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April 7, 2025
4:19 PM
we are bamboozled by the state questions and need help!
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April 7, 2025
4:18 PM
If you are preparing a Federal and Connecticut return in TurboTax, enter the income in the Federal return use the Connecticut interview to guide you through the entries for any state adjustments. If ...
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If you are preparing a Federal and Connecticut return in TurboTax, enter the income in the Federal return use the Connecticut interview to guide you through the entries for any state adjustments. If amounts were withheld for CT state taxes and you entered them in the Federal return, the amounts will automatically flow through to Line 18 in CT return.
See this TurboTax Blog for more information about Connecticut state taxes.
@nickrioux
April 7, 2025
4:17 PM
My answer and the reason is because I see it says Edited. This means several of had a discussion and the only change was to expand on the federal taxation - to make it more clear.
One problem i...
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My answer and the reason is because I see it says Edited. This means several of had a discussion and the only change was to expand on the federal taxation - to make it more clear.
One problem is that forms were issued in January 2025. Amongst that and after many forms were mailed, the IRS issued guidance in Jan 2025. The IRS guidance states:
An employee who receives state paid family leave payments must include those amounts in the employee’s gross income.
An employee who receives state paid medical leave payments must include the amount attributable to the employer portion of contributions in the employee’s gross income.
This latter amount also is subject both to the employer’s and employee’s shares of Social Security and Medicare taxes.
The amount attributable to the employee’s portion of the contributions is excluded from the employee’s gross income, and this amount is not subject to Social Security or Medicare taxes.
Let's make sure you understand:
1099-G only include the family leave portion for TY 24 and is taxable to the federal. See WA 1099-G insert.
Medical leave is taxable for the portion (%) the employer paid.
For example: Wife pays 80% of the medical leave premium, then 80% of the medical leave is not taxed. Only the amount (%) paid by the employer is taxed.
Reference:
Payments - Washington State's Paid Family and Medical Leave
April 7, 2025
4:16 PM
1 Cheer
It may seem far-fetched to call a personal sale as an investment, but that is the section this type of income is determined.
It isn't earned wages or self-employment.
It isn't Interest you earn...
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It may seem far-fetched to call a personal sale as an investment, but that is the section this type of income is determined.
It isn't earned wages or self-employment.
It isn't Interest you earned on a savings account.
It's "Capital Gain" when you sell something and the money get for selling that item is more than what you paid for it.
People don't report these sales often, because usually the items they sell, sell for less than what they paid to purchase the item, such as when people have garage sales.
But when something is sold and results in a gain, the IRS wants their share.
If the value of the gift from work was included in this person's income (included in wages) then you can use that amount as the cost/basis/value in order to compute the gain (or loss).
If the gift was something worth $100, and $100 was added as wages in Box 1 of that person's W-2, only a sale of more than $100 would be reported as a gain.
April 7, 2025
4:16 PM
I over contributed to Roth IRA in July 2024 by $7000 and now while filing for taxes using turbo tax realize this. I am working on withdrawing excess contributions plus any earnigns from my brokerage...
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I over contributed to Roth IRA in July 2024 by $7000 and now while filing for taxes using turbo tax realize this. I am working on withdrawing excess contributions plus any earnigns from my brokerage account as of today, April 7 knowing deadline for taxes is April 15! Have few questions: 1. Do I wait to complete my taxes till that money is withdrawn from my Roth IRA? 2. I see I need to fill 1099-R. If I can't get this form in time from my brokerage, how do I go about it with filling my taxes? 3. If I do fill for 1099-R then what do I need to put for my Roth IRA contribution while file my taxes as it is my only contribution to my Roth IRA for 2024. 4. If there proper steps that I need to take?
April 7, 2025
4:15 PM
Add the costs of the improvements to the cost of the Total amount paid on entry screen. That field is where the basis is entered. Cost basis is the original purchase cost of an asset (such as stoc...
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Add the costs of the improvements to the cost of the Total amount paid on entry screen. That field is where the basis is entered. Cost basis is the original purchase cost of an asset (such as stocks, bonds, or property), plus any adjustments that result from transactions, such as improvements, over the period you own the asset. Where do I enter the sale of a second home?
April 7, 2025
4:15 PM
Sometimes you need to clear your cache (that is, remove these temporary files) because a full or corrupted cache can cause problems in TurboTax. You can try these steps if you are using the online v...
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Sometimes you need to clear your cache (that is, remove these temporary files) because a full or corrupted cache can cause problems in TurboTax. You can try these steps if you are using the online version:
Clearing your Cache and Cookies
Using a different browser
Opening an Incognito Window
Please reach out again if your problem persists.
April 7, 2025
4:14 PM
I would like to prepare my elderly parents taxes. They will sign and file, but I want to help them prepare their taxes, then file using Turbo Tax. I have a Turbo Tax account that I've used for year...
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I would like to prepare my elderly parents taxes. They will sign and file, but I want to help them prepare their taxes, then file using Turbo Tax. I have a Turbo Tax account that I've used for years. Can I prepare for my parents online using Turbo Tax?
April 7, 2025
4:13 PM
You should go back and check your entries. You must meet both the ownership test and the use test to get the exclusion. If you answered one question wrong, the program will disqualify you. To revie...
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You should go back and check your entries. You must meet both the ownership test and the use test to get the exclusion. If you answered one question wrong, the program will disqualify you. To review the entries:
Open your return
Go to the Wages & Income section
The Sale of the Home section is under the Less Common Income
Review your entries. There are questions about the time you lived at your home, if you used it for business or as a rental, If you had another sale of a home recently property in the past couple of years, and if you bought your house as a like exchange. All these will affect whether you qualify for the exclusion. See the links and images below for your reference:
How does selling a home affect my taxes?
Topic no. 701, Sale of your home
April 7, 2025
4:12 PM
These may be cities and towns in Ohio that will require you to file local income tax returns. TurboTax supports all CCA and RITA returns.
The municipal income tax applies to Individuals who:
...
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These may be cities and towns in Ohio that will require you to file local income tax returns. TurboTax supports all CCA and RITA returns.
The municipal income tax applies to Individuals who:
Earn taxable income in one or more Ohio municipalities, and
Live in a Ohio municipality.
Individuals owe municipal income tax to the municipality(ies) in which they earn their income, AND may also owe municipal income tax to the municipality where they live.
Individuals may be subject to two municipal taxes:
Workplace – tax where earned by taxpayer, and
Residence – tax where taxpayer resides
See here and here.
April 7, 2025
4:11 PM
You have to access your own account and/or print it for yourself using exactly the same account and user ID that you used when you prepared the return.
https://myturbotax.intuit.com/
...
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You have to access your own account and/or print it for yourself using exactly the same account and user ID that you used when you prepared the return.
https://myturbotax.intuit.com/
Start a 2024 return online and enter some personal information so that the menu on the left opens up and lets you access your past year returns.
https://ttlc.intuit.com/community/prior-year-return/help/how-do-i-access-my-prior-year-return/01/27010
https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/save-2021-turbotax-online-return-pdf/L8dHfRkpT_US_en_US?uid=m5y4ch1y
Many people have multiple TT accounts and forget how to access them. Log out of the account you are in now.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/many-intuit-accounts-turbotax/L9aVfKS1Z_US_en_US?uid=ll5g6zcx
Account Recovery
Or did you use the desktop version of TurboTax? If so, the files are on your own hard drive or any backup device you used like a flash drive.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/find-last-year-tax-data-file-tax-file-computer/L0XJvPaJr_US_en_US?uid=m6gufxei
https://ttlc.intuit.com/turbotax-support/en-us/help-article/data-systems/find-tax-data-file-mac/L4VNGm33S_US_en_US?uid=m6guhab0
You can get a free transcript from the IRS or for a fee of $30, an actual copy of your tax return.
https://www.irs.gov/individuals/get-transcript
https://www.irs.gov/pub/irs-pdf/f4506.pdf
SAVE YOUR TAX RETURNS !
EVERY year before mid-October you should save a copy of your tax return as a pdf and print a copy of it for your records. That way you will not be searching online frantically when you need it for a lender, FAFSA forms, your next tax return, etc.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/save-2021-turbotax-online-return-pdf/L8dHfRkpT_US_en_US?uid=m6guj526
https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/save-2021-turbotax-online-return-pdf/L8dHfRkpT_US_en_US?uid=m78eb8pc
In order to transfer a past year return to the new return you need the tax file
https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/save-turbotax-online-return-tax-data-file/L4xwOG3LF_US_en_US?uid=m6guk3xl
NOTE: TurboTax and the IRS save returns for seven years. Returns older than seven years are purged.
April 7, 2025
4:10 PM
@0_Legolas_0 wrote: Thanks @AmeliesUncle , and @Mike9241 it is not a short-term rental (AirBnB, etc) but a traditional single family rental. I noticed that when I enter it in Sched-E section ...
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@0_Legolas_0 wrote: Thanks @AmeliesUncle , and @Mike9241 it is not a short-term rental (AirBnB, etc) but a traditional single family rental. I noticed that when I enter it in Sched-E section it took it as active participation. That said, I didn't check to see if it took just the depreciation or the total real losses :( Your question is completely different than the original question. If you "Actively Participate" and your income is below certain thresholds, you are allowed to take the loss from passive real estate (up to $25,000). If you don't Actively Participate and/or your income is too high, you are not allowed to take the passive loss and it will carry forward.
April 7, 2025
4:09 PM
You can find last year's Hawaii overpayment on your 2023 Form N-11 Line 42. If you elected to apply some or all of that overpayment to 2024, the overpayment applied will be shown on Line 46.
April 7, 2025
4:09 PM
They don't tell you how much it costs. I want to talk to someone, but that info is hidden from me.
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April 7, 2025
4:09 PM
Were you able to get this figured out? I am in a similar situation and I also cannot get TurboTax to let me file as a resident of two states.
April 7, 2025
4:09 PM
That has to be some sort of state credit, but you have not told us what state you are in. We cannot see your tax return.
April 7, 2025
4:09 PM
Schedule A is incuded in the return when the itemized deduction is more beneficial than the standard deduction. Are you needing to enter your deductions so you can generate a Schedule A?
@rivmo...
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Schedule A is incuded in the return when the itemized deduction is more beneficial than the standard deduction. Are you needing to enter your deductions so you can generate a Schedule A?
@rivmom
April 7, 2025
4:08 PM
It seems that Roth IRA contributions are not tax deductable, so why are they in this category?
Topics:
April 7, 2025
4:08 PM
I have a residential rental home. I live in another property. Can I add home office deduction in Schedule E? If yes, where & how can I add it in Turbo Tax? How do I know that the rental activity ...
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I have a residential rental home. I live in another property. Can I add home office deduction in Schedule E? If yes, where & how can I add it in Turbo Tax? How do I know that the rental activity rises to the level of a 'business' in order to qualify for home office deduction?