All Posts

You can remove a "Sale of Business Property" that was added in error. You can delete your entries for sale of business property by going back to that section in TurboTax. You can review your screens and delete any entries.   You can delete your entries for a sale of business property as follows: Click on the search icon in the upper right of your TurboTax screen Type "sale of business property" in the search box Click on the link "Jump to sale of business property" Follow through your screens and delete any entries you made. If a Form 4797, "Sales of Business Property" was created and remains in your return, you can delete that Form using the following instructions.   If you are using TurboTax Desktop: Click on "Forms" in the upper right corner of your TurboTax screen to switch to Forms Mode In your left panel under "Forms in My Return" Scroll down to "Form 4797 Sales of Business Property" Click on the form and it displays in your right panel In the bottom left of the form in your right panel click on "Delete Form" If you are using TurboTax Online: Choose Tax Tools option on the left menu bar in the federal section of TurboTax Choose Tools Under Other Helpful Links choose Delete a form Find the Form 4797 Sales of Business Property and click on the option to delete it   Your screens will look something like this:   Type "sale of business property" in your search bar:     When you switch to Forms Mode in TurboTax Desktop, your screen will look something like this to delete Form 4797:     When you delete a form in TurboTax Online go to "Tax Tools" then "Tools" and select "Delete a Form" then find your Form 4797 in the list and click on "Delete"       Click here for "How do I edit or delete the sale of a business property I've already entered (Form 4797)?"   If you have additional information or questions regarding this, please return to Community and we would be glad to help.

When you enter investment sales or exchanges from Form 1099-B or 1099-S, TurboTax will automatically fill out Form 8949 Sales and Other Dispositions of Capital Assets and transfer the info to Schedule D.

Lines 1, 3, and 14 will be your nondeductible contribution for 2023: $6,500 assuming you didn't have a basis from prior years. Lines 4 to 13 will be blank if you didn't take a distribution or made a conversion.       Note, you can amend your return to create Form 8606 for you. Please see How do I amend my federal tax return for a prior year?   @ambatput 

Earnings are the taxable distribution plus recapture of any previous amounts claimed. NY states you must file a nonresident return if: You are a nonresident with New York source income and your New York adjusted gross income Federal amount column (Form IT-203, line 31) exceeds your New York standard deduction. Your earnings may be less than the standard deduction so you have no taxable income.   I was glad to see  2024 update to NY 529 plan. It is better and page 86 states: B. Penalties and Fees: I understand and agree that if I make a Federal Nonqualified Withdrawal, I may be subject to the Federal Penalty on the earnings portion of that withdrawal and that the Federal Penalty will be payable in addition to, and along with, my federal income tax for the year of the Federal Nonqualified Withdrawal. I understand and agree that if I make a New York Nonqualified Withdrawal, I may be subject to the recapture of any New York State tax benefits that had accrued on contributions to my Account. In addition, I understand and agree that I may be subject to other fees, charges, or penalties in the future, as described in the Disclosure Booklet.    I understand that a full or partial rollover of my Account to a non-New York Qualified Tuition Program or a full or partial rollover of my Account to a Qualified ABLE Program that does not meet the requirements of an ABLE Rollover Distribution would be subject to New York State taxes on earnings as well as the recapture of all previous New York State tax deductions taken for contributions to the Account.

Online is only good for one return per account. But you can use the same email address for 5 accounts. So don't use your account or you will overwrite your return. Sign in or start a new Online account here, https://turbotax.intuit.com/personal-taxes/online The Desktop program can do unlimited returns and efile 5 federal for free. You can buy the Desktop Download program here, https://turbotax.intuit.com/personal-taxes/cd-download  

I reviewed your file and everything was reported correctly. If you didn't report the capital gains for the sale this year, you would have received a refund but almost $80K in capital gains does make a difference.   I checked your foreign tax credit entry and you correctly reported the gross amount of the sale and the foreign taxes paid. You received a foreign tax credit for more that $8K, and you were able to claim all of this credit on your federal tax return.   The difference between your tax owed between the federal and state return is the fact the Foreign Tax Credit does reduce tax liability on the federal return only and not the state.  Just remember, you owe taxes this year primarily because of your condo sale in the Philippines.         

There are different methods that brokers use. Some require you to log into your account (user ID and password) to access your tax documents for import. Others may use a different method like requesting a document ID and account number.   Changing to a different app probably won't help because the method to import tax documents would be the Same