All Posts

It depends. If  you received income for services you performed, that were not as an employee, then that is self employment which means you have a business for tax purposes.   If you don't actively pursue work for livelihood and on a regular and consistent basis, then it may be miscellaneous income such as hobby or something else.   You can decide if it is hobby or business income. Once you decide you can use the information below to report the income.    This IRS link will help you: Business or Hobby? Key elements: A hobby requires you to report the income you received and under the current tax law, Tax Cuts and Jobs Act (TCJA), no expenses are allowed to be used to reduce the money collected even if you itemize deductions. A business allows you to deduct the costs necessary to obtain the income.  The law explains that 'you must be engaged in the activity to produce a profit'.  The test under IRS tax law is that you must show a profit three out of every five consecutive years to be considered a business.   Where do I enter Schedule C? Other Miscellaneous Income: If you use this and you entered an income document you may need to delete that document first. Sign into your TurboTax Online account Go to Tax Home (left panel)  Wages and Income  section Scroll to  Less Common Income > Select  Miscellaneous Income, 1099-A, 1099-C Select Other reportable Income > Enter a description (----) and the amount

Sometimes states can take longer to accept returns during busy times, such as around the opening and closing of tax season. As long as your return was transmitted by the deadline, it will be considered timely filed even if it takes a few days for the state to accept.

Hurricanes in FL that have been declared disaster events, you can claim disaster losses, but you cannot claim rental payments.  The loss is the amount that is equal to the devaluation in your property.  Other expenses that are not related to the devaluation of your property are not part of casualty losses for personal property.    If your property is personal-use property or isn't completely destroyed, the amount of your casualty loss is the lesser of: The adjusted basis of your property, or The decrease in fair market value of your property as a result of the casualty

Thanks for the reply.  If I go the route of withdrawing more excess, how do I determine how much extra to withdraw to try to avoid this circular outcome?  The money will have earnings on both my and my spouse's excess contributions, so just trying to understand how this does not continue to increase our taxable income and result in further excess contributions.    Also, if I choose to go the route of recharacterizing this last portion that is showing as excess to a traditional IRA, what do I need to reflect on the 2024 Tax Return, and do I need to do anything for 2025?    Thanks for the help.

It depends. it's possible the software isn't allowing nonpassive income to be entered correctly on Schedule E. If your K-1 has passive activity adjustments in Box 6, 7, or 8, double-check that the software is correctly linking those values to Schedule E.   If you're using TurboTax desktop, , you might need to check the K-1 worksheet section where the income and loss are reported before they flow into Schedule E. Some have had success correcting the issue at the source rather than trying to override the error directly on Schedule E.

If you removed your vehicle from business use you can indicate it was converted to personal use. If not, review your vehicle section again carefully to be sure you didn't indicate it was sold. When you enter the vehicle information in your business be sure you did not select 'Sold, disposed of, etc....' then do not indicate it was sold.  Also, make sure you didn't say 'Yes' it was converted to personal use.

Go back to the same question and say no.  Then sign out of the return and back in so the information will save. If this doesn't work, go to:   Tax tools Tools Delete a form Delete form 8938.  Sign out and then sign back in again. If using the Desktop version, go to the forms mode and then find form 8938. Delete it from here.

When you file, you file using your ITIN number.  Then when you enter the W2 you edit the social security number to reflect the number on your w2 and any other info.  You may end up having to mail in the return.  The IRS allows this.  https://www.irs.gov/individuals/international-taxpayers/individual-taxpayer-identification-number-itin-reminders-for-tax-professionals Tax returns filed with an Individual Taxpayer Identification Number reporting wages paid are required to show the Social Security Number under which the wages were earned.  This creates an identification number (ITIN/SSN) mismatch.  In the past, returns with this mismatch could only be filed on paper.  Due to programming changes the IRS' e-file system can now accept these returns.  The taxpayer's correct ITIN should be used as the identifying number at the top of Form 1040.  When inputting W-2 information, the SSN should be entered exactly as shown on the Form W-2 issued by the employer.  It is now possible to e-file a return with an ITIN/SSN mismatch.