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Wednesday
I just redid the taxes and was able to add .tax2024 suffix to last years so it would import the information regarding depreciation for Honda 2014 that I put in service in 2024. • Since it show...
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I just redid the taxes and was able to add .tax2024 suffix to last years so it would import the information regarding depreciation for Honda 2014 that I put in service in 2024. • Since it shows depreciation, does that mean that I entered the actual expenses and not the standard mileage for last year? (I should know this but I have struggled all day to figure it out looking at the taxes.) • Is it true whatever method (actual expenses vs standard mileage) that I used when I put the Honda 2014 into service last year (2024), I need to keep using the same method? Thank you
Wednesday
Hello, I'm working on an amended CT state filing for tax year 2022 where I was a part-year CT resident. I'm filing an amendment since I incorrectly allocated my wage split for the Connecticut Res...
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Hello, I'm working on an amended CT state filing for tax year 2022 where I was a part-year CT resident. I'm filing an amendment since I incorrectly allocated my wage split for the Connecticut Resident Period vs Connecticut Nonresident Period. The total wages were correct, but I was overtaxed due to an incorrect wage split between CT and a state with no income tax so I am looking to correct the wage allocation. In TurboTax, when I initiate an amended filing, it only generates a Form CT-1040X. Looking online, it appears that I won't be able to electronically file anyways, but I wanted to confirm that I am filling out the correction forms to mail in. This is my understanding of what I would need to do: 1) Fill out CT-1040X (net change column B and correct amount column C) - Line 6: Income from CT sources from schedule CT-SI (input corrected CT wages) - Line 10,12,14,16,18,20: Corrected income tax due to the corrected CT wage allocation - Line 27: Amount overpaid - In addition, there's a text field for justification towards the top that I will fill out explaining why this amended filing is needed. 2) These don't show up in TurboTax as part of the amended filing, but my understanding is I would fill out a corrected version of the following forms with the correct wage split: - CT-1040NR/PY (even if similar inputs to 1040X) - CT-1040AW - CT-SI This is my first time completing an amended state filing (especially for a part-year resident), so I just wanted to make sure this was the correct process for this situation and to check if I was missing anything. Thank you very much in advance!
Wednesday
After some experimentation, what I found to work on a fresh file was: Enter only the 1099-Q issued to me, as you indicated After doing that, still in the 1099-Q area of the interview, for non-depe...
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After some experimentation, what I found to work on a fresh file was: Enter only the 1099-Q issued to me, as you indicated After doing that, still in the 1099-Q area of the interview, for non-dependent student expenses, enter those that match up to my 1099-Q, being sure to include the scholarship amount in the tuition and fees number, then offsetting it in the scholarship field Not including the scholarship amount in tuition and fees seems to have been my key original mistake that resulted in the taxable amount not being computed correctly Not entering the 1098-T area of the interview at all (or entering it and saying I have no educational expenses — which I guess is true? The educational expenses are all for a non-dependent, my son, not me) Does this sound right? It yielded the proper result on the worksheets and forms. @AmyC Thanks for your replies to my original question! I just want to follow up on #3 to clarify that you're not saying I should enter the 1098-T (in #1 you said I shouldn't enter it since it belongs to my son with his SSN on it). If I don't enter the 1098-T in that interview section there's no option to enter expenses there. As noted above I did it in the 1099-Q section of the interview when asked about non-dependent student expenses.
Wednesday
Where can I find instructions for everything that needs to be included with my NY State tax return if filing it by mail? I assume I can include everything TurboTax provided me when e-filing my federa...
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Where can I find instructions for everything that needs to be included with my NY State tax return if filing it by mail? I assume I can include everything TurboTax provided me when e-filing my federal tax return? Would anything be missing?
Wednesday
I'm stuck on an ad. Pop-ups are allowed on my computer, and I've refreshed the page.
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Wednesday
Here's how to Get a Refund from TurboTax.
@Marymy
Wednesday
Thanks for the response. I called this number several times (800-446-8848), but there was no option to talk to a representative. After selecting Turbotax (option 1), the only information I got was th...
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Thanks for the response. I called this number several times (800-446-8848), but there was no option to talk to a representative. After selecting Turbotax (option 1), the only information I got was that the desktop version only works with Windows 11. Please let me know how to receive real help with the issue.
Thanks,
Tom
Wednesday
My wife and her business partner terminated their business in 2025. There was no sale, just a termination and distribution of the capital accounts. Their CPA prepared the form 1065 and the associat...
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My wife and her business partner terminated their business in 2025. There was no sale, just a termination and distribution of the capital accounts. Their CPA prepared the form 1065 and the associated schedule K1s, marking each as the final return. I went through the step by step as follows: Describe the partnership – I checked "This partnership ended in 2025" Describe partnership disposal – I checked no entry I then filled in the boxes of the K1 as received from the accountant. The return went through the error check with no issues. However, when I checked the forms the "Final return" box was not checked. I checked the final return box on the form and ran the error check again. This time it flagged me for not entering information on Schedule K1 Partnership Additional Information, Part II, lines 1-12. These lines seem to pertain to the second choice of partnership disposal, where a partner sold or otherwise disposed of his partnership interest. They don't apply to this situation. I'm not sure what to do here because it seems to me that Turbo Tax is erroneously asking for this data. Any advice is appreciated.
Wednesday
I don't live in the county that Turbo has listed with my address. How do I correct this?
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Wednesday
It was fixed for me after I did an update on March 16. I am using desktop version on a mac, if that makes a difference.
Wednesday
Congrats from me too, Scott, and thanks for chiming in. I am glad that you reminded me that: << It also reduces your future RMD which could affect your income for Medicare premiums. >>, given that t...
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Congrats from me too, Scott, and thanks for chiming in. I am glad that you reminded me that: << It also reduces your future RMD which could affect your income for Medicare premiums. >>, given that the state tax hit I suffer is significant (see below) so that reminds me to feel a little better about it all. I do have a couple of questions: 1. When you say: << The IRS accepted both the 2024 and 2025 returns without adjustment.>>, is that just some automated notice that everyone gets from TurboTax and does it really mean much other than that the IRS has received your tax return? 2. And in regard to the very next paragraph after that statement, that worries me that I have not done things correctly for my state which, unfortunately as regards income taxes, is California. It uses a Schedule CA to make adjustments to the federal AGI and it seems to have made no adjustments for this sale. My state, California, does not recognize capital gains at all, so I do pay ordinary income tax rates on all the gain, but I don't see that I needed to make any special adjustments like you seem to indicate you had to for the state. It seemingly just took the LTCG from my federal return in computing a state AGI and taxed me on that, sadly at ordinary income rates, but it seemingly didn't care to know what the cost basis was, a cost basis that i paid taxes on a year earlier for both fed and state. Does anyone think I am not doing it correctly? Perhaps your adjustment had to do with selling only half the stock each year whereas I sold it all in one year? Thanks much!
Wednesday
1 Cheer
Just remember you have to take your 2026 RMD by Dec 31, 2026. So you will have 2 RMD to report on your tax return next year. You will probably get one 1099R for the total of both.
Wednesday
The $150 Expert Filing promotion for $150 expired on 3/31/26. You could still be eligible if you meet the following requirements:
That you upload your documents with a full service expert b...
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The $150 Expert Filing promotion for $150 expired on 3/31/26. You could still be eligible if you meet the following requirements:
That you upload your documents with a full service expert by 3/31/2026 11:59 PM ET
File your return by 4/7/2026 11:59 PM ET
Wednesday
I filed today and gave up on the subject!
Wednesday
1 Cheer
The answer to both Question 1 and Question 2 is: Yes, your understanding is correct. The Incentive Stock Option (ISO) bargain element included in AMT Income would only be that bargain element for op...
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The answer to both Question 1 and Question 2 is: Yes, your understanding is correct. The Incentive Stock Option (ISO) bargain element included in AMT Income would only be that bargain element for options exercised and still held at year end. Any stock from the exercise of ISOs during the year that were also sold during the year would result in that bargain element being reported as ordinary income. Since it is reported as income on Form W-2, there is no "Excess of AMT income over regular tax income" because the bargain element is included in both. Since those options don't factor into the AMT calculation, they should not be included when entering form 3921.
As for Question 3, I can't speak to why certain program instructions appear where they do and do not appear. But I understand why you are asking.
Wednesday
Download the 2023 and 2024 programs on your computer and mail the completed returns.
Wednesday
Can you provide some more details on what kind of problem you are having? Do this help you at all? How do I enter the sale of a vehicle used for a business or rental property?
Wednesday
Can I efilel form 4868?
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