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a month ago
Take my account off from you guys
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a month ago
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a month ago
To enter, edit or delete estimated taxes paid (Federal, State, Local) -
Click on Federal Taxes (Personal using Home and Business) Click on Deductions and Credits Click on I'll choose what I work ...
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To enter, edit or delete estimated taxes paid (Federal, State, Local) -
Click on Federal Taxes (Personal using Home and Business) Click on Deductions and Credits Click on I'll choose what I work on (if shown) Scroll down to Estimates and Other Taxes Paid On Estimates, click on the start or update button
a month ago
In my 1099, I have an aggregate statement of aggregate profit and loss. Is that sufficient to put on the return, or do I need to list all of the transaction individually?
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a month ago
Do we have to take the senior discount?
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a month ago
The What-If Worksheet is only available using the desktop editions in Forms mode.
a month ago
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a month ago
Box 7, Code 7 on Form 1099-R is a Normal Distribution, which means it is a distribution from a retirement plan to an individual who is age of 59½ or older, and the amount is not subject to a 10% earl...
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Box 7, Code 7 on Form 1099-R is a Normal Distribution, which means it is a distribution from a retirement plan to an individual who is age of 59½ or older, and the amount is not subject to a 10% early distribution penalty.
Following the 1099-R entry, the TurboTax interview has questions about the distribution. You may want to take a look at your answers to those questions again to make sure that they are correct.
For example, if you rolled the money over into an IRA or other retirement account within 60 days of the distribution, that would not be a taxable event.
To get to the Form 1099-R entry and related questions in TurboTax Desktop, follow this path:
Personal Income>Retirement Income>IRA, 401(k), Pension Plan Withdrawals (1099-R)
a month ago
The Form 1040-X for amending a 2025 federal tax return is estimated to be available in TurboTax on 02/19/2026
You will have to wait for the IRS to either Accept or Reject your filed federal tax...
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The Form 1040-X for amending a 2025 federal tax return is estimated to be available in TurboTax on 02/19/2026
You will have to wait for the IRS to either Accept or Reject your filed federal tax return. If the return is rejected you can make the necessary changes and e-file again. If the return is accepted you will have to amend your original tax return. An amended return, Form 1040-X, can only be printed and mailed to the IRS if the original tax return was not e-filed. The IRS will take up to 20 weeks or longer to process an amended tax return.
Before starting to amend the tax return, wait for the tax refund to be received or the taxes due to be paid and processed by the IRS.
See this TurboTax support FAQ for amending a current year tax return - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-federal-tax-return-curr...
a month ago
Please note, for those entering 1099-R RMD amounts, you may find Turbo Tax seemingly increasing your taxes due or reducing your refund at the top of the page. For me it showed that instead of a ref...
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Please note, for those entering 1099-R RMD amounts, you may find Turbo Tax seemingly increasing your taxes due or reducing your refund at the top of the page. For me it showed that instead of a refund, I owed tax. Resolution: Enter your 1099-R, Continue Complete all following screens until you get to "Let's get more information about your Required Minimum Distribution (RMD)." When you enter : RMD due by Dec. 31, 2025, your Tax Due may jump higher at the top of the Turbo Tax page, even reversing a refund. Just Continue to the next page and enter the appropriate amounts for "How much of this distribution applied to your December 31, 2025 RMD?" When I entered "The entire distribution applied to the December 31, 2025 RMD", then my tax due self-corrected, again showing my Federal Refund. Although it gave me a heart attack in the meantime. I suggest that Turbo Tax put both of these questions on the same page and calculate AFTER "How much of this distribution applied to your December 31, 2025 RMD?" I had even started trying to look for help topics and community comments on the perceived calculation problem before getting to the next page and realizing that the increase to Federal Tax Due was going to go back down to reflect my Refund Due. Unnecessarily stressful.
a month ago
@afgillespie53 wrote:
That is for Turbo Tax online not Turbo tax desktop
Oh yeah...it is on the desktop editions also. Go back from the start of the File section, one of the following scr...
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@afgillespie53 wrote:
That is for Turbo Tax online not Turbo tax desktop
Oh yeah...it is on the desktop editions also. Go back from the start of the File section, one of the following screens will show the Refund Processing $40 amount and you will be able to remove that charge.
a month ago
1 Cheer
Yes, you can deduct the start-up expenses in the business section of your return. Since you registered this account under your LLC, the startup or consulting fee is generally deductible as a Business...
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Yes, you can deduct the start-up expenses in the business section of your return. Since you registered this account under your LLC, the startup or consulting fee is generally deductible as a Business Expense.
Where to enter: In the Business tab, go to Business Expenses > Other Common Business Expenses.
Specific Category: You can list it under Professional Fees or Legal and Professional Services. If it was strictly a fee to set up the trading software/AI access, you can also list it in Other Miscellaneous Expenses with the description "AI Forex Software/Consulting Fee."
If the fee was paid before you actually began trading or doing business, it may be considered a "Startup Cost" (subject to $5,000 immediate deduction and amortization for anything over that).
Forex trades can never be reported as income from self-employment because these are an investment and not money earned from self-employment. Instead, the income is reported in the following manner.
Select Wages & Income > Less Common Income > Miscellaneous Income, 1099-A, 1099-C.
Choose Other reportable income (the last option).
Description: Type "Section 988 Forex Gain" (or Loss).
Amount: Enter your net profit or net loss (use a negative sign for a loss).
Yes, TurboTax Home & Business Desktop includes Form 8938.
Go to Federal Taxes > Other Tax Situations > Other Tax Forms > Prepare a report on foreign financial assets.
You only need to file Form 8938 if your offshore account balance exceeds $50,000 on the last day of the year (or $75,000 at any point during the year) for single filers. These thresholds are higher for married filers ($100k/$150k).
Don't Forget FBAR: If the total of all your foreign accounts exceed $10,000 at any time, you must also file an FBAR (FinCEN Form 114). TurboTax does not file the FBAR for you. You must file it separately (and for free) on the FinCEN BSA E-Filing website.
One last note. This may be the only year you will file a Schedule C to claim the start-up expense. Since there is no earned income being generated by the LLC, the IRS won't allow you to keep deducting expenses without earned income. Remember, Forex trading is investment income and not earned income.
a month ago
Just to confirm...the desktop version will work with WIN 11 PRO? I appreciate your help.
a month ago
Trying to see if my taxes are filled out already
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a month ago
business income (sched C) - next screen requires link to Company
or
income employer should have reported as wages (not common) - next screen says need to fill out SS-8
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a month ago
Slow down. If the IRS did not ever receive your tax return, stay away from anything that says "amend." You do not amend a tax return that has never been received or processed by the IRS. You onl...
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Slow down. If the IRS did not ever receive your tax return, stay away from anything that says "amend." You do not amend a tax return that has never been received or processed by the IRS. You only use "amend" for a return that was accepted and fully processed -- but that had missing or incorrect information.
Check your account for 2024. What does it say?
DID YOU E-FILE?
Did you e-file? Did you go through all three steps of the FILE section and click a big orange button that said “Transmit my returns now?”
When you e-file your return you will get two emails from TurboTax. The first one will say your return has been transmitted; the second one will tell you the IRS has accepted or rejected your federal e-file. If you filed a state return, there will be a third email (usually a day or two later) that tells you if the state e-file was accepted or rejected.
Check your e-file status:
https://turbotax.intuit.com/tax-tools/efile-status-lookup/
What does it say in your account? Does it show that the return was accepted? Or does it say something else---like "rejected," "printed," or "ready to mail?”
If you discover or realize that your e-file was rejected, or just never filed, you will need to print it, sign and date it in ink, and file it by mail now, since e-filing is closed for returns for tax year 2024.
When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s. Use a mailing service that will track it, such as certified mail so you will know the IRS/state received the return.
Federal and state returns must be in separate envelopes and they are mailed to different addresses. Read the mailing instructions that print with your tax return carefully so you mail them to the right addresses.
a month ago
That is for Turbo Tax online not Turbo tax desktop
a month ago
If you are age 65 or older and meet the requirement, the additional deduction is automatically added on your federal tax return.
Standard deductions for 2025
Single - $15.750 add $2,000 if ag...
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If you are age 65 or older and meet the requirement, the additional deduction is automatically added on your federal tax return.
Standard deductions for 2025
Single - $15.750 add $2,000 if age 65 or older Married Filing Separately - $15,750 add $1,600 if age 65 or older Married Filing Jointly - $31,500 add $1,600 for each spouse age 65 or older Head of Household - $23,625 add $2,000 if age 65 or older
New Bonus Standard Deduction (OBBB): An additional $6,000 deduction for taxpayers 65 and older. This is per eligible individual, meaning a married couple both over 65 could get $12,000. Important: This bonus deduction is temporary, lasting from 2025 through 2028. Income limitations: It phases out for taxpayers with modified adjusted gross income over $75,000 for single filers and $150,000 for joint filers.
The amount is calculated on Schedule 1-A, Part V, with that amount flowing to Form 1040 Line 13b
Look at your Form 1040 -
You can view your Form 1040 plus Schedules 1, 2 and 3 at any time using the online editions. Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.
a month ago
I have a net loss for a small business on schedule C on my federal return but on my PA State return, line 4 Net Income or Loss from the Operation of a Business, Profession, or Farm. is 0. Last year i...
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I have a net loss for a small business on schedule C on my federal return but on my PA State return, line 4 Net Income or Loss from the Operation of a Business, Profession, or Farm. is 0. Last year it populated. I believe this is a software defect but need to confirm.
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