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April 1, 2025
2:23 PM
April 1, 2025
2:21 PM
I have a 13k credit from 2022, I have not filed 2023 or 2024. How do I carry this over to one of those years?
April 1, 2025
2:21 PM
It depends. Entering the sale is shown below, including how to arrive at the depreciation when you use the standard mileage rate for a business vehicle. Enter any expenses for 2024. Use the informati...
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It depends. Entering the sale is shown below, including how to arrive at the depreciation when you use the standard mileage rate for a business vehicle. Enter any expenses for 2024. Use the information to arrive at the personal use percentage as well and if there is a gain it must be reported. If there is a loss, there is nothing to report.
The way to report the sale (trade is not really recognized by the IRS any longer for equipment or vehicles) is as follows. You have all the records so it should provide you the detail to move forward.
All business miles for all years and then total miles for all years - divide business miles by total miles to arrive at your overall business use percentage for the life of the vehicle. You will use this percentage times the selling price (or trade-in value) to arrive at the business selling price. Use the same percentage to arrive at your business portion of the cost before depreciation.
You used the standard mileage rate and a portion of that rate represents depreciation. See the chart below to arrive at the depreciation portion for the business miles only. If you used actual expenses be sure to write down the total depreciation expense for prior and current year.
When you go through the vehicle information in your rental be sure to select 'Sold, disposed of, etc....' then do not indicate it was sold. You must say 'Yes' it was converted to personal use and Yes Your percentage of business use of the vehicle varied over the years'. This will eliminate any sales information in the vehicle it self.
Once you have completed the information in that section you will follow the steps below to enter your sale:
Next enter your Sale of Business Property (do not enter any sales information in the vehicle asset)
Income at the top
Scroll down to Other Business Situations
Select Sale of Business Property
Select Sales of business or rental property that you haven't already reported.
Answer 'Yes' to Do all of the following apply...?
Enter your sales information, do not make an entry for depreciation (no zeros)
Description of the Property (Vehicle made/model/year)
Sales Price/Sales Expenses (Trade amount)
Date acquired and date sold
Cost
Depreciation
April 1, 2025
2:21 PM
That still isn’t clear about what’s wrong with the treasury interest on Schedule B. To send them a copy of your return scroll up, KeshaH posted the steps. Then post the token number you get here in ...
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That still isn’t clear about what’s wrong with the treasury interest on Schedule B. To send them a copy of your return scroll up, KeshaH posted the steps. Then post the token number you get here in the forum.
April 1, 2025
2:21 PM
April 1, 2025
2:20 PM
My husband saved the file in pdf format then opened it in the Firefox browser which evidently has a better Adobe reader and you can print the files WITHOUT the black lines
April 1, 2025
2:20 PM
If you filed Form 4868 through TurboTax Easy Extension, you should get acknowledgement within 48 hours.
You can pay online with a direct transfer from your bank account using Direct Pay; Online...
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If you filed Form 4868 through TurboTax Easy Extension, you should get acknowledgement within 48 hours.
You can pay online with a direct transfer from your bank account using Direct Pay; Online Account; the Electronic Federal Tax Payment System (EFTPS); a digital wallet such as Click to Pay, PayPal, and Venmo; cash; or a debit or credit card. You can also pay by phone using EFTPS or by debit or credit card. For more information, go to www.irs.gov/Payments.
Here's more info After Filing an Extension.
@angappan-singaram
April 1, 2025
2:19 PM
April 1, 2025
2:18 PM
1 Cheer
The improvements to the real property would be the cost basis of the structure separate from the value of the land that the structure sits on.
If you purchased a townhome for $200,000 and paid ...
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The improvements to the real property would be the cost basis of the structure separate from the value of the land that the structure sits on.
If you purchased a townhome for $200,000 and paid $25,000 to renovate the kitchen, the cost basis reported for purposes of depreciation is $225,000.
April 1, 2025
2:18 PM
To add income to form 1040 SR, you cannot add it directly to form 1040 SR.
You need to edit or add the form reporting that missed income.
April 1, 2025
2:18 PM
If you are in fact subject to an estimated tax penalty for not paying in sufficient tax throughout the year, the TurboTax program will alert you to that situation, and give you an opportunity to lowe...
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If you are in fact subject to an estimated tax penalty for not paying in sufficient tax throughout the year, the TurboTax program will alert you to that situation, and give you an opportunity to lower that penalty (for instance if you met any exceptions to the penalty, or if you earned the income unevenly during the year.) TurboTax will also recommend Estimated Tax Payments on Form !040-ES if you will be in a similar situation in the current year. For more on Estimated Taxes, see this link
April 1, 2025
2:17 PM
Did you already e-file? If you already e-filed, you cannot add anything until the return has been fully processed, and then you can amend.
If you did not e-file yet, then go back to the incom...
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Did you already e-file? If you already e-filed, you cannot add anything until the return has been fully processed, and then you can amend.
If you did not e-file yet, then go back to the income screens and add the income. What kind of income do you need to add?
April 1, 2025
2:17 PM
April 1, 2025
2:16 PM
UPDATE. Sorry I read the question the wrong way. Ignore this post. To transfer from 2023 Online? Or to continue 2024 I the Desktop program? If you used the Online version last year you can ...
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UPDATE. Sorry I read the question the wrong way. Ignore this post. To transfer from 2023 Online? Or to continue 2024 I the Desktop program? If you used the Online version last year you can Transfer it into the Desktop installed program. Starting in 2023 there are new buttons when you start a new Desktop return. You can Import from Online or Continue from Online depending if you are signed in or not. So look for those. To continue the current year 2024 in the desktop version see this……. https://ttlc.intuit.com/community/choosing-a-product/help/how-do-i-switch-from-turbotax-online-to-the-turbotax-software/00/26129
April 1, 2025
2:16 PM
I agree 100 % because IRS is clear stating that foreign sourced social security pension must be tax treated like foreign pension or foreign annuities, meaning to say are fully taxed unless a bilater...
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I agree 100 % because IRS is clear stating that foreign sourced social security pension must be tax treated like foreign pension or foreign annuities, meaning to say are fully taxed unless a bilateral totalization agreement between the foreign country and the US exists stating otherwise . My query is that with that in mind for the IRS is indistinct that be reported : (i) on line 5b) as a pension , (ii) on line 6b ) as a social security or (iii) on Line 2 Schedule - line 10, 8z as miscellaneous / other income , because is 100 % taxed the same in the three options . The point is that if it’s reported on line 5 b) or 6 b) it’s necessary to inform the Form 1099 R for the first or Form xxx for the second and most of the foreign Payor don’t issue such documents . This could create confusion to the IRS because on top of that by filing online TurboTax system doesn’t allow to attach or enclose an explanatory note to clarify the matter . Furthermore many of us that receive a monthly foreign social security pension do not get it through any distribution because it’s a direct payment from a foreign government agency similar to US Social Security Administration . Thus, the easiest and less bureaucratic way to report it , is as Miscellaneous / Other Income as I said above because it can be written “ Foreign Social Security Pensión from xxxxx” including instead of xxxx the country name . After all this I said , can anybody let me know how to fill out Form 1116 related to Foreign Tax Credit because indications online states that one must “Jump to link it” but I don’t see in my computer screen and on my cell screen either from where I must to jump . I don’t see the way to access to such Form 1116 , it’s no clear enough in TurboTax system . Furthermore is not clear either to find Form 8962 related to Advance Premium Tax Credit to fill it out and also Schedule B (Form 1126) related Foreign Tax Carryover Reconciliation Schedule in order to carryforward the unused Foreign Tax Credit of previous years and to use it now in 2024 Tax Return . Anybody that can elaborate on this will be appreciated and useful for all of us in this TurboTax community . Thanks in advance .
April 1, 2025
2:16 PM
The exact same thing just happened to me now!! After hours of work, I was ready to do a final review. Turbo tax requested an update, which I did, and now now of my returns are there *argh* I'll hav...
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The exact same thing just happened to me now!! After hours of work, I was ready to do a final review. Turbo tax requested an update, which I did, and now now of my returns are there *argh* I'll have to search for how some people got them back or start from scratch. This is VERY frustrating!
April 1, 2025
2:16 PM
It depends. If you you are filing Married Filing Jointly, the minimum threshold amount for filing a Foreign Tax Credit is $600. If this is the case, there'll never be a question regarding Foreign In...
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It depends. If you you are filing Married Filing Jointly, the minimum threshold amount for filing a Foreign Tax Credit is $600. If this is the case, there'll never be a question regarding Foreign Income or a Dividend breakdown. The amount will be directly reported in the return without additional reporting requirements.
April 1, 2025
2:15 PM
Do you mean you want to transfer the 2023 tax file to a new 2024 return?
How to transfer last year’s return?
https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-dat...
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Do you mean you want to transfer the 2023 tax file to a new 2024 return?
How to transfer last year’s return?
https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/transfer-last-year-return-turbotax-online/L279eUvY2_US_en_US?uid=m6ayqk1s
April 1, 2025
2:15 PM
When I try to add a second W2 from a different employer Turbotax Desktop 2024 allows me to enter the EID but then when I hit continue it reverts back to the start page for entering w2's and shows on...
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When I try to add a second W2 from a different employer Turbotax Desktop 2024 allows me to enter the EID but then when I hit continue it reverts back to the start page for entering w2's and shows only the first W2.