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April 2, 2025
10:10 AM
Topics:
April 2, 2025
10:10 AM
I talked with Schwab this morning and was told that reporting the difference between the acquisition price and redemption price of a zero-coupon US govt obligation that was issued as a note is proper...
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I talked with Schwab this morning and was told that reporting the difference between the acquisition price and redemption price of a zero-coupon US govt obligation that was issued as a note is properly reported as gain and NOT interest.
April 2, 2025
10:10 AM
Yes, the only form I rec'd about the refund is the SSA-1099. They included the refund in box 3 (Benefits Paid in 2024) and box 5 (net benefits for 2024) with an * that says "Includes $673.20 paid in...
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Yes, the only form I rec'd about the refund is the SSA-1099. They included the refund in box 3 (Benefits Paid in 2024) and box 5 (net benefits for 2024) with an * that says "Includes $673.20 paid in 2024 for 2023). The $673.20 is the Medicare Part B refund. I sent the refund check to the HSA with specific "withdrawal correction form". The funds were deposited back into the HSA account and was not treated as an additional deposit. I rec'd form 5498-SA from the HSA that has zero deposits for 2024 and reflects only the fair market value. What happened is that I prepaid Medicare Part B premium in the year 2023 for part of the 2024 year to exhaust the HSA. Unfortunately, Medicare rep advised me incorrectly that I could pre-pay. I was self-paying Medicare Part B premium for a couple years until I started receiving Social Security Benefits in 2024. The refund is including with Social Security Benefits received in 2024 in Boxes 3 & 5 on the SSA-1099 form. I rec'd the following response in TurboTax help. "The SSA-1099 reports your Social Security benefits, including any amount withheld for Medicare Premiums. If you received a refund for a Medicare Part B premium that was originally paid from your HSA, you generally do not need to include that refund in your taxable income. In TurboTax, you can enter your SSA-1099 information, and when prompted about any adjustments or refunds related to your Medicare premiums, you can clarify that this amount should not be included in your taxable income. This will help ensure your return accurately reflect your income and any adjustments." The problem is that I'm not being prompted about any adjustments or refunds related to Medicare premiums. Thank you for your time!
April 2, 2025
10:10 AM
1099 - SUMMARY OF PROCEEDS, GAINS & LOSSES, ADJUSTMENTS AND WITHHOLDING UNDETERMINED TERM TRANSACTIONS FOR NONCOVERED TAX LOTS Total Gross proceeds invstmnt EXP... They are listed in summary...
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1099 - SUMMARY OF PROCEEDS, GAINS & LOSSES, ADJUSTMENTS AND WITHHOLDING UNDETERMINED TERM TRANSACTIONS FOR NONCOVERED TAX LOTS Total Gross proceeds invstmnt EXP... They are listed in summary details under FEES and EXPENSES from UBS. as -4.60 Yet, TT is listing each of these MONTHLY FEES as a positive number in Box 1d but listed in the summary as negative or expenses. How shall I categorize them?
April 2, 2025
10:09 AM
Good Day, @MindyB Thank you for your initial response to this post. I’m using a W-2c form this year because my company’s contracted payroll company used a nickname of mine on file, versus my lega...
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Good Day, @MindyB Thank you for your initial response to this post. I’m using a W-2c form this year because my company’s contracted payroll company used a nickname of mine on file, versus my legal name. My company is going to issue me a W-2c themselves, as they won’t be able to get a corrected W-2 from the payroll company in time for April 15. Can you please answer the following for me? 1) Should the W-2c be filled out entirely if it’s only my name that is being changed? 2) Should I submit both the originally issued W-2 and the new W-2c in TurboTax with my filing? One last thing to note: we switched payroll companies halfway through this year, so I have two W-2s to file. One has my correct legal name on it; the other has my nickname, which is why I’m seeking to submit a W-2c form for that time period. Thank you very much.
April 2, 2025
10:09 AM
2 Cheers
You can go to https://login.legalplans.com/register and log in or create an account. Here you will be able to see all your benefits.
Once you are in your account, you will go to ‘Debt Matters,...
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You can go to https://login.legalplans.com/register and log in or create an account. Here you will be able to see all your benefits.
Once you are in your account, you will go to ‘Debt Matters,’ and select ‘Tax Preparation & Filing’ to access your benefits.
April 2, 2025
10:09 AM
It was Canadian income.
April 2, 2025
10:09 AM
BEFORE you e-file you can choose how to receive your refund when you go through the steps of the FILE section. If you want a check, make sure you have the correct mailing address on your Form 1040 ...
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BEFORE you e-file you can choose how to receive your refund when you go through the steps of the FILE section. If you want a check, make sure you have the correct mailing address on your Form 1040 so the IRS mails it to your correct address.
April 2, 2025
10:08 AM
For type of investment sold, you should choose Stock (non-employee).
April 2, 2025
10:08 AM
Topics:
April 2, 2025
10:08 AM
If taxes were done using tax software such as TurboTax or H&R Block tax software but the return was mailed in, how can it be amended? In the case if it was filed electronically with either tax softwa...
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If taxes were done using tax software such as TurboTax or H&R Block tax software but the return was mailed in, how can it be amended? In the case if it was filed electronically with either tax software how can this be done? It’s just a hypothetical question in case after hiring an accountant this year I want to do my taxes myself in the future. Thanks!
April 2, 2025
10:08 AM
So do I not add in any deductions and credits that are applied to it?
April 2, 2025
10:07 AM
I am feeling lost in the Turbo Tax questionnaire system for Home and Business program. I have income from an LLC that is owned by me and a second partner. As partners we receive guaranteed paym...
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I am feeling lost in the Turbo Tax questionnaire system for Home and Business program. I have income from an LLC that is owned by me and a second partner. As partners we receive guaranteed payments for consulting services and distributions from profits. This income is reported to us on a K-1 which was already prepared and distributed. In 2024 I received guaranteed payments substantial enough to pay taxes but no additional profit distributions (all earnings in the business were retained for the moment). Again, I'm not looking for help on the K-1, but rather for my personal taxes which I file jointly with my wife. I am confused about whether I need to fill out the business section of my personal tax software (Home and Business-- been using this version for about 20 years now). In the past I had a sole proprietorship that used Schedule C but that business was converted to the LLC in 2023 and I am no longer making income outside of the partnership. It's possible in the future that I don't need to buy this specific software package and a simpler one would suffice. My questions is: Do I need to fill out the Business income sections of the questionnaire to report the K-1 income? If so, then why does this section not ask any questions about K-1 income? It feels like this is a wrong turn to continue this way. OR Do I ignore the entire section which concerns business income and treat the K-1 reported payments as personal income in a later section? The only concern I have about doing it this latter way is that I would like to report some personal expenses that are not reimbursed by my LLC, such as car mileage, tools, etc. Will this come up at a later part of the tax forms? My apologies if I'm being obtuse-- I filed this all myself last year but my returns are about 75 pages long and I am not seeing how to correlate the questions with the forms I needed to submit last year, which is the Schedule E form and about 10 other related forms. Again, I think I'm being confused by the questionnaire. Can you please give me some guidance so I don't have to go back and erase everything at the end? Thank you for your help TT Tax Community. You guys are the best. Michael (LandR2)
April 2, 2025
10:07 AM
1 Cheer
Indicate the 1099-R belongs to you since it was rolled over to your IRA and then answer the same way as explained by our tax expert @DavidD66, 100% of it was rolled over to another IRA.
Keep al...
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Indicate the 1099-R belongs to you since it was rolled over to your IRA and then answer the same way as explained by our tax expert @DavidD66, 100% of it was rolled over to another IRA.
Keep all the documents with your tax file.
April 2, 2025
10:07 AM
If the presentation would be considered an advertising event, then no, it would not be subject to the 50% limitation. You would be able to deduct it at 100%.
April 2, 2025
10:07 AM
If you can give more details about the Efile error you're experiencing, we'll try to help.
If you had a credit carryover to this year, remember that the credit is limited by the amount of tax y...
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If you can give more details about the Efile error you're experiencing, we'll try to help.
If you had a credit carryover to this year, remember that the credit is limited by the amount of tax you owe.
If you're using TurboTax Online, after you deleted your forms, clear your Cache and Cookies before Efiling again.
@Blackhorsetraveler
April 2, 2025
10:06 AM
Topics:
April 2, 2025
10:06 AM
Yes, you should allocate the income to the state where you worked.