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i have seen two schools of thought on entering grantor trust info. 1) through a trust k-1 but you have no EIN and Turbotax won't allow this.  entering a dummy ein would result in it appearing on schedule E page 2 with no amount unless there are business items reported    the other option is to pretend you got a 1099 for each line item. use of a dummy EIN (may be needed depending on the version of Turbotax you're using) but it doesn't show up in the return.     the accounting firms I worked for always used option 2 even when there was an EIN.   

Thanks @Mike9241    There is list of form numbers on Form 8453.   Q: Is Form 8453 is only to be used for these listed form numbers or can it be used for other forms/info which you can not e-file.   For example can you e-file your tax return but mail form 8990 along with Form 8453?

ugggg.     Not what I wanted to hear, but I really appreciate your time and thoughtful responses.   Seems if the trust had liquated the assets, and then distributed to me, the trust would have paid the tax, but a much smaller amount than I am being made to pay.

If I file form 2210 asking for abatement of penalty, how does this work.   Would IRS send you a letter either approving or disapproving it   certainly if disapproves because you'll be getting a bill or smaller refund. not sure what it does if approved. you'll know because you should get your full refund unless there are other issues but then you would also get a letter or notice    or either you get refund check or no news? How long does it takes to get refund for under payment penalty?   no waiver requested - on average the irs says 21 days but it can be more or less. for waiver that would need to be reviewed by an agent/supervisor for approval. so how long that might take is unknown 

Sorry Turbo Tax Online only saves the last one done.  You were suppose to save a pdf of the original return before you amended.     You can delete the amended 1040X return.  After you delete it then you need to manually take out the changes you made to put your return back to the original return.   How to delete a form in the Online version https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-forms/view-delete-forms-turbotax-online/L7SZhwCHv_US_en_US

@Mike9241    Thanks for you input.   Yes I did used Separate K1 last year for ET as it has 3 entities and 2 of these entities have Net Rental real estate income (Box 2 of K1) as well. So there are 5 K1s.   Cost Basis Formula: My understanding is    Purchase price (Box 4)  -  Cumulative Adjustment to basis (Box 5) + Gain Subject to Recapture as ordinary Income = Cost basis now to report on 8949/Sch D.    Is my assumption correct?   AMT Cost basis: Lets say Box 8 (AMT cost gain/loss adjustment) is -100.  It will decrease cost basis or ordinary gain part by this amount for AMT cost basis box on K1?   Adjustment for Bonus Depreciation Box 10 and Box 11 on K1 sale section . I did not see where would I enter this information? or TT will ask me if this information is needed,     In Turbo Tax, K1 interview  section of Enter Sale Information.   Which boxes should I enter 0 vs leave them blank ? Selling Expense Partnership Basis 1250 Gain

I don't think it's definite whether TaxAct or H&RB will actually support W10 for 2025 taxes either.   You probably have to wait until December or January to know for sure what those companies will require......so plenty of time to  decide what to do.   Of course, if those companies see what is happening at TTX they may decide to keep W10 in order to scrape up the unhappy TTX folks. _________________ I'm just hoping TTX doesn't decide to totally eliminate Desktop in a future year since it's such a small and declining part of their tax prep business.  

it depends on what version of Turbotax you are using. I don't know what's available in the online versions. in desktop you can go into forms mode and enter all type A transactions with no adjustments (short term - sales price and tax basis reported to IRS) as a single number on form 1099-B worksheet in the section labeled Form 8949 reporting exception transactions. No details need be sent to the IRS. the same is true of type D ******************** for type a and d with adjustments and all other types, the details must be furnished to the IRS by entering each separately on form 8949 or entering totals (using code M) and using form 8453 (Turboxtax supports this and entering code M should generate this form with the box for Form 8949 checked). submit it with detail to the IRS through the mail *********************** 8453 instructions If you are filing your tax return using an online provider, mail Form 8453 to the IRS within 3 business days after you have received acknowledgement from your intermediate service provider (ISP) and/or transmitter that the IRS has accepted your electronically filed tax return. If you don’t receive an acknowledgement, you must contact your intermediate service provider and/or transmitter. Mail Form 8453 to: Internal Revenue Service Attn: Shipping and Receiving, 0254 Receipt and Control Branch Austin, TX 73344-0254

ET is a tiered PTP and the IRS has not clarified whether the income from one tier can offset the loss from another tier from the instructions  The passive activity loss limitations provide that individuals and some other types of investors that do not meet certain business participation thresholds may only deduct losses from these activities to the extent of the taxpayer's income from such activities. One of the unique tax issues related to investments in PTPs provides that the passive activity loss limitations are generally applied separately with respect to each PTP that is owned by the taxpayer. However, the application of the passive loss limitations to tiered PTPs is not entirely clear, so you should consult your personal tax advisor as to whether you are subject to the passive loss limitations, and if so, how the information presented below should be reported on your federal and state income tax returns.  As to your situation, the easiest thing is to report everything on one k-1 because you disposed of all your units all the passive losses from the various tiers are allowed. Be sure to use the supplemental sales schedule when reporting capital gain/ loss because that's the only way to know your proper tax basis (the broker does not) which is done through the 1099-B/Schedule D not the k-1 whereas the ordinary income recapture is reported through the k-1 and not on Schedule D  sales price on k-1 is this ordinary income. your basis in it is zero.  this ordinary income increases your tax basis (see sales schedule) for capital gain/loss purposes    if you had this last year and used multiple k-1's to report each tier. respond back if you need help in how to handle this in Turbotax

Yep, my 2024 TT just started doing it after the last update. My federal 1040 form-line 35a is a low double digit amount but the cover page shows last years amount-triple digit amount why?  FYI the Sate amount is correct and exactly the same amount.

No one else has access to your information or to your tax return.     DID YOU E-FILE?   Did you e-file?   Did you go through all three steps of the FILE section and click a big orange button that said “Transmit my returns now?”     When you e-file your return you will get two emails from TurboTax.  The first one will say your return has been transmitted; the second one will tell you the IRS has accepted  or rejected your federal e-file.  If you filed a state return, there will be a third email (usually a day or two later) that tells you if the state e-file was accepted or rejected.   Check your e-file status:   https://turbotax.intuit.com/tax-tools/efile-status-lookup/    What does it say in your account?  Does it show that the return was accepted?   Or does it say something else---like "rejected," "printed," or "ready to mail?”  

"Does not support Windows 10" is very different than "will not run on Windows 10".   Most likely, it will run and be fine.  But if there are any technical problems that would usually require contacting TurboTax Customer Support for non-tax technical support, TurboTax won't "support" it (they won't help with the non-tax technical support because it is running on Windows 10).   Personally, I would avoid the online version.   However, another thing to consider is if you really want to have your tax returns on a computer with Windows 10, regardless of what tax program that you use.  Windows 10 will no longer be getting security updates from Microsoft (except for certain circumstances, such as paying a fee).  Do you really want to have your highly personal information (such as tax returns) on a computer that doesn't get security updates anymore?

ALL of your W-2’s must be entered on the SAME tax return.     Go to Federal>Wages & Income to enter a W-2. After you enter the first one, you click Add Another W-2.     W-2's come from your employer, and they have until January 31 to issue it.  Some employers allow you to import the W-2 through the software, but for security reasons you still need information from the actual W-2 to import it. Some employers have payroll sites that will have your W-2. You might need to phone, text, drop in, email and/or snail mail an old employer to make sure they know where to send your W-2.   https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-forms/get-copy-w-2/L8FTim9MO_US_en_US?uid=m68ee4os   https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/import-enter-w-2/L55HzdeDr_US_en_US?uid=m68efe36   And….SAVE YOUR OWN W-2!  TURBOTAX DOES NOT SAVE IT FOR YOU.  TurboTax will not have a copy of it in your account and will not have an image even if you snapped a photo or imported it.  It is up to you to save it for your own records as stated on the back of the W-2.