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a month ago
My question related to applying the 2025 refund toward the 2026 estimates. Your answer (and the TurboTax software) lets me apply a 2024 refund to 2025 taxes. My own approach was to make the change on...
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My question related to applying the 2025 refund toward the 2026 estimates. Your answer (and the TurboTax software) lets me apply a 2024 refund to 2025 taxes. My own approach was to make the change on the 1040 itself, but that brought about no adjustment to the 2026 estimates. I finally resolved the problem by claiming the refund and leaving the estimates as is.
a month ago
1 Cheer
To mail your 2025 Pennsylvania return, you will need to include the following information along with your full copy of your PA return:
A full copy of your Federal Form 1040
Copies of you ...
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To mail your 2025 Pennsylvania return, you will need to include the following information along with your full copy of your PA return:
A full copy of your Federal Form 1040
Copies of you Form 1099-Rs
Any W-2s
Generally, you are not required to include copies of:
Your 1099-DIV (unless there was state tax withheld)
Your 1099-SSA, since PA does not tax SS benefits
Your 1098 (Mortgage), since this is a Federal form and PA does not have a deduction for this
a month ago
Are there any boxes checked on 1040 line 4c? For 1 Rollover..... 2 QCD...... 3 _____
a month ago
My spouse and I bought a house this year. Our loan was sold twice, so we have three total 1098 forms from 2025. Following instructions from a previous post and this article, I input the information f...
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My spouse and I bought a house this year. Our loan was sold twice, so we have three total 1098 forms from 2025. Following instructions from a previous post and this article, I input the information for all three, in chronological order (starting with the original lender's 1098 form), and ensuring that the current lender's 1098 is the "most recent." I was charged for Premium BEFORE being able to e-file, then this issue came up. I need help ASAP to e-file. Screenshot of the issue that was flagged is below. I'm noticing that the interest amounts paid to two of the servicers are very similar amounts. This is not a mistake; we paid interest for two months to the first one (United), two months to the second one (Mr Cooper), three months for the third one (Crosscountry mortgage). So the 2-month ones are very similar interest amounts. Could that be the problem? Is the problem that the mortgage origination date is the same? Those are the dates that appeared on each form. We did pay for points on the original loan. Do we need to say "we paid for points" on all three of the 1098 forms? Just confirming that a loan being sold is not the same as "refinancing" for TurboTax?
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a month ago
Did you end up recieving yours or finding out anything? Same thing w mine ddd 2/24 and sent to cross river and paid with state already
a month ago
Thank you for this information. Since the developers could not replicate the issue in other returns and it doesn't affect the accuracy of your return, it is not under further investigation at this ti...
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Thank you for this information. Since the developers could not replicate the issue in other returns and it doesn't affect the accuracy of your return, it is not under further investigation at this time.
Every computer has a unique combination of components, settings, programs, services, and users. This means TurboTax can install and run flawlessly on one computer, but another computer's configuration can cause conflicts when installing, launching, or running TurboTax.
a month ago
Hi @jefreewoman ... there is no standard business %. You must keep track of the mileage on a mixed-use vehicle and come up with your own % of business use vs. personal use.
There is a standard...
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Hi @jefreewoman ... there is no standard business %. You must keep track of the mileage on a mixed-use vehicle and come up with your own % of business use vs. personal use.
There is a standard mileage rate. Instead of calculating the % business and applying that % to all costs (repairs, gas, insurance, etc.) you can just keep a log of all business miles (date, amount, purpose) and use the standard rate. For 2025 that was 70 cents a mile for business us. See https://www.irs.gov/tax-professionals/standard-mileage-rates As far as where to enter, see if this previous answer gives you what you need. If not, please ask a clarifying question and we will try to help. https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-business-use-of-car/01/3187653/highlight/true#M307153
a month ago
Do I need to correct my 1099-R from the bank? 1. Contributed into Traditional IRA: $7000 2. Conversion From Traditional IRA to Roth IRA: $2000 3. Realized that I have started 401(K) via employer i...
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Do I need to correct my 1099-R from the bank? 1. Contributed into Traditional IRA: $7000 2. Conversion From Traditional IRA to Roth IRA: $2000 3. Realized that I have started 401(K) via employer in 2025. Now the IRA contribution in IRA going to be non-deductible. 4. Requested bank to distribute $5000 via a form but bank distributed $4,532.18 5. Recently received two 1099-R from the bank: a. 1099-R for $4,532.18 with distribution code 1,8 b. 1099-R for $2000 with distribution code 2 Now, my concern is Distribution code "8 "in 1099-R for $4,532.18. The code 8 is for "excess contribution" but as per my understanding in my case it was never excess contribution. I simply contributed $7000 limit and did early distribution. Should I contact the bank for correction or simply file the tax return based on current 1099-R?
a month ago
Form 8915-F (Qualified Disaster Retirement Plan Distributions and Repayments) is expected to be available in TurboTax soon. Availability of the form is based on finalization.
You can also check...
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Form 8915-F (Qualified Disaster Retirement Plan Distributions and Repayments) is expected to be available in TurboTax soon. Availability of the form is based on finalization.
You can also check for forms availability using this link click here.
Your TurboTax program must be updated for full functionality of the form when it is available.
If you are using TurboTax Online, the program updates for new tax laws and other features automatically in your web browser. You do not have to manually update like in TurboTax desktop software.
If you are using TurboTax Desktop, you can manually check for updates for your TurboTax program by clicking on "Online" in the black bar near the top of your screen and selecting "Check for Updates."
Please return to Community if you have any additional information or questions and we would be happy to help
a month ago
The personal use and business use must be separated and the following will explain how. The vehicle use will be determined by the mileage (business miles divided by total miles). Use this percentage ...
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The personal use and business use must be separated and the following will explain how. The vehicle use will be determined by the mileage (business miles divided by total miles). Use this percentage to determine the business uses portion of the interest.
For the business use percentage of the interest you would use it on your Schedule C as other interest whether you use standard mileage rate (SMR) or actual expenses for your vehicle.
Self-employed individuals can deduct business vehicle expenses using the 2025 rate of $0.70 per mile (or $0.725 in 2026) for operating costs. Separately, you can deduct business-related parking fees and tolls. Loan interest is deductible based on the percentage of business use.
The personal use portion of interest may qualify for the new vehicle loan deduction. Click the link below for qualifications and enter the deduction.
What is the vehicle loan interest deduction?
a month ago
can i deduct contributions to spouse's ira if i was the only one with income we are over 50 and meet the requirements
a month ago
When I go to enter my data, the first question it asks is if I want to report the summary or if I want to report the individual transactions. If I choose summary, the program only lets me enter summa...
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When I go to enter my data, the first question it asks is if I want to report the summary or if I want to report the individual transactions. If I choose summary, the program only lets me enter summary data, not individual data. So I don't see any way to enter this one transaction unless I start a new 1099B. what am I missing? PS - and if I add in the summary for the single transaction, then TurboTax says I have to mail in my 1099 with my tax return. Poking around on the Internet it seems that if I instead listed every transaction individually, I wouldn't have to do this. I don't wanna have to do that but if it's a way to go, please let me know.
a month ago
Here is my scenario in 2025. I am in mid 40's 1. Contributed into Traditional IRA: $7000 2. Conversion From Traditional IRA to Roth IRA: $2000 3. Realized that I have started 401(K) via employe...
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Here is my scenario in 2025. I am in mid 40's 1. Contributed into Traditional IRA: $7000 2. Conversion From Traditional IRA to Roth IRA: $2000 3. Realized that I have started 401(K) via employer in 2025. Now the IRA contribution in 2025 going to be non-deductible. 4. Requested bank to distribute $5000 via a form but bank distributed $4,532.18 5. Recently received two 1099-R from the bank: a. 1099-R for $4,532.18 with distribution code 1,8 b. 1099-R for $2000 with distribution code 2 Now, my concern is Distribution code "8 "in 1099-R for $4,532.18. The code 8 is for "excess contribution" but as per my understanding in my case it was never excess contribution. I simply contributed $7000 limit and did early distribution. Should I contact the bank for correction or simply file the tax return based on current 1099-R?
a month ago
Using schedule E or not will not have any effect on the 179 carryover on your K1.
If you have adjusted the carryover amount as @Mike9241 shows you above then it may or may not have an effect on...
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Using schedule E or not will not have any effect on the 179 carryover on your K1.
If you have adjusted the carryover amount as @Mike9241 shows you above then it may or may not have an effect on your taxes. It would carryover on to schedule E page 2 and from there to wherever it effects your taxes. But making the adjustments is up to you. TurboTax does not do this computation automatically.
a month ago
1 Cheer
Vous avez 2 options:
1- clarifier avec votre employeur si vous bénéficier d'un bonus ou d'une commission pour les ventes excédentaires. un bonus ne permettant pas de déduire vos taxes foncières. ...
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Vous avez 2 options:
1- clarifier avec votre employeur si vous bénéficier d'un bonus ou d'une commission pour les ventes excédentaires. un bonus ne permettant pas de déduire vos taxes foncières.
2- demander à votre employeur de rectifier le T2200 en indiquant que vous recevez en effet des commissions.
Bonne chance 😊
a month ago
Most retirement plans are Qualified Plans, including 401(k) and 403(b) plans.
If you want to confirm the type retirement plan you have, you can contact the plan administrator (the issuer of you...
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Most retirement plans are Qualified Plans, including 401(k) and 403(b) plans.
If you want to confirm the type retirement plan you have, you can contact the plan administrator (the issuer of your Form 1099-R).
Here is a TurboTax article on Form 1099-R that may be helpful.
a month ago
Thanks for the information. 🙂
a month ago
is there a limit for donation of inventory when filling a final return for a business?
a month ago
I have an amount on Line 2b and Line 7 which I think is correct. I had one override eliminated it and it made no difference, closed and restarted program and still no difference. Could it be a probl...
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I have an amount on Line 2b and Line 7 which I think is correct. I had one override eliminated it and it made no difference, closed and restarted program and still no difference. Could it be a problem with the program? Thanks for your help!
