All Posts

Thanks!   Yes, the TurboTax fees were paid.  But I owed the IRS and submitted the payment but the return was rejected.  I used a credit card and it did hit my account.  I corrected the return and it was accepted.  So will the IRS receive their payment or do I have to pay again and then ask them to reimburse for the first payment?

If you did not make quarterly estimated tax payments, then that question will not apply to you.     When you make estimated payments throughout the year to cover the tax bill when your taxes are filed, these payments are made every quarter.  The final quarterly payment is generally due January 15th of the following year.     So 2023 estimated tax paid in 2024 would refer to the final 2023 estimated payment that was due by January 15, 2024.  The credit for that payment going toward income taxes would have been taken into account on the 2023 return.  But, if the payment was actually made during 2024, it can be considered a tax deduction on the 2024 tax return.  

In TurboTax Online, you may be able to Switch Products or Clear Data and Start Over.   Switch Products may be found in the lower left hand corner of the screen if it is available. Down the left side of the screen, click Tax Tools. Down the left side of the screen, click Tools. Select Clear and start over in the center of the screen. See this TurboTax Help.   As long as you have not   submitted payment,  deducted the TurboTax fee from your refund, or  registered your product,  you may erase your return and start from scratch in TurboTax Online. If you have done any of these things, you will need to manually edit your return.   To erase your return and start over in TurboTax Online:   Sign in to TurboTax and open or continue your return, if you haven’t already. Select Tax Tools from the left menu, then Clear & Start Over. Answer Yes to confirm.

1. No, "This is not what I paid"  is only used when Box 1 needs to be adjusted. This might be when the student pays in December but the school doesn't post the payment until January of the next year or vice-versa.  That adjustment would not be used by you.    You will enter Form 1098-T and the difference between Box 5 and Box 1 will be taxable income if Box 5 (Scholarships) is larger than Box 1 (Tuition paid).    

The IP Pin will change each and every year. This is an Identity Protection Pin.      You can get an Identity Protection pin here, or if you lost your IP PIN, you can go here to Retrieve IP PIN.    Here are two ways to navigate to the section to enter the 6 digit IP PIN:     Log in and open your return ("Take me to my return")  Once the return is open, then go to the Federal Taxes tab.  Subtab Other Tax Situations  Scroll down to Other Return Info.  Choose Identity Protection PIN and Start (or Revisit.)  Next screen asks:  "Did you or any of your dependents get an IP PIN from the IRS for this year's taxes?"  Or another way:  Open your return if not already open.  ("Take me to my return.")  Once the return is open, click at the top on MY ACCOUNT, then choose TOOLS.  In the Tools window choose TOPIC SEARCH.  Enter IP PIN without quotes.  In the selection list highlight IP PIN and click GO.  Next screen asks:  "Did you or any of your dependents get an IP PIN from the IRS for this year's taxes?" 

Has your tax return been accepted.   Once you submit your return in TurboTax Online, you'll see its status on the Tax Home screen of your account.    You can check the status of your tax return.  You will need: Social Security Number. Tax return year. Hilling Status. Exact refund amount Please click here to enter your information  Check Your Refund . If you wish to contact the IRS, you can call toll-free at 800-829-1040    You can also Check your State Refund.    

The IRS uses your prior year AGI to combat fraud.  It does not have anything to do with your current year tax calculations.   You can find your 2023 Adjusted Gross Income (AGI) by: Looking at line 11 on page 1 of your 2023 Form 1040 Requesting a transcript of your 2023 tax return from the IRS. You can request your transcript online at the following link: Get Transcript    Please click on this TurboTax article for more information.    Check these items as well to ensure you have the correct number.  If you:  Filed late last year after mid-November or your return was processed after that time—try entering 0.  Amended your return last year—make sure you’re using the AGI from your original return, not the amended one. (If you only have a 1040X form, it’s on line 1, column A).  Rounded your AGI to the nearest dollar—be sure to round up when it’s 50 cents or more and down when it’s 49 cents or less.  Filed with your spouse last year—you and your spouse have the same 2023 AGI. (Don’t split the AGI amount or enter  0  for one of you).    Time-saving Tip: If what you entered is correct and you continue to get a reject, you won't be able to e-file. There's probably a data mismatch at the government, or some other situation beyond your control that prevents your return from being e-filed. In this case, your only option would be to print and mail in your return.    This article will give you instruction on how to print and mail your return. 

Here is what the IRS considers bartering, "Bartering is the exchange of goods or services. A barter exchange is an organization whose members contract with each other (or with the barter exchange) to exchange property or services. The term "barter exchange" doesn't include arrangements that provide solely for the informal exchange of similar services on a noncommercial basis (for example, a babysitting cooperative run by neighborhood parents). In bartering, usually there's no exchange of cash. An example of bartering is a plumber exchanging plumbing services for the dental services of a dentist."   So in your example if you provided a service for the baked goods that would be considered bartering.  If you provided the meals with no expectation of services then it would not be considered barter.     @fellynbal 

Are you referring to the Exceptions to the Additional 10% Tax Penalty on Early Pension Distributions?  If so, see how the IRS defines an eligible emergency expense.   IRS Instructions for Form 5329, page 4, states:   Code 23   Distributions for eligible emergency expense distributions   A distribution from an applicable eligible retirement plan for the purposes of meeting the unforeseeable or immediate financial needs relating to necessary personal or family emergency expenses. See Notice 2024-55, available here for more information.

El formulario 1120 si está disponible para ser enviado electrónicamente pero el formulario 5472 no está disponible.  Para ver las formas que están disponibles visite:   Tabla de disponibilidad de formularios del IRS para TurboTax Business