All Posts

Since this wasn't part of an operating business and was a one-time payment for hosting a student teacher, you don't treat it as self-employment just because you received a 1099-NEC.   You should enter the 1099-NEC income using the steps below:   Enter 1099-nec in the Search box located in the upper right of the program screen.  Click on Jump to 1099-nec.   On the screen Did you get a 1099-NEC?, click on Yes On the screen Do You Want to Enter Your 1099-NECs Now?, click on Add a 1099-NEC On the screen Let's get the info from your 1099-NEC, enter your information and click Continue On the screen Describe the reason for this 1099-NEC, enter a reason "Honorarium" and click Continue On the screen Does one of these uncommon situations apply? Select This is not money earned as an employee or self-employed individual, it's from a sporadic activity or hobby and click Continue.   These entries will report the income on Schedule 1 Line 8z Other Income. The total from Schedule 1 Line 10 flows to Form 1040 Line 8 as ordinary income.  

@user17718192850 wrote: What box, where? I don't have the software currently but have had it in the past and I'm sure there is a box for that (or was).   The problem is I can't recall exactly where it was in the 1065 module. I believe it's somewhere on the information or 1065 worksheets (where there's a K-1 section and, admittedly, it's hard to locate).   If no one answers here, you can contact Support as they should have someone who can help you find that box.

I still see error in Turbotax for the form 8829.  I believe you can still efile taxes by ignoring that error.  As long as you correct the property taxes manually on Schedule A, everything else is correct.  You have to enter the full property tax on Schedule A.  TT then deducts the right amount from it what you claimed for home office use from the total tax.  It also calculates everything properly for state taxes for itemized deduction.     If TT does not fix this issue, I will still efile even if TT shows error for from 8829 as long as there are no other errors.

Thank you so much for your response. My daughter is 21 and a full time student. We did not add any of her income to ours to change our bracket.  The thing I find most confusing is that TT instantly reduced our refund by $1526 when I said she was pursuing a bachelor's degree (1st question they ask)  Then it did give us the $2500 AOT refund after asking the other qualifying questions, however after the $1526 was deducted and then $2500 added, it was only about $1000 refund instead of $2500.  Our joint filing income is well under the maximum amount allowed. 

I received only one 1099-r from the account that I took the entire RMD for multiple accounts. Ttax wants to know what the RMD is for the one account,  but not all accounts. Do I just put in the total for all account in the 1099 question?

It'll be mailed by the IRS to you, at the address listed on your tax return.   An IRS CP53 notice informs you that a requested direct deposit for your tax refund failed, and the IRS is mailing a paper check instead.

That advice is not working for me. I used Chrome to download, with a cleared cache. I'm running Mac Seqouia 15.2. My hard drive is pretty full, but does have 7.5 GB available, so I meet the system requirements. All I get for a download is a file with a .crdownload extension that tries (unsuccessfully) to open with Adobe Acrobat Reader. I tried the help phone number, but there is a 40-minute wait, yikes! 

Hi @DianeW777 ,   For the asset where it rounds down to 0 units (and has 0 proceeds), should I leave that one off the return since I can't save the 0 units?   For the asset where I have various purchase dates, I can definitely enter the first purchase date.  There was no purchase of that asset at that exchange last year, so it's all long-term.   Thanks so much,   Tom

Thank you for your replay to my question concerning closing a single member LLC and reporting unamortized startup costs.  I still have a couple of questions, if you will indulge me. My Schedule C loss in 2024 for the business I closed was $11,448.  I assume it shows up somewhere as a loss carry-forward.  The loss in 2025 is $3,182, bringing the total Schedule C losses to $14,630. All the money paid into the business was at risk, and was money already taxed as income in previous years.  Will any portion of the $14,630 be recoverable through the tax process, if I'm informing the IRS that the business is closed?  How do I make this evident on this year's 1040?   Thank you! Thank you for your help.  I appreciate it!