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Thank you so much for taking the time to explain to me things in such good detail. This has been so helpful. I'm new here, and I don't mean anything by this, I just don't know what this forum really is. Are you and the others who respond tax people preparers?

I also receive this description of the error in the email from Turbo Tax:   ReturnState/ReturnDataState/SchAR3/Contributions/OtherContribution/TotalOtherContributions - Data in the return is missing or invalid. Please double check your entries

To enter a foreign exchange loss in TurboTax for Euro/USD (not cryptocurrency), you typically report it as a capital loss if it relates to investment sales or as an ordinary loss if related to business or personal transactions. If it's an investment-related loss: 1. Navigate to the Wages & Income section. 2. Select Stocks, Mutual Funds, Bonds, Other. 3. Enter the details of the sale, including the foreign currency amount converted into USD. If the loss isn't investment-related (e.g., business): 1. Go to the Business Expenses or appropriate section. 2. Enter the loss as a foreign exchange loss. TurboTax doesn't have a specific foreign exchange loss field, so enter amounts converted to USD accurately.

Since your business is running at a loss this year, the Section 179 deduction is likely not the best choice because it is limited by your business income. According to the tax code, the amount allowed as a Section 179 deduction cannot exceed your amount of taxable income from conducting your business.   The Special Depreciation Allowance (SDA), on the other hand, does not have the taxable income limitation, which means you can fully expense the computer and increase your business loss for the year, which could be carried forward as a Net Operating Loss.   Alternatively, because your computer was under $5,000, you may be able to bypass the depreciation and Section 179 rules by simply choosing to expense the computer using the de mimimus safe harbor method for tangible property. This election allows you to immediately deduct the cost of the computer as an ordinary business expense. However, most small businesses only qualify for up to $2,500 because they do not have an "applicable financial statement". If you have a large corporation with an applicable financial statement, then the amount would increase to $5,000.   Therefore, if your computer cost $2,500 or less, use the de minimis safe harbor method and expense it. Otherwise, opt for the SDA.

@user17681516237 wrote: One for myself (self employed, payments direct to me as a person) AND one for my LLC (payments made to the company name, and then I get paid from there) LLCs default to self-employed status with respect to single-member LLCs and partnership status with respect to multi-member LLCs, Either way you are NOT an employee of the LLC and do not take a salary from the LLC.

The easiest way to enter, add it to your property tax. Since the Tax Cuts and Jobs Act (TCJA) of 2017, "miscellaneous itemized deductions" (like investment advice fees) are no longer deductible at the federal level. However, Investment Property Taxes are handled differently: Real estate taxes on investment property are still deductible as an Itemized Deduction on Schedule A. They are grouped with your state and local income taxes (or sales tax) and your primary residence property taxes. There is not a separate entry for the investment. The sch A lists only totals. Supporting worksheets do not go to the IRS. @kre635 

As I’ve mentioned, searched for tax file on windows Desktop but will do so again. IF I find it, how can it be linked back/accessed again through TurboTax icon to be able to submit it online and hopefully be there next year upload before doing 2026 tax return? 

From my understanding, you are going to have to use a desktop version and not the web online version. Once I switched to the desktop version, I was able to go into form view and search for the form and fill it out. I was also finally able to do the waiver statement as well. I did a print preview before e-filing and it looks like they sent both the 5329 and the waiver statement.

This is the error message I get when I open Turbox Tax after receiving an email that the state return was rejected. I don't see a rejection code from Arkansas. This is the only error message that I have received.   Description of error: Data in the return is missing or invalid. Please double check your entries. What needs to be done: Form AR3in the Arkansas return has a value on "Other Contributions" line. Type and Amount are required for each entry. Fix any incomplete or incorrect information and remove an $0 entries if applicable.

Taxes for a sole-proprietorship/Schedule C are the same for a single-member LLC.    If you have a partner or make an S-Corp election, you would need to use TurboTax business to file your business taxes on Form 1065 or 1120-S.   Those returns cannot be included with your personal taxes like a Schedule C can.     All of your health and wellness business income gets reported on the same Schedule C no matter what id numbers they put on the forms.    If the income is related to your business and you are a sole proprietor or a single member LLC - it goes on your business Schedule C.     What type of entity is my business?   Your form of business determines which income tax return form you have to file. The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation.    A limited liability company (LLC) is a business structure allowed by state statute.    Sole proprietorships Partnerships Corporations S corporations Limited liability company (LLC)  

Can you clarify a couple of the conditions? What is the code in box 7? Did you get two different questions? Was this an RMD? Was this a rollover? Were you able to answer them separately?