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October 5, 2025
8:19 PM
@ColeenD3 I have $7000 income from my rental this year. I followed the steps in the post here to enter the "unallowed" loss carryover from last year i.e. $5000 in the regular tax carryover field. Upo...
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@ColeenD3 I have $7000 income from my rental this year. I followed the steps in the post here to enter the "unallowed" loss carryover from last year i.e. $5000 in the regular tax carryover field. Upon doing this the "Forms" mode shows that TT has calculated regular tax net income as $2000, but the step by step mode ends up displaying the net rental income as $7000.
October 5, 2025
8:12 PM
@support5 @support2 I have a passive "Unallowed" loss on my form 8582 section VII from last year against my passive rental investment. I see the two screens below on TT for prior year loss car...
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@support5 @support2 I have a passive "Unallowed" loss on my form 8582 section VII from last year against my passive rental investment. I see the two screens below on TT for prior year loss carryovers. Where exactly should I enter the amount of unallowed loss from form 8582 in the screens below? Thank you for your help! Where exactly should I enter the amount of unallowed loss from form 8582 in the above screens? Thank you for your help!
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October 5, 2025
7:43 PM
This Form 1099-R would have code G in box 7 and the taxable amount in box 2a. When asked, answer Yes, this money rolled over to a Roth 401(k) or Roth 403(b) account.
October 5, 2025
7:37 PM
The only definition that I am aware of for a lump-sum distribution is 26 USC § 402(e)(4)(D). Various Private Letter Rulings mentioning lump-sum distributions indicate that this definition applies to...
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The only definition that I am aware of for a lump-sum distribution is 26 USC § 402(e)(4)(D). Various Private Letter Rulings mentioning lump-sum distributions indicate that this definition applies to all of section 402, indicating that it applies equally to both NUA treatment and 10-year averaging. Also, IRS Notice 87-13 in discussing certain portions of the Tax Reform Act of 1986 indicates that that the same definition of a "lump-sum distribution" applies to both. What you quoted is the IRS paraphrasing the statute and as a result of paraphrasing appears to omit essential details present in the statute. The statue defines a lump-sum distribution as the entire balance to the credit of the employee made payable to the recipient due to the qualifying event. After intervening distributions, the remainder of the balance to the credit would not constitute the entire balance to the credit.
October 5, 2025
6:37 PM
Form 4562 does not need to be filed every year that you claim depreciation on your RRE property on your 1040. Only when the RRE property is placed in service during the year. look at the inst...
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Form 4562 does not need to be filed every year that you claim depreciation on your RRE property on your 1040. Only when the RRE property is placed in service during the year. look at the instructions to the 4562.
October 5, 2025
6:07 PM
TT has me paying capital gains tax on capital that I invested into a real estate venture. And I don't believe that I should be paying capital gains tax on capital that I initially invested into the v...
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TT has me paying capital gains tax on capital that I invested into a real estate venture. And I don't believe that I should be paying capital gains tax on capital that I initially invested into the venture. Can someone please let me know how I reflect this in TT so I am not paying capital gains tax on my initial capital investment? Below is information regarding how this happened in TT and a redacted copy of my K-1 for reference to my question. In 2021, I invested $178,733 into a real estate fund. Last year there was a sale of a large portion of the assets. There was current year net income of $366,492 + returning $43,361 of my capital investment for a total 2024 distribution of $409,853 resulting in an ending capital account of $135,372 that is reflected in Part II L of the K-1. I have confirmed with the fund that the aforementioned $43,361 capital distribution is included in Part III 9a. TT is prompting me to enter the amount in Part III 9a, which is resulting in capital gain tax on the $43,361 in capital that was distributed back to me. I'm using TT online premium 2024. Thank you in advance.
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October 5, 2025
5:12 PM
No. Why do you want to delete it? Or do you mean you already filed it a different way?
October 5, 2025
5:06 PM
Flow of information from From 8990 Hello @Mike9241 thanks for your help. Let say my current cost basis of K1 partnership is $10000 Now I got this Excess Business Interest Expense $1000 ...
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Flow of information from From 8990 Hello @Mike9241 thanks for your help. Let say my current cost basis of K1 partnership is $10000 Now I got this Excess Business Interest Expense $1000 Change is Cost basis due to = Purchase price - Cumulative adj to basis + gain subject to recapture for sales data of k1 + Excess Business Interest expense = new cost basis Is my assumption correct? If I mail my tax return along with form 8990, how would IRS know where this $1000 or Excess business interest expense go? All other info has pre defined route, first to forms then to certain schedules then eventually to 1040.
October 5, 2025
4:57 PM
Can I delete a state tax return that was already filed?
October 5, 2025
4:55 PM
thanks @Mike9241 for your help and showing this examples and details. This is complete paragraph from form 8990 IRS instructions. It seems like they are making a distinction of business interest ...
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thanks @Mike9241 for your help and showing this examples and details. This is complete paragraph from form 8990 IRS instructions. It seems like they are making a distinction of business interest income and interest income. Box 5 of K1 is listed as Interest income. Either way amount is zero I think Box 5 = 50 20a = 500 Box 5 - Box 20a = -450 or 0 There is no specific Business interest income box in 20s. Is my assumption correct? Business interest income. Business interest income means the amount of interest income includible in the taxpayer’s gross income for the tax year, which is properly allocable to a trade or business. Business interest income does not include investment income. See C corporation business interest expense and income, later. Interest income that is allocable to an excepted trade or business is not treated as business interest income.
October 5, 2025
4:45 PM
Hi @Mike9241 and others I know this topic has been discussed a lot before. My ET units came ETP which was absorbed into ETE which changed its name to ET in 2018. It was not sale so loss...
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Hi @Mike9241 and others I know this topic has been discussed a lot before. My ET units came ETP which was absorbed into ETE which changed its name to ET in 2018. It was not sale so losses were suspended. Now I have sold ET all shares (I did not sell any share prior to final sale). Q: Can I add suspended losses from ETP into passive losses carryover of ET? If yes how to do it, in interview mode (where there is a page of Enter Info of passive losses or Form Mode? My Prior Carry over suspended losses from ETP are quite large compare to next few years? Not sure if it is allowed? I am using as example of interview mode. I manually added 5000 to year 2018 where it is showing passive losses carry overs by years but it is not changing anything in terms of calculations. So it is too late or too complicated. Other than Filing Amending returns which is also too late for year 2018.
October 5, 2025
4:13 PM
You should have received a 1099R for it. Don't try to import it. It's just as easy to manually enter it. Enter a 1099R under Federal Taxes Wages & Income Then scroll way down to Retirement P...
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You should have received a 1099R for it. Don't try to import it. It's just as easy to manually enter it. Enter a 1099R under Federal Taxes Wages & Income Then scroll way down to Retirement Plans and Social Security Then IRA, 401(k), Pension Plan Withdrawals (1099-R) – Click Start If you are adding another 1099R there might be a Add button at the bottom of the list.
October 5, 2025
4:08 PM
I'm trying to make my Oct 15 extended deadline with a return I just began in Turbotax Premiere Win Desktop 2024. Haven't done hardly anything with it yet except establish taxpayer id and import one s...
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I'm trying to make my Oct 15 extended deadline with a return I just began in Turbotax Premiere Win Desktop 2024. Haven't done hardly anything with it yet except establish taxpayer id and import one set of brokerage 1099s. Yet I see this pop up every time I hit the continue button in the interview. Attempting to troubleshoot, I deleted the brokerage forms and then imported them again. Before deleting them, the top of the Ttax window had me expecting to owe taxes of about $44k. After deleting and importing again, it's telling me to expect a refund of $128. I didn't make any other changes. Please let me know: Whether to trust this software. What to do. btw: My installation tells me it's up to date when trying to update manually. Thanks in advance!
October 5, 2025
4:04 PM
Hello @Mike9241 Thank you for your input and help. I have a general question In partnership K1- sales data there are 2 columns under ADJUSTED FOR BONUS DEPRECIATION Box 10- Culmulative Ad...
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Hello @Mike9241 Thank you for your input and help. I have a general question In partnership K1- sales data there are 2 columns under ADJUSTED FOR BONUS DEPRECIATION Box 10- Culmulative Ad. to Bassi Box 11- Gain Subject to Recaputre as ordinary income Does this information go any where or do I need to check or adjust some numbers within K1 forms?
October 5, 2025
3:04 PM
OMG! I am so confused..Then, I need help to fill out asap my tax return. How can I get it before October 15?
October 5, 2025
3:02 PM
I just purchased home and business edition from Intuit turbotax, don't know how i got 2022 instead of 2024. Now i have to figure out how to get a refund and repurchase the correct one. sheesh.
October 5, 2025
2:57 PM
See this TurboTax support FAQ for how to install TurboTax on your computer with a license code - https://ttlc.intuit.com/turbotax-support/en-us/help-article/license-information/install-turbotax-cd-do...
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See this TurboTax support FAQ for how to install TurboTax on your computer with a license code - https://ttlc.intuit.com/turbotax-support/en-us/help-article/license-information/install-turbotax-cd-download-software-license-code/L1wFOSXur_US_en_US?uid=mge8pnub
See this TurboTax support FAQ for finding license code - https://ttlc.intuit.com/turbotax-support/en-us/help-article/product-system-requirements/find-license-code/L4GHDgGpr_US_en_US?uid=mge8rn5m
October 5, 2025
2:52 PM
Did a 1 time conversion from Traditional 401 to Roth 401 in the same retirement company. How do you file this in TurboTax?
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October 5, 2025
2:52 PM
@VolvoGirl thank you for your rapid response and info. I bought it from Amazon, the seller just says - Sold By: Amazon.com Services LLC - so I'm guessing it is legit. Also, it was fine the whole time...
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@VolvoGirl thank you for your rapid response and info. I bought it from Amazon, the seller just says - Sold By: Amazon.com Services LLC - so I'm guessing it is legit. Also, it was fine the whole time I was working on it in April to do my extension, and now, when I got back to it. The trouble started after I did the update. It said it would take five minutes but it took 40. Thanks for answering!
October 5, 2025
2:50 PM
@LiveCrawfishSeafood wrote: Looks like you're right. The website URL and email has turned into a different business :( I didn't understand your post. Can you elaborate?