All Posts

Thank you Max,   To ensure I follow correctly.  My S Corp is paid only in shares of publicly traded stock from the company (my customer) that is paying for my branding and services.  These are actually RSU (Restricted Stock Units) that vest and are immediately tradable.  Since the S Corp does not have any cash income, I transfer all the shares to my personal account and allocate the appropriate value to wages, and the balance is taken as a distribution.  I then take expenses as non-reimbursed business expenses.   Is this the appropriate and legal way to handle this situation?

Liquidating distributions, sometimes called liquidating dividends, are distributions you receive during a partial or complete liquidation of a corporation. These distributions are, at least in part, one form of a return of capital. They may be paid in one or more installments.   If you have not received all of your contributions back from this investment, you can leave out the amount in Line 9. Keep track of each amount and continue to reduce your cost basis until zero, then all of these type of distributions will be taxable.

There is probably a typo when you entered state income on one of your forms.  Go back and review your entries for the state income. Click on Federal on the left side of the online program screen Click on Wages & Income Review the sections where you entered state income

Things should work properly, but I am going to say that since Form MI-1040CR is being filed with your MI-1040, I would not be concerned that the zip code for the MI-1040CR is not correct. I would go ahead and file. 

Since you are entering cryptocurrency sales, did you select Digital Assets on the screen titled "OK, let's start with one investment type"?  You'll get asked if you received a 1099-DA from your digital wallet provider (this is a new form - for 2025, the custodian of your digital asset is not required to provide cost basis information on this form, so be sure to enter in what you paid for the crypto, so that you don't get taxed on money you have already paid tax on).  Once you enter your cryptocurrency sales (or mining or staking rewards) in, you may get prompted in Smart Review to enter a property description - type in the name of the digital asset (Bitcoin, Ethereum, etc.), and also whether it is digital asset - to which you would answer Yes.

It depends. If your employer pays for your housing during a 60-day trip, it usually doesn't count as income to you. You don't have to report it.   If your employer pays the hotel/apartment directly, this is considered a non-taxable business expense for the company.  If you pay and they reimburse you, you do not need to report this. just as long as you provide them with receipts.  The only exception is if your employer gives you a flat "housing allowance" (e.g., $2,000/month) and doesn't require you to prove how you spent it, that cash becomes taxable wages and should be included in your total income.    

FROM THE IRS WHERE’S MY REFUND SITE: https://www.irs.gov/wheres-my-refund How it works Where's My Refund shows your refund status: Return Received – We received your return and are processing it. Refund Approved – We approved your refund and are preparing to issue it by the date shown. Refund Sent – We sent the refund to your bank or to you in the mail. It may take 5 days for it to show in your bank account or several weeks for your check to arrive in the mail.

TurboTax can only give you an estimate for when the federal tax refund will arrive, based on the IRS 21 day average for issuing a tax refund after receiving the tax return.   Only the IRS and your State control when and if a Federal or State tax refund is Approved and Issued.   Once a tax return has been Accepted by the IRS or a State, TurboTax receives no further information concerning the tax return or the status of any tax refund.   If accepted by the IRS use the federal tax refund website to check the refund status - https://www.irs.gov/refunds If accepted by the state use this TurboTax support FAQ to check the state tax refund status - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/track-state-refund/L3jgO8PGs_...   After the tax return has been Accepted by the IRS (meaning only that they received the return) it will be in the Processing mode until the tax refund has been Approved and then an Issue Date will be available on the IRS website.

If the income is entered under IRS form 1099-NEC, and you choose Self employment income, a self-employment activity on Schedule C will be established.     You would add the income to the self-employment activity and report the relocation expenses.  One will offset the other and no self-employment activity will be reported.     You may also have to upgrade to another version of TurboTax.   Establish the self-employment activity by following these steps:   Down the left side of the screen, click on Federal. Down the left side of the screen, click on Wages and Income. Scroll down to Self-employment.  Click to the right. Click on Start / Edit/Add to the right of Self-employment income and expenses. You will go through several screens that create your self-employment activity and add income and expense. Hobby income will report the income on Schedule 1 line 8z and IRS form 1040 line 8.     No self-employment income or expense is reported.   I recommend reporting the income by following these steps:   Select Federal from the left side menu. Click on Wages & Income. Scroll down to Less Common Income.  Click the down arrow to the right. Click Start / Revisit to the right of Miscellaneous income…. Click Start / Revisit to the right of Other reportable income. At the screen Any other taxable income? select Yes. Select Add and enter the income and description of the income. The income will be reported on Schedule 1 line 8z and IRS form 1040 line 8.  

Instead of entering $1 which triggers the forms you can enter $0.25 which tells the system you received rent but not enough to even enter on a tax form.  It will avoid generating unnecessary forms.    

In looking at the 8824 Like Kind Worksheet, because the 1031 exchange property purchase price was significantly more than the rental half of duplex sale price, it lists on line 15F 'Cash Given' figure and AMT 'excess basis' to be added to basis of new purchase. Not sure if that is why additional taxes owed even though says I'll have to pay that later in sale of new rental property?  Trying to figure out why more taxes owed so sharing that data. Thanks, Adam

No.  Not online   To access your current or prior year online tax returns sign onto the TurboTax website with the User ID you used to create the account - https://myturbotax.intuit.com/ Scroll down to the bottom of the screen and on the section Your tax returns & documents.  Click on the Year and Click on Download/print return (PDF)   If you used the desktop CD/Download editions installed on your computer, the only copy of your tax data file and any PDF's will be on the computer where the return was created.  TurboTax does not store online any returns completed using the desktop editions.   Go to this IRS website for free transcripts of a federal tax return - https://www.irs.gov/individuals/get-transcript   For a fee of $30 you can get a complete federal tax return from the IRS by completing Form 4506 - http://www.irs.gov/pub/irs-pdf/f4506.pdf