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If you are actually using desktop download software, you open the TurboTax program from your own hard drive then go up to the top of your screen to File.  Click File, then click New Tax Return to sta... See more...
If you are actually using desktop download software, you open the TurboTax program from your own hard drive then go up to the top of your screen to File.  Click File, then click New Tax Return to start a return for different person.
My broker put me in a REIT years ago.  I always had he dividends reinvested.  The REIT liquidated in 2025.  I got a 1099-Div from them, listing only the cash liquidation amount (box 9).  In Turbotax ... See more...
My broker put me in a REIT years ago.  I always had he dividends reinvested.  The REIT liquidated in 2025.  I got a 1099-Div from them, listing only the cash liquidation amount (box 9).  In Turbotax desktop, if I input this on the 1099-div page, it lists that cash distribution as capital gain.  But there is no mention of the cost, which I assume would be adjusted upward for the nondiv distributions that were reinvested over the years.  Never had to deal with this before.  Do  I delete the 1099-div for this item, and input it somewhere else?  And am I correct that the reinvested divs are ADDED to the original cost basis?  Then I subtract off the liquidation amount, for the realized gain or loss?  Thanks for any help!  MJ
Whatever works but it sure shouldn't be this hard!  Feeling relieved I have only one year to go.
If you are using TurboTax Online, you cannot prepare and file a tax return for another person using an existing TurboTax account. You'll need to create a new account, distinct from the account you us... See more...
If you are using TurboTax Online, you cannot prepare and file a tax return for another person using an existing TurboTax account. You'll need to create a new account, distinct from the account you used to file the first return.   If you are using TurboTax Desktop, you can start a new return by clicking on Start a new return on the Welcome page of TurboTax.   Please read this TurboTax Help topic on how to start a new tax return for another person.
I didn't see your additional posts before I submitted my last reply, so this should answer any remaining questions you may have.    Those expenses in previous years can be taken if you intended to... See more...
I didn't see your additional posts before I submitted my last reply, so this should answer any remaining questions you may have.    Those expenses in previous years can be taken if you intended to start a business in the first place. Since you received an EIN and registered as a LLC, these expenses in past years can be deducted as business expenses if you used any of those props and other supplies in your current venture. For the pro-bono issue.  Those expenses cannot be deducted unless your organization is a 501C charity.  I erred originally when I mentioned this, but corrected it once I discovered my error. Since your business is active in 2026, you can report your 2026 income and deduct your previous expenses as start-up expenses. Don't file a return for 2025 but file this year. Remember, you can deduct the first $5000 and the remainder needs to be amortized over a 15-year period. I mentioned this previously. As far as meals and travel, Publication 463, is your "bible" for determining what is deductible and what isn't. Without a detailed explanation, select the link, go to the bottom of the publication to index, and look-up traveling away from home and Tax Home. Also, look up meals in the same section. This publication will give you a good idea of what is deductible and what isn't. Due to space constraints I can't list all of the requirements here for deducting meals and travel.   When your business has alternating years of profit and loss or going "back and forth" as you mention, the IRS doesn't just treat each year as a "reset button." Instead, they allow you to claim  Net Operating Losses (NOLs) that can be carried over to future years when you do have a profit. The IRS still considers your business a going concern. Since you have an LLC, an EIN, a website, and a professional "sizzle reel," you are checking all the boxes for a legitimate business. If you keep up with filing your LLC fees, website fees, and prove that you wish to remain a legitimate business,  Even if you don't hit a profit 3 out of 5 years, your professional conduct proves you have a profit motive and won't classify you as a hobby.   The IRS uses Internal Revenue Code Section 183 (often called the "Hobby Loss Rule") to make this distinction. Here is where it explicitly states that you can still be a business even without the 3-of-5 year profit. Please read this link and look under the section The Section 183 Framework and the Profit Motive Standard. Here is what is quoted, "The IRS looks for objective indicators: business plans, market analyses, operational metrics, and realistic pricing strategies.   A well-documented operational turnaround—such as renegotiating supplier contracts, adjusting product mix, or discontinuing unprofitable services—strengthens the position that you are engaged in a trade or business rather than a pastime." Addtionally, having a good set of books going forward will help considerably in proving that you are a viable business.   It all boils down to if you wish to operated this as a business or is it just a pastime? If it is a pastime, it's only a hobby no matter how much money you spend.      
Your question is posting from online TurboTax, from which you do not get five e-files. When you use online TurboTax software you get one return per fee.   Each return needs its own email, accou... See more...
Your question is posting from online TurboTax, from which you do not get five e-files. When you use online TurboTax software you get one return per fee.   Each return needs its own email, account and user ID.   If you use the same account and user ID for a second return, the second one overwrites the first return and it is lost forever.     https://ttlc.intuit.com/community/using-turbotax/help/how-do-i-start-another-return-in-turbotax-online/00/25596 https://turbotax.intuit.com/personal-taxes/online/file-your-own-taxes/  
You may want to try deleting your 1099-R entries since it looks like there is no gross distribution information showing up on your screen.  Follow these steps:   Open you TurboTax program and ... See more...
You may want to try deleting your 1099-R entries since it looks like there is no gross distribution information showing up on your screen.  Follow these steps:   Open you TurboTax program and click where it says Forms in the blue banner at the right. On the left side, look for all forms beginning 1099-R. Select one of the 1099-R forms. At the bottom of the TurboTax screen, click Delete Form, the click Yes on the pop-up to confirm deletion. Repeat steps 1 to 4 until all the 1099-R forms have been deleted. Once you have all the forms deleted, click on the Step by Step in the blue banner at the right to return to Step by Step mode.  Then follow these instructions to enter your 1099-R forms back in:   Click on the Personal tab, then Personal Income just below that.  Click Continue Click "I'll choose what I work on" Scroll down to the Retirement Plans and Social Security section, then click Update or Start to the right of IRA, 401(k), Pension Plan Withdrawals (1099-R) Click Yes for "Did you get a 1099-R in 2025?" Don't import the 1099-R - click Skip Import Select the appropriate 1099-R type on the next screen by clicking the appropriate tile, then click Continue. Enter the payer information on this screen, then Continue Enter the 1099-R details on the 1099-R form on the next page. Answer all questions after this screen pertaining to that 1099-R form. After you select Yes for Do you have more 1099-R forms to enter, repeat steps 5 to 10. Once you select No to Do you have more 1099-R forms to enter, click Done on the 1099-R summary screen. Answer the questions that come after that screen until you get back to "Your 2025 Income Summary".
Says one can file up to 5 federal returns. How do I set up a new taxpayer?
You would need to choose either MAC or PC to download the program.  MAC and PC have different extensions and operate differently.  
i need to verify the social security numbers were entered correctly
You can E-file your 2025-tax return from your phone, laptop or computer.  It dosen't matter how you filed your 2024-tax return. Go to the File section. Be sure that "e-file" is selected as ... See more...
You can E-file your 2025-tax return from your phone, laptop or computer.  It dosen't matter how you filed your 2024-tax return. Go to the File section. Be sure that "e-file" is selected as your filing method,  Follow the prompts to verify your identity  Continue through the interview
Never mind, found it.   Thanks!
In the 1098 interview, you are presented a with a screen where you can indicate that someone other than you or your spouse pays part of the loan.  Otherwise, if you're filing as MFJ, you don't need t... See more...
In the 1098 interview, you are presented a with a screen where you can indicate that someone other than you or your spouse pays part of the loan.  Otherwise, if you're filing as MFJ, you don't need to indicate that the home is owned jointly, or that only one of you is actually on the deed.     If you only paid a portion of the mortgage interest amount shown on Form 1098, only enter your portion of the interest.    @ABRAMSNC     
Thanks for the reply! I don't see a screen for 'lower your tax bill' in the 1099 flow.   Flow: 1. Is the IRA/SEP/SIMPLE box on this 1099-R checked? (No) 2. How your taxes are looking so far 3. ... See more...
Thanks for the reply! I don't see a screen for 'lower your tax bill' in the 1099 flow.   Flow: 1. Is the IRA/SEP/SIMPLE box on this 1099-R checked? (No) 2. How your taxes are looking so far 3. Do any of these situations apply to you? (None) 4. Tell us if you moved the money through a rollover or conversion (I didn't roll over or convert this money) 5. We found a few other questions ... 6. Annuity information, Periodic payments (No) Done.
For LIne 18 of IRA Info Wksht, asks for combined values of all trad IRAs ( including SEP and SIMPLE IRAs.) Does this include any Trad IRAs that I INHERITED?   If not, why not ? Essentially, I gue... See more...
For LIne 18 of IRA Info Wksht, asks for combined values of all trad IRAs ( including SEP and SIMPLE IRAs.) Does this include any Trad IRAs that I INHERITED?   If not, why not ? Essentially, I guess I am asking is under what circumstances is this Info used, and why wouldn't that apply to an inherited IRA?
It depends whether this is a hobby or a business, or the sale of personal items.    If you decide it's a business, then the cost of goods sold (COGS) can be entered in your business Schedule C as m... See more...
It depends whether this is a hobby or a business, or the sale of personal items.    If you decide it's a business, then the cost of goods sold (COGS) can be entered in your business Schedule C as materials and supplies. See more information below.   Note: You can decide if it is hobby or business income.  This IRS link will help you: Business or Hobby?   Key elements: A hobby requires you to report the income you received and under the current tax law, Tax Cuts and Jobs Act (TCJA), no expenses are allowed to be used to reduce the money collected even if you itemize deductions. A business allows you to deduct the costs necessary to obtain the income.  The law explains that 'you must be engaged in the activity to produce a profit'.  The test under IRS tax law is that you must show a profit three out of every five consecutive years to be considered a business. Options for COGS from the Tax Cuts and Jobs Act: Inventory options: According to Tax Cuts and Jobs Act (TCJA), businesses with gross receipts below $30 million for the past three years are considered eligible to use the cash method of accounting for their inventory.  This allows you to be free of inventory tracking on a regular basis. This means you can enter all of your purchases for resale as materials and supplies to reduce your current year income instead of using the inventory section. Using the inventory section requests the cost of the products on hand as of December 31st and that amount is on hold until sold which will not reduce your income for the current tax year, but will be used in the following year when you actually sell your merchandise. This repeats each year if you choose it. You should always track your inventory restocking costs and labor if it's part of the actual inventory cost and deductible against your business income (1099-K, all cash transactions or bartering). How do I report self employment income? Where do I enter my self employment business expenses Hobby Income: If you should decide it's a hobby follow the steps below - no COGS will be used in this case. Other Miscellaneous Income: Go to the Wages and Income  section of TurboTax Scroll to  Less Common Income > Select  Miscellaneous Income, 1099-A, 1099-C Select Hobby Income and Expense > Enter the income Sale of Personal Items (used for personal purposes and then sold later): Enter an Investment sale for the personal use items using the instructions below. To enter your sale in TurboTax, follow these steps.  Open or continue your return. Navigate to the investment sales section: TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open TurboTax Desktop: Search for investment sales and then select the Jump to link. Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (select this box) Answer Yes to the question Did you sell any of these investments in 2025? If you land on  the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments. Click this link for more information. Where do I enter Investment Sales? Select Type as Personal Items If you aren't sure of the date of purchase you can can select 'Something other than a date' to select Various Be sure you know your holding period (long term is over one year, everything else is short term) If you did sell in different lots and times any sale that resulted in a gain is taxable and cannot be lumped with other losses.   @joy-lu-zhang [Edited: 03/16/2026 | 11:27 AM PST]