All Posts

Are you asking about an Amended return?  Did you have a tax due on the original return?  Did you pay it?   You will still get the refund from the first original return or still need to pay the first tax due.  In fact you should not even amend until the first return has fully processed and you get the first refund or your tax due payment has cleared.     Then the amended 1040X return is only for the difference you get back or owe.  I think the cover sheet shows what the original return WOULD have been if you did it right the first time.  Ignore the new 1040 that might print out.   Go by the actual 1040X.  Line 18 should be your original refund amount and line 22 should be your additional refund.  If you paid on your original return it will be on line 16.  If there is an amount owed with the amendment, it will be on line 20.    

@zapyoo wrote: Additional info: This K-1 had income from two different activities - ordinary business income (loss) and Net rental income, so I had to create two K-1s (per TT instructions) This same K-1 had K-3 foreign tax credit info for two countries - IN and MEX.  Per TT instructions I put one country on each of the two K-1s.  This same K-1 had Box 20, Code Z, Section 199A information listing two partners - I put the info for one partner on each of the two K-1s.   I did try editing the numbers.  Last year, one community member was able to resolve the error by deleting the 0.  This did not work for me.     I'm not sure if I can help directly, but I have a few thoughts:   1) Good. 2) No, unless the rental had a credit for one country and the business had a credit for the other country, you may need to add a third K-1 to split it between the two countries.  In connection with #4 (see below), you may also need to split the income as well (for example, have two K-1s with split Box 1 income).   3) The Box 20/199A information should only reflect YOUR share.  I am unsure why it is referring to both partners.  Also, you enter that Box 20/199A information on the K-1 that is pertains to; if it pertains to Box 1, you put it on that K-1.  If it pertains to Box 2, you put it on that K-1.  If it partially applies to both, you need to split it up based on the nota/statement with the K-1. 4) Right above those two pink boxes is a line that says "Gross income sourced at partner level).  I suspect you need to fill that out.  Right now, that screen thinks you have ZERO foreign income but have paid some foreign taxes.  I suspect it is doing that because of the way you split the K-3/foreign income between two K-1s.

In the Online version you have to pay any online fees to see the whole return or to save it to your computer.   If you used the Desktop program before you may notice several differences and not like the online version.  It has less features and no Forms Mode.  You can only do 1 return per account. Although you can use the same email address for 5 separate accounts.  Your return is only saved online so be sure to save both the .tax2025 data file and the pdf file to your computer when you are done.  In case you need to amend in the future or if you need a copy to get a loan or something.  You might not be able to access your online return when you need a copy.

Thank you, I still would like to file because I already paid for filing my return. I would consider rev a hobby as I wasn’t sitting there typing every weekday of every month with a schedule, just did it on and off between a couple months in the year. So if I want to report it, should I go with 1099 misc? And would I be considered self employed for that tax year despite making so few and not treating it as a job. It is called rev freelance transcription though. I’m just confused about what forms I should use at this point. Thank you for your time

@cocob2001 wrote:  I read everywhere that I should still report any money I made no matter how little, so that’s why I feel the need to file a return. If you file, you must report everything, no matter how small the individual pieces are.  But the overall requirement is what I described above, and you are not likely to be "hounded" unless your bank account suddenly starts getting 10s of thousands of dollars with no apparent source.  

In the Windows Desktop version, along the bottom there is a section to .....Change (or amend) for Another Reason...and below that you enter the EDIT selection about Wages & Income....which gets you to the full menu of income items, including 1099-INT forms. _________________________ Of course, it may depend on who much Interest income you had as to whether you will owe any more to the IRS...but entering it will let you know.

It’s coming up now because tax anxiety. Seeing as I never filed anything, I was worried I’d be hounded for it. All my income for each year never went over 12,000, the closest I came was I believe $4-5 thousand something in 2020 or 2021 for my stocks and crypto + savings interest (don’t have my files as im typing this but I did go through my files for returns)  I read everywhere that I should still report any money I made no matter how little, so that’s why I feel the need to file a return.

@cocob2001 wrote: I had some income from bank savings interest, but from Rev all I made that year was 45. Similar in 2020 and 2021, I made some dollars from Rev but also had interest from my savings account and I sold some stocks. Would I need to file schedule c in those instances? I'm curious about why this is coming up now.   Your tax return is a form 1040.  If you are engaged in a business, then your 1040 includes as an attachment, a schedule C.  Schedule C lists business income and expenses, and calculates net profit, which flows to form 1040 where it is combined with any other income.   ---Step 1--- The first question we have to ask is, were you required to file any tax return for any reason in 2019, 2020, etc.  You were required to file if your total taxable income was more than the amount shown below.   2019 $12,200 2020 $12,400 2021 $12,550 2022 $12,950 2023 $13,850 2024 $14,600   Or, you are required to file if your net income (gross income minus expenses) from self-employment was more than $400 in any one year, even if your total income was less than the $12,000+ threshold.   So if your Rev was always less than $400 per year, we can ignore that rule for now.  Then we go back to total income -- was there any year when your total income (selling stocks, bank interest, and Rev) was more than the $12,200+ threshold shown in the chart. Remember that money from the sale of stocks is not all taxable, only the gain.  For example, if you bought the stocks, or someone gave them to you, and paid $10 a share, and you sell for $15 a share, your taxable income is not $15, but $5, the amount of gain.   If your Rev income was always less than $400 and your total income was always less than the chart, then you were never required to file a return, and there is no reason to file one now unless a bank or college wants to see it (and even then, I would double check, because if your income was always too low to file, then why make you file now?)   However, if you file for any reason, then you must list all your income, no matter how small each item is.   ---Step 2--- If you decide to file a return for one or more past years, you must include the Rev income along with everything else (interest, stocks, etc.).  However, Rev might be a business or it might be a hobby.  That depends on how active you are.  The IRS has some guidance here. https://www.irs.gov/newsroom/hobby-or-business-heres-what-to-know-about-that-side-hustle   Since you don't appear to have engaged in the business regularly, with a profit motive, and you did not rely on the income, it would seem to me that you can treat it like a hobby (but you have to make that decision for yourself).  If it is a hobby, it is still taxable as miscellaneous (hobby) income, but you don't include a schedule C and you don't deduct business expenses.

I have been searching for a substitute in vain.  Are we expected to insert all our charity deductions manually line by line into TT2025?  I had 101 entries last year and its deductible saved me a lot of work.  I have a spreadsheet method of logging charity entries that avoids me having to type in charity names (for repeats from previous years) and allows me to track amounts year-to-year, but the final transfer into TT is my biggest problem now.  A direct upload of a spreadsheet would work --- I could easily adapt to another format.  Does anyone know what method they are using for 2025?  

I had some income from bank savings interest, but from Rev all I made that year was 45. Similar in 2020 and 2021, I made some dollars from Rev but also had interest from my savings account and I sold some stocks. Would I need to file schedule c in those instances?

for line 20z just enter the net income or loss. Turbotax doesn't use it in the tax calculations. What it may use the entry for is to later on ask for the various components that go into computing 199A. it may ask even for this info even if nothing is enter for 20Z.      for wages not sure why both SE wages and W-2 wages are presented.  what's the difference and what are SE wages? a w-2 has taxable wages Box 1), soc1al security wages (box 3) medicare wages (box 5) and possible wages on other lines. they can all differ.   you can read this thread about 199A wages. further questions about the info you got need to be addressed to the preparer. we would be guessing https://petersbandura.com/2025/06/02/understanding-qbi-w-2-wages-what-counts-for-the-qualified-business-income-deduction/