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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... See more...
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
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... See more...
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?
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... See more...
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  
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 ... See more...
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?
can i  deduct contributions to spouse's ira if i was the only one with income we are over 50 and meet the requirements
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... See more...
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.
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... See more...
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?  
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... See more...
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.
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... See more...
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.
Thanks for the information. 🙂  
is there a limit for donation of inventory when filling a final return for a business?
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... See more...
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!  
Do you know when they are going to add that to turbo tax. I see tips not reported but nothing that says tips reported but not on box 7 or 14. 
You only need to enter the 1098-T and subtract out qualified expenses, like books and supplies. I just created a dependent return with box 5 larger than box 1. It carries the excess scholarship incom... See more...
You only need to enter the 1098-T and subtract out qualified expenses, like books and supplies. I just created a dependent return with box 5 larger than box 1. It carries the excess scholarship income to Sch 1 line r for Scholarship income as expected. It carries to the 1040, line 8.   A full or corrupted cache can cause problems in TurboTax, sometimes you need to clear your cache (that is, remove these temporary files). Online version: Delete the form 1098-T, see How to Delete   Log out of your return and try one or more of the following: Don't use Internet Explorer. Clear cache and cookies, Sign in using a different browser. Sign in using a different device. Log back into your return. Enter the information again.  Desktop version:  Delete the form 1098-T Save your return while closing the program. Update the program Open Enter the information again. @twinzby2 
Has anyone else had issues with the 2026 estimated tax calculations, specifically W2 wages? Whether I select yes or no for copy 2025, the worksheets are completely messed up. 2026 wages come in as $0... See more...
Has anyone else had issues with the 2026 estimated tax calculations, specifically W2 wages? Whether I select yes or no for copy 2025, the worksheets are completely messed up. 2026 wages come in as $0 and I have to override the value on the forms. 2026 withholding uses the 2025 actual no matter what I do, and again I have to override the value on the forms. I've also tried doing an update my W4 first, and that doesn't help. These errors then flow through to the state estimated tax forms as well. I can't believe how bad TT has messed this up this year and that it is not affecting everyone. I'm only glad I double check everything and don't just trust the answer or I would be completed screwed next year.
Just one other beneficiary, so my limit is $10,000 annually. I checked my returns for all 3 years and it looks like the full amount of my distributions were included in my AGIs. Thank you for your he... See more...
Just one other beneficiary, so my limit is $10,000 annually. I checked my returns for all 3 years and it looks like the full amount of my distributions were included in my AGIs. Thank you for your help as this has been super frustrating because it's so particular to NYS and I have no idea why it's being miscalculated in TurboTax. What other information about my situation do you need?
You should put zero if you did not receive any tax free amounts.  This is to determine your basis and the taxable amount.
@fgreenfield I am dealing with the same issue for my wife and I. Not sure where the information sheet is pulling from, but it did not include our middle names. So of course it does not match our Illi... See more...
@fgreenfield I am dealing with the same issue for my wife and I. Not sure where the information sheet is pulling from, but it did not include our middle names. So of course it does not match our Illinois driver's license. I was on the phone with TurboTax and they had no solution for me and told me to mail it in. Not something I would want to do.   TURBOTAX please help.   Thanks
A trust can't do anything. A trustee must act for the trust following the terms of the trust. For a non-grantor trust, how can a trustee have the donative intent required to complete a gift, under e.... See more...
A trust can't do anything. A trustee must act for the trust following the terms of the trust. For a non-grantor trust, how can a trustee have the donative intent required to complete a gift, under e.g., Commissioner v. Duberstein, 363 U.S. 278 (1960). How would a gift from a trust play into the DNI rules in I.R.C. 661-2?   Isn't the better way to think of it that the grantor made a gift when the trust became irrevocable and that the trustee is not gifting to the beneficiaries, but rather  just following the terms of the grantor's gift by making distributions? Those distributions may carry out income or might be gifts of corpus, depending upon the circumstances.
If vehicle is used for 50% business use, how is the interest deduction shown