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a month ago
If you create an LLC and you are the sole member nothing will change.
If you decide to become a single member S-Corp then you have a whole big change. Now your LLC will file a separate tax ret...
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If you create an LLC and you are the sole member nothing will change.
If you decide to become a single member S-Corp then you have a whole big change. Now your LLC will file a separate tax return. When you file as an S-Corp you also have to pay yourself what the IRS calls a "reasonable salary". So - regardless of how well the business is doing - you will have a payroll with at least one employee on it - yourself. This requires that you also file all of the necessary payroll tax returns quarterly. You would need to fill out a W9 form and submit that to everyone who pays you so that the 1099 that you receive at the end of the year is made out to the corporation and not to you as an individual.
a month ago
A couple other notes: - firewall is off - no VPN is in use
a month ago
Thanks to a TurboTax expert they informed me that the Form 502UP does not need to be included the amendment because Form 502X does not change the amount owed shown in lines 26, 27, and 28.
a month ago
I try to sign in to complete personal info with my Mexican phone and it says repeatedly invalid.
a month ago
Your income should not be taxed in New Jersey since there is a reciprocal agreement between the two states exempting Pennsylvania residents from paying tax on New Jersey wages. Your Pennsylvania tax...
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Your income should not be taxed in New Jersey since there is a reciprocal agreement between the two states exempting Pennsylvania residents from paying tax on New Jersey wages. Your Pennsylvania tax should be correct but you need to file a non-resident return in New Jersey to get a refund of taxes paid there. You can learn more here. In the future, you can file Form NJ-165 with your employer requesting taxes not be withheld in New Jersey. When you prepare your tax return for New Jersey, you will see a screen that says Lets Confirm your Taxable State Wages from (name of employer). On that screen you will see your New Jersey Wages and an option to exclude them from taxation. You need to check the box to remove those wages from taxation in New Jersey. On the next screen you will be asked how much of your wages were earned in New Jersey, you need to enter $0 for that. You need to include a signed statement with your New Jersey return stating that you were a resident of Pennsylvania in 2025, so you will need to mail your Pennsylvania return it.
a month ago
Yes. TurboTax doesn't have a specific field labeled "RTM Portion of Gross Income." You generally enter total gross income related to your specific income source or partnership share under the appropr...
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Yes. TurboTax doesn't have a specific field labeled "RTM Portion of Gross Income." You generally enter total gross income related to your specific income source or partnership share under the appropriate income section. To enter total gross income for a specific source in TurboTax Online:
1. Go to Federal > Wages & Income. 2. Select the income type that matches your RTM income (such as business income, rental income, or partnership income). 3. Enter the total gross income amount for that category. 4. If the income is from a partnership, enter the details in the K-1 section. This will ensure your RTM portion of gross income is accounted for correctly.
a month ago
You can upload a crypto CSV to by navigating to Federal / Wages & Income, selecting Investments and Savings, select Add investments, then choose Cryptocurrency to upload your CSV file. If you have d...
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You can upload a crypto CSV to by navigating to Federal / Wages & Income, selecting Investments and Savings, select Add investments, then choose Cryptocurrency to upload your CSV file. If you have difficulties you can also follow the next steps to enter your transaction summary. 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 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?
a month ago
This is a distribution code 7 for your 1099 R entry.
a month ago
If you find your .tax2025 file, put it somewhere you can find it. The default location for Windows is Documents > TurboTax, where you may have multiple copies of saved tax files.
If you double...
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If you find your .tax2025 file, put it somewhere you can find it. The default location for Windows is Documents > TurboTax, where you may have multiple copies of saved tax files.
If you double-click on it, it will open in TurboTax 2025. Next year, point to this location or move it to your desktop for easy transferring.
@NeedHelp26
a month ago
1 Cheer
Great, so I download the software and it tells me it's not compatible with windows 10. I need to get windows 11. Now what...I just need one form to end this nightmare of a missed RMD. Is there any ot...
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Great, so I download the software and it tells me it's not compatible with windows 10. I need to get windows 11. Now what...I just need one form to end this nightmare of a missed RMD. Is there any other way to get it to generate?
a month ago
Where on Turbotax desktop 2025 is the "fix my return" button?
a month ago
That should be no problem. The worksheets don’t go to the IRS.
a month ago
@PatriciaV Thanks. I reached out to management company and they do not track hours for individual properties. So I decide not to go with QBI safe harbor. But I can still choose Yes to QBI income on t...
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@PatriciaV Thanks. I reached out to management company and they do not track hours for individual properties. So I decide not to go with QBI safe harbor. But I can still choose Yes to QBI income on the next page, right? In this case, do I need the Annual Election Statement? Is it for QBI safe harbor only? In addition, since my net rental income is negative, does it matter I choose QBI income or not? It will not affect my return this year, what about the future years? thanks
a month ago
Hello community - I have a couple questions about TurboTax's calculation of total medical expenses, regarding both how it's shown in the tool and ultimately on Schedule A. For tax year 2024, for exa...
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Hello community - I have a couple questions about TurboTax's calculation of total medical expenses, regarding both how it's shown in the tool and ultimately on Schedule A. For tax year 2024, for example, I had $3,220 in total out-of-pocket medical expenses (including premiums and anything else applicable, and excluding anything not applicable). But - TurboTax input $960 for some reason into Line 1 on Schedule A - that's the line BEFORE lines 2 and 3, which apply the 7.5% rule. In this case, 7.5% of my income was just over $3,220, so I would not have been able to deduct medical expenses anyway, but it seems to apply some math to the raw number that is supposed to be input into line 1, which (I believe) is incorrect. In other words, $960 doesn't match any single value, subtotal, or anything else related to my actual medical expenses for 2024. And, for this year (tax year 2025), I have entered $4,200 in out-of-pocket medical expenses and $800 in premiums, which should be a total of $5,000 in medical expenses (independent of and before the 7.5% calculation. I also entered my 1095-A info, and paid no other premiums in 2025 other than the $800 indicated above. But, the deductions and credits summary screen shows MORE than my $5,000 - it shows $5,600. I can't figure out what the source of the additional $600 is, and am concerned when I go to finalize, it's going to do the simple line entries on Schedule A incorrectly. All other deductions and credits look exactly correct and match what I entered. I am wondering if someone can explain whether I should be concerned about this and why TurboTax doesn't seem to deal with medical expenses in a straight-forward manner that can be double-checked by the user like everything else. Thank you in advance for your input!
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a month ago
When you take money from a traditional IRA the early withdrawal penalty is waived for the first $10,000 if the money is used for a down payment on a home. There is no waiver of the early withdrawal ...
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When you take money from a traditional IRA the early withdrawal penalty is waived for the first $10,000 if the money is used for a down payment on a home. There is no waiver of the early withdrawal penalty for taking money from a 403b or 401k to put a down payment on a home. Sorry---your son chose an expensive way to make his down payment.
a month ago
Where do I find the basis on my annuity 1099-R?
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a month ago
I have used Turbo Tax for many years. I got married in 2025 and my husband and I created a dummy joint 2024 return in TT using the prior year information from both of our returns. Turbo Tax automatic...
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I have used Turbo Tax for many years. I got married in 2025 and my husband and I created a dummy joint 2024 return in TT using the prior year information from both of our returns. Turbo Tax automatically used it to create our 2025 joint return. There is an item on one of the worksheets that shows we filed jointly last year but I can't change it. Is there any danger that the IRS will not like our return because we were both singe and filed that way for 2024? If so, how do I fix this? Please advise. Thanks