- Community
- Topics
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Community
- :
- All Posts
All Posts
yesterday
Hi, My dad passed away January 2025, and I inherited a POD CD account. I was listed as the POD beneficiary on this CD bank account. This January , I received a 2025 1099-INT for the interest earned ...
See more...
Hi, My dad passed away January 2025, and I inherited a POD CD account. I was listed as the POD beneficiary on this CD bank account. This January , I received a 2025 1099-INT for the interest earned on this account (approx. $900), but the 1099-INT lists my dad's SSN. I called the bank who issued the 1099-INT and they said they cannot change the 1099INT to my SSN. Bank said they could change it to estate's EIN if we wanted to, but only thru working with the legal personal representative (my sibling). There is no trust involved for the CD. The CD did not go through probate since POD. I understand that the principal is not reported/taxed (is an amount less than estate tax limits). My impression (from reading on TT) is that any interest earned/paid from time of dad's death to CD close/maturity date should be reported on my (the POD beneficiary) 2025 tax return. But someone else stated that the inherited CD interest should be reported on the estate's tax return for 2025. Questions: 1. Who reports the inherited CD interest from time of death in January till close of CD for a POD CD for 2025? (for practical purposes, I think all of the 2025 interest was earned/paid to account after dad's date of passing). 2. If it is the beneficiary who should report, will the IRS be puzzled if I (beneficiary) report the inherited CD interest on my 2025 1040 tax return, because they will *not* have received a 1099-INT from bank under my SSN for the $900 interest? 3. Does my dad/dad's estate need to submit a nominee 1099-INT to let the IRS know that the interest should go on the beneficiary's tax return (not sure if I have the correct terminology)? Currently the 1099-INT is under dad's SSN. If needed, how would one do a nominee 1099-INT (ie from dad's SSN to dad's estate EIN to beneficiary SSN? Sounds complicated : ) Thank you so much for your help in advance!!
yesterday
I have a QBI carryforward from a MLP K-1. H&R Block's software cannot do this calculation, so I have to throw away the H&R Block program and start over. Does Turbotax do this calculation?
yesterday
Are you trying to import it? Go down to the bottom and skip import or Enter a Different way and manually enter it.
yesterday
Please see this TurboTax Canada FAQ for more information on who can use Free: Who can file for free using TurboTax?
yesterday
Why do I have a negative number under the sales of Business Property? I did have a vehicle I stopped using during the year due to it being totaled and there was no insurance payout. Is that why?
yesterday
If the return has already been filed and accepted, you won't be able to make any changes. So, you must wait until the IRS accepts it or rejects it.
If you have already e-filed a return and it w...
See more...
If the return has already been filed and accepted, you won't be able to make any changes. So, you must wait until the IRS accepts it or rejects it.
If you have already e-filed a return and it was rejected, you can update your email address in your Intuit account, by going to the My Info section, and select Edit to update your information.
Then:
Go to Sign in and Security.
Click Email address and update it.
Verify the change with your password and select Save.
yesterday
Unfortunately, once you have upgraded or added features to your TurboTax return, there is no way to downgrade or remove the extra features. You would need to create a new return to go back to the ori...
See more...
Unfortunately, once you have upgraded or added features to your TurboTax return, there is no way to downgrade or remove the extra features. You would need to create a new return to go back to the original product.
To start a new return, select “Start a New Return” from under “My Returns” in the bottom left corner. Once you have started your new return, you can select “View All Returns” from under “My Returns”. Then delete the unwanted return by clicking the small Trash Can next to it or “Delete” under the return’s name.
yesterday
Inaccurate instructions. "Change" does not prompt a new number. It still asks text code from old phone number. Unable to proceed after clicking "Change".
yesterday
“The IRS guideline is that refunds are issued within 21 days”, provided they are:
Electronically filed
With Direct Deposit,
And provided there are no other issues.
Things that can de...
See more...
“The IRS guideline is that refunds are issued within 21 days”, provided they are:
Electronically filed
With Direct Deposit,
And provided there are no other issues.
Things that can delay a refund:
yesterday
Unfortunately, once you have upgraded or added features to your TurboTax return, there is no way to downgrade or remove the extra features. You would need to create a new return to go back to the ori...
See more...
Unfortunately, once you have upgraded or added features to your TurboTax return, there is no way to downgrade or remove the extra features. You would need to create a new return to go back to the original product.
To start a new return, select “Start a New Return” from under “My Returns” in the bottom left corner. Once you have started your new return, you can select “View All Returns” from under “My Returns”. Then delete the unwanted return by clicking the small Trash Can next to it or “Delete” under the return’s name.
yesterday
I received no help online. I had to call Turbotax for a human to assist me.
yesterday
Deducted from what? Yes they are deducted from the income on schedule C. Nothing has changed. What are you seeing? If you are not showing a loss on Schedule C. Some expenses, such as home off...
See more...
Deducted from what? Yes they are deducted from the income on schedule C. Nothing has changed. What are you seeing? If you are not showing a loss on Schedule C. Some expenses, such as home office or section 179 depreciation can only be used to reduce your schedule C taxable income to zero, and not to create a loss. Excess deductions for these carry over to the next year. And you have to answer yes to both questions about exclusive and regular use, not just one. The area of your home office must be used regularly and exclusively for business to deduct it. Or you checked the box on Schedule C line 32b saying Some Investment is Not at Risk.
yesterday
I have resent the receipt to the email address on file, it should have the code on it.
yesterday
Don't worry, everything looks good with your 2022 tax and rate. Here's how this is calculated - (the rate kicks in for the income above each threshold level, not all of the income x one single rate)....
See more...
Don't worry, everything looks good with your 2022 tax and rate. Here's how this is calculated - (the rate kicks in for the income above each threshold level, not all of the income x one single rate).
In your case:
Single Tax Table TY 2022
Not over $10,275 - 10% of taxable income
Over $10,275 but not over $41,775 - $1,027.50 plus 12% of the excess over $10,275
Over $41,775 but not over $89,075 - $4,807.50 plus 22% of the excess over $41,775
Over $89,075 but not over $170,050 - $15,213.50 plus 24% of the excess over $89,075
15213.5 + ((100820 - 89075)*.24) =
15213.5 + 2818.8 = $18,032 rounded
yesterday
did not solve my problem as I needed to fill part B as the investments are above those allowed to use section A. On two separate occasions I called support and spent over a total of 2.5 hours tryin...
See more...
did not solve my problem as I needed to fill part B as the investments are above those allowed to use section A. On two separate occasions I called support and spent over a total of 2.5 hours trying to find a solution. Was not successfull and finally decided to fill in the form on MRQ site, print it and mail it.
yesterday
As per Microsoft: "When you undock your computer, the windows on your external monitor are minimized. When you re-dock your computer to your monitor, Windows puts everything back exactly where you ha...
See more...
As per Microsoft: "When you undock your computer, the windows on your external monitor are minimized. When you re-dock your computer to your monitor, Windows puts everything back exactly where you had it before."
You can change this behavior by going Start > Settings > System > Display > Multiple displays.
yesterday
If it didn’t transfer over from last year then Enter a Capital Loss Carryover under Federal Taxes or Personal (Home & Business) Wages and Income Then scroll down to Investment Income Capital Los...
See more...
If it didn’t transfer over from last year then Enter a Capital Loss Carryover under Federal Taxes or Personal (Home & Business) Wages and Income Then scroll down to Investment Income Capital Loss Carryovers - Click Start or Revisit You enter the full amount that carried over, not just the 3,000 If you have the Online version you need the Premium version.
yesterday
Ok, this is silly, I just realized that I didn't consider that the tax system is progressive and I was not calculating the effective tax rate. When I do it by hand now, I do get a much closer num...
See more...
Ok, this is silly, I just realized that I didn't consider that the tax system is progressive and I was not calculating the effective tax rate. When I do it by hand now, I do get a much closer number. I think I found the main cause of the discrepancy and I will keep working on it until the numbers match. Thank you everyone.
