All Posts

Not sure why you stick to 1099-MISC. I just wanted to know where the ordinary income from ESPP sale I entered in the TurboTax is shown on the tax return. This ordinary income has nothing to do with 1099-MISC. Now I know where it is shown. Did I misunderstand your reply? Thanks for your help.

"Mine is not about two boxes checked for 5c on 1040.  Actually, the 1040 looks identical to my last year's 1040 in the IRA section."   If that's the case, it seems that your issue is something other than the one discussed in this thread.  This thread only applies to those who received a distribution reported with code H in box 7 of a Form 1099-R.  For a code-H distribution, TurboTax had been mistakenly marking the Rollover box on line 4c instead of marking the Rollover box on line 5c.  TurboTax has been corrected so that it now marks the Rollover box on line 5c, not the Rollover box on line 4c, when code H is present on the Form 1099-R.

In the same boat here. I thought I had figured out how to enter improvements by adjusting the cost basis manually, but then the adjusted basis did not flow to the state form, and when I posted the query on a different thread (see here: https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/adusted-cost-basis-for-sold-rental-property-not-transferring-to-state-return-how-to-fix/00/3822629?relatedcontent=3822629) I got contradictory information - some experts telling me to add the improvements expenses to the sales expenses, and apportion them proportionally to land, house, other purchased assets - which seems like it would raise a huge red flag, if you added (in the OP's case) $150K+ of sales expenses - and other experts telling me to add the improvements to the cost basis by "adjusting the cost basis". But I have yet to receive instructions about where and how to "adjust the cost basis" so that the depreciation is also calculated correctly (if you own a property over multiple years, it will already have depreciated, and I assume there is some formula involved when you add in improvements on the cost basis of a property that has depreciated since purchase?) I have had my taxes on hold now for a week or so waiting to get a definitive answer, or for the program to update.  Also a 25+ year user of TurboTax, so I know my way around the program (and doing taxes in general). I updated this year to the 'Premiere' program while I was midway through prep, thinking that it might have the interview steps needed to deal with the expensing of improvements, and was MASSIVELY disappointed - all it had was a link to "extra help" which then described a series of screens and steps that DO NOT EXIST within the program (see my earlier reply above). So, a waste of an additional $40 for the upgrade, and not sure what my next steps will be. Certainly not going to pay TurboTax more for "expert help" if I'm going to get contradictory advice. Hoping they get the program working before April 15, in the meantime I'm sitting on hold. 

In TurboTax Online Premium, you may enter the IRS Schedule 8949 by following these steps:         Down the left side of the screen, click Federal. Down the left side of the screen, click Wages & Income. Scroll down to Investments and Savings and click the down arrow to the right. Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other. Click Add investments. At the screen Save time and connect your financial accounts, click Enter a different way. At the screen How do you want to add your docs?, click Type it in myself. At the screen OK, let’s start with one investment type, select Stocks, Bonds, Mutual Funds.  Continue. At the screen Which bank or brokerage is on your 1099-B, enter the information. Click Continue. Do these sales include any employee stock, click No. Do you have more than three sales on your 1099-B, click No. Do these sales include any other types of investments, click No. Did you buy every investment listed on your 1099-B, click Yes.  Click Continue. At the screen Now, choose how to enter your sales, select One by one.  Click Continue. At the screen Look for your sales on your 1099-B, click Continue. At the screen Now enter one sale on this 1099-B, under sales section select Long-term did not receive 1099-B form. Enter remaining information.  Click Continue. Repeat as necessary by clicking Add another sale.  Click Continue. At the screen Now, choose how to enter your sales, you may also select Sales section totals and import a .jpg of the IRS form 1099-B.  

Here are some options you have if you need additional assistance with your return:   TurboTax Live, where you can get help from live tax experts, they can even review your return once you are done.  Live Expert Assist, where an expert helps you do your taxes Live Expert Full Service, where an expert does your taxes for you.  See the links below for more information: Compare TurboTax Online Products  

For an independent contractor like your son who has many business expenses (travel, equipment, meals, gas, auto expenses), the best TurboTax version is TurboTax Self-Employed. This version is tailored for freelancers and small business owners. It helps report income on Schedule C and includes guidance for deducting business expenses like travel, meals, vehicle expenses, and equipment. It also supports mileage tracking and can help find industry-specific deductions for photographers and other independent contractors.

No, you will not be able to deduct everything you spent for home office expenses.  The expenses must be allocated based on the combination of time spent using each office and the time spent working in your business in each office.     The items you mentioned (such as rent, utilities, internet) are not 100% office expenses even though they may seem like it.  Those are expenses related to your whole home and they would be further limited by the square feet of the office versus the whole home.  This calculation will be done for each home office.     The reality is that the home office deduction is usually less significant than you might expect because of the limitations that must be imposed based on square feet, time using the home office, and time spent working in the office.     @zombitroid 

There are a few states that have a Schedule M, most of them use the schedule to add or subtract items from the federal adjusted gross income (AGI).  TurboTax transfers data from your federal return to your state return. Before you begin troubleshooting your state return, go back through your federal return and make sure everything is correct.   After you review your federal return, select the State Taxes tab and review the state section. Pay close attention to the information, especially if you have made changes to your federal return. There might be new sections that need to be completed.    Troubleshooting common federal to state transfer issues   If your issue continues, you can give us more information about what state you are working on and we would be glad to help.  

To go back and edit the information for an HSA, take the following steps:   From inside your account go to the search field (magnifying glass icon) and Search HSA. Click Jump to HSA. From there Select the option that says "None of the Above"                     [Edited 3/15/26 | 5:28 am PST]      

When posting this response, I forgot one of the most important items- after creating the pseudo 1099-DIV for each specific country, make sure to go back to your original 1099-DIV where all these individual entries were found and subtract the total dividends, qualified dividends, and foreign tax paid from the original document.  You want to end up with the 'original' 1099 without any foreign taxes on it, and no foreign dividends, and individual 1099's - one for each country listed on your original 1099.  If you don't go back and subtract this out you will end up doubling your foreign dividends (and foreign tax paid)

TurboTax may show the maximum allowed self-employed retirement plan contribution to help you understand your potential deduction, even if you enter $0 as your actual contribution. To have TurboTax recognize your zero contribution and allow a personal IRA deduction: 1. Double-check in the Self-Employed Retirement Plans section that you entered $0 for all types of self-employed retirement contributions. 2. On the screen showing the max contribution, make sure you did not select any option to "Maximize Contribution." 3. If the maximum amount still appears, try revisiting and confirming your actual entries until the software recalculates properly.  

Q. If I end up using only $3,132 on MY return for the LLC, will it be required to enter/report any of the 1099‑Q or 1098‑T information in the “Deductions & Credits → Education” section on my child’s tax return in TurboTax? A. No. She has nothing to report.   Q. My understand is the Education section can be totally skipped on my child's tax return in this case. A. Yes. She has nothing to report.    Q. Also, on my child’s tax return, I believe the box “Someone can claim me as a dependent” should be selected/checked. Is that correct? A. Yes.    With the 2018 tax law change, most students will get the same refund/pay same amount of tax whether they claim themselves or not. The personal exemption has been eliminated and the standard deduction increased.