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a month ago
There is no way to return to edit the amount, you are correct.
a month ago
Yes, cash basis means exactly that.
Allocation can be determined if you choose, since since the January, 2026 bill received in 2026 for 2025, is for a portion of the year when it was used for ...
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Yes, cash basis means exactly that.
Allocation can be determined if you choose, since since the January, 2026 bill received in 2026 for 2025, is for a portion of the year when it was used for personal purposes and rental purposes.
However, when the bill is paid the property is fully rental for all of 2026 and M-MTax has a valid point taking the deduction in a year when the property is rental for the entire year.
The IRS would likely go with the cash basis rules and rental property period all of 2026.
@sockfight-1
@taxmodern
a month ago
Exact same problem importing from etrade by Morgan Stanley
a month ago
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a month ago
Thanks, the Estimated payment on Jan 5 is the cause of the penalty. Doing the annualized income is worse than the penalty ☹️
a month ago
1 Cheer
No, you would only need to file one return for each state, either jointly or separately. Since they're both Community Property states, where you report all your income and half of your spouse's on s...
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No, you would only need to file one return for each state, either jointly or separately. Since they're both Community Property states, where you report all your income and half of your spouse's on separate returns, it could be a wash using either method, though you may lose some deductions that are limited when MFS.
You can use your joint federal return and test filing separately for each state, and test filing jointly for each state.
Here's detailed info on Filing Separate States.
@unablezhy
a month ago
I'm experiencing the same issue with TurboTax 2025 on Windows 11. To be clear - this anomaly shows up when column 1 is simply copied to column 2. "Use 2026 tax rates" is NOT checked. So columns 1...
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I'm experiencing the same issue with TurboTax 2025 on Windows 11. To be clear - this anomaly shows up when column 1 is simply copied to column 2. "Use 2026 tax rates" is NOT checked. So columns 1 and 2 should be identical. The (hopefully) temporary fix is to override the value in column 2 with the correctly calculated value in column 1. Although the ultimate goal is to do what-if calculations with the 2026 tax rates, I haven't looked into whether any differences between 2025 and 2026 tax rules would invalidate this temporary fix.
a month ago
Makes sense - thanks again!
a month ago
The desktop app says I have one error we can't clear or get around with factual information and it's holding up our filing.. I loaded all of the information from my 1099-K, and if I choose "I sold s...
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The desktop app says I have one error we can't clear or get around with factual information and it's holding up our filing.. I loaded all of the information from my 1099-K, and if I choose "I sold some items at a loss", I'm greeted with an itemized sheet with no context. In my case, I received $1527.99 in ticket sales from five events. I sold one for a loss, and received $180. I lost $128. The other four I received a whipping total of $411 in profit. Yet, the Turbo Tax checker says I need to somehow consolidate $1347.99, which is the Boxa number minus the proceeds I received at a loss. How the hell do I do this?! I'm greeted by the Capital Assets Sales Worksheet, which asks for short/long term proceeds, and a Brokerage Statement Study Table....do I have to enter the raw amount I received for the four transactions I profited from, and then how much that represented in profit for each one? I'm not an accountant, and I have purchased TurboTax every year for 15 years to avoid this kind of thing.
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a month ago
@DanaB27 My token number is: 1327168
a month ago
You entered the SSA-1099 in the wrong section of the program. Delete what you entered.
To enter Social Security benefits reported on form SSA-1099
Click on Federal Taxes (Personal using Home...
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You entered the SSA-1099 in the wrong section of the program. Delete what you entered.
To enter Social Security benefits reported on form SSA-1099
Click on Federal Taxes (Personal using Home and Business) Click on Wages and Income (Personal Income using Home and Business) Click on I'll choose what I work on (if shown) Scroll down to Retirement Plans and Social Security On Social Security (SSA-1099, RRB-1099), click the start or update button
a month ago
I cant delete a review question?
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a month ago
@dmn1948 Are you filing as Married Filing Separately? If so, you would not be eligible for this deduction.
If your MAGI is to high you would not be eligible for this deduction.
IRS Sched...
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@dmn1948 Are you filing as Married Filing Separately? If so, you would not be eligible for this deduction.
If your MAGI is to high you would not be eligible for this deduction.
IRS Schedule 1-A - https://www.irs.gov/pub/irs-pdf/f1040s1a.pdf
a month ago
Yes, you can use the federal identification number (FEIN). Do not use a dash for the state field.
a month ago
I already have one account that autoadded from last year, when I hit "add another account" and after selecting my bank it just shows me the link to log in, but when I do (after sprouting another tab) ...
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I already have one account that autoadded from last year, when I hit "add another account" and after selecting my bank it just shows me the link to log in, but when I do (after sprouting another tab) nothing happens on the turbotax tab.
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a month ago
You're just focusing on cash basis accounting rules, but that doesn't override tax law that says personal expenses for personal use of a property are never deductible as a business expense. Cash bas...
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You're just focusing on cash basis accounting rules, but that doesn't override tax law that says personal expenses for personal use of a property are never deductible as a business expense. Cash basis accounting tells you which tax year you can deduct an expense, but it never makes personal expenses magically become a deductible business expense. As I cited, IRC § 262(a) prohibits deducting personal expenses ("no deduction shall be allowed for personal, living, or family expenses"), and IRC § 212 which defined what expenses are eligible to be deducted as business expenses. If you have any relevant tax law or authoritative source references for what you're claiming, please cite it.
a month ago
TurboTax keeps saying my state return was rejected but the federal was accepted due to secondary filer's ID being wrong. Turbo Tax wont let me fix it thru them. It seems like it wants me to re-file th...
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TurboTax keeps saying my state return was rejected but the federal was accepted due to secondary filer's ID being wrong. Turbo Tax wont let me fix it thru them. It seems like it wants me to re-file the fed and state in order to re-file.
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a month ago
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