All Posts
November 23, 2025
10:40 AM
@pk Thanks for your insightful comments. (a) was exactly what I thought too — I was just getting nervous about the tax filing and got confused by all the information. Really appreciate your help!
November 23, 2025
10:30 AM
2 Cheers
You're correct, @VolvoGirl., and this is getting more intriguing since @_John__ 's LLC current fiscal year doesn't end until 11/30/2025 (that's next week and that return wouldn't be due until Februar...
See more...
You're correct, @VolvoGirl., and this is getting more intriguing since @_John__ 's LLC current fiscal year doesn't end until 11/30/2025 (that's next week and that return wouldn't be due until February). The 2024 Form 1065 can be used for fiscal years that begin in 2024 and end in 2025, that part is clear. What is NOT clear is why @_John__ is using 2025 TurboTax Business to file a fiscal year 2026 1065 that won't be due until after November 30, 2026 (now thinking a mistake has been made). If @_John__ is preparing a 2025 fiscal year 1065, the wrong product is being used (it should be the 2024 edition of TurboTax Business).
November 23, 2025
10:20 AM
@user17636513862
1. In my personal view, it is the intent ( and of course facts and circumstances ) that need to be taken into consideration. Thus if you spouse left the US in 2024 for whatever...
See more...
@user17636513862
1. In my personal view, it is the intent ( and of course facts and circumstances ) that need to be taken into consideration. Thus if you spouse left the US in 2024 for whatever reason, but fully intending to return to your tax home in the USA, but due to circumstances she changed her mind (/ prevented from coming back ) and stayed out for all of 2025, then submitted request for cancelling the visa ---- you can look at this
(a) she has been NRA for all of 2025 because of zero presence, and decoupled from your J-1. You file MFS and she files nil because NRA with zero US sourced income
OR
(b) she was coupled to your visa for all of 2025 --"temporary absence" and retained the J-2 status till submission of request to cancel J-2 visa -- so you can file MFJ and include her world income.
Does this help ? Since this getting beyond "general interest", please consider PM -- just no PII ( Personally Identifiable Information) .
Namaste ji
pk
November 23, 2025
10:17 AM
Thanks, using Dinkytown now. Had never heard of it, prior. The complication is, I have no wages to report, was laid off and a senior citizen, now. I believe the standard deductions for seniors is ...
See more...
Thanks, using Dinkytown now. Had never heard of it, prior. The complication is, I have no wages to report, was laid off and a senior citizen, now. I believe the standard deductions for seniors is higher -- I read about some bonus deduction 2025-28. In other words, very little tax withholding all year, only withheld from unemployment checks and from dividend streams, and then I have to also figure out the number versus 2024 tax paid. Yes, have used TT for decades now, so I will figure it out now. Thanks for all the wonderful responses!!
November 23, 2025
10:12 AM
Good idea! Thanks for mentioning the black friday sale, will buy it then.
November 23, 2025
9:51 AM
@user5924704 , on rethinking through your situation, it may be simpler if :
(a) you file the form 1040-NR, recognizing the award income
and thereafter,
(b) you file your Japan return normal...
See more...
@user5924704 , on rethinking through your situation, it may be simpler if :
(a) you file the form 1040-NR, recognizing the award income
and thereafter,
(b) you file your Japan return normally, recognize the award income and then seek Foreign Tax credit ( from Japan ) per the tax treaty. While I don't know the mechanism / form to use, the fact that you are a resident and citizen of Japan, would allow you to claim Foreign Tax Credit in Japan. And much easier probably ( also because your local tax professional can help easily ).
Is there more I can do for you ?
November 23, 2025
9:49 AM
3 Cheers
@M-MTax Isn’t there something about using the prior year program to file a return that has a different fiscal year end? So they need to use the 2024 program to file for Nov 30? Or is that only fo...
See more...
@M-MTax Isn’t there something about using the prior year program to file a return that has a different fiscal year end? So they need to use the 2024 program to file for Nov 30? Or is that only for short years or 1041 Trust returns?
November 23, 2025
9:45 AM
@user17637654818 , sorry for being late in responding to your post.
(a) Capital assets ( stocks ) acquired as a Resident for Tax purposes and disposed off as an NRA, will attract US taxes. ...
See more...
@user17637654818 , sorry for being late in responding to your post.
(a) Capital assets ( stocks ) acquired as a Resident for Tax purposes and disposed off as an NRA, will attract US taxes. This is because article 13 of US-India tax treaty as well as the technical explanation thereof ( by the US side ) generally ( and un-usually ) allows each contracting party to apply its own laws solely for such transaction . See here --> India - Tax treaty documents | Internal Revenue Service
(b) 26USC 871(a)(2), generally employs a flat 30% tax on capital gains if the NRA has been present in the US for a total of 183 days during a calendar year. For NRAs that do not meet the 183 days aggregated presence, under the general heading of " Income not connected with United States Business". and again at 30% flat rate. See here --> 26 U.S. Code § 871 - Tax on nonresident alien individuals | U.S. Code | US Law | LII / Legal Information Institute
Thus , and assuming that you do not intend/plan to come back to US, it would be good idea to dispose of your stock/bond holdings etc. before you leave the USA. Fundamentally for NRA, US would tax at the usual graduated rate if the income is connected with a US business -- 26 USC 871 (b).
Hope this helps. Is there more I can do for you ?
Namaste ji
November 23, 2025
9:45 AM
You can try this online calculator: https://www.dinkytown.net/java/1040-tax-calculator.html
November 23, 2025
9:39 AM
Forms for 2023 Here is the 2023 1040 return https://www.irs.gov/pub/irs-prior/f1040--2023.pdf or if you want bigger type use 1040SR for Seniors, https://www.irs.gov/pub/irs-prior/f1040s--2023....
See more...
Forms for 2023 Here is the 2023 1040 return https://www.irs.gov/pub/irs-prior/f1040--2023.pdf or if you want bigger type use 1040SR for Seniors, https://www.irs.gov/pub/irs-prior/f1040s--2023.pdf 2023 1040 Instructions https://www.irs.gov/pub/irs-prior/i1040gi--2023.pdf 2023 EIC and Tax Tables https://www.irs.gov/pub/irs-prior/i1040tt--2023.pdf Schedules 1-3 https://www.irs.gov/pub/irs-prior/f1040s1--2023.pdf https://www.irs.gov/pub/irs-prior/f1040s2--2023.pdf https://www.irs.gov/pub/irs-prior/f1040s3--2023.pdf
November 23, 2025
9:37 AM
@tjhutson If you just have 1 W2 and no other income you may not need to file a return if you are Single. You don't have to file if you only have W2 income under 14,600 (2024 or 13,850 for 2023) b...
See more...
@tjhutson If you just have 1 W2 and no other income you may not need to file a return if you are Single. You don't have to file if you only have W2 income under 14,600 (2024 or 13,850 for 2023) but you can file to get back any withholding taken out in boxes 2 or 17. If you have a simple return and want to file for free, you can print out the blank IRS forms and fill them out by hand. Here are some basic forms….. Here is the IRS 2024 Form 1040 https://www.irs.gov/pub/irs-prior/f1040--2024.pdf or if you want bigger type use 1040SR for Seniors, https://www.irs.gov/pub/irs-prior/f1040s--2024.pdf And 2024 Instructions https://www.irs.gov/pub/irs-prior/i1040gi--2024.pdf Sch 1 : https://www.irs.gov/pub/irs-prior/f1040s1--2024.pdf Sch 2 : https://www.irs.gov/pub/irs-prior/f1040s2--2024.pdf Sch 3 : https://www.irs.gov/pub/irs-prior/f1040s3--2024.pdf Then when you do file 2025 enter 0 for the 2024 AGI since you are filing 2024 late. You have to print and mail prior year returns. When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s. Use a mailing service that will track it, such as UPS or certified mail so you will know the IRS received the return. Don’t forget state.
November 23, 2025
9:32 AM
1 Cheer
a really rough estimate would be 20% the maximum long-term capital gain tax + 3.8% for the net investment income tax and then state taxes if your state has a personal income tax.
if you use...
See more...
a really rough estimate would be 20% the maximum long-term capital gain tax + 3.8% for the net investment income tax and then state taxes if your state has a personal income tax.
if you used desktop for 2024, you could use your estimates for 2025. It's likely that the tax would be higher than what you will actually end up with in 2025
November 23, 2025
9:29 AM
2 Cheers
It could be a little more complicated than that if NIIT comes into play. @AKL1 Dinkytown should suffice for now, but consider going ahead and buying TT as soon as you need it to start doing estim...
See more...
It could be a little more complicated than that if NIIT comes into play. @AKL1 Dinkytown should suffice for now, but consider going ahead and buying TT as soon as you need it to start doing estimates. Sure, it may be $10 cheaper Black Friday or right after Christmas, but I just buy it as soon as it is released and I'm done. (I've given up on waiting for Fidelity, if that's the hesitation).
November 23, 2025
9:23 AM
Is there an estimate of when the IRA Distributions step-by-step will be available? I checked the Forms Availability tool for 1099-R, but it doesn't appear that 1099s are tracked there (maybe because ...
See more...
Is there an estimate of when the IRA Distributions step-by-step will be available? I checked the Forms Availability tool for 1099-R, but it doesn't appear that 1099s are tracked there (maybe because they are not filed). It is the time of year for playing what-if games with Roth conversion amounts, so it would be nice to have (yes, there are other calculators that could be used).
November 23, 2025
9:21 AM
help in estimating 2025 taxes?
Topics:
November 23, 2025
9:17 AM
1 Cheer
@_John__ Perhaps a dumb question, but are you certain you chose your (correct) fiscal year and not a calendar year? I'm not sure but I believe the program defaults to the latter. Also, can y...
See more...
@_John__ Perhaps a dumb question, but are you certain you chose your (correct) fiscal year and not a calendar year? I'm not sure but I believe the program defaults to the latter. Also, can you go into Forms View and look at your Asset Entry Worksheet (or whatever it is called in TT Business)? The recovery period should appear on that form or one similar to it.
November 23, 2025
9:16 AM
@AmeliesUncle, @NCperson, @Opus 17 Thank you all for your responses (and patience). Words really matter. There is a distinction between tax liability and tax owed. TT stated owed but meant liabil...
See more...
@AmeliesUncle, @NCperson, @Opus 17 Thank you all for your responses (and patience). Words really matter. There is a distinction between tax liability and tax owed. TT stated owed but meant liability, correct? Based on your feedback, tax owed means that I owe the govt money because my withholding was less than what my liability was (amount you owe, line 37). In this case, if my liability was $10K and the withholding amount was $9500, I would owe $500, then I still could take advantage of the $2K tax credit and I would get a refund of $1500, correct? Additionally, I would still receive a refund for the tax credit if my liability was $10K and the withholding amount was $10.5K, I would be due $500 refund, but I still could take advantage of the $2K tax credit and I would get a refund of $2.5K, correct?.
November 23, 2025
9:12 AM
@user17639173611 wrote: Can you show the sale of inherited land in TurboTax Deluxe? I am not seeing the 1099-S form? I'm assuming you have the 2025 desktop version of TurboTax Deluxe. Th...
See more...
@user17639173611 wrote: Can you show the sale of inherited land in TurboTax Deluxe? I am not seeing the 1099-S form? I'm assuming you have the 2025 desktop version of TurboTax Deluxe. The transaction would be entered in the Investment Income section using "Other" as the type of investment. However, at this point that section has probably not been completed programmatically.
November 23, 2025
9:07 AM
You two are correct. It isn't fixed. I was misled into thinking it was fixed because the correct amount was shown on the Federal Carryover Worksheet and it was not shown as an override. That's intere...
See more...
You two are correct. It isn't fixed. I was misled into thinking it was fixed because the correct amount was shown on the Federal Carryover Worksheet and it was not shown as an override. That's interesting because you can mark entries on this worksheet as an override, but this one wasn't showing as an override.
November 23, 2025
9:04 AM
1 Cheer
In short, the single-member LLC is disregarded for federal income tax purposes.