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4 weeks ago
Can you clarify better what state carryforward deduction you are referring to?
4 weeks ago
If Vanguard is in the top left area of the form, use Vanguard (brokerage).
If Vanguard is in the top right area of the form, use Vanguard Group - Mutual Fund Account.
4 weeks ago
Yes, use your statement and the separate codes (A) and (J) and enter the amount beside each one even if they are the same number. If they are clearly marked, each with it's own code, enter what has b...
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Yes, use your statement and the separate codes (A) and (J) and enter the amount beside each one even if they are the same number. If they are clearly marked, each with it's own code, enter what has been reported to you.
(A) - Investment Income
(J) - Look-back interest—completed long-term contracts
4 weeks ago
@ThomasM125 @Mike9241 The "issue" here is not the home office. I have reported this home office for about 10 years. It is a valid home office. This year the MTM trader business was added in. It wil...
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@ThomasM125 @Mike9241 The "issue" here is not the home office. I have reported this home office for about 10 years. It is a valid home office. This year the MTM trader business was added in. It will share the same home office. The new MTM trader business has a bigger gain than the expense of the home office, entered in the 4797 Form. The "issue" here is that the TurboTax did not count the gains from the 4797 Form. It only takes the expenses in the business Net Income screen for the MTM trader business. Because of that, the Net Income only shows a negative number of expenses. Because the MTM trader business's Net Income is negative, and also a home office is claimed, TurboTax considers there is a bigger risk of being audited, I think. But the reality is that the MTM trader business is not a loss business. There are some profits. Why does TurboTax handle it like it is a loss business? This is what confuses me. If an MTM trader business should be handled like this. I am fine to file the current result to the IRS. I hope I can get a confirmation that the TurboTax is correct.
4 weeks ago
These instructions no longer seem applicable. It's 3/31 - has something in the programming changed? When I follow these instructions, there is no way for me to JUST pay for my turbotax product withou...
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These instructions no longer seem applicable. It's 3/31 - has something in the programming changed? When I follow these instructions, there is no way for me to JUST pay for my turbotax product without also filing my income tax return. I am assuming something in the programming has changed, especially since I was just on hold for 12 minutes while the attendant looked, mentioned there was new programming upgrades in March, put me back on hold to look some more, and then hung up on me. How can I JUST pay for my turbotax product now?
4 weeks ago
We'd love to help you complete your tax return, but need more information. Can you please clarify your question?
4 weeks ago
If your only taxable income is social security and 1/2 of this amount is above the $25,000 threshold where 50% of your social security being taxed. Do you still benefit from the standard deduction c...
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If your only taxable income is social security and 1/2 of this amount is above the $25,000 threshold where 50% of your social security being taxed. Do you still benefit from the standard deduction coming off of the 1/2 of the social security that you are taxed on?
4 weeks ago
You must indicate that you purchased a new vehicle and your business use must of over 50% to be able to take the section 179 deduction. You should go back through your vehicle entries and make sure y...
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You must indicate that you purchased a new vehicle and your business use must of over 50% to be able to take the section 179 deduction. You should go back through your vehicle entries and make sure you answered those questions accurately.
4 weeks ago
I am having same problem. Did you get a reply?
4 weeks ago
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4 weeks ago
The 1099-R has 0.00 as the taxable amount, boxes in 2b are not checked, and box 7 is coded G. Again, this is pretax dollars from my 401k being converted to a Roth IRA account.
4 weeks ago
Did you get the 4 1040ES payment slips? They are prepayments for NEXT year. They are optional to pay. The 1040ES quarterly estimated tax payments DO NOT get sent to the IRS or state with your return....
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Did you get the 4 1040ES payment slips? They are prepayments for NEXT year. They are optional to pay. The 1040ES quarterly estimated tax payments DO NOT get sent to the IRS or state with your return. So they won't be expecting them. If you are receiving a refund or low tax due and Turbo Tax prepared the vouchers then your tax liability was probably reduced by credits. Turbo Tax is very conservative and doesn't want you to owe too much next year. They might have printed out if you got a one time large income this year. Like if you took a IRA or 401K distribution or had a large capital gain. They are just a suggestion.
4 weeks ago
1 Cheer
That is correct. As a MTM trader expenses go on Schedule C. Your MTM (trading) income/loss goes to Form 4797 and from there to line 4 on schedule 1. You have to decide if the HO deduction is worth...
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That is correct. As a MTM trader expenses go on Schedule C. Your MTM (trading) income/loss goes to Form 4797 and from there to line 4 on schedule 1. You have to decide if the HO deduction is worth the increased risk of audit. Another potential issue is if your schedule C loss, Trading profits and HO deuction routinely result in a net loss. the IRS could deny you the deduction on the basis that the activity was not enter into for profit. Code section 183
4 weeks ago
I made the mistake of fully funding my 2024 and 2025 Roth IRA before calculating my 2024 AGI (I had some interest income that bumped me over the limit). As a result I over contributed to my 2024 Rot...
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I made the mistake of fully funding my 2024 and 2025 Roth IRA before calculating my 2024 AGI (I had some interest income that bumped me over the limit). As a result I over contributed to my 2024 Roth IRA by $2,490. The penalty is $150 (6%) if I do not correct by April 15th. The market has tanked since I put those funds in so I am hesitant to sell funds to withdraw the $2,490. Should I just pay the $150 and then reallocate the $2,490 to my 2026 Roth IRA between Jan 1st and April 15th 2026?
4 weeks ago
In the desktop version
[I'll choose what I work on]
Federal taxes
Deductions and Credits
Your Home
Home Energy Credit
4 weeks ago
Please see this TurboTax tips article for information on 2025 IRS Disaster Relief.
TurboTax programming is based on the tax laws that apply to all taxpayers. Since disaster relief only applies ...
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Please see this TurboTax tips article for information on 2025 IRS Disaster Relief.
TurboTax programming is based on the tax laws that apply to all taxpayers. Since disaster relief only applies to affected individuals, the program itself isn't updated, but you can use TurboTax to request penalty waivers and to claim qualifying casualty losses, where TurboTax asks if you are affected by a Federally declared disaster.
If you are looking for the latest IRS information on Tax Relief in Disaster Situations, please see this IRS webpage for details.
The IRS can waive the underpayment penalty in the event of a natural disaster. If you have been impacted by a federally declared disaster area, please revisit the topic of Underpayment Penalties under Other Tax Situations and answer accordingly based on your situation.
When you get to the question about Penalty Waivers, which includes disaster declarations, answer Yes. Answer Yes to whether you want to request a penalty waiver. TurboTax provides an entry field for an explanation to be included in your tax return as to why you qualify for a waiver of the penalty.
See also this TurboTax Blog article. TurboTax prompts users in different stages of return preparation for information pertaining to disaster relief where it may apply.
If you are in California, see this webpage for more information from the California Franchise Tax Board.
See this webpage for Alabama information.
See this webpage for Georgia news releases.
4 weeks ago
made full payments online when I filed 2024 federal and state returns using turbotax. Do I need to make additional payments? If not, what are the payment vouchers for?
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