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I did that based on previous guidance before I submitted my question.  As I stated in my initial question, Turbotax Desktop is not dividing joint brokerage account Capital Gains/Losses imported from ... See more...
I did that based on previous guidance before I submitted my question.  As I stated in my initial question, Turbotax Desktop is not dividing joint brokerage account Capital Gains/Losses imported from a 1099-B equally between the filers for a Married Filing Separately return; Schedule D is attributing the total Capital Gains/Losses reported to only one person (as if it was a joint return).  Turbotax does not prompt for a Nominee Adjustment for Capital Gains/Losses the way that it does for interest and dividends.  What do I have to do to show the correct 50-50 value for capital gains for the state returns?
If you did not receive any taxable income in 2024 then there is no reason to file a 2024 tax return, with or without a dependent child.
Requesting an extension does not obligate you to wait to file your tax return.  Just file it when you are ready to file.
https://tax.illinois.gov/individuals/filingrequirements.html
real estate losses are subject to the passive activity rules. generally, PAL losses are only deductible against PAL income.  Two exceptions a real estate professional is not subject to these PAL rule... See more...
real estate losses are subject to the passive activity rules. generally, PAL losses are only deductible against PAL income.  Two exceptions a real estate professional is not subject to these PAL rules second if not a REP, then if you actively participate your loss would be deductible but only if your modified adjusted gross income is unner $150.,00 (1/2 this if MFS) see form 8582
you have a deductible loss. The question that we can't answer is whether it's an ordinary loss or capital loss.   Code Sec. 165(a) allows a deduction for losses sustained during the tax year an... See more...
you have a deductible loss. The question that we can't answer is whether it's an ordinary loss or capital loss.   Code Sec. 165(a) allows a deduction for losses sustained during the tax year and not compensated for by insurance or otherwise. A loss deduction is permitted only for a tax year in which the loss is sustained, as evidenced by closed and completed transactions, and as fixed by identifiable events occurring in that year. [Reg. §1.165-1(d)(1).] A loss deduction is typically ordinary in nature, but a loss from the sale or exchange of a capital asset is a capital loss. [Code Sec. 165(f).] Rev. Rul. 93-80, 1993-2 CB 239, provides that a loss incurred on the abandonment or worthlessness of a partnership interest is an ordinary loss if sale or exchange treatment does not apply. If there is an actual or deemed distribution to the partner, or if the transaction is otherwise in substance a sale or exchange, the partner’s loss is capital (except as provided in Code Sec. 751(b)).
I live and go to college in Florida and worked 3 months in Illinois, who has state taxes.  I received a 1099-NEC from the job and made 9,000.  My total income for the year was 10,000, with the other ... See more...
I live and go to college in Florida and worked 3 months in Illinois, who has state taxes.  I received a 1099-NEC from the job and made 9,000.  My total income for the year was 10,000, with the other 1,000, coming from a w2 due to a Florida job I had.   The 1099-NEC I received had the state of FL listed in Box 6 even though I temporary lived and worked in Illinois for 3 months.  The Illinois state tax looks to be 4.5%.   Am I required to pay Illinois state tax if I only made 9000 working in Illinois?
@Jiawei32  So you want to recharacterize $7000 from a Roth IRA (currently at Robinhood) to a traditional IRA (also at Robinhood?)  And Robin can't provide the NIA since since the contribution was m... See more...
@Jiawei32  So you want to recharacterize $7000 from a Roth IRA (currently at Robinhood) to a traditional IRA (also at Robinhood?)  And Robin can't provide the NIA since since the contribution was made when you were at another institution.   It looks like the worksheet would be: Line 1 $7000 Line 2 $15,000 Line 3 $26,000 Line 4 $11,000 Line 5 0.423 Line 6 $2961 Line 7 $9961   This calculation probably overstates the actual earnings attributed to the contribution from 2024, due to the inclusion of the $7000 from 2025, but it is the calculation you are required to use. (The instructions for line 3 say to include any other contributions made while the contribution to be recharcterized was in the account.)   @dmertz  any additional comments?
Unfortunately, no. TurboTax only supports a driver's license or state issued ID. You should have the option to file without it unless your state requires it, assuming you have state income taxes.
It looks like it has something to do with the estimated payments you included on your return. Check what you have entered and make sure it matches what the state has for payments made.
the usual reason for this is a bad routing or account number.  another reason your name is not on the account
If you want to check the debit date you specified, look on the filing instructions for your return.  It will tell you the debit date the IRS or State will deduct the payment.  If you did not print th... See more...
If you want to check the debit date you specified, look on the filing instructions for your return.  It will tell you the debit date the IRS or State will deduct the payment.  If you did not print them out you can view them using the following steps:    TurboTax Online  In TurboTax Online, sign into your account. You should be on your Tax Home page. Scroll down to Your tax returns & documents. Select 2024, and then select Add a State (you're not actually adding a state, this just gets you into the right menu). Once you're in your return, you can navigate around as usual. Click Tax Tools (in the black bar on the left of your screen) and then click select Print Center. Click Print, save or preview this year's return TurboTax CD/Download  Go into Forms Mode by clicking on the Forms icon in the top right of the blue bar.   In the Forms in My Return list on the left, click Filing Inst.  [It's usually toward the bottom of the list.]  The form will appear on the right side of the screen. You can view the form on the screen or you can print a copy by clicking the Print box at the bottom of the screen. To return to the interview, click on the Step-By-Step icon in the top right of the blue bar.
make a payment. However, the IRS may send you a bill for penalties and interest. there are penalties for a bounced check and late payment.   
TurboTax has a special phone number for help with tax letters. Click on the blue button that says "Get help from TurboTax support" after you click here.   Just in case, How to submit documentatio... See more...
TurboTax has a special phone number for help with tax letters. Click on the blue button that says "Get help from TurboTax support" after you click here.   Just in case, How to submit documentation for accuracy guarantee claims.