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The answer to 4a on page 2 of the 1065 "gross receipts less than $250K" would be "no" so the answer to all four questions in 4 would not be "yes". Thus, the balance sheet is required. Turbotax should not let you e-file if a required form or schedule is not completed. 

When I reviewed my HUD-1 statement, I was wondering about the same thing regarding the deductibility of reverse mortgage PMI. While there may be a possibility that PMI from a reverse mortgage may qualify for a deductible mortgage insurance premium under IRS guidelines, it is not automatic. Generally, you will receive a Form 1098 from your lender for deducting the interest on your reverse mortgage. If you have not yet received this form from your lender, you may want to follow up with your lender and inquire about the status of this form; it may still be forthcoming.   Generally speaking, reverse mortgage PMI can be found on line 1 of Schedule A of your individual income tax return (Form 1040) in the section entitled "Mortgage Interest Deduction." The IRS treats reverse mortgage PMI as deductible interest paid on a reverse mortgage; therefore, the IRS has established its own specific rules for determining how much, if any, of this PMI is deductible on your income tax return.   If you would like to see an example and have a clearer picture of how this works, please take the time to read this article Reverse Mortgage Interest Tax Deduction; it has an excellent explanation of how to report reverse mortgage PMI as well as how to report the total amount of reverse mortgage PMI that you may be able to deduct from your taxable income.

If youre thinking about buying a fixer-upper and need funds for repairs or upgrades, you might want to consider a home loan for renovation. It works similarly to a regular home loan — you get financial support from a lender to renovate or improve your home.   Before applying check your credit score, have a clear renovation plan, and gather estimates. A good lender will review your plan and decide eligibility accordingly.

No.  There are 2 different loans you can get.  There is a Flex Loan you can get before you file your 2025 return or the Refund Advance based on your 2025 tax return. THE FLEX LOAN IS CURRENTLY PAUSED Apply for a Flex Loan https://turbotax.intuit.com/personal-loan What is the Turbo Tax Flex Advance? https://ttlc.intuit.com/turbotax-support/en-us/help-article/loans/whats-turbotax-flex-advance/L2Xg6In6b_US_en_US?uid=mhz8qpz8 The Refund Advance usually starts in January and just when you are ready to file. And only if they offered it to you. You can't self select it. Then you don't get it until AFTER your efile is Accepted by the IRS which is usually late January. https://turbotax.intuit.com/refund-advance  

The Refund Advance usually starts in January and just when you are ready to file. And only if they offered it to you. You can't self select it. Then you don't get it until AFTER your efile is Accepted by the IRS which is usually late January. https://turbotax.intuit.com/refund-advance  

Do you have an amount on 1040 line 6b or is it 0? What usually happens is the IRS changed some other income on your return. Like the taxable amount of a 1099R you got or you missed entering some income. Like if a 1099R got entered on the wrong line 1040 line 4 or 5, the IRS would miss it and think you didn’t report it. By increasing your other income it made more of your SS taxable.   You get 0 on 6b if you didn't answer the Foreign question right. Or if the amount on 6b is too low and you are married you answered it wrong for one spouse.   There was a new question tasking if you lived in a foreign place. People have been answering it wrong or skipping it. Go back through the Social Security entries and check, check for each spouse if married. If the IRS adjusted your return you do not need to amend.

There is no special tax on sports betting or any other gambling. You report your total gambling winnings as income, and it's taxed at the same rates as other income, such as income from working. If you use itemized deductions instead of the standard deduction you can claim an itemized deduction for your gambling losses, up to the amount of your winnings (for 2025). See the following topic on the IRS website for more information. Topic no. 419, Gambling income and losses Under the new tax law, starting in 2026 the itemized deduction for gambling losses is also limited to 90% of your actual losses. There is some controversy about this limitation, so it's possible that there will be an effort to change it.