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a month ago
I'm a newly registered HST collector this year. I'll be using the quick method of accounting. I understand I can still deduct HST on capital assets purchased from the HST I need to pay. My questi...
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I'm a newly registered HST collector this year. I'll be using the quick method of accounting. I understand I can still deduct HST on capital assets purchased from the HST I need to pay. My question is when inputting these same capital assets into the CCA section of TurboTax do I subtract the HST from my purchase or leave it in? I understand when using the regular method you should not include the HST when inputting to the CCA section, but I just want to be sure that also applies when using the quick method. Thanks!
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a month ago
I transferred my interest in a partnership from myself to my revocable trust (same TINs) and received two Schedule K-1's as a result, which I expected. The initial K-1 to my name was marked as "Fina...
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I transferred my interest in a partnership from myself to my revocable trust (same TINs) and received two Schedule K-1's as a result, which I expected. The initial K-1 to my name was marked as "Final K-1". How should I report the K-1's? Can I combine and enter as one? I don't think the transfer should count as a sale but the "Final K-1" checkbox makes me question myself. Any advice would be appreciated. Thanks in advance.
a month ago
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a month ago
Thank you. It definitely wasn't calculating in the questionnaire the right way. I'm not really sure how that happened as I believe I answered the questions correctly. I deleted the vehicle from th...
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Thank you. It definitely wasn't calculating in the questionnaire the right way. I'm not really sure how that happened as I believe I answered the questions correctly. I deleted the vehicle from the prior year flow into the current year return and re-entered everything again and it seems to have worked. I now have the "Enterable Form 4797" populated and I have manually dropped line 35 onto my schedule C as other income with a description of Sec 179 recapture. What is interesting is that line 33 has what I took as a deduction in '24, and line 34 for recomputed depreciation is asking for straight line (half year convention) for both '24 and '25. It then calculates the recapture versus what I would have taken straight line for 2 years. Although the software is changing depreciation to S/L-HY on form 4562, it is still allowing a depreciation deduction for 2025. As I do the math, that has already been calculated in coming up with the recapture and I need to change that to zero so I'm not double dipping, correct?
a month ago
Thanks so much @TurboTaxAniqua for the clarification!
a month ago
As best I can determine TT has erroneously computed a much larger RMD for my return than the numbers I gave to it explicitly in the step-by-step dialog. I am using the desktop version of TT Premier....
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As best I can determine TT has erroneously computed a much larger RMD for my return than the numbers I gave to it explicitly in the step-by-step dialog. I am using the desktop version of TT Premier. The result is a large penalty for not taking that larger RMD. I know I took the correct RMD; have been doing it for years. TT will not allow me to correct the larger RMD that appears in the Form 5329. My situation is complicated by several facts: The 1099s are all imported by TT from our brokerage firms. Both my wife and I have two IRAs and they are at two different brokerage firms. We file a joint return. We also have ordinary pensions that are completely independent from any IRAs. One of us took a small part of the RMD as a QCD, also reported on an imported 1099. All the data imported by TT is correct, but the total RMD shown in Part IX of the 5329 form for the person who took the QCD is incorrect -- much too large. I have already spend a long time on the phone with the TT expert, who could not figure out how to correct the error. ANY HELP APPRECIATED. THANKS.
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a month ago
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a month ago
Update: I called cross River on Monday and selected the option for turbo tax refund. They touted me to turbo tax support. Eventually I got to a supervisor that verified my mailing address and told m...
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Update: I called cross River on Monday and selected the option for turbo tax refund. They touted me to turbo tax support. Eventually I got to a supervisor that verified my mailing address and told me a check would be sent to me (cut and mailed same day) by cross River. I got an email today at 10:29pm stating that turbo tax sent my refund back to the IRS…
a month ago
This user forum has no way to know whether Q or NQ. For federal purposes, it doesn't matter. The taxable amount is taxable. However, it may matter for state purposes. For example, Illinois does not t...
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This user forum has no way to know whether Q or NQ. For federal purposes, it doesn't matter. The taxable amount is taxable. However, it may matter for state purposes. For example, Illinois does not tax distributions from qualified plans. However, it does tax distributions from non-qualified plans.
a month ago
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a month ago
This property was purchaed in July of 2025 all the expensses need to be included
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a month ago
Can I speak to a tax expert even after I have e filed my return
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a month ago
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a month ago
@VolvoGirl @SteamTrain Totally squirrely. But at least they add up to 100%
a month ago
@tfreese856 Underneath your question there is a tag that says "Online TurboTax." If you are using Online TurboTax, there is no fee to efile state returns. The product fees are for preparation of...
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@tfreese856 Underneath your question there is a tag that says "Online TurboTax." If you are using Online TurboTax, there is no fee to efile state returns. The product fees are for preparation of the state return, whether efiled or printed and mailed. Or are you using the desktop version and indicated the wrong product above? The desktop version has a $25 state efile fee, but no fee for New York state, and no fee to print and mail the state return. You may able to correct the rejection error and resubmit the efile. Someone in the forum may be able to tell you how to fix it. What was the reason for the rejection? Do you have the error code?
a month ago
I need someone to call me please in the morning
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a month ago
@RobertB4444 Thanks for responding. I assume you were using the Windows Desktop version? Maybe you need to actually enter a fake 1099 IRA distribution to make the steps work that I outlined rathe...
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@RobertB4444 Thanks for responding. I assume you were using the Windows Desktop version? Maybe you need to actually enter a fake 1099 IRA distribution to make the steps work that I outlined rather than saying 'No' to the 1099 question. I already had a 1099 input when I went back through and answered 'No' to simulate the triggering of the blank forms, so maybe that's the difference. It seems really odd for blank IRA Info and Earned Inc sheets to populate in reaction to an IRA distribution and so I'd really like to determine whether or not this is a broad behavior of TT this year.
a month ago
that line 14A for $3101 not line 14 for A3101. letters cannot be entered in fields that are supposed to be purely numerical. And don't enter the "$" sign.
