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You need to update your Business Profile, which is on the screen that says Your (name of business) Business. You will come to a screen that says Lets confirm your Business Info. One of the option say... See more...
You need to update your Business Profile, which is on the screen that says Your (name of business) Business. You will come to a screen that says Lets confirm your Business Info. One of the option says Disposed of business in current year. You need to edit that option to say "yes".    TurboTax tax will carry your loss carryovers to the current year automatically. You see the question since some users may have not have used the program in the previous year so they would need to enter the loss carryovers in the current year. You will find the business loss carryovers in the section that says Final Details and then Special Situations on the screen that says Your (name of business) Business, as I referenced earlier.   Capital loss carryovers will be found in the Investment Income section and then Capital Loss Carryover. It is in the Wages and Income section.   You cannot carry loss carryovers backwards, accept net operating losses but only in special situations.        
When filing a paper Form 1040-X (Amended Return), make sure the IRS can clearly see what’s changed. As a rule, print and attach any official IRS forms or schedules that have different numbers from yo... See more...
When filing a paper Form 1040-X (Amended Return), make sure the IRS can clearly see what’s changed. As a rule, print and attach any official IRS forms or schedules that have different numbers from your original return. Focus on printing the updated official forms from your PDF, not the internal “Worksheets” from TurboTax.   Print Form 1116: You must include the newly corrected Form 1116. Even if it looks "simple" compared to the worksheet, this is the official legal document the IRS uses to process your credit. Print Schedule B (Form 1116): If your amendment involves carrying over a credit to a future year or using a past carryover, include the official Schedule B. Don’t print the 1116 Worksheet. This worksheet is just for internal calculations in the software. The IRS doesn’t need it and usually throws it out. If they have questions about your numbers, they’ll ask for your backup documents, like 1099s or dividend statements—not the worksheet from your software.   Since you are amending foreign dividend income, the IRS needs to see the source of the change. You must attach: Corrected 1099-DIVs: If you received a revised form from your brokerage. Dividend Statements: If you are manually correcting an amount, include the statement showing the gross dividend and the foreign tax withheld. Explanation of Changes (Part II of 1040-X): This is the most important part. Write a concise note like: "Amending to include $X in additional foreign dividends from Vanguard that were omitted from original return. Recalculated Foreign Tax Credit on attached Form 1116."   I know this a lot of information, but I wanted to make sure you have everything you need.
A 1040 is the tax return form you prepare here to send to the IRS.   If you start entering data in this software you are preparing a Form 1040.   Please look at it so you will know what you are sendi... See more...
A 1040 is the tax return form you prepare here to send to the IRS.   If you start entering data in this software you are preparing a Form 1040.   Please look at it so you will know what you are sending to the IRS:   PREVIEW 1040 https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/preview-turbotax-online-return-filing/L77WCkvnu_US_en_US?uid=m681fkhr     If you are trying to e-file 2025, it is asking for your 2024 AGI.   Where do I find my AGI?   https://ttlc.intuit.com/community/agi/help/how-do-i-find-last-year-s-agi/01/25947   Your 2024 tax return shows your 2024 Adjusted Gross Income  (AGI)  If you filed a joint return then the AGI is the same for each of you.   Form 1040        line 11   If entering the amount from your 2024 tax return does not work, then try entering “0” instead.  If that does not work and you still cannot e-file, then print, sign, and mail your tax return.   You can get a free transcript of your past return from the IRS:   https://www.irs.gov/individuals/get-transcript Note: If you filed late or amended your return, your correct 2024 AGI may not be in the system.  https://ttlc.intuit.com/questions/1944348-how-do-i-print-and-mail-my-return-in-turbotax-online Note:  If you mail your federal return, you will also need to mail your state return.  You will not be able to e-file your state return.  
Most of my income is from investments. I did some tax-loss harvesting in April to offset LTCG, though your post reminds me that I need to be sure I'm not using more than $3,000 of losses to offset di... See more...
Most of my income is from investments. I did some tax-loss harvesting in April to offset LTCG, though your post reminds me that I need to be sure I'm not using more than $3,000 of losses to offset dividend income in periods (a) thru (c). Going back to how to annualize itemized deductions, I have a few questions: You said, "You can't employ the 7.5% AGI limitation for medical expenses to justify having an increased medical expense deduction for a given time period for purposes of this form." Why not? Isn't that the point of annualizing? Has the IRS provided guidance on this? You said, "You will need to divide up your medical expense deductions for each of the time periods based on the total medical expense deduction you got from Schedule A line 4." How? Take the year-end medical deduction and apply the annualization ratios in reverse? If that's the correct way to handle it, then it seems TT would just do the calculation automatically. It also seems to go against the very intent of the form -- calculating tax liability based on factors known at the end of each period. Or are you suggesting something else? Put another way: on Aug 31 (end of period c) I don't know what my year-end income will be, I don't know what other deductible expenses I may have, etc. So how can it be correct to use a value that isn't known until the end of the year (i.e., Sched A line 4) to calculate tax liability on Aug 31? (It especially doesn't make sense if you think of it from the perspective of using the annualization methodology to make estimated tax payments, but I don't want to get off-track.) I'm not being argumentative; just trying to understand. Thanks
On the Income Topics page, scroll down to Less Common Income > Miscellaneous Income 1099A, 1099C and choose Start/Update.    On the next page, scroll down to Digital Assets Not Reported Elsewhere... See more...
On the Income Topics page, scroll down to Less Common Income > Miscellaneous Income 1099A, 1099C and choose Start/Update.    On the next page, scroll down to Digital Assets Not Reported Elsewhere.     On the next page, enter the amount from your 1099-Misc from Coinbase.    The income will be reported on Schedule 1, Line 8v,  and be included on Form 1040, Line 8.   @KevinP1   
Try clearing cache and deleting cookies then log back into TurboTax.    You can also try opening TurboTax in another browser.
@allysonchan See this for installing the desktop editions with a license code - https://ttlc.intuit.com/turbotax-support/en-us/help-article/license-information/install-turbotax-cd-download-software-l... See more...
@allysonchan See this for installing the desktop editions with a license code - https://ttlc.intuit.com/turbotax-support/en-us/help-article/license-information/install-turbotax-cd-download-software-license-code/L1wFOSXur_US_en_US
When you install the program it should ask for the 16 digit License Code.  Have you downloaded and installed it?   How to get started with the Desktop program, install and activate it https://ttlc... See more...
When you install the program it should ask for the 16 digit License Code.  Have you downloaded and installed it?   How to get started with the Desktop program, install and activate it https://ttlc.intuit.com/turbotax-support/en-us/help-article/product-delivery/download-software-turbotax-com/L7u9oLEkq_US_en_US?uid=luqgvzrd
My husband invested $20,000 into a small business partnership at the very end of 2023. He has not had any gains. He "worked" for the company last year and reported $24,000 in self employment income. ... See more...
My husband invested $20,000 into a small business partnership at the very end of 2023. He has not had any gains. He "worked" for the company last year and reported $24,000 in self employment income. This year, he gave up his share of the business to another partner. No money was exchanged. Can he claim a loss of $20,000 on our 2025 taxes? 
@35792 There is no license code when using the TurboTax online web-based editions.  The license code is only used when installing the TurboTax desktop software you purchased. See this for installin... See more...
@35792 There is no license code when using the TurboTax online web-based editions.  The license code is only used when installing the TurboTax desktop software you purchased. See this for installing the desktop editions with a license code - https://ttlc.intuit.com/turbotax-support/en-us/help-article/license-information/install-turbotax-cd-download-software-license-code/L1wFOSXur_US_en_US
The amendment form 1040X will only be available in TurboTax after 3/4/2026.   If you are expecting a refund, we recommend that you wait to amend until after the IRS has processed your original re... See more...
The amendment form 1040X will only be available in TurboTax after 3/4/2026.   If you are expecting a refund, we recommend that you wait to amend until after the IRS has processed your original return and you have received your refund.   To amend your tax return, please read this TurboTax article.     
how do I enter my license code that I bought software in costco  
Every year---every year----the online fees are discounted until the end of February, and then they increase on March 1.   This is nothing new to people who have been using TurboTax.   You can pay ahe... See more...
Every year---every year----the online fees are discounted until the end of February, and then they increase on March 1.   This is nothing new to people who have been using TurboTax.   You can pay ahead of March 1 to lock in the discounted fee even if you wait to file later.
trying to log on and not asking for license code
I did a mock return with the car interest deduction and it worked as it should.   Example:  Tom is single and has an AGI of $125,000.  The car interest deduction starts to phase out for a single ... See more...
I did a mock return with the car interest deduction and it worked as it should.   Example:  Tom is single and has an AGI of $125,000.  The car interest deduction starts to phase out for a single individual at incomes over $100,000 so he is above the phase out range by $25,000.  For every $1000 over the phaseout range, $200 will be subtracted from their eligible interest.  For this individual, the first $5000 of interest will not be deductible ($200*25000/1000).  If Tom only had $4000 of car interest eligible for the deduction, then he will get no deduction.  If Tom had $6000 of car interest eligible, then his deduction would be only $1000.