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yesterday
What is the status of getting this issue fixed? April 15 is not far away. I itemized my Federal return. My income is under the MD phase out amount. My Federal Itemized Deduction - State & Local Incom...
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What is the status of getting this issue fixed? April 15 is not far away. I itemized my Federal return. My income is under the MD phase out amount. My Federal Itemized Deduction - State & Local Income Taxes is much bigger than the MD Standard Deduction.
yesterday
I have $60k of worthless stock from a small business investment I am writing off. I enter it Federal Return and it treates it properly, taking it against ordinary income. In my state CA taxes, thi...
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I have $60k of worthless stock from a small business investment I am writing off. I enter it Federal Return and it treates it properly, taking it against ordinary income. In my state CA taxes, this $60k is adjusted out completely, presumably because CA treates this loss differently, but it doesn't appear anywhere else in my taxes. CA does allow me to write off worthless stock, but the program doesn't move it anywhere, it just eliminates it. It does this whether I select sec. 1242 loss or 1244, though it does change how things are calculated based on the $50k cap for adjustment to ordinary income with 1244 stock
yesterday
That box doesn't show up in the same screen in the amend return process (or any of the screens, there's no way to get that box checked), and the 1040 that's outputted doesn't have the box checked.
yesterday
I purchased a primary residence in 2013 for $400,000. I lived in it for four years, began renting it out in 2017, and moved back in during 2022. In 2025, I sold the house for $840,000. How can I sel...
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I purchased a primary residence in 2013 for $400,000. I lived in it for four years, began renting it out in 2017, and moved back in during 2022. In 2025, I sold the house for $840,000. How can I select Yes or No in "Primary use of home" in TurbuTax 2025?
yesterday
Question, is prediction markets not already included in the 1099-consolidated tax form from Robinhood? I got a annual contract statement but its a .csv document. How did you input that to 1256?
yesterday
So when I made the payment, it gives me the option to print out a physical copy of the tax file? And how do I mail it?
yesterday
A little more info for you. The net effective rate is 14.1%. And even though the IRS instructions for Schedule SE say…..”You must pay SE tax if you had net earnings of $400 or more” the tax doe...
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A little more info for you. The net effective rate is 14.1%. And even though the IRS instructions for Schedule SE say…..”You must pay SE tax if you had net earnings of $400 or more” the tax doesn’t start until $433 Net Profit. https://www.irs.gov/pub/irs-pdf/i1040sse.pdf And the SE tax includes what you already paid in from your W2s box 4 so your schedule SE tax will only be the difference up to the max amount of $10,918.20 for social security.
yesterday
Also, ReneV4 (an employee tax expert) posted responses earlier today to some similar inquiries in the Retirement section, about Required Minimum Distributions, with basically the same approach as Dav...
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Also, ReneV4 (an employee tax expert) posted responses earlier today to some similar inquiries in the Retirement section, about Required Minimum Distributions, with basically the same approach as DaveF1006, but maybe clearer step-by-step guidance.
yesterday
AMT adjustments to income involve adding back specific tax-favorable deductions or income deferrals from regular taxable income to compute Alternative Minimum Taxable Income (AMTI). Key adjustments ...
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AMT adjustments to income involve adding back specific tax-favorable deductions or income deferrals from regular taxable income to compute Alternative Minimum Taxable Income (AMTI). Key adjustments include adding back state/local taxes (SALT), the standard deduction, incentive stock option (ISO) exercise profits, and accelerated depreciation, Private Activity Bond Interest, NOL deductions, Passive Activity Losses. Look over FORM 6251. If you take the Standard Deduction: Form 6251 starts with your adjusted gross income (AGI) and does not add back itemized deductions, as you didn't take them. If you Itemize: Your taxable income from Form 1040 is used, but specific deductions on Schedule A are reversed. If your itemized deductions are high, they "increase" your regular taxable income, but they are added back on Form 6251, which can trigger an AMT liability.
So as the STD Deduction gets added back to compute AMTI. Using Itemized Deductions may create a lower tax liability, less gets added back to compute AMTI than when taking the standard deductions. If you remove the AMTI adjustments from the itemized deductions though your AGI is higher and tax rate maybe higher. It is just a math game. You are not required to enter all the deductions and can claim a lower amount but, make sure your return is completed before assuming the TT tax liability is correct that is shown (switch between screens as it often recomputes when deciding what works best.
So make sure to go back through the interview and answer you want to itemize and on the Info wks it should also indicate you want to itemize. The Form 6250 should then NOT add the standard deduction back. If it still does, have you fully updated your TT software? (Many VPN's and virus checkers do not allow updates through so it can erroneously say up to date when it is not, make sure to allow TT through or temporarily turn them off to do updates).
You also maybe subject to Net Investment Income Tax Form 8960 that flows to 1040 Line 23. That is 3.8% on any income over a certain threshold. In general, net investment income for purpose of this tax, includes, but isn't limited to: interest, dividends, certain annuities, royalties, and rents (unless derived in a trade or business in which the NIIT doesn't apply),income derived in a trade or business which is a passive activity or trading in financial instruments or commodities, net gains from the disposition of property such as stocks, bonds, mutual funds, and real estate (to the extent taken into account in computing taxable income), other than property held in a trade or business to which NIIT doesn't apply, and generally net gains from the sale of an active partnership or S corporation ownership interests.
@user17741347624
yesterday
Hello, I received a 1098 form from my coop. I'm not sure what to answer in Turbo Tax. I pay my maintenance and am otherwise not responsible for the the loan. How should I go about answerin...
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Hello, I received a 1098 form from my coop. I'm not sure what to answer in Turbo Tax. I pay my maintenance and am otherwise not responsible for the the loan. How should I go about answering this questions? 1. Do any uncommon situations apply? Someone co-owns this loan, and I only pay a portion of it. The seller is financing this loan and I didn't receive a 1098. None of these apply. 2. What kind of property is this loan for? Primary home This is where you live most of the time—can be a house, condo, mobile home, or other property types. Second home This is usually a vacation home. It can be rented out part-time as long as you live there for a certain amount of time each year. Other This includes rentals you don’t live in and business properties. 3. Did you pay points in 2022 when you took out the loan? I paid points when I refinanced, purchased a second home, or opened a home equity loan in 2022. I have already deducted all the points I paid in 2022, or I didn't pay any points. 4. Is this 1098 the most recent for your loan? If you only have one 1098, select Yes. When you refinance or your lender sells your loan, you’ll get 1098s for the original and the new loan. When this happens, we need to know which is the most recent. Yes No 5. Let’s get some details about this loan This helps us know how much interest you can deduct this year. Learn more This loan is a home equity line of credit (HELOC). This loan is a refinance of a previous loan. This loan is neither of these.
yesterday
Self-employment tax does not apply to any of the income amounts on Form 1040. It applies to your net self-employment income. In most cases net self-employment income is the net profit on Schedule C l...
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Self-employment tax does not apply to any of the income amounts on Form 1040. It applies to your net self-employment income. In most cases net self-employment income is the net profit on Schedule C line 31, which also appears on Schedule 1 line 3.
If your net self-employment income is $432 or less (not $400) there will be no self-employment tax. Otherwise the self-employment tax is calculated on Schedule SE. The calculation can get rather complicated. You might have to pay self-employment tax even if your taxable income is so low that you do not have to pay any income tax.
yesterday
You will pay Self Employment tax (Scheduled SE) on a Net Profit of $400 or more on Schedule C in addition to regular income tax on it. You pay 15.3% SE tax on 92.35% of your Net Profit (If it is gr...
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You will pay Self Employment tax (Scheduled SE) on a Net Profit of $400 or more on Schedule C in addition to regular income tax on it. You 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. So you get social security credit for it when you retire. You are paying 15.3% for…… SS for employer 6.2% SS for employee 6.2% Medicare for employer 1.45% Medicare for employee 1.45%
yesterday
Hello, My company has listed a Lived in and Worked in for NYC Res Local Wages (code 3301). This causes two separate Box 19 values to be listed on the W2 (page 2 of the W2) Page 1 of the W2 d...
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Hello, My company has listed a Lived in and Worked in for NYC Res Local Wages (code 3301). This causes two separate Box 19 values to be listed on the W2 (page 2 of the W2) Page 1 of the W2 does list the total local income tax in box 19,18 is blank, box 20 lists the word total This is causing a tax filing error since there are two NYC res values. Is it correct to add both box 18 and 19 values and list their totals under NYC res? Thank you
yesterday
I think they clamped down on that and it no longer works. It has always been you could only efile 5 from 1 email or account. That’s actually an IRS limit. But some people were able to bypass that...
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I think they clamped down on that and it no longer works. It has always been you could only efile 5 from 1 email or account. That’s actually an IRS limit. But some people were able to bypass that requirement but no longer. Maybe if you install another license on another computer using a different email address.
yesterday
Hello, My company has listed a Lived in and Worked in for NYC Res Local Wages (code 3301). This causes two separate Box 19 values to be listed on the W2 (page 2 of the W2) Page 1 of the W2 d...
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Hello, My company has listed a Lived in and Worked in for NYC Res Local Wages (code 3301). This causes two separate Box 19 values to be listed on the W2 (page 2 of the W2) Page 1 of the W2 does list the total local income tax in box 19,18 is blank, box 20 lists the word total This is causing a tax filing error since there are two NYC res values. Is it correct to add both box 18 and 19 values and list their totals under NYC res? Thank you
yesterday
Deleting and re-entering data may not be the solution, or at least not the whole solution. DaveF1006 (an employee expert), has given what I think is the best work-around (see his post in this thread...
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Deleting and re-entering data may not be the solution, or at least not the whole solution. DaveF1006 (an employee expert), has given what I think is the best work-around (see his post in this thread, from February 2026). He was using this scenario from another community member: "I have IRA's A, B, and C. By calculations, my individual RMDs would be 700 from A, 200 from B, and 100 from C. But I satisfy my entire $1000 due in 2025 by withdrawing 900 from A (let's say I have an automatic draw of 900 each year), taking the remaining 100 from B, and nothing from C" DaveF1006 wrote: You need to report that all of the 1099R amounts satisfy the Required Minimum Distribution amounts. To do this: On your IRA A entry (the one where you took $900), tell TurboTax that the RMD due for that specific 1099-R was $900. A: 1099-R says $900. You tell TT: "The RMD due was $900 and I took it all." B: 1099-R says $100. You tell TT: "The RMD due was $100 and I took it all." Total Reported RMD: $1,000. Total 1099-R Amounts: $1,000. This is how this would be entered in the actual program Go to Wages & Income > Retirement Plans and Social Security > IRA, 401(k), Pension Plan Withdrawals (1099-R). Enter the 1099-R for IRA A ($900 in Box 1). Continue to the screen: "Let's get more information about your RMD." Select "This distribution was a Required Minimum Distribution." When asked "How much of the $900 was a RMD?", select "The entire distribution was an RMD." Why? Even though only $700 was "due" for A, by saying the whole $900 was an RMD, you are telling TurboTax that this account has "paid its debt" plus some extra that can cover other accounts. Enter IRA B (The "Partial Match") Add a new 1099-R for IRA B ($100 in Box 1). On the RMD screen, select "This distribution was a Required Minimum Distribution." When asked "How much of the $100 was a RMD?", select "The entire distribution was an RMD." Important: Do not enter $200 (the actual RMD due for B) because you only took $100 from this account. TurboTax will get confused if you say the "RMD amount" is higher than the "Actual distribution" on Since you took $0 from IRA C, you will not enter a 1099-R for it. However, you need to tell TurboTax that you didn't miss a payment. After entering all your 1099-Rs, click Continue until you reach a summary screen. Look for a screen titled: "Did You Miss a Required Distribution From Any Retirement Accounts?" Select "None of these plans failed to withdraw the RMD." Note: If the software asks specifically about IRA C, answer "Yes, I met my RMD requirement for all accounts." *** See if DaveF1006's approach works for you. You can look at Form 5329-T (and/or 5329-S if you're filing jointly), Part IX to figure out what numbers TT is entering into the "excess accumulation" penalty. Your "undistributed RMD" should be $0. Maybe, without deleting your 1099R's, you can edit the responses to TT's follow-up questions, to solve your issue.
yesterday
If you are a resident alien, skip the first paragraph of my reply above, and read the rest of the reply.
yesterday
You pay 15.3% of 92.35% of your net self employment income.
yesterday
When I tried to use Sprintax to file, this is what I got. That's how I ended up here. I've been studying in the US since 2020 up to now, so 6 years. I think that's why I got this. As for my cit...
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When I tried to use Sprintax to file, this is what I got. That's how I ended up here. I've been studying in the US since 2020 up to now, so 6 years. I think that's why I got this. As for my citizenship, I have a Michigan driver's license and SSN, but not a green card.