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a month ago
1 Cheer
Per IRS Instructions for Form 1065 Schedule K-1 Item J Partner's Profit, Loss, and Capital, "If a partner’s interest terminates before the end of the partnership’s tax year, enter in the “Ending” col...
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Per IRS Instructions for Form 1065 Schedule K-1 Item J Partner's Profit, Loss, and Capital, "If a partner’s interest terminates before the end of the partnership’s tax year, enter in the “Ending” column the percentages that existed immediately before termination." According to this reference, TurboTax is reporting the correct percentages on Schedule K-1.
In the Step-by-Step interview when entering the percentages under Business Info >> Partner/Member Information on the page for Profit Percentages, these percentages reflect the profit allocations before and after the change. For example, a leaving partner might have a Before percentage of 25% and an After percentage of 0%. A new partner would then have a Before percentage of 0% and the After percentage of 25%.
Note that "after" percentage on this page is not the same as "ending" percentage on the K-1.
a month ago
1 Cheer
Yes, we can advise. It seems like a Form 1099-MISC should have been the correct document for you since you were not an employee and not self employed when showing up for an onsite job interview. It's...
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Yes, we can advise. It seems like a Form 1099-MISC should have been the correct document for you since you were not an employee and not self employed when showing up for an onsite job interview. It's not clear if this was a reimbursement for your expenses or literally a payment for showing up to be interviewed.
Regardless, if you are not self employed then you should keep this form in your file. Delete it from your tax return and then enter the income as follows:
Delete the Form 1099-NEC:
If you're using TurboTax Online software and need to delete a form, click here.
If you're using TurboTax Desktop software and need to delete a form, click here.
Other Miscellaneous Income:
Sign into your TurboTax Online or TurboTax Desktop account
Go to Wages and Income section
Scroll to Less Common Income > Select Miscellaneous Income, 1099-A, 1099-C
Select Other reportable Income > Enter a description (----) and the amount
a month ago
Thanks! Appreciate the info if we file MFS (we file MFJ).
a month ago
i am using turbo tax online (can't use desktop since OS is not compatible). Once I get the 1291 tax and 1291 interest numbers from form 8621, how am i supposed to enter those in turbo tax online? sho...
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i am using turbo tax online (can't use desktop since OS is not compatible). Once I get the 1291 tax and 1291 interest numbers from form 8621, how am i supposed to enter those in turbo tax online? should i print my 1040 and manually write the numbers on 12a and line 8 of schedule 2? since my complete form will be printed and only 2 lines will be hand written, does it cause any issues?
a month ago
It did include the taxable interest on line 2b of my Form 1040 of my federal tax return.
Topics:
a month ago
Yes, you can do that.
The 1098-T is only an informational document. The numbers on it are not required to be entered onto your tax return. However receipt of a 1098-T frequently means you are e...
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Yes, you can do that.
The 1098-T is only an informational document. The numbers on it are not required to be entered onto your tax return. However receipt of a 1098-T frequently means you are either eligible for a tuition credit or possibly your student has taxable scholarship income.
If you claim the tuition credit, you do need to report that you got one or that you qualify for an exception.
You claim the tuition credit, or report scholarship income, based on your own financial records, not the 1098-T. In the 1098-T screen, click on the link "What if this is not what I paid the school" underneath box 1. You will then be able to enter the actual amounts paid. You will also reach a screen that allows you to adjust the scholarship amount for "amounts not awarded for 2025 expenses".
Or if you find it easier, just change the numbers in boxes 1& 5 to what your records show. The 1098-T that you enter in TT is not sent to the IRS.
But, that begs the question, why do you think it's overstated. How and why would the school make such a mistake. The more likely explanation is that the 15% is other scholarship, in addition to the stipend.
a month ago
So the IRS.gov says I’ll get my refund by the 25th which is in 2 days. I’m supposed to get it up to five days early with Credit Karma thru TurboTax and I still haven’t received it. Am I gonna get it ...
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So the IRS.gov says I’ll get my refund by the 25th which is in 2 days. I’m supposed to get it up to five days early with Credit Karma thru TurboTax and I still haven’t received it. Am I gonna get it early or not?? Or am I gonna get it on the 25th?
a month ago
@Clapuaho
Did you e-file your tax return and was it accepted? Only the IRS and your State control when and if a Federal or State tax refund is Approved and Issued.
You complete your tax ret...
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@Clapuaho
Did you e-file your tax return and was it accepted? Only the IRS and your State control when and if a Federal or State tax refund is Approved and Issued.
You complete your tax return by finishing all 3 Steps in the File section. In Step 3, to e-file your tax return, you must click on the large button labeled "Transmit my returns now".
After completing the File section and e-filing your tax return you will receive two emails from TurboTax. The first email when your tax return was transmitted and the second email when the tax return has either been accepted or rejected.
Note - 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. Only the taxpayer listed on the tax return can obtain the status of a tax refund or a tax return.
To check the status of an e-filed return, open up your desktop product or log into your TurboTax Online Account. You can find your status within the TurboTax product. 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.
a month ago
Once your return is filed, TurboTax has no control over the processing or the timing when the IRS releases your refund.
Your refund could be offset. The IRS and State Governments have the abil...
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Once your return is filed, TurboTax has no control over the processing or the timing when the IRS releases your refund.
Your refund could be offset. The IRS and State Governments have the ability to offset a refund to pay for certain past due debts. You generally will receive a letter stating what the offset was for. The IRS provides a toll-free number, (800) 304-3107, to call for information about tax offsets.
Here are a few FAQs to help you track your refund: When will I get my federal tax refund? How do I track my state refund? Why does Where's My Refund say "approved" but TurboTax still says "accepted"?
Why do some refunds take longer than others?
What if my IRS refund is taking longer than 21 days?
a month ago
You will have to pay all TurboTax fees before you can print the return.
To print the TurboTax return Online:
Sign in to Turbotax
Under Tax Tools on the left sidebar
Select Print Cente...
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You will have to pay all TurboTax fees before you can print the return.
To print the TurboTax return Online:
Sign in to Turbotax
Under Tax Tools on the left sidebar
Select Print Center
Click on Print, save, or preview this year's return.
Choose from the print options
a month ago
It’s been almost 2 months and I’m still waiting for my tax return
a month ago
Yes, the information that we have is that this issue has been fixed. If you find that you are still experiencing this issue, please respond back here so we can address your concerns. @yep-frogs
a month ago
1 Cheer
@Jama2 , if you file as MFJ ( Married Filing Jointly), there is no issue with having only one SSN reported on K-1. If however, you choose to file MFS ( Married Fling Separate ), then the K-1 SSN b...
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@Jama2 , if you file as MFJ ( Married Filing Jointly), there is no issue with having only one SSN reported on K-1. If however, you choose to file MFS ( Married Fling Separate ), then the K-1 SSN becomes the reporting SSN OR one owner needs to transfer ( using 1099 /K-1 ) to the other owner an equivalent/equitable portion of the reported numbers .
Does this make sense ?
a month ago
I got below prompts with question "What type of income is on you 1099-NEC?": - Self employment income - Farm income - Hobby - Lawsuit settlement - Medicaid waiver payments that qualify as d...
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I got below prompts with question "What type of income is on you 1099-NEC?": - Self employment income - Farm income - Hobby - Lawsuit settlement - Medicaid waiver payments that qualify as difficulty of care - Income that should've been reported on W-2 None of above prompts meets the instinct answer. However, with some search there's someplace saying "The IRS considers non-employee compensation as being self-employed." So I tried to go down the route Self employment income. I entered "Attend onsite interview" for what I worked for this payment, and I was then asked to enter when I started and stopped Attend onsite interview. I decided to stop here and ask for help before making up crazy stories of a business doing attend onsite interviews. Please advise how I can enter my 1099-NEC correctly. Thank you.
Topics:
a month ago
1 Cheer
Yes, you can file the federal now and the state later. Check the links below for details.
How do I e-file my state return after I already filed federal?
Can I file my federal taxes now and sk...
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Yes, you can file the federal now and the state later. Check the links below for details.
How do I e-file my state return after I already filed federal?
Can I file my federal taxes now and skip my state for later?
a month ago
1 Cheer
To CatinaT1 and other TurboTax "experts": I would appreciate answers to related questions that I submitted on this topic at https://ttlc.intuit.com/community/taxes/discussion/qtp-transfer-to...
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To CatinaT1 and other TurboTax "experts": I would appreciate answers to related questions that I submitted on this topic at https://ttlc.intuit.com/community/taxes/discussion/qtp-transfer-to-roth/01/3847521#M1430692 It is one thing to indicate that according to IRS publication 970, the 1099Q should not be reported on the Federal Tax Return. But as others have indicated, California does not follow the Secure Act provision supporting a tax-free 529 rollover to a Roth account. In my other forementioned posting, I ask whether my son, who is filing a 2025 California 540, should follow directions given by a TurboTax "expert" in 2024 about making a 540 adjustment to the 1040 to account for the additional tax on 529 earnings plus the California 2.5% penalty.
a month ago
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 ...
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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)
Or -
When you sign onto your online account and land on the Tax Home web page, scroll down and click on Add a state.
This will take you back to the 2025 online tax return.
Click on Tax Tools on the left side of the online program screen. Then click on Print Center. Then click on Print, save or preview this year's return. Choose the option Include government and TurboTax worksheets
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
a month ago
I'll answer the questions using your numbering above:
On New York tax return form IT-201, the total payments and withholding are reported on line 76
The amount of the NY refund is on Form...
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I'll answer the questions using your numbering above:
On New York tax return form IT-201, the total payments and withholding are reported on line 76
The amount of the NY refund is on Form IT-201, line 78
Yes, it is possible that some of the numbers are not on the return. An example would be the $400 New York Inflation Refund that you received.
It's difficult to say why exactly you would be getting that message if the data were pre-populated by TurboTax - unless you had made some 2025 TurboTax entries in the Other Income Taxes section relating to state tax payments you had made in 2025 for 2024.
It sounds like your 1099-G is including the Inflation Refund as part of your refund. You can report that 1099-G in TurboTax in State and Local Tax Refunds on Form 1099-G in the Income section under Other Common Income.
The information from the 1099-R will be used to determine if any part of your NY refund will be taxable on your Federal return. If you took the standard deduction, then none of it will be taxable on your Federal return. If you itemized deductions, then all, some or none of the refund will be taxable on your Federal return - TurboTax will make that determination based on information from your 2024 Federal tax return.
a month ago
In 2015, the Ninth Circuit Court of Appeals ruled in Voss v. Commissioner that for unmarried co-owners, the mortgage limit applies per taxpayer, NOT per residence (IRS's "Action on Decision" (AOD 201...
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In 2015, the Ninth Circuit Court of Appeals ruled in Voss v. Commissioner that for unmarried co-owners, the mortgage limit applies per taxpayer, NOT per residence (IRS's "Action on Decision" (AOD 2016-02) follows this ruling).
The $750k limit is true for married couples, but false for your scenario.
Enter Mortgage Interest (non-married couples):
Open or continue your return.
Enter only your share of the mortgage interest from the 1098 that you paid (not the entire amount... the program will see a $550k loan, compare it to the $750k limit, see that you are under the limit, and allow 100% of the interest you entered.
The IRS may notice a difference between the 1098 issued by the bank (showing the full $1.1M and probably only one person's SSN), so you should report your share as described above.
If you are NOT the one who received the 1098, you should enter it in the "Interest not reported on a 1098" section. of the program (include the name and SSN of the person who actually received the form).
a month ago
The "Easy Step" window for this topic - "Tell us about the refund you received in 2025" - does not provide guidance for the "Question" icon related to "Payments and withholdings". Clicking on the ic...
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The "Easy Step" window for this topic - "Tell us about the refund you received in 2025" - does not provide guidance for the "Question" icon related to "Payments and withholdings". Clicking on the icon returns, "Help content not found for com.intuit.ctg.tpshelpscreen://S2025US1040PER/hypn1099g32". Request advise the appropriate help info for this data entry, specifically should this entry include any 2024 tax payments made with return filing? In my specific case, if this entry does not include any payments made with state filing, then an error is returned for the entry in the State and Local Income Tax Refund Worksheet (Schedule 1, Line 1) State and Local Income Tax Refunds for All Tax Years, Total Payments and Withholding block. The error returned is: "State Tax Refund Worksheet: Payments and withholding must exceed sum of individual payments. It looks like the total amount you entered from your 2024 VA Tax return is less than the individual payments you made that year (estimated tax, extension payment, or payment when you filed your return). It should be higher than, or at least equal to your payments. Take a look at those numbers and update your total payments and withholding for your 2024 VA tax return. If you need to change one of the other payments, go back to the Tax Payments area to make updates." Per the above error message, all appropriate tax payments have been entered for 2024 - withholding and payment with return ONLY - NO estimated tax payments made for 2024 in 2024 or 2025. Request advise how to resolve this problem such that the above error message is resolved and the 2025 return calculates correctly. Thank you.
