All Posts

I just tried it using the steps below.   When you are in TurboTax Online:   Select Intuit Account from the left side menu. Select Sign in & Security Select the right arrow next to Phone. Click the blue link Change next to your phone number Enter the new phone number in the pop up screen that appears Click Save   The pop up screen to change the phone number only appears for a short time to protect the user's security. If it goes away before you enter the number, you can go through the steps again.   @user17742001742 

No. The Federal Section 179 expensing rules generally do not apply to rental property because it is considered a passive investment, rather than an active trade or business.   The $25,000 deduction cap generally applies to equipment used in an active trade or business, not residential rental property.   If you claim Section 179 deductions on your Federal return for your rental property, you will usually be required to make an adjustment to add back that amount on your DC return.   As an alternative, for items that do not qualify for Section 179, rental property owners can consider the De Minimis Safe Harbor, which allows them to immediately deduct, or expense, items that cost $2,500 or less per item. You may also qualify for the Safe Harbor for Small Taxpayers for larger building repairs or improvements.

You can file a joint federal return and a Part Year separate Mississippi return.  Since the spouse was not a Mississippi resident, he would not have to to file a Mississippi return.  Yes, the spouse who lived in Mississippi can file a separate return and claim the dependent for the state return.  You have to create a "mock" separate return in order to do this- see How do I prepare a joint federal return and separate state returns?

You might return to that portion of the non-resident return to be sure you were asked to enter only the PA portion. You may need to enter the entire amount and let TurboTax calculate the portion that should be allocated to PA.

As rjs mentions above, to repay your Premium Tax Credit in TurboTax, you will enter your Form 1095-A (Health Insurance Marketplace Statement). TurboTax will automatically use this to fill out Form 8962, which compares your estimated credit to the actual credit, resulting in an automatic repayment if you have received too much.   Specifically, your repayment of excess Advance Premium Tax Credit is reported on Form 1040, Schedule 2, Line 1a. This amount, which is calculated on Form 8962, increases your total tax liability, resulting in a smaller refund or a larger balance due.   To get to your screen in TurboTax where you can enter this Form 1095-A information you can:   Click on "Search" at the top right of your TurboTax screen, Type "Form 1095-A" into the search bar and Click on the link "Jump to Form 1095-A". Enter the numbers exactly as they appear on your 1095-A, including monthly premiums, SLCSP, and APTC. If your final annual income is higher than the estimate you gave the marketplace, you must repay the excess premium tax credit.   E-file your return with Form 8962 attached. Do not mail your 1095-A to the IRS.   See also;  What is the Premium Tax Credit (PTC) and What is Tax Form 8962?   Where do I enter my 1095-A? What is Form 1095-A: Health Insurance Marketplace Statement   Please return to Community if you have any additional information or questions and we would be happy to help.  

If a rental loss from Schedule E is reducing your current year taxable income on your Form 1040 and also appearing on a Federal Carryover Worksheet, it usually means that your total loss is larger than what you are allowed to fully deduct in the current year, or larger than your other income.   For example, if your rental is considered a passive activity, but you actively participate in managing it, the IRS allows you to deduct up to $25,0000 of your rental losses against your non-passive income (e.g. W-2 wages), provided your Modified Adjusted Gross Income is under $100,000 (Phases out between $100,000-$150,000).    Therefore, if your rental losses were $35,0000, the first $25,000 will successfully flow through your Form 1040, reducing your taxable income. The remaining $10,000, however, is suspended and shows up on your Carryover Worksheet for future years.   Also, bear in mind that some states do not allow the same $25,000 deduction that the Federal government does, so the worksheet keeps that data ready in case your state return needs to add back the loss.   To ensure your entries are correct, review your Form 8582 (Passive Activity Loss Limitations). Part II will show how much loss was allowed (should match your 1040). The Carryover Worksheet will show zero (0), if there is no carryover amount, or the specific amount that exceeded your limit, which can be applied in future years.

If all income reported on the California Schedule K-1 was sourced in CA, then you would enter the same amount during the CA interview that is reported on the K-1. Be sure it's asking for the California portion and not an adjustment. If it's asking for the CA adjustment amount, you would leave the box blank.

@AmeliesUncle and I would prefer to identify a IRS or Healthcare.gov source, but this is a non-for-profit website.....   Can a person qualify for a premium tax credit on her own if she could be claimed as a dependent on another taxpayer's return but is not claimed?   No. A person who qualifies as a taxpayer’s dependent cannot claim themselves and so cannot claim the premium tax credit independently. Even if a taxpayer decides or agrees not to claim a dependent, that doesn’t make the dependent eligible to claim herself.   For example, let’s look at Bob, who is caring for his uninsured mother, Marie. Bob provides more than half of Marie’s support and Marie has no income. Marie qualifies as Bob’s dependent. He wants to enroll Marie in a marketplace plan, but Bob’s income is too high to qualify for marketplace subsidies. Even if Bob chooses not to claim Marie as a dependent on his tax return, Marie is not eligible to claim herself on a separate tax return. Because Marie qualifies as Bob’s dependent—whether or not he claims her on his tax return—she cannot qualify for PTC on her own. If Bob claims Marie as a dependent at tax time, any APTC Marie received during the year will be reconciled on Bob’s tax return based on his income and may need to be repaid if his income exceeds 400 percent of poverty.   Any maybe you are reacting to my statement of the "whole thing".  Let me clarify.    What I meant was if the dependent files a tax return with form 1095A, and correctly checks the box that they CAN be claimed by someone else, then the entire PTC would have to be repaid.  And that would occur whether or not the dependent is actually claimed by someone else.    If the parents file the 1095A form with their tax return (whether or not they claim the dependent), then the repayment is subject to the parent's income, which may or not require repayment.