turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

All Posts

If you want to see this written in official FTB guidance, you can pull up the Instructions for Form FTB 3885 (Corporation Depreciation and Amortization). Under Section C: Depreciation Calculation Met... See more...
If you want to see this written in official FTB guidance, you can pull up the Instructions for Form FTB 3885 (Corporation Depreciation and Amortization). Under Section C: Depreciation Calculation Methods, the state explicitly dictates: "Declining Balance. Under this method, depreciation is greatest in the first year and smaller in each succeeding year... Salvage value is not taken into account in determining the basis of the property, but the property may not be depreciated below a reasonable salvage value."
Before amending your 2025 tax return in TurboTax Online, you need to wait until the IRS has accepted and processed your original return. Starting an amendment before your return is fully processed ca... See more...
Before amending your 2025 tax return in TurboTax Online, you need to wait until the IRS has accepted and processed your original return. Starting an amendment before your return is fully processed can cause delays or complications. To amend your 2025 tax return to include Form 1099-MISC income from Mississippi Band of Choctaw Indians under Miscellaneous income, follow these steps in TurboTax Online: 1. Go to the Federal section and select Wages & Income. 2. Scroll down to the 1099-MISC and Other Common Income area. 3. Find the Miscellaneous Income category and select Edit/Add. 4. Enter the details exactly as shown on your Form 1099-MISC from the Mississippi Band of Choctaw Indians. 5. After adding the income, proceed to the Amend a Filed Return section. 6. Follow the prompts to create an amended return (Form 1040-X) for 2025. Make sure the income details match your Form 1099-MISC exactly to avoid errors.
I have a Schedule K-1 from a publicly traded partnership (PTP) that has multiple income types listed in Box 20Z — ordinary business income, other net rental income, and Section 1231 gain/loss. Turbo... See more...
I have a Schedule K-1 from a publicly traded partnership (PTP) that has multiple income types listed in Box 20Z — ordinary business income, other net rental income, and Section 1231 gain/loss. TurboTax combined all of these on a single K-1 worksheet classified as Passive-PTP. Is this correct, or do I need to create separate K-1 worksheets for each income type? And if TurboTax did not flag it as an error, can I assume it handled it correctly with one worksheet?
My child is a high school student but we did not have independent school tuition. Unfortunately, I am not sure what to do in your situation.
Yes, based on what you describe for the reason you are being paid. If it was a true reimbursement, then you would be required to submit receipts, which would be considered an accountable plan. I... See more...
Yes, based on what you describe for the reason you are being paid. If it was a true reimbursement, then you would be required to submit receipts, which would be considered an accountable plan. If you submit receipts for legitimate business expenses under an accountable plan, the reimbursement is tax-free. Since this is more like a stipend for your assistance, it does relieve self employment tax however, it is subject to personal income tax.   @zombitroid 
Need to amend my 2024 Taxes
andyoak, What you state here is exactly what I'm experiencing with my TurboTax 2025 tax preparation. Using Part V and selecting Part I, 7a and 8d, I'm getting tripped up in the no e-filing and Form ... See more...
andyoak, What you state here is exactly what I'm experiencing with my TurboTax 2025 tax preparation. Using Part V and selecting Part I, 7a and 8d, I'm getting tripped up in the no e-filing and Form 7220 requirement snare. Although in this situation involving a <1mW system, a Form 7220 submission may not be necessary, at lease according to IRS instruction for Form 3468, a statement substantiating <1mW capacity must be attached! I suspect this to be the real reason TurboTax is not allowing e-filing. It's just getting mislabeled as 'Form 7220 requirement'.
This occurs when you don't pay enough tax throughout the year, even if you are still owed a refund. The IRS sets this, not TurboTax.    The TurboTax summary usually indicates a small underpayment... See more...
This occurs when you don't pay enough tax throughout the year, even if you are still owed a refund. The IRS sets this, not TurboTax.    The TurboTax summary usually indicates a small underpayment penalty calculated on Form 2210.
Currently I am using Turbotax Home and Business. In the business section > self-employed retirement. I have a solo 401K and I've entered the following:   Individual and Roth 401(k) plans - Maximiz... See more...
Currently I am using Turbotax Home and Business. In the business section > self-employed retirement. I have a solo 401K and I've entered the following:   Individual and Roth 401(k) plans - Maximize Contribution to Individual 401(k) - YES - Roth 401(k) elective deferrals = $23,500 Your Contributions Enter the amounts that you contributed or will contribute to a Keogh, Traditional SEP, Roth SEP, Traditional SIMPLE or Roth SIMPLE Plan for 2025. I left this empty and clicked maximize to no. Prior years I have used an SEP IRA, but my understanding is since I have a solo 401K, I can do this as an employer contribution. After I go through these screens it gives me Retirement Contributions: Here are your self-employed retirement deductions using the maximum allowable contribution. Note: The maximum you can defer to all your 401(k) plans is $23,500, and you can put more into your plan as profit sharing.   Individual 401(k) $0 Roth 401(k) $23,500 Amount contributed $23,500 Maximum allowed to qualified plans $36,162 Amount to contribute by plan due date $36,162 Employer match $0 The $36,162 value is correct in terms of the formula (Net Income - 1/2 SE)*20%. I am unsure here why for employer match is noted $0, but when looking at this intially, I assumed the $36,162 is what it is telling me I can contribute. However, after I go through the person section it gives me the below. Looking at this, it seems to be thinking the roth contribution is deductible, subtracting my contribution from the $36,162. In the end the deduction amount seems right, but unclear why Turbotax framing it seemingly incorrectly.  I've tried to delete the Keogh, SEP, Simple Contribution worksheet, but it still gives me this same result.   Keogh, SEP, SIMPLE and /or 401(k) Maximum $0 Amount to be Contributed by Plan Due Date $12,662 Total retirement contributions $0 Amount deductible $36,162
Veuillez vous assurer de bien vérifier la loi de l'impôt sur ce sujet.   Cliquez sur Déclaration de revenus de 2025 pour accéder à la barre de recherche. Tapez Transfert et sélectionnez Transfert... See more...
Veuillez vous assurer de bien vérifier la loi de l'impôt sur ce sujet.   Cliquez sur Déclaration de revenus de 2025 pour accéder à la barre de recherche. Tapez Transfert et sélectionnez Transferts de l'époux ou conjoint de fait.     Merci de choisir TurboImpôt
In your specific case, your double-taxed income is the Delaware Box 16 amount, but you did get credit on your return for the tax paid to Pennsylvania.
You received a letter 4883c because your return was flagged by the IRS for potential identity theft or fraudulent activity.   Please read this IRS document for more information.  
To report a T5008 sale of qualified small business corporation shares (QSBCS) and claim the Lifetime Capital Gains Exemption (LCGE) in TurboTax, enter the slip under Investment Income > T5008, ensuri... See more...
To report a T5008 sale of qualified small business corporation shares (QSBCS) and claim the Lifetime Capital Gains Exemption (LCGE) in TurboTax, enter the slip under Investment Income > T5008, ensuring you designate the gain as QSBCS. Then, use the "Capital Gains Deduction" (Form T657) section to claim the exemption.   To legally claim this deduction, ensure your shares meet the CRA criteria. You (or a related person) must have owned the shares for at least 24 months before the sale. At the time of sale, at least 90% of the corporation's assets must have been used in an active business in Canada. For the 24 months prior to sale, more than 50% of the assets must have been used in an active business in Canada. Line 25400 – Capital gains deduction   Thank you for choosing TurboTax.
Hi there! So I filed my taxes the other day and the system told me that I had over contributed to my HSA last year. For reference, I was employed 9mo last year (and thus only had a HDHP medical plan ... See more...
Hi there! So I filed my taxes the other day and the system told me that I had over contributed to my HSA last year. For reference, I was employed 9mo last year (and thus only had a HDHP medical plan for 9mo of the year and not the full year) and yet apparently I had "overfunded" my HSA (probably due to the fact that my employer had front loaded their contribution instead of spacing it out per pay period). Anyhoo, since my HSA was "overcontributed" last year, I called my HSA custodian just now and processed a "return of excess contribution" form in order to return the money to me. Now, I am thinking... do I need to file an amended tax return?  Or what is going to happen in this scenario?  Any tips and advice? Thanks so much in advance 🙂
Yes I am a US citizen living and working abroad. I no longer live in the US and have not for the entirety of this tax year.    I dont believe I am required to fill out a Schedule B from my understa... See more...
Yes I am a US citizen living and working abroad. I no longer live in the US and have not for the entirety of this tax year.    I dont believe I am required to fill out a Schedule B from my understanding. Thank you for your help
Losses from investments held inside an IRA aren't deductible for tax purposes, so when the mutual fund was sold within your IRS, there isn't a loss that can be claimed on your return.   The "wash... See more...
Losses from investments held inside an IRA aren't deductible for tax purposes, so when the mutual fund was sold within your IRS, there isn't a loss that can be claimed on your return.   The "wash sale rules" apply when a loss is realized in a taxable account and the same or similar investment is repurchased within 30 days.    In your case, because the sale occurred inside the IRA, there isn't a deductible loss to begin with, so it's something that can be claimed.   The IRS addressed IRA's on Rev. Ruling 2008-5 which confirms that if a wash shale involves an IRA, the loss disallowed isn't recoverable. 
why did we receive letter 4883c?
Yes, as long as your return is accurate, you are fine to go ahead and file. I don't know when the display issue will be corrected, so I wouldn't hold up your return due to it.