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3 hours ago
@jmorrow338 , trying to understand your situation -- generally, your should 1040, forms 2555, Schedule-C ( for self-employment ) possibly Schedule-SE and as long as you AGI is positive/non-zero, you ...
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@jmorrow338 , trying to understand your situation -- generally, your should 1040, forms 2555, Schedule-C ( for self-employment ) possibly Schedule-SE and as long as you AGI is positive/non-zero, you should be good to e-file. Did you look at all the forms list ? Can you tell me ?
You did say that you meet the Physical Presence Test --yes ? If you used bona-fide Resident, then that needs IRS approval and therefore may require file-by-mail.
I will await for any info you can share --yes ?
3 hours ago
See this for the types of payment accepted for paying the TurboTax online account fees - https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-account-billing/forms-payment-turbotax-onli...
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See this for the types of payment accepted for paying the TurboTax online account fees - https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-account-billing/forms-payment-turbotax-online-accept/L7MiM0ehb_US_en_US
3 hours ago
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The South Carolina state Senate has rejected the House bill to conform to the federal OBBBA tax law. There will be no new changes to SC state tax to adopt federal OBBBA provisions; it's over. You are...
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The South Carolina state Senate has rejected the House bill to conform to the federal OBBBA tax law. There will be no new changes to SC state tax to adopt federal OBBBA provisions; it's over. You are all-set to file your SC state tax return any time you're ready.
3 hours ago
I invested $2260 in a Robotics Company startup in 2022. The company failed and the stock I purchased became worthless on 7/1/2025.
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3 hours ago
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3 hours ago
I started an LLC for my son when he was 16 in my name. He just graduated college and I transferred it to his name Jan 1 2025 using Form 8822-B and using Indiana INBiz portal for the LLC itself. That'...
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I started an LLC for my son when he was 16 in my name. He just graduated college and I transferred it to his name Jan 1 2025 using Form 8822-B and using Indiana INBiz portal for the LLC itself. That's all done. I just want to make sure I'm doing this correctly in TurboTax. I've answered the questions that I've transferred this business for $0. I also checked the box that it had less than $20k in assets and value. Which is true. If I do the math he probably has around $10k in equipment and if he tried to truly sell it, he'd get zero buyers other than he could clear the equipment for $10k and that's it. He had a couple assets that were still depreciating. I'd really like to just zero that out, but it seems like TT guided me to take a last year depreciation, even though I wasn't doing anything with this business or assets in 2025. Any help would be appreciated. Anything else I might want to check to make sure I close this out properly? I haven't looked at the schedule C in depth yet, I've just answered the TT questions.
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3 hours ago
Yes, the Form 1099-LTC should be reported on your tax return.
To enter a Form 1099-LTC -
Click on Federal Taxes (Personal using Home & Business)
Click on Wages & Income (Personal Income usi...
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Yes, the Form 1099-LTC should be reported on your tax return.
To enter a Form 1099-LTC -
Click on Federal Taxes (Personal using Home & Business)
Click on Wages & Income (Personal Income using Home & Business)
Click on I'll choose what I work on (if shown)
Scroll down to Less Common Income
On Miscellaneous Income, 1099-A, 1099-C, click the start or update button
On the next screen - On Long-term care account distributions (Form 1099-LTC), click the start or update button
3 hours ago
You won't find a box specifically labeled "Step-up in Basis", instead, you'll enter the adjusted basis. To arrive at this number, you combine your mother’s original half of the purchase price ($5,000...
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You won't find a box specifically labeled "Step-up in Basis", instead, you'll enter the adjusted basis. To arrive at this number, you combine your mother’s original half of the purchase price ($5,000) with the fair market value of your father's half at the time of his death ($125,000), resulting in a total basis of $130,000. If they lived in a community property state, the basis "steps up" for the entire property, making her new basis the full $250,000 value from 2017. In the TurboTax interview for the 1099-S, after you enter the $500,000 sales price and any selling expenses (like realtor commissions), you will reach a screen asking if you know the adjusted basis of your home. Answer Yes, I will enter the amount. On the next screen there will be box beneath the heading "Enter the adjusted cost basis of the home". Here, you should enter the calculated stepped-up amount ($130,000 or $250,000) directly into that field. Since the primary residence exclusion is handled automatically by the software, TurboTax will apply her $250,000 tax-free allowance against any remaining gain.
3 hours ago
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3 hours ago
I received an inherited IRA distribution this year. I received a K-1 for the distribution which increased my AGI on the federal side and for which I paid the taxes. Illinois does not tax distrib...
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I received an inherited IRA distribution this year. I received a K-1 for the distribution which increased my AGI on the federal side and for which I paid the taxes. Illinois does not tax distributions for inherited IRA's and I am trying to determine how to record the deduction of my AGI that transferred over to my Illinois return. Turbo Tax does NOT walk me through how to do this. All it asked is if I received a K-1t, which I did not, but is not needed based on the research I did. I believe I need to file a Schedule M, which Turbo Tax does not prompt me to do. Please help. Thank you
3 hours ago
@kllanier TurboTax does not support IRS Form 8832, Entity Classification Election in the personal tax return editions.
The Form 8832 is only supported in the TurboTax Business Edition -https://turb...
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@kllanier TurboTax does not support IRS Form 8832, Entity Classification Election in the personal tax return editions.
The Form 8832 is only supported in the TurboTax Business Edition -https://turbotax.intuit.com/small-business-taxes/cd-download/
3 hours ago
I simply entered $0 on one of the step-by-step guide for schedule A state and local taxes. My AMT suddenly disappeared. Don't need to manually change the form. Hope TT could fix it though.
3 hours ago
The question was what category do we choose. The person already said what it was for. So what fricking category do we choose???
3 hours ago
Click on My Info on the left side of the online program screen. Make any needed changes as required.
3 hours ago
I just finished all my taxes and would like to file to be done with it for the year. I am currently owed a refund from SC; however, SC is not in compliance with the OBTB. They have granted automati...
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I just finished all my taxes and would like to file to be done with it for the year. I am currently owed a refund from SC; however, SC is not in compliance with the OBTB. They have granted automatic extensions to all who need to file SC. Is it ok to go ahead and file since a refund is due? Would SC or Turbo Tax inform when it is updated for compliance? Will Turbo Tax update my 2025 return and allow me to file an amended return, if needed? Appreciate best guidance on how to proceed. I have our return and my daughter's return to file. Regards, CC
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3 hours ago
@jotlaptop ,
(a) Since you are abroad on 4/15, your filing date gets extended to 6/15 but payment of taxes due is still 04/15.
(b) As a resident Portugal taxes you on world income and therefore ...
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@jotlaptop ,
(a) Since you are abroad on 4/15, your filing date gets extended to 6/15 but payment of taxes due is still 04/15.
(b) As a resident Portugal taxes you on world income and therefore you end up with double taxation on most / all of your income.
(c) Yes, you can indeed claim FTC for taxes paid to Portugal on doubly taxed income ( either in US or in Portugal). For US purposes, and on form 1116 you would have to "resource by treaty" to be able to treat the US sourced pension etc. to be able to claim the FTC. Article 20 and 21 and 25 are germane in this case.
Is there more I can do for you ?
3 hours ago
FOR THIS YEAR I NEED TO ADD AN IRS FORM 8832 - HOW CAN I ACCESS THAT FORM WITHIN MY TAX RETURN
3 hours ago
Filing jointly. No additional dependen ts
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