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My Schedule B form has an entry that appeared ffrom nowhere and I want to get rid of it
Hello All - First time filing in Quebec.  Same for our university age son.   Our son had income from an internship.  His Quebec tax bill was reduced to zero without needing to use university tui... See more...
Hello All - First time filing in Quebec.  Same for our university age son.   Our son had income from an internship.  His Quebec tax bill was reduced to zero without needing to use university tuition.  After filing, we learned that his return should have a Schedule S - which enables him to specify how much tuition to transfer to a parent.   For some reason, TurboTax is did not generate this.    Question 1: We'll need to have our son file an Amended Return which includes a Schedule S.  How might we do this?   My sense is that in Quebec, this may have to be a paper submission after filing electronically for the first time? He tried to get into his Quebec account (similar to the CRA's "My Account") but the Quebec portal says it does not know anything about him.  (Perhaps the account is manually created when they process the first return filed in Quebec?)    Question 2: Any idea why TurboTax did not generate a Schedule S for our son?  As noted, this is his first year filing.    Question 3: Schedule C is odd.    I'm going to share specific figures, but it's in no way putting our son's financial credibility at risk.  There is a prefilled amount in line 2 that is 6,012.   One line 4 we enter the tuition amount taken from Box A of Quebec slip RL-8.  That figure is 7,646.  We add those together on line 6 to get $13,658.  On line 14, we entered his income taken from line 299 of his TP1.  That figure is $15,757.  On line 16, we calculate the amount to transfer by subtracting line 14 (15,757) from line 6 (13,658). This gives us a value of -2099. The form says to assign a value of 0 to line 16 if the value is negative. This means that none of the $7,646 is available to be transferred to a parent.   This is illogical because on his TP1, it clearly shows that his tax bill was eliminated entirely without using this tuition.   Chat has told me to ignore this and enter $7646 into line 16, but I'm skeptical. This said, the full amount should be available.    Thanks in advance for any insight into these three question, Best, Patrick  
how to access my 2024 tax return
It was a food business so there was no assets  or office equipment and very limited inventory. Where do I put the amount I sold the business for T2125? I am not sure what you mean by "goodwill" porti... See more...
It was a food business so there was no assets  or office equipment and very limited inventory. Where do I put the amount I sold the business for T2125? I am not sure what you mean by "goodwill" portion?   Thank you.        
Where do I enter my 1099 from SSA
Continuing to show a loss on a Schedule C business could lead the IRS to deem the business a hobby and disallow the losses you are claiming.     If you did not have any income from the business f... See more...
Continuing to show a loss on a Schedule C business could lead the IRS to deem the business a hobby and disallow the losses you are claiming.     If you did not have any income from the business for 2025 and only incurred expenses, then you may want to consider 'closing' the business.  As long as you do not have any assets being depreciated under your Schedule C, then it is a simple process of not filing the Schedule C.  If you do file the Schedule C for 2025, then there is a checkbox in the Business Info section stating that you sold or disposed of your business in 2025.  Checking this box will prevent the Schedule C from carrying over to your 2026 tax return.   If you do have assets being depreciated, you will need to go into each asset entry and indicate that you stopped using it for business purposes.  TurboTax will guide you through any other steps in this section.   In the future, if you have income, you could claim it as hobby income.  However, the current tax law does not allow you to claim any expenses for hobbies.
Mine is still showing an error.  We have updated and deleted an re entered the information.  When is this update going to be pushed out?
Is there any way to fix that other than paying for human help?
Hi mesquitebean,   Thanks for your reply.   My 2025 return was prepared using Online TurboTax.   I do not want to amend my online 2025. Or experiment on my filed Online return.   Any recomme... See more...
Hi mesquitebean,   Thanks for your reply.   My 2025 return was prepared using Online TurboTax.   I do not want to amend my online 2025. Or experiment on my filed Online return.   Any recommendations for the Online TurboTax version?   Thank you.    
Under Sales Info (Boxes 1a-1e) for 1099-B, before putting in what box 1a contains, it's asking 'how did you receive this investment?'  - Purchase, gift, inherited, divorce, short sale or demutualizat... See more...
Under Sales Info (Boxes 1a-1e) for 1099-B, before putting in what box 1a contains, it's asking 'how did you receive this investment?'  - Purchase, gift, inherited, divorce, short sale or demutualization life insurance.  Is short sale correct?
seems like an issue with the contribution inputs I'm guessing you input 7k as the Trad IRA contribution but you just give 2800, it should not include Roth contributions that were recharacterized); an... See more...
seems like an issue with the contribution inputs I'm guessing you input 7k as the Trad IRA contribution but you just give 2800, it should not include Roth contributions that were recharacterized); and then input the 4200 Roth Contribution and recharacterization details   (once line 1 is fixed you should get the right outcome on line 14).
Thanks for responding, although I don't think those situations apply. - I did not check the boxes for Real Estate Professional as I agree that the losses would be allowable if I were a RE Pro. I'm n... See more...
Thanks for responding, although I don't think those situations apply. - I did not check the boxes for Real Estate Professional as I agree that the losses would be allowable if I were a RE Pro. I'm not an RE Pro and my income is over $150k, so the losses shouldn't be allowable. - Rental Days were 254. - Property was not sold, so I didn't free up suspended losses by exiting the activity. - No offsetting passive activity income.   In the past, my losses were transferred to line 1b and then showed as a disallowed loss carryover. I started a new return and it seems to be working now, so it may just be a glitch in the software since I started preparing my return before the depreciation schedules were ready.
So, again you give me a scenario that is not addressing the issue.  I did not choose to have my fees taken out of a refund.  I am paying for my daughter a young adult with limited income to file her ... See more...
So, again you give me a scenario that is not addressing the issue.  I did not choose to have my fees taken out of a refund.  I am paying for my daughter a young adult with limited income to file her tax return and teaching her how to file her taxes at the same time.  I pay for the filing from my credit card.  Hence, the issue is the forced entry of the credit card details twice during the course of completing the state filing. Each time credit card information is entered it immediately bills.  Resulting in paying $80 for e-filing fees for ONE (1) billable state.  Just in case that is difficult for you here it is again.  ONE (1) State = $80 paid.  OKAY, do you understand the problem now?  
@cmurray936  I have the Home & Business for Windows.   I buy mine from Costco Online.  Costco gives a$10 rebate that is applied to the first additional fee you have, like the state efile fee.  So you... See more...
@cmurray936  I have the Home & Business for Windows.   I buy mine from Costco Online.  Costco gives a$10 rebate that is applied to the first additional fee you have, like the state efile fee.  So your fees should be… Your state efile $25.   Your daughter’s extra state download $40.  Then her 2 state efiles are  $25+25.   So $25+40+25+25=$115.00.      I guess you didn’t read my post.   You don’t get a free state efile.  EACH state return is $20 or $25 to efile.   What you got was a free state program download.   Box or email invoice should say Federal Returns & Federal E-File plus State Returns.  It does not say state efile is included.