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You cannot take depreciation, including the Section 179 allowance, on a car that is not owned by the business. You can reimburse the owner of the vehicle for the business use of it. If you do that, you must maintain an accountability plan wherein the owner submits a mileage report to substantiate the business use of the vehicle. If you maintain the accountability plan diligently, the company can deduct the reimbursement as auto expense and the owner of the vehicle does not have to enter those reimbursements on his tax return or pay tax on them.    If you use such a plan, you typically reimburse the owner based on the IRS standard mileage rate, which is $0.70 per mile in 2025.   To learn more, you can see IRS Publication 463 and search for Accountable Plans.    

@Karen991 You may have more than one TurboTax online account.  See this TurboTax support FAQ for how to view all of your TurboTax accounts - https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/many-intuit-accounts-turbotax/L9aVfKS1Z_US_en_US?uid=ll5g6zcx   To access your current or prior year online tax returns sign onto the TurboTax website with the User ID you used to create the account - https://myturbotax.intuit.com/ Scroll down to the bottom of the screen and on the section Your tax returns & documents.  Click on the Year and Click on Download/print return (PDF)   If you used the desktop CD/Download editions installed on your computer, the only copy of your tax data file and any PDF's will be on the computer where the return was created.  TurboTax does not store online any returns completed using the desktop editions.   Go to this IRS website for free transcripts of a federal tax return - https://www.irs.gov/individuals/get-transcript   For a fee of $30 you can get a complete federal tax return from the IRS by completing Form 4506 - http://www.irs.gov/pub/irs-pdf/f4506.pdf

To report the sale of a partnership interest on Schedule K-1 (Form 1065), indicate that you had a change of ownership in the step-by-step interview under Business Info >> About Your Business.   Under Partner/Member Information: Edit the member than sold their interest and check the box on the Member Information page for "This member left the company this year." Complete the interview for this member. Edit the member who purchased an interest and check the box for "This is this members' first year as a member." Complete the interview for this member. Click Done under the Member Summary list. Indicate you had only one date of change, then enter the effective date of the sale on the next page. On the Profit Percentages page: > The selling member will have their original percentage in the Before column and 0% in the After column.  > The purchasing member will have 0% in the Before column and the percentage purchased in the After column. (Normally, this percentage is the same as the selling member's Before percentage.) Continue and check the box for Sale as the reason for the change. This action checks the Sale box on the K-1 for the selling member but has no other effect. Continue through the interview until you reach the Federal Taxes topic.   You can review these entries using Forms Mode (click the Forms icon in the TurboTax header).   In the list of Forms in My Return on the left, scroll down and look for Schedule K-1 for the selling member.  Click the form name to open it in the large window.  Under Line J, the Sale box should be checked and the beginning/ending percentages should be the same. (This follows the IRS rules for Schedule K-1.) Open the K-1 for the purchasing member. Under Line J, beginning/ending percentages will also be the same, because there was no change in the member's ownership percentage for the time they owned an interest in the LLC. You can confirm the total percentages by opening Sch K-1 Wks. Scroll to the bottom of the form to confirm Total Percentages for profit, loss, and ownership all total to 100%. Click Step-by-Step in the header to return to the main screens.

If your return is pending on the TurboTax website, the IRS has not yet taken control of it.   To check your tax refund status in TurboTax,  Sign in to your account and  Go to the "Tax Home" or "Order Details" screen  It'll tell you if your return was accepted. If you want to know the status of your tax return,  you should use the  IRS Where's My Refund website.  You'll need Your Social Security or individual taxpayer ID number (ITIN) Your filing status The exact refund amount on your return

It is second week in March , Merrill Lynch is still not available to allow importing  tax information. Bank of America is available and working This seems to be a bug with Intuit Turbo tax  on the desktop version.  Really dissappointed at the level of support this is getting from Intuit .  

Thomas,   Good morning.  I have code "J" on my 1099-R for Roth funds used to pay for a child's higher education expenses.  When I get to the screen asking about expenses, higher education is not one of the options listed.  The only solution I found is after adding in my contributions to the Roth (more than the disbursed amount), the taxable amount goes away.  Any thoughts on the correct way to handle it?  Thank you.   Dan 

It is March and still not working for me. Long time Turbo tax user but will be looking elsewhere next year. They keep giving long detailed explanations about how to work around the problem, but I have absolutely no new info since last filing and it still won't work.    

Because Box 1 (Unemployment/Taxable Grant) is empty, the program assumes the form is incomplete, even though you have valid withholdings in Box 4 (Federal) and Box 11 (State).   You can try this workaround: Open or continue your return. Enter $1 in Box 1. Enter your withholdings in Box 4 and Box 11 exactly as they appear on your form. Click on Federal tab, and then Wages & Income. Scroll down to Less Common Income, and Select Miscellaneous Income. Select Other reportable income (to enter an Offset). Add a description like "1099-G Penny Adjustment", and enter -1 (negative one) as the amount (taxable income is again $0 while allowing the program to process the withholdings and include them in your total refund.). Note: Make sure that you have selected the correct State ID number and State abbreviation in the 1099-G entry screen. If Box 11 has an amount but the "State" dropdown is blank, the program will trigger an error no matter what is in Box 1.

The 1040-ES isn't submitted to the IRS.   It is not mandatory that you make all or any of the payments.   However, if you don't pay enough through the year it may result in penalties and interest. The underpayment may be avoided if: You paid 90% of the tax that you owe for the current year. If the current taxes paid are equal to 100%, (110% for higher incomes) of your taxes owed the previous year. The IRS also says you can probably avoid the penalty if the amount you owe is less than $1,000. To avoid this situation, it's recommended that you adjust your W-4 with your employer, or pay estimated taxes.    For more information, see Guide to IRS Tax Penalties: How to Avoid or Reduce Them.  

The way this works with HSAs is that when you take a normal distribution (code '1') from your HSA, TurboTax asks you if the distribution was used all, partly, or not at all for qualified medical expenses. If the distribution was used all for qualified medical expenses, then the distribution is tax-free. If the distribution was partly used for qualified medical expenses, then that part used for medical expenses is tax-free, and the rest is added to Other Income as well as taxed at an additional 20%. The same happens when none of the distribution is used for qualified medical expenses - it is all added to Other Income as well as taxed at an additional 20%.   So please go back to where you entered the 1099-SA and check how you answered the question about how the distribution was used. If you answered, "not used for qualified medical expenses", then the program is correct to add the distribution to Other Income.

It depends. The $239 tax credit may be correct, depending on whether you have other US income you received during the year. This is the part that feels “wrong” but is actually how the law works.   The foreign tax credit is limited to the portion of your U.S. tax that relates to your foreign‑source income. In plain terms: Max Foreign Tax credit= US tax on all income X foreign source income / all income. So even if you:   Paid $13,000 UK tax this year, and Have $54,000 carryover from prior years, You cannot claim more credit than the limitation formula allows for this year. The rest stays as carryover (forward or back, depending on the year rules). So if TurboTax shows something like $239 as the allowed foreign tax credit, that usually means: Your U.S. tax on the UK pension portion (after the formula) is only about $239, So that’s the maximum credit you can use this year, The remaining $13,000 + $54,000 − $239 stays as carryover. That’s why you “can’t find” the full $13,000 and $54,000 as a current‑year credit—they’re mostly stuck as carryover, not allowed this year.   @ZengFreeman               

@alextargetn wrote: 1) How do you calculate depreciation for a rental property? Could you share a useful source?  Are you using tax software to report the income and expenses on your rental? If not you'll have to make the calculation manually using the table below.   For your depreciable basis, you will use the lesser of your adjusted basis (purchase price plus improvements, less casualty losses claimed) and the fair market value on the date of the conversion to rental use.  

1.The amount of room and board that is reasonable (according to the college) is deductible from the 529 withdrawal, just not the excess.  2. Yes. dorm and apartment expenses within the college guidelines will go against the 529 withdrawal. 3. Yes! The 529 is not taxable when used on eligible expenses along with qualified room and board.