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April 7, 2025
5:22 PM
Assuming you meant a 1099-OID (Original Issue Discount)...
When you purchase a bond or note at a discount, you'll get Form 1099-OID (Original Issue Discount). The discount is taxable interest o...
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Assuming you meant a 1099-OID (Original Issue Discount)...
When you purchase a bond or note at a discount, you'll get Form 1099-OID (Original Issue Discount). The discount is taxable interest over the life of the bond, which gets reported every year you hold the bond, even if you don't actually receive any interest.
Follow these steps to enter your 1099-OID in TurboTax:
Open or continue your return.
Navigate to the 1099-OID section:
TurboTax Online/Mobile: Go to 1099-OID.
TurboTax Desktop: Search for this exact phrase (we recommend you copy/paste from here): 1099-oid original issue discount. Select the Jump to link.
On the Miscellaneous Investment Income screen, select the first box for Form 1099-OID.
Follow the onscreen instructions.
To remove an unwanted 1099-OID, follow the first couple of steps. This will bring you to the Form 1099-OID Summary screen where you can select Delete next to the unwanted 1099-OID.
TurboTax FAQ: Where do I enter Form 1099-OID?
April 7, 2025
5:22 PM
It sounds like you answered Yes on the following screen, or skipped over the question. When you entered your social security income, you would have been shown the screen below.
April 7, 2025
5:21 PM
We are filling out form 1041. The decedent loaned money to a family in order for them to pay off their home loan. Monthly payments are made by the family to the title company and a monthly fee is c...
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We are filling out form 1041. The decedent loaned money to a family in order for them to pay off their home loan. Monthly payments are made by the family to the title company and a monthly fee is charged by the title company to release the payments to the trust. Are the monthly fees deductible from the interest being reported on 1041?
April 7, 2025
5:20 PM
I have the exact same question and called 3 different TT experts who couldn't give me an explanation. On form 8995 I ave 48k carry over losses. If I put this number in the box for QBI carryover loss ...
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I have the exact same question and called 3 different TT experts who couldn't give me an explanation. On form 8995 I ave 48k carry over losses. If I put this number in the box for QBI carryover loss it will wipe out most of my W2 income which does not make sense at all. Can some one answer this please?
April 7, 2025
5:20 PM
Can I start a return for my son?
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April 7, 2025
5:20 PM
If you are using TurboTax, enter the sale proceeds, the cost/basis/value and the selling costs.
If this was your personal residence, enter under
Wages & Income
Less Common Income
Sale of...
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If you are using TurboTax, enter the sale proceeds, the cost/basis/value and the selling costs.
If this was your personal residence, enter under
Wages & Income
Less Common Income
Sale of Home (gain or loss)
The gain or loss is reported on Schedule D unless the homeowner's exclusion to capital gain applies and the gain is not reported.
If this was a rental, enter in the rental section, if a second home, enter under "Investments, Other sale"
@mjckhc
April 7, 2025
5:19 PM
I have completed my federal return, in which I have gain in 2024 ($2000), but have more carryover losses from previous years. Therefore, the net income is zero for my rental house. OK request people ...
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I have completed my federal return, in which I have gain in 2024 ($2000), but have more carryover losses from previous years. Therefore, the net income is zero for my rental house. OK request people to submit tax filing when gross income is higher than $1000, so that I think I need file the return in OK. Turbotax asks the OK portion of my federal rental income. Since my federal income is zero, so I entered zero for OK. Then when I come to the last page of OK return, it says I don't have to file the OK return since my gross income is lower than $1000. This OK filing doesn't reflect the gain and carryover part.
April 7, 2025
5:19 PM
This is true if you nor your spouse (if filing a joint return) is covered by a retirement plan at work. This definition also includes things like SEP-IRA for those who are self-employed. Double-...
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This is true if you nor your spouse (if filing a joint return) is covered by a retirement plan at work. This definition also includes things like SEP-IRA for those who are self-employed. Double-check your physical W2s as well as any W-2 entries for a check box beside "retirement plan". If this box is checked it disqualifies you from being able to deduct a contribution to your IRA (though you can still make it, it just can't be deducted).
April 7, 2025
5:19 PM
I deleted and uploaded the form again and got the same results. Is there a way to get help with this?
April 7, 2025
5:19 PM
Hi @KrisD15 -- I've searched the internet about this topic and am seeing you are saying two different ways for handling this. Which is the correct way to handle this? On another post regarding th...
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Hi @KrisD15 -- I've searched the internet about this topic and am seeing you are saying two different ways for handling this. Which is the correct way to handle this? On another post regarding this same topic on 2/14/24 you say: If the same income is reported on two different forms, the 1099-NEC and 1099-K , enter them both but then SUBTRACT THE DUPLICATED AMOUNT as an expense on your Schedule C and name it "Income reported twice on Form 1099". Now on this post, 3 weeks ago, I see you are saying: When you enter the 1099-K select the type of income, on the following screen use the option of "This amount in box 1a is too high or includes some personal transactions" Enter the amount that should not be on the 1099-K Can someone please clarify what to do if you have income on 1099-NEC that also showed up 1099-Ks? For example, I got 1099NEC for 54441.25. This payer was paying through PayPal & Square Inc so I also received 1099K from PayPal for 15076.75 and 1099K Square Inc for 40716.50. Although, 1352 of 15076.75 1099k Paypal was not accounted for in the 54441.25 1099NEC, because it was from a different payer and I didnt get a separate 1099NEC from that other payer. What do I do? Thanks!
April 7, 2025
5:18 PM
Click on these links to find the addresses you need for mailing your federal and New York State tax returns:
IRS Where to File Paper Tax Returns
NYS Tax Department Mailing Address
April 7, 2025
5:18 PM
Turbo tax keeps sending me to form 1099-misc and I don't have any information to imput
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April 7, 2025
5:17 PM
You will not be able to e-file your 2023 taxes, but you can complete them and then print and mail them in. A 2023 tax return can only be printed and mailed. It cannot be e-filed using TurboTax.
...
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You will not be able to e-file your 2023 taxes, but you can complete them and then print and mail them in. A 2023 tax return can only be printed and mailed. It cannot be e-filed using TurboTax.
If your return is not complete, it can only be completed using TurboTax Desktop. You will need to have the 2023 TurboTax desktop version to complete them in.
In TurboTax Online you may be able to access your 2023 tax return info. You must use the exact same TurboTax Account you used when you prepared your 2023 tax return in TurboTax. But you will not be able to complete them or file them using TurboTax Online. If they are complete, you may be able to print them and mail them in.
Click here for How Do I File My Return By Mail?
Click here for Transfer last year's return to TurboTax Desktop for Windows
Click here for Can I transfer last year's PDF into TurboTax Desktop 2024?
Click here for What's the difference between the tax data file and the PDF?
April 7, 2025
5:16 PM
Thank you for clearing that up for me, Mindy. I'll give this a try. Appreciate your help!
April 7, 2025
5:15 PM
For 2024, turbo tax calculated our taxable social security as 47% of the total. We trusted the calculation, but the IRS sent a notice that the computation of the taxable amount was in error. The cor...
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For 2024, turbo tax calculated our taxable social security as 47% of the total. We trusted the calculation, but the IRS sent a notice that the computation of the taxable amount was in error. The correct amount should be 85% of the total benefit. When I reviewed our 2023 return, I see that last year, Turbot Tax did show 85% of our SS as the taxable amount. This is a huge error in Turbo Tax for 2024! I have been on the phone all day trying to find someone who could help me understand what went wrong.
April 7, 2025
5:14 PM
To enter the 2024 estimated tax payments you made on your 2024 tax return, see this TurboTax FAQ.
To prepare vouchers for next year's taxes (2025), see the articles below.
Estimate next ...
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To enter the 2024 estimated tax payments you made on your 2024 tax return, see this TurboTax FAQ.
To prepare vouchers for next year's taxes (2025), see the articles below.
Estimate next year's federal taxes
Estimate next year's state taxes
April 7, 2025
5:14 PM
The desktop version can be used as "signed in" or "signed out". Are you signed into your desktop product using your Intuit Account ID? I wonder if there is credit card information saved in your In...
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The desktop version can be used as "signed in" or "signed out". Are you signed into your desktop product using your Intuit Account ID? I wonder if there is credit card information saved in your Intuit Account, and it's trying to access that? Maybe there's old payment information there. I don't know if that would be a reason; I'm just thinking out loud. I'll tell you how to check below. I realize you don't have a Federal refund, but if you did, it would charge you an extra $40 to pay any fees out of the Federal refund ($45 for California filers). So you are saving money by having no refund and paying with card. Are you using the Windows or Mac version? In the Windows version to have your desktop product sign into your Intuit Account you can go to top TurboTax bar and click FILE menu, and in dropdown "Sign In." I'm not sure where the "Sign in" is on the Mac version. You can see there if you are "signed in" or "signed out." Signing in only connects you to the Account, but does not reach the Account Settings dashboard, however. To do that, you also need to look as below: To look to see if your payment info is saved in the Intuit Account, you'd have to log into your Intuit Account through a browser, and in left menu column scroll down to click Intuit Account. Then look at the payment settings to see if anything is stored there.
April 7, 2025
5:14 PM
use the home sale worksheet and the adjusted basis of home sold worksheet. This will allow entering details.
if this was not your primary residence for any 2 out of 5 years before the date ...
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use the home sale worksheet and the adjusted basis of home sold worksheet. This will allow entering details.
if this was not your primary residence for any 2 out of 5 years before the date of sale, it does not qualify for the home sale exclusion.
April 7, 2025
5:14 PM
Turbo Tax seems to use an amount between the estimated taxes and the lower actual taxes for 2024 - is there a bug?). Note actual local taxes = (state income - deduction of local taxes) (because that ...
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Turbo Tax seems to use an amount between the estimated taxes and the lower actual taxes for 2024 - is there a bug?). Note actual local taxes = (state income - deduction of local taxes) (because that is the line on state taxes it uses) x tax rate, sort of circular
Topics:
April 7, 2025
5:13 PM
You can get a replacement form SSA-1099 or SSA-1042S Benefit Statement for any of the past 6 years for which benefits were paid by:
Signing in to your personal my Social Security account and sel...
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You can get a replacement form SSA-1099 or SSA-1042S Benefit Statement for any of the past 6 years for which benefits were paid by:
Signing in to your personal my Social Security account and selecting the "Replace Your Tax Form SSA-1099/SSA-1042S" link. Go to the "Choose a year" dropdown menu. Choose the desired year and select the "Download" link. The most recent tax year's SSA-1099/SSA-1042S will be available beginning every February 1. You can instantly view, print, or save your Benefit Statement. If you don't have an account, you can create one at ssa.gov/myaccount.
Calling us at 1-800-772-1213 (TTY 1-800-325-0778), Monday through Friday, 8:00 am - 7:00 pm.
Contacting your local Social Security office.
If you live outside of the United States and you need a replacement form SSA-1099 or SSA-1042S, you can create a my Social Security account with an ID.me credential. If you cannot create an account, please contact your nearest Federal Benefits Unit.