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4 weeks ago
You must indicate that you purchased a new vehicle and your business use must of over 50% to be able to take the section 179 deduction. You should go back through your vehicle entries and make sure y...
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You must indicate that you purchased a new vehicle and your business use must of over 50% to be able to take the section 179 deduction. You should go back through your vehicle entries and make sure you answered those questions accurately.
4 weeks ago
I am having same problem. Did you get a reply?
4 weeks ago
Topics:
4 weeks ago
The 1099-R has 0.00 as the taxable amount, boxes in 2b are not checked, and box 7 is coded G. Again, this is pretax dollars from my 401k being converted to a Roth IRA account.
4 weeks ago
Did you get the 4 1040ES payment slips? They are prepayments for NEXT year. They are optional to pay. The 1040ES quarterly estimated tax payments DO NOT get sent to the IRS or state with your return....
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Did you get the 4 1040ES payment slips? They are prepayments for NEXT year. They are optional to pay. The 1040ES quarterly estimated tax payments DO NOT get sent to the IRS or state with your return. So they won't be expecting them. If you are receiving a refund or low tax due and Turbo Tax prepared the vouchers then your tax liability was probably reduced by credits. Turbo Tax is very conservative and doesn't want you to owe too much next year. They might have printed out if you got a one time large income this year. Like if you took a IRA or 401K distribution or had a large capital gain. They are just a suggestion.
4 weeks ago
1 Cheer
That is correct. As a MTM trader expenses go on Schedule C. Your MTM (trading) income/loss goes to Form 4797 and from there to line 4 on schedule 1. You have to decide if the HO deduction is worth...
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That is correct. As a MTM trader expenses go on Schedule C. Your MTM (trading) income/loss goes to Form 4797 and from there to line 4 on schedule 1. You have to decide if the HO deduction is worth the increased risk of audit. Another potential issue is if your schedule C loss, Trading profits and HO deuction routinely result in a net loss. the IRS could deny you the deduction on the basis that the activity was not enter into for profit. Code section 183
4 weeks ago
I made the mistake of fully funding my 2024 and 2025 Roth IRA before calculating my 2024 AGI (I had some interest income that bumped me over the limit). As a result I over contributed to my 2024 Rot...
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I made the mistake of fully funding my 2024 and 2025 Roth IRA before calculating my 2024 AGI (I had some interest income that bumped me over the limit). As a result I over contributed to my 2024 Roth IRA by $2,490. The penalty is $150 (6%) if I do not correct by April 15th. The market has tanked since I put those funds in so I am hesitant to sell funds to withdraw the $2,490. Should I just pay the $150 and then reallocate the $2,490 to my 2026 Roth IRA between Jan 1st and April 15th 2026?
4 weeks ago
In the desktop version
[I'll choose what I work on]
Federal taxes
Deductions and Credits
Your Home
Home Energy Credit
4 weeks ago
Please see this TurboTax tips article for information on 2025 IRS Disaster Relief.
TurboTax programming is based on the tax laws that apply to all taxpayers. Since disaster relief only applies ...
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Please see this TurboTax tips article for information on 2025 IRS Disaster Relief.
TurboTax programming is based on the tax laws that apply to all taxpayers. Since disaster relief only applies to affected individuals, the program itself isn't updated, but you can use TurboTax to request penalty waivers and to claim qualifying casualty losses, where TurboTax asks if you are affected by a Federally declared disaster.
If you are looking for the latest IRS information on Tax Relief in Disaster Situations, please see this IRS webpage for details.
The IRS can waive the underpayment penalty in the event of a natural disaster. If you have been impacted by a federally declared disaster area, please revisit the topic of Underpayment Penalties under Other Tax Situations and answer accordingly based on your situation.
When you get to the question about Penalty Waivers, which includes disaster declarations, answer Yes. Answer Yes to whether you want to request a penalty waiver. TurboTax provides an entry field for an explanation to be included in your tax return as to why you qualify for a waiver of the penalty.
See also this TurboTax Blog article. TurboTax prompts users in different stages of return preparation for information pertaining to disaster relief where it may apply.
If you are in California, see this webpage for more information from the California Franchise Tax Board.
See this webpage for Alabama information.
See this webpage for Georgia news releases.
4 weeks ago
made full payments online when I filed 2024 federal and state returns using turbotax. Do I need to make additional payments? If not, what are the payment vouchers for?
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4 weeks ago
You can claim your foreign tax credit on form 1116.
Please read this TurboTax article for more information.
4 weeks ago
Is the investment a publicly traded partnership? The loss from a publicly traded partnership can only be offset against a gain from that same partnership.
@mathew2
4 weeks ago
Did you go through all the steps to see if you are able to e-file. The IRS accepts some of these e-filed while it doesn't others. If you did not, then all you need to do is ignore the warnings ...
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Did you go through all the steps to see if you are able to e-file. The IRS accepts some of these e-filed while it doesn't others. If you did not, then all you need to do is ignore the warnings that you cannot e-file and continue the entire way through then hit transmit my return. If it does not transmit or if it is rejected, then you simply go back and hit print my return.
4 weeks ago
Are you sure you are in the same account you filed your original return?
If you want to make changes or add a document to a tax return that has already been filed and accepted by the taxing age...
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Are you sure you are in the same account you filed your original return?
If you want to make changes or add a document to a tax return that has already been filed and accepted by the taxing agency, you should follow these guidelines.
You must first wait until the initial return is completely processed.
You will have to use the same TurboTax account that you used for the original tax return.
Once you begin your amendment, you'll see your original return.
The refund calculator will start new at $0 and only reflect the changes in the refund or tax due
Only make changes to the areas of your return that need to be corrected.
You have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment
Select your product below and follow the instructions.
Amend TurboTax Online
Amend TurboTax CD/Download
4 weeks ago
Topics:
4 weeks ago
See the eligibility requirements
https://turbotax.intuit.com/tax-tips/college-and-education/what-is-the-american-opportunity-tax-credit/L1Mzj4ybX#:~:text=160%2C000%20and%20%24180%2C000.-,Eligi...
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See the eligibility requirements
https://turbotax.intuit.com/tax-tips/college-and-education/what-is-the-american-opportunity-tax-credit/L1Mzj4ybX#:~:text=160%2C000%20and%20%24180%2C000.-,Eligibility%20requirements,-A%20student%20eligible
Also, are you being claimed on your parents tax return? If you are being claimed as a dependent on your parents return, you will not be able to get the credit on your own. Your parents might be eligible for the credit, if that is the case.
4 weeks ago
It depends. Any social security income that becomes part of your taxable income will be at the same rate as your tax bracket. You can use the link below to see what the tax rate is for your 'taxable ...
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It depends. Any social security income that becomes part of your taxable income will be at the same rate as your tax bracket. You can use the link below to see what the tax rate is for your 'taxable income' (Form 1040, Line 15).
2024-2025 Tax Brackets and Tax Rates
The maximum amount of social security benefits that can be added to your tax return is 85% of your total benefits.
if half of your social security, combined with your other taxable income is below the following base amounts, then none of your social security would count as taxable income.
The base amount for your filing status is:
$25,000 if you're single, head of household, or qualifying surviving spouse,
$25,000 if you're married filing separately and lived apart from your spouse for the entire year,
$32,000 if you're married filing jointly,
$0 if you're married filing separately and lived with your spouse at any time during the tax year.
Social Security Income FAQs
4 weeks ago
In general, you can report business losses no more than three out of five years or you may have to convert your business to a hobby. You will not be able to deduct business expenses.
The IRS al...
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In general, you can report business losses no more than three out of five years or you may have to convert your business to a hobby. You will not be able to deduct business expenses.
The IRS allows you to claim business losses for three out of five tax years. Afterward, it may classify your business as a hobby, making it ineligible for tax deductions.
There is no actual limit on the number of years your business can claim a loss. All facts and circumstances would be considered by the IRS before disallowing your business losses and converting your business to a hobby. T
You can click on the link for additional information: IRS Hobby or Business?
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