All Posts

Thank you for your reply @CatinaT1.   Thank you for pointing out that TT can provide other metrics that are useful such as Blended Tax Rate.   However, focusing specifically on the Effective Tax Rate as it is presented on the tax return printout rendered by TurboTax, it appears to be incorrect based on how I think we agree it should be calculated.   Here is what you said about that:   “Effective tax rate is something Turbo Tax uses to help you see where you stand; to see which W-2 may be deficient in withholding the correct amount of Federal tax, etc.   It should be the tax divided by the total income, not the AGI. It is a number without any real value other than just to let you know when you earn $1, about x% is taxed.“   I agree that the standard definition of Effective Tax Rate is the (total) tax divided by the total income. But as it appears on the TT printout I referred to in my original post, it does not equal the total tax divided by the total income.   It is labeled on the printout as “Effective Tax Rate” but it appears to be incorrect based how I think we both agree it should be calculated.  In my case the Effective Tax Rate TT shows in this section is about 1.7 percentage points lower than the Effective Tax Rate calculated as shown in the image.   So what I am seeking is how the Effective Tax Rate given in the section in the image is calculated since it does not seem to be calculated according to the standard definition of Effective Tax Rate or the way you and I apparently agree it should be calculated.  Is it a bug or is there some other explanation?  That's what I am trying to find out.   Please see the image of the TT printout below to clarify what I am saying.  

you are correct.  most individual taxpayers can skip steps 2 and 5 because investment expenses aren't deductible as for tracking, apps even spreadsheets, can help with your gain/loss and remaining tax basis and units.     

I actually went back to the payment page after a couple days and it let me through with direct deposit option. Maybe if you select pay by check, then wait a couple days and go back and change it to direct deposit it might work.

Here are the instructions:   https://ttlc.intuit.com/turbotax-support/en-us/help-article/uninstall-products/switch-turbotax-cd-download-turbotax-online/L4awg8jwG_US_en_US     I believe you'll have to contact Support in order to get a refund on the download software, though:   1-800-446-8848

@MyLord wrote: wokndadog: There is no reason to be upset or rude. M-MTax was just trying to help. IF you do not like his answer, then just ignore it and move on. These are all "free" advices, aren't they? I actually am totally confounded by the entire thought process from these posts. I honestly don't get it:   Intuit made a decision not to support Windows 10 well before the desktop programs were released last year (sometime in November) and people are still railing on about it. The threats, diatribes, and general rants are not going to change any decision-maker's mind at Intuit so why bother? I'm also not sure why even a long-time user feels that Intuit owes them something for paying a whopping $50-$90 a year for software (I think I spend more than that at Starbucks in one month - does Starbucks owe me anything other than coffee?).    The thing is that H&R Block, while the interface differs, does support Windows 10 so these same people are not stuck with nothing if they want to use desktop (installed) software. TaxAct also supports Windows 10, for that matter. The irony here is that there are Merrill customers out there who have dumped H&R Block in favor of TurboTax because H&R Block decided not to support importing 1099s from Merrill (just because something changed and HRB didn't want to be bothered). 

Disagree @fredherpel  for unmarried co-owners residence, the debt limits apply to each taxapayer, not to the property [Voss,116 AFTR 22d 2015-5529 (9th Cir. 2015)] the IRS announced that it will follow the Voss decision (AOD 2016-02)   summary of the UNITED STATES COURT OF APPEALS FOR THE NINTH CIRCUIT The panel held that the debt limit provisions of 26 U.S.C. § 163(h)(3) apply on a per-taxpayer basis to unmarried coowners of a qualified residence.

Make sure you entered your expenses in the correct spot, where do you see the loss?   In your tax return, the loss appears on your Schedule C that TurboTax generates when you enter your self-employment income or expenses.   Once you enter business expenses in TurboTax, TurboTax automatically transfer those expenses to Schedule C.     Also, see Schedule 1, Line 3 to see your total business income or loss amount.   This amount on Schedule 1 is transferred to Line 8 of your Form 1040 tax return.    On the income summary, business income and expenses are listed under Self-Employment income and expenses.   Where do I enter Schedule C income and expenses?       If you entered your business expenses as Job Expenses, delete the Form 2106 that was generated.    That section is for w-2 employees, not self-employed taxpayers.     How to delete forms in TurboTax Online    How to delete forms in TurboTax Desktop