All Posts

Thank you very much.   I was going to ask you how to find the K1 worksheet, but in the TT interview for the K1, "Describe the Partnership" I finally noticed where it asks if you have "passive activity losses carried over from last year".   If that is checked a "Report Carryovers" form allows me to enter passive loss carryovers...  So, I should be good.   Regarding the remaining basis.  I do not find that reported on the K1.  is that the same as the "ending capital account" or more complicated?  I see there is Pub 541 and 925 referred to.   Thanks again

@Mike9241    Thank you so much for your explanation. TT doesn't auto-populate this simple calculation which causes a lot of confusion and anxiety. I've used TT for the past 15 years and never had to deal with this box until 2024 tax year (never qualified for any year).

How did you download the K-1?  It’s needs to be a .txt file.   See if these old notes.   To import from Taxpackage see this post..... https://ttlc.intuit.com/community/taxes/discussion/can-you-download-taxpackage-com-turbotax-k-files-in-the-online-version/00/2779625   How to import  a schedule K-1 You can only import a K-1 to the Windows Desktop CD/Download Software, not to Online version and if you can get a .txf file for it and in the right format.   Apparently you can only import K-1s for MLPs and not Trusts or Estates.   You can not import a K-1 from Turbo Tax Business Program.   How to import a .txf file into the Windows Desktop program https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/import-txf-file/L47YK56cd_US_en_US

Are you sure?   You said you have the Home & Business version.   Home & Business is only a Desktop program you install.   Online refers to logging into the web browser version and doing your return online.  There is no Home & Business version in the Online versions.

I have what appears to be the same problem; however, I get a Hmm... we hit a snag window first. I don't think it even looks at the account profile's credit cards, as it does not ask which one I want to use.  

@samartur , Namaste ji. The point I was trying to make is that  for US purposes, the  " saving clause" ( i.e. ignoring the articles of the tax treaty in favor of existing/in-force US tax laws) and/or asserting the  tax treaty article 19  both achieve the same thing for the US -- tax the pension as US sourced income.  The TE from the US side also suggests the same interpretation.   The issue here is  whether India interprets the  article 19  to include  US State and local pension as "public sourced" , considering that US States in general are not party to a tax agreement  and do not recognize the treaties between US-Fed and a foreign country.  Thus US states do not provide Foreign Tax Credit ( except for states like MI and NY that have individual  tax agreements with Canada). I do not have access to India's version of Technical explanation nor any case law in Indian courts.  Therefore , my concern and suggestion to be prepared  for amending the US return under double taxation clause.   I hope this has clarified the situation. Namaste ji pk

@Mike9241  Thank you for your answers. If I have to buy a new computer, do you have suggestions about a good PC model for our TurboTax App? For example, a compact model.   Theoretically I still have more than 1GB RAM left. If it takes around 1/2 GB running in your computer, why can’t I only install the App?

On the question of if "Saving Class" could circumvent the Article 19 content : Article 1 (general scope), paragraph 4(b) seems to hint that it may not have the reach to alter it. Please let me know if my understanding is correct.

The first  answer was for the Online version.  You have the Desktop program.  Switch to Forms Mode (click Forms in the upper right) and  open the form, you can delete it at the bottom.  Or is that  what you tried to do?

I do not have Tax Tools et al in my version of 2024 TurboTax Home & Business.  I started Form 3468 in error, but deleted all the info.  Now the form shows up as incomplete and mandates I complete the form to fix the errors.  Under Forms in my toolbar, "remove form" is blurred.  Is there another way to delete this form?

By the way, we are still at the stage of convincing our CA here that a case can be made on the pension issue based on Article 19 or US - India tax treaty. He is taking time to digest it all. This years tax filing was done in the month of Sept 18th (India had extended the tax deadline this year from traditional July 31st to Sept 18th). I discovered this public pension DTAA possibility the day we filed the returns (regrettably, it should have come from him). That is why an amendment claiming a refund is all we can do right now.