All Posts

Amending will be available later this month. The IRS is not ready to accept amendments this quickly in the tax season.   If you want to make changes or add a document to a tax return that has already been filed and accepted by the taxing agency, you should follow these guidelines. Be sure your tax return is accepted and processed.  The 1040-X is scheduled for later this month.  The IRS is not yet ready to accept amendments. The link below will keep you updated on the release date. Check to see if you need to amend your state as well. Do not change your original return until you have reviewed the information so that TurboTax knows the original numbers and the corrected numbers.   You must first wait until the initial return is completely processed. You will have to use the same TurboTax account that you used for the original tax return. Once you begin your amendment, you'll see your original return. The refund calculator will start new at $0 and only reflect the changes in the refund or tax due Only make changes to the areas of your return that need to be corrected. You have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment Amend a tax return for the current tax year Tax Form Availability

You paid Estimates.   To enter Federal or State Estimated Taxes Paid, including a state estimated payment made in January for the prior year, go to Federal on left or at top (Personal for Home & Business) Deductions and Credits Then scroll way down to Estimates and Other Taxes Paid Estimates - click the Start or Update button   ps....you were not an employee.   Employees get a W2.   You are an Independent Contractor and have to file Schedule C for self employment income in your personal 1040 return.  You will pay 15.3% SE tax on 92.35% of your Net Profit (If it is greater than $400). The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare (FICA). So you get social security credit for it when you retire. It is in addition to any regular income tax you owe on it.   You can enter Schedule C for Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to Premium version. Or use any of the Desktop Download programs.

It depends. If you enter your 1099-DIV then any capital gains distributions will be listed in box 2a and TurboTax will tax those amounts at the capital gains rates. Where do I enter 1099-DIV?  In TurboTax Desktop > Search (upper right) > 1099div > Jump to... begin your entry the same way If you did redeem some of your mutual funds and help them long term, then you will enter them as an investment sale from a 1099-B. If you choose manual entry - I will type it myself - be sure you use the correct holding period (correct dates) that will reflect the capital gain treatment. Where do I enter Investment sales? Holding Periods: Long term is a holding period of more than one year (one year plus one day) and receives capital gain tax treatment (0%, 10%, 15%, 20% depending on your regular rate of tax) Short term is a holding period of one year or less and receives ordinary gain tax treatment (your regular rate)

Here in the TurboTax Community, you can post questions and Community members, which include other users, expert users, and Intuit employees, can answer them.    See this help article for directions on how to enter information from Form 1095-A TurboTax. If you had Marketplace / ACA insurance, you will need to enter the information from in TurboTax.   If you wish instead to chat with a representative you must use TurboTax Live's chat feature.     To access the chat feature:   Sign in to your TurboTax Live account. Select Live Help on your screen. Select Connect with live help, enter your question, and select Continue. On the next screen, select Chat. Enter your details and select Get a chat. You will be connected with a specialist as soon as possible. When you’re finished, close out of the chat box and select Exit chat. If you minimize or lose your chat conversation, select Live Help to reopen your chat window and continue.  

Thank you for your reply. However, that is not what my online TurboTax looks like. There is no "business" menu option. You go Wages & Income>Self-Employment Income and Expenses and then you either see your "lines of work" or "add another line of work".   This is a navigation issue. I literally spent a couple of hours looking for the spot after accidentally having gotten there before.  Here is how I actually resolved this: I clicked Search and typed in "1099-NEC" and clicked "Jump to 1099-NEC". I might have found it earlier but I tried searches such as "enter 1099-NEC" and was NOT offered the option to jump to the form. How about a navigation option on the left side with direct links to all forms. It would help for situations like this.

Thanks for the follow-up on why it's more complicated to handle scenarios where the after-tax was included in the 401k balance.   I understand that it may then difficult to craft an elegant solution to the problem.   My concern remains that there isn't any warning when I enter the form that it won't be correctly handled by TurboTax nor any hint on what actions I might need to to resolve the problem.   TurboTax knows that I entered a form with the both the box 1 (gross) and box 2 (taxable) having values, along with the distribution code G.  I was able to realize the issue with the tax calculation as I stepped thru the questions after entering the 1099-R, as I was seeing how the tax due  calculation was changing (or not changing)  depending on how I answered it.  It either taxed the whole amount or none of it. The gotcha was no answer would allow it to correctly calculate the tax without splitting the form, as you've already pointed out.    Now, I caught it because the values were significant enough for me to notice, but I don't know if every user of TurboTax would see and understand the implications.    Shouldn't TurboTax at least present a warning or some other notification that it can't correctly handle the form as entered, without it blindly accepting it without any warning?  Perhaps with a pointer to what must be done to split the form apart.   What happens now is the user must be astute enough to recognize there is a problem and then go searching the community site hoping there is an answer available.   I will grant you that I did not get all the way to running the final tax checks  and maybe it would have warned that it was incorrect at that time.  However, I believe it is normally better to warn a user during the entry of a form if there is a problem rather than waiting until the end (or maybe not at all, as I didn't test to see if it would ever catch the mistake).   Thanks again for all your input.  

The definition of an exempt employee is one that does not qualify for the protections of the Fair Labor Standards Act.  Employees who are covered by the FLSA are entitled to be paid at least the Federal minimum wage as well as overtime pay at time and one-half the regular rate of pay for all hours worked over 40 in a workweek. (Examples of exempt employees are certain executive, administrative, and professional employees including computer professionals and outside sales).  For complete information, see Wages and the Fair Labor Standards Act.  

You are never asked if you "rolled over" the money to a QTP.  Instead you are asked if you used it for education.  The fine print tells you that "Education" includes contributing to a QTP.    My desktop (download) Deluxe software is working correctly.  Follow the interview carefully.