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April 1, 2025
7:04 PM
could you include RMD from Sep Ira on 1099R as a business income on 2024 tax return in business section?
April 1, 2025
7:04 PM
so I guess I can enter zero. I do not have any rentals or major capitals, the only thing that I can think of is probably losses from investments such as stocks, which I don’t remember making any sale...
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so I guess I can enter zero. I do not have any rentals or major capitals, the only thing that I can think of is probably losses from investments such as stocks, which I don’t remember making any sales last year.
April 1, 2025
7:03 PM
The special rule for joint owner does not apply to Solar Energy, so I don't have to explain it? In case they do not fix the error before April 15, should I file without Solar Energy, then amend ...
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The special rule for joint owner does not apply to Solar Energy, so I don't have to explain it? In case they do not fix the error before April 15, should I file without Solar Energy, then amend later?
April 1, 2025
7:03 PM
Yes, if your clients qualify for the credit, they should file a return to claim the credit.
Homestead Property Tax Credit
April 1, 2025
7:03 PM
Any chance that your "Simplified AMT Foreign Tax Credit Limitation" is Yes? I do not use this method, but I believe that it means that the AMT versions of the 1116 forms are not needed as they match...
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Any chance that your "Simplified AMT Foreign Tax Credit Limitation" is Yes? I do not use this method, but I believe that it means that the AMT versions of the 1116 forms are not needed as they match the non-AMT versions. Your Simplified AMT settings can be viewed in Forms mode of TT. Open your Form 6251. In Part II, right above Line 8, is a little worksheet called "Simplified Foreign Tax Credit Election Smart Worksheet". Your settings are in it. Since I don't use this method, both of the No boxes are checked on my return.
April 1, 2025
7:03 PM
Hi KeshaH, Thanks for your quick response. I've considered the option you suggested. But the problem is she's not currently in the US- so submitting her original documents (passport) will not be...
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Hi KeshaH, Thanks for your quick response. I've considered the option you suggested. But the problem is she's not currently in the US- so submitting her original documents (passport) will not be possible. Because of this, I decided to file as 'Married filing separately' and put 'NRA' for the ITIN. I was wondering whether I can do the same if I do MFJ. But seems like I cannot.
April 1, 2025
7:03 PM
Please see how do I find my tax data file (.tax file) in Mac for possible locations on your computer where you can look to recover the original tax file.
There is also a possible solution provi...
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Please see how do I find my tax data file (.tax file) in Mac for possible locations on your computer where you can look to recover the original tax file.
There is also a possible solution provided by a customer in this thread that you can try if the first link does not assist. Essentially, look for a file named "unsaved TurboTax document" to locate your .tax file.
@cwrmcd
April 1, 2025
7:03 PM
We own a small business that had income and wife works a job. Why did we not qualify for the SC two wage earner deduction?
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April 1, 2025
7:03 PM
I filed my TY22 tax return as TY23, so I didn't get my refund. I'm wondering what I can do?
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April 1, 2025
7:02 PM
1. There is a separate worksheet for TP and SP, so why can't you separate contributions/distributions between you? When you enter the contributions/distributions in TurboTax, you indicate who made t...
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1. There is a separate worksheet for TP and SP, so why can't you separate contributions/distributions between you? When you enter the contributions/distributions in TurboTax, you indicate who made the contribution or received the distribution reported on the 1099-R.
2. New Jersey allows exclusion of retirement income, with a % based on your income. If you fall into one of the categories as shown on the NJ Dept. of Treasury info, all or part of your pension income is excluded, which may be why it doesn't show as taxable income on your NJ return.
All 1099-R income is considered 'retirement income'. Here's more info on 1099-R for Pensions, Annuities, Retirement.
@DHNJ
April 1, 2025
7:01 PM
@maria-hakonen , foreign taxes paid are reported ( if you wish to claim FTC or deduction ) ONLY as Foreign taxes paid --- not as an adjustment to the gross foreign income ( whether interest, divid...
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@maria-hakonen , foreign taxes paid are reported ( if you wish to claim FTC or deduction ) ONLY as Foreign taxes paid --- not as an adjustment to the gross foreign income ( whether interest, dividend, capital gain or whatever ). The adjustment is for expenses associated with the in come -- e.g. commission, transfer tax , recording fees or similar expenses .
Does this make sense ?
Is there more I can do for you ?
April 1, 2025
7:01 PM
An FSA is not entered anywhere on your Form 1040. Your FSA contributions are reflected on your W-2 (box 1) as less-taxable wages. That's where you get the tax deduction.
There is not a separ...
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An FSA is not entered anywhere on your Form 1040. Your FSA contributions are reflected on your W-2 (box 1) as less-taxable wages. That's where you get the tax deduction.
There is not a separate tax document sent to you for your FSA contributions. These contributions will appear on your annual W-2 as follows: Healthcare FSA contributions will be identified on your W-2 as less-taxable wages in box 1. Dependent care FSA contributions will be identified on your W-2 in box 10.
You cannot claim contributions to a healthcare flexible spending account (FSA) as medical expenses.
The funds taken from your paycheck and deposited into your medical FSA are pre-tax funds. Since it is funded with money that has not been taxed, you cannot take a deduction for the contributions.
You also should not report any medical expenses on your tax return that were paid or reimbursed with funds from the medical FSA.
April 1, 2025
7:01 PM
My daughter works full time so she would still file her own return stating that someone else can claim her. Who claims the 6 mo old child, me or her?
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April 1, 2025
7:00 PM
I recommend you refer to the following for information on how to report your final K-1 for Cedar Fair and how to calculate you basis in your partnership interest:
Pre-Merger Cedar Fair, L.P.
...
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I recommend you refer to the following for information on how to report your final K-1 for Cedar Fair and how to calculate you basis in your partnership interest:
Pre-Merger Cedar Fair, L.P.
FAQs: Cedar Fair / Six Flags Merger
April 1, 2025
6:59 PM
I would like to file taxes on here on intuit turbo tax without being charged, where can I find a free service.
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April 1, 2025
6:58 PM
You'll need to apply for an ITIN or SSN for your wife. Your return will need to be mailed with the ITIN application (W-7). To file jointly with your wife, you'd have to treat her as a US resident whi...
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You'll need to apply for an ITIN or SSN for your wife. Your return will need to be mailed with the ITIN application (W-7). To file jointly with your wife, you'd have to treat her as a US resident which means all of her worldwide would be taxable in the US.
April 1, 2025
6:57 PM
From some posts here, it seems as if there was some such bug several years ago, and others report that it still seemed to be around last year.
April 1, 2025
6:55 PM
I entered my information just like last year: the base 23000 (last year was 22500) and the 7500 extra because I'm over 50. But this year it's claiming this is an excess contribution and wants to rec...
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I entered my information just like last year: the base 23000 (last year was 22500) and the 7500 extra because I'm over 50. But this year it's claiming this is an excess contribution and wants to recognize only 20541 of this amount. How do I see what this is based upon? My K-1 income increased from last year, so that shouldn't be the problem.
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April 1, 2025
6:54 PM
Never mind. Problem solved.
April 1, 2025
6:54 PM
Thanks, but there appears to be no wrong entry, just a wrong total. I tried deleting the 1099-INT that came close to the overage, then putting it back in by hand, but the discrepancy is still the sa...
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Thanks, but there appears to be no wrong entry, just a wrong total. I tried deleting the 1099-INT that came close to the overage, then putting it back in by hand, but the discrepancy is still the same.
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