efile or print and mail.   And you have to pay to see all the forms.   And there are several other differences you must have noticed doing Online .  Like no Forms Mode and  you might have needed to upgrade to a higher version to enter certain income.     We can help you get the Desktop program and move your online return to it.  
I have the same problem with no refile button showing up on the online version dashboard. What I've done to get to back to the version I need to refile, is gone into the link for the relevant past ta... See more...
I have the same problem with no refile button showing up on the online version dashboard. What I've done to get to back to the version I need to refile, is gone into the link for the relevant past tax return, ie: For 2003: https://ww1.2023.ca.turbotaxonline.intuit.com/ vs this year's https://ww1.2024.ca.turbotaxonline.intuit.com/. 
You can try logging out of your program and  clear your cache and cookies.  ‌Please click here for instructions on how to clear your cache. Please click here for instructions on clearing your cookies... See more...
You can try logging out of your program and  clear your cache and cookies.  ‌Please click here for instructions on how to clear your cache. Please click here for instructions on clearing your cookies.   You may also try using another browser.   Make sure your broker or financial institution is on our list of TurboTax Import Partners,   Make sure your transactions aren't going over the TurboTax limits: Both TurboTax Online and TurboTax Desktop are able to support up to 10,000 of any combination of transactions and imports. TurboTax Online can support up to 4,000 non-covered transactions (items such as options or cryptocurrency that aren't reported to the IRS). The import file size is limited to 4MB. If your transaction numbers are getting close to these limits, it can cause the system to lag or time out. If this happens, you may need to clear your return and start over. Then try entering the sales section totals into TurboTax, rather than entering individual sales. If you still encounter issues, you may need to switch to TurboTax Desktop to continue your return.   Here are some troubleshooting tips for importing:   Sign in to your brokerage account and confirm you have enabled third-party access to your account information. Change your password for your online brokerage account, then sign back in to TurboTax and start the import process again using your new password. Double-check that you're entering the right credentials on the import screen. Depending on your institution, you could be asked to enter any combination of username and password, fund number, account number, or document ID number. Check with your brokerage to see if you need to be enrolled in online access in order to import. If you're using TurboTax Desktop, make sure your program is up to date. When signing in to your brokerage account from TurboTax, try entering two extra characters at the end of the password, then delete the extra characters and press enter.   You can also try Troubleshoot TurboTax Desktop for Windows issues.   If you cannot import, you can always enter your Forms 1099 manually.   Click here for "How Do  I Import My 1099's"   Click here for additional instructions to import your 1099's into TurboTax.   Click here for additional information on entering your Form 1099-INT.   Click here for "Where Do I Enter Form 1099-DIV in TurboTax Online?"   If you have additional information or questions regarding this, please return to Community and we would be glad to help.
@cam222 We will need some more details to be able to assist you properly.    On your T3s, which period do you have the amount in? box 52 or 53? And on Schedule 3 part 4, do you see your losses?  ... See more...
@cam222 We will need some more details to be able to assist you properly.    On your T3s, which period do you have the amount in? box 52 or 53? And on Schedule 3 part 4, do you see your losses?  On your T5008, can you please verify you entered the date of disposition (box 14).   Can you please make sure you have the latest version of TurboTax Desktop? Should be 00.01.62 Build 6007 068G25   We made some tests and it is working, but we know some of our customers are still experiencing issues with these forms.     Thank you for choosing TurboTax.
thanks for assistance  I found the entry in schedule c. have a great day. 
YES, absolutely they're ripping consumers off!  As I walked through Federal and State Taxes this afternoon, getting ready to be able to just file my Federal tax return, I discover I'd have to pay an ... See more...
YES, absolutely they're ripping consumers off!  As I walked through Federal and State Taxes this afternoon, getting ready to be able to just file my Federal tax return, I discover I'd have to pay an additional $64 for my State tax form when all I want to do is print it and send it in myself!  Umm, no...I'm not paying $64 for a $9 refund!  All I wanted to do was file my Federal tax form, then print the State form and send it in to my state's Dept of Revenue the way I've done for the past 14 years.    NOW the way TurboTax is set up, you have to input your credit card and there's NO indication that you can just print the State form out yourself and mail it in vs having them file it for you.  So not wanting the potential of an additional $64 on my credit card with probably NO way to get it refunded, I deleted the State tax return info (the ONLY way I could file my Federal return and not be charged an additional $64) and send the Federal tax filing to the IRS.  I was thinking I could go back after the Fed return was accepted and fill in the State return and print it out.  NOPE.  Again, perhaps the user is able to print out their state return?  But they give NO indication that you can do that prior to inputting your CC info.   Deceptive practices, TurboTax, and makes me not inclined to use it ever again.
There's probably something incorrect with his state return.  He should be getting a refund, not a balance based on the information you provided.  TurboTax transfers data from your federal return to y... See more...
There's probably something incorrect with his state return.  He should be getting a refund, not a balance based on the information you provided.  TurboTax transfers data from your federal return to your state return. Before you start fixing your state return, look at your federal return again. Make sure everything is correct, including his W2 forms.   After you review your federal return, select the State Taxes tab and review the state section. Pay close attention to the information, especially if you have made changes to your federal return. There might be new sections that need to be completed.    Troubleshooting common federal to state transfer issues
Thank you
My special needs adult son lives with us and gets SSDI. He pays rent to us and food costs. We do not have a mortgage and what he pays is WAY below local rental rates. Do I need to report this and whe... See more...
My special needs adult son lives with us and gets SSDI. He pays rent to us and food costs. We do not have a mortgage and what he pays is WAY below local rental rates. Do I need to report this and where/how?
Mortgage 932,003 interest paid in 2024 47,175. Limitation from what I have read is interest paid up to $750,000 mortgage is deductible. My math tells me I am 21% higher than the 750 limit so 79% time... See more...
Mortgage 932,003 interest paid in 2024 47,175. Limitation from what I have read is interest paid up to $750,000 mortgage is deductible. My math tells me I am 21% higher than the 750 limit so 79% times 47,175 = $37,268. Turbo tax says my allowed amount is 26,000 and change.  Which one is correct? Can I override the 26 amount?  I looked at last years and it did the same thing Is TurboTax correct or my math?
You do not need to report it as it is not income for your business. But you must that form 1099-K and any proof that the sums received were not for your business, in case of inquiry by the IRS.   ... See more...
You do not need to report it as it is not income for your business. But you must that form 1099-K and any proof that the sums received were not for your business, in case of inquiry by the IRS.   Please read this IRS FAQ to find out how to deal with items not related to your business.
I'm attempting to file my federal income tax and it's failing with error " We're experiencing internet transmission problems.... Error 2." I confirmed my file sizes are all small <1MB big, firewall ... See more...
I'm attempting to file my federal income tax and it's failing with error " We're experiencing internet transmission problems.... Error 2." I confirmed my file sizes are all small <1MB big, firewall disabled, internet is great; cache all deleted.   I cannot get past this error.  What's going on??  
To clarify my issue, we only rented 10% of our property (it’s a carriage house next to our main house where we live, but all considered homestead).  I’ve entered number of days used personally, but t... See more...
To clarify my issue, we only rented 10% of our property (it’s a carriage house next to our main house where we live, but all considered homestead).  I’ve entered number of days used personally, but the software never provides a place to put % rented.  What am I missing? Thanks.
It depends. You may want to enter 'summary' sales manually if the import is not working for you.  Combine your long term sales and short term sales then make two entries in TurboTax as Investment Inc... See more...
It depends. You may want to enter 'summary' sales manually if the import is not working for you.  Combine your long term sales and short term sales then make two entries in TurboTax as Investment Income.   You can always use direct entry with summary totals.  The only exception is wash sales, which must be entered separately, if you have any. Where do I enter Form 1099-B? (Ignore import) How do I mail Form 8453? (review if alerted) Holding Periods: Long term is a holding period of more than one year (one year plus one day) and receives capital gain tax treatment (0%, 10%, 15%, 20% depending on your regular rate of tax) Short term is a holding period of one year or less and receives ordinary gain tax treatment (your regular rate). Your brokerage statements and/or your CSV file should include a summary of your transactions, grouped by sales category, for example, Box A short-term covered or Box D long-term covered.