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April 15, 2025
6:25 PM
I thought turbo tax was free
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April 15, 2025
6:25 PM
No, you cannot wait and put 2024 income on a 2025 tax return next year. You will need to wait for the return to be fully processed and then amend to add the 1099.
Wait until your origina...
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No, you cannot wait and put 2024 income on a 2025 tax return next year. You will need to wait for the return to be fully processed and then amend to add the 1099.
Wait until your original return has been fully processed before you amend, and make sure you have saved a pdf of the original return before you amend. (If you do not save it as a pdf, the amended return will overwrite the original, and the original will be lost forever)
See this TurboTax support FAQ for amending a tax return -
CURRENT YEAR
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-federal-tax-return-current-year/L7eS6o1qh_US_en_US?uid=lfunevhk
April 15, 2025
6:25 PM
You cannot add depreciation expense. You after to enter an asset and the program will calculate depreciation and populate the depreciation line with the calculated amount. If you haven't already yo...
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You cannot add depreciation expense. You after to enter an asset and the program will calculate depreciation and populate the depreciation line with the calculated amount. If you haven't already you need to set up your rental property as an asset. Go back to "Rental Properties and Royalties (Sch E)" in Wages & Income and "Review" it. As you go through the interview you will be prompted to set up your rental property as an asset. This is essential for a rental property.
April 15, 2025
6:25 PM
Why am I receiving an underpayment penalty? We do not estimate our taxes
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April 15, 2025
6:25 PM
how do i file for an extension
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April 15, 2025
6:24 PM
Yes.You'll need to remove your exemption so the e-file server doesn't reject your return again. Removing your exemption will increase your taxes.
Go to the Personal profile screen, and select Ed...
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Yes.You'll need to remove your exemption so the e-file server doesn't reject your return again. Removing your exemption will increase your taxes.
Go to the Personal profile screen, and select Edit under your name.
Continue to Let's check for some other situations and select Another taxpayer can claim me as a dependent on their tax return and Yes to Will this person claim you on their 2024 tax return?
Select Continue. Continue through your return and file it without your exemption.
How do I fix e-file reject F1040-516?
April 15, 2025
6:24 PM
Sometimes you have to go into the state portion of the turbo tax. Then look for extension to file.
April 15, 2025
6:23 PM
Yes, TurboTax supports Form 2120, the Multiple Support Declaration. This form is used when multiple people contribute to the support of a dependent, but no single person provides more than half of th...
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Yes, TurboTax supports Form 2120, the Multiple Support Declaration. This form is used when multiple people contribute to the support of a dependent, but no single person provides more than half of the support. Here's how you can enter Form 2120 in TurboTax:
TurboTax Online:
Log in to your TurboTax account.
For TurboTax Online, go to the Personal profile screen.
For TurboTax Desktop, open or continue your return and select Personal Info.
Select Add another dependent/Edit
Go through the dependent questions
When prompted about support, indicate that multiple people contributed to the support.
TurboTax will guide you through entering the necessary information for Form 2120.
For more detailed instructions, you can refer to TurboTax's support articles here. Additionally, the IRS provides information about Form 2120 here.
April 15, 2025
6:23 PM
It's taxable, but not self-employment. Scholarships can also be reported as earned income, which is more advantageous than as "other income". The problem is they changed where scholarships are liste...
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It's taxable, but not self-employment. Scholarships can also be reported as earned income, which is more advantageous than as "other income". The problem is they changed where scholarships are listed on Form 1040, but they didn't change the forms that scholarship are reported on. It's a bit tedious, but I suggest you enter this way- a) Enter Form 1099-MISC so the IRS can match it b) Back out the income so you are not double-taxed c) Enter the amount as scholarship To do that- Enter the 1099-MISC Under Wages & Income Other Common Income Income from Form 1099-MISC START Enter the 1099-MISC as it was reported, Type "Scholarship" in for the description, Select "None of these apply" for uncommon situations, "NO" not like main job, Only got it in 2024, "NO" no intent to earn money, DONE These are TurboTax questions, not IRS questions. These need to be the answers to let TurboTax know it is not Self-Employment. THIS GETS THE FORM ON YOUR RETURN, now zero it out Wages & Income LESS COMMON INCOME Miscellaneous Income, 1099-A, 1099-C START Scroll all the way down to the LAST option- Other reportable income START Type "Scholarship reported twice" or some other description the IRS will understand and enter the amount AS A NEGATIVE AMOUNT (put a minus sign (-) in front of the number Done The 1099-MISC as well as the negating entry will both be on Schedule 1 line 8z Lastly go to Deductions & Credits Education Expenses and Scholarships (Form 1098-T) If you entered a 1098-T in her TurboTax program, continue to the screen where you can add the stipend scholarship If you are not entering Form 1098-T, continue through that section ignoring the questions about Form 1098-T until you get to that screen. Be sure to enter the amount here The scholarship will be on Schedule 1 line 8r The 1099-MISC and negative entry will both be in Schedule 1 line 8z HERE is how to look at your tax return online
April 15, 2025
6:23 PM
You can file your extension at our Easy Extension website.
An extension gives you until October 15, 2025 to file your taxes instead of the tax deadline of April 15, 2025. You must file an exten...
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You can file your extension at our Easy Extension website.
An extension gives you until October 15, 2025 to file your taxes instead of the tax deadline of April 15, 2025. You must file an extension by April 15, 2025 to get extra time to file your taxes without a penalty. There's no further extension past October 15, 2025.
An extension does not give you extra time to pay your taxes, which are due on April 15, 2025. Even if you can't pay your taxes by the deadline, file an extension anyway so you can avoid the late-filing penalty.
How do I file an IRS tax extension?
How do I file an extension for my personal state taxes?
April 15, 2025
6:23 PM
1 Cheer
The inside column is for calculations and some are even enterable. The column to the right are based on the the values from the inside column and those are the numbers that you will see on that form...
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The inside column is for calculations and some are even enterable. The column to the right are based on the the values from the inside column and those are the numbers that you will see on that form in your return.
April 15, 2025
6:23 PM
i want to file for IRS and State Extension
April 15, 2025
6:22 PM
Some states accept the federal extension. Check your state requirements here: How do I file an extension for my personal state taxes? and follow the directions to file an extension, if necessary.
April 15, 2025
6:22 PM
There is not a fee to e-file your tax return or to have direct deposit of your refund.
Did you choose to pay for using TurboTax by having the fee taken out of your federal refund? That means you w...
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There is not a fee to e-file your tax return or to have direct deposit of your refund.
Did you choose to pay for using TurboTax by having the fee taken out of your federal refund? That means you will pay an EXTRA FEE of $40 ($45 in CA) to have a third party bank receive your refund from the IRS, take out enough to pay TT, and then send you the rest of the refund. ( The third party bank keeps the $40 or $45 fee for itself.)
You do not have to do that. Pay upfront BEFORE you file --- pay using a credit or debit card.
April 15, 2025
6:22 PM
Were the taxes withheld for CA or for NY? If you worked in CA and lived in CA and the income taxes were withheld for CA you will only file a CA resident return. If the taxes were withheld for NY yo...
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Were the taxes withheld for CA or for NY? If you worked in CA and lived in CA and the income taxes were withheld for CA you will only file a CA resident return. If the taxes were withheld for NY you will need to file a resident CA return and a nonresident NY return.
April 15, 2025
6:22 PM
It's a possibility that the acquired date is wrong, it might be after the sale date for instance. Otherwise, you may need to delete that entry and re-enter it.
April 15, 2025
6:22 PM
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April 15, 2025
6:22 PM
Remember that an extension does not give you more time to pay. You need to pay your tax due by April 15. The extension only gives you more time to prepare and file your tax return forms.
ht...
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Remember that an extension does not give you more time to pay. You need to pay your tax due by April 15. The extension only gives you more time to prepare and file your tax return forms.
https://turbotax.intuit.com/irs-tax-extensions/
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-extension/need-file-extension-personal-state-taxes/L32Mt8ZNv_US_en_US?uid=m9a3q808
April 15, 2025
6:22 PM
What about my state one? im in NY and turbotax gave me a completed IT-201-V form to mail in. Do i just mail that in and wait for the payment plan as well?
April 15, 2025
6:21 PM
Remember that an extension does not give you more time to pay. You need to pay your tax due by April 15. The extension only gives you more time to prepare and file your tax return forms.
ht...
See more...
Remember that an extension does not give you more time to pay. You need to pay your tax due by April 15. The extension only gives you more time to prepare and file your tax return forms.
https://turbotax.intuit.com/irs-tax-extensions/
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-extension/need-file-extension-personal-state-taxes/L32Mt8ZNv_US_en_US?uid=m9a3q808
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