All Posts

There are 2 versions of that "Up to 5 days early" offer, depending on whether you chose your own bank account (with a fee of $35) or if you chose a Credit Karma Money account (with no fee for that offer.)   For the "Up to 5 days early offer", the Federal refund is supposed to come 1-5 days early.   TurboTax says if it doesn't come at least 1 day early, they will refund the $35.   See this FAQ:   FAQ:  Up to 5 days early refund options https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund-advance/turbotaxs-five-days-early-refund-delivery-options/L9U8ngZlH_US_en_US

Whoever received the 1099-S needs to report the sale of the home.  If it was the LLC, and it is a multi-member LLC (you and your brother), then you need to file a Form 1065 partnership return.  If it is a single member LLC, then that single member needs to report it on their personal tax return.  If you have an estate tax ID and the estate received the Form 1099-S, then you need to file a Form 1041 Estate Tax Return.

Thank you for the comprehensive reply. I have one question, When I select Other under " OK, let's start with one investment type", it actually is going to 1099-S. I found it is for real estate not stocks. Shouldn't this be 1099-B?

Hello, Car purchased and Loan initiated in March 2025.  Vehicle US built and qualified for deduction.   As per OBBA bill, $10000 interest deduction up to $200K AGI for MFJ.  This deduction will phase out for incomes between $200K to $250K. Let's say my scenario, my AGI is $225K and paid $2400 interest.   do i get a break?    Turbo Tax deluxe showing $0 savings. For the same scenario, if i use $5300 plus as interest paid then Turbo tax showing me savings with X amount.  So, my vehicle is qualified and income is not too high to get deduction.   Phaseout calculation Turbo tax doing is wrong.  I tried my scenario on Chat GPT, Co-pilot etc.. they are all showing i will get some deduction with Tax savings and they are saying Turbo tax phaseout calculation is wrong.   Please escalate this to your technical team.  I'm holding on Tax filing waiting for patch update but so far, no luck so i contacted Turbo Tax team.   Thank you, Venu.        

After spending 90 minutes on the phone with an Intuit customer service representative and an engineer, we all learned that the amount of income from 1099-NEC, despite being entered correctly, is not accounted for in the NEC form area.  Instead, the income appears under business income.  Thank you everyone for your time and advice.

Someone described earlier this TT behavior as "ill conceived and poorly executed". Very true. We all expect the multiple imports to behave just like copying a few files from one folder to another: if a file already exists in the destination folder, ask me whether to overwrite it or leave it as is and continue to the next file in line. As a career software engineer, I would say this part of TT "escaped from the lab" as opposed to being "properly released". That said, I CAN see some of the TT rationale related to multiple imports. Let us remember that TT assures us the return will be correct or they promise to make it right, implying they might have - at the extreme - to compensate us for duplicate data that leads us to pay unnecessary taxes. Someone at TT MIGHT have told the engineers to make sure that imports never result in duplicated data. Fair enough... but some engineer(s) might have taken the lazy way out: removing previous imports achieves this goal. Clearly illogical, but what the heck, they achieved the requirement AS STATED. All this is just guesswork and conjecture from a SW engineer who has been around this block more times than I care to count...  Bottom line for us = will TT realize the acute problem and fix it quickly enough, in time for filing this year.

Foreign income appears on the Vanguard 1099-DIV statement itself (not on an attachment), in two sections "Detail for Dividends and Distributions" and "Mutual Fund and UIT Supplemental Information". The former provides the level of income earned by the individual fund holdings (as well as the total foreign tax withheld for foreign-income-generating holdings), the latter the percentages of foreign income earned. Prior to 2021, Vanguard used to provide the total sum of foreign income earned from all holdings, but since they switched over to their brokerage account system in 2021 they no longer computed it for you explicitly on the 1099. You have to compute it yourself.