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2 hours ago
Big ERROR! Taxable amount on $72+ Social Security Income was zero filed amended return when I discovered this will push back my refund by months 🤬 paid $277 for return 🙄
2 hours ago
Once they had actually assigned my case to someone it went much faster. I probably sent more documents that I needed to, but I thought it’s better to overspend to prove I purchased the furnace. Once ...
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Once they had actually assigned my case to someone it went much faster. I probably sent more documents that I needed to, but I thought it’s better to overspend to prove I purchased the furnace. Once it was approved the money was in my account within the week.
2 hours ago
why did my turbo tax lose my filing
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2 hours ago
How to enter 529 contribution
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2 hours ago
I Turbotax review finds an "error" in my federal return on the worksheet for a K-1 I entered. Turbotax blocks me from transmitting my efile due to this "error." Turbotax demands a value for every...
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I Turbotax review finds an "error" in my federal return on the worksheet for a K-1 I entered. Turbotax blocks me from transmitting my efile due to this "error." Turbotax demands a value for every line under Code W to ZZ. But there are no values to enter. If I enter zeros, it requires me to enter a zero for every line under item 8 (a multiline entry with no values entered). I have deleted the K-1 and re-entered it. The problem persists. How can I e-File with this blocking me?
2 hours ago
Schedule D is automatically generated when you report capital asset sales. You can also access the Schedule D form by clicking the applicable link below.
TurboTax Online/Mobile: Go to Schedule...
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Schedule D is automatically generated when you report capital asset sales. You can also access the Schedule D form by clicking the applicable link below.
TurboTax Online/Mobile: Go to Schedule D.
TurboTax Desktop: Search for Schedule D and select the Jump to link.
2 hours ago
Getting a letter in the mail was key. Without it, I was pretty much stuck. Then you can start communicating a little bit, but I didn’t hear back right away. I think they assign the case to somebody a...
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Getting a letter in the mail was key. Without it, I was pretty much stuck. Then you can start communicating a little bit, but I didn’t hear back right away. I think they assign the case to somebody and then you kind of wait for them to contact you about what they want. Once the case was assigned, things moved faster, and I do have my refund now.
2 hours ago
in michigan
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2 hours ago
Turbotax limits the distribution of income between joint filers to Cap Gains and Losses. GA allows dividends, interest and pension to be included in the total income before apportion. I ignored the a...
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Turbotax limits the distribution of income between joint filers to Cap Gains and Losses. GA allows dividends, interest and pension to be included in the total income before apportion. I ignored the allocation error and turbotax did not detect it as an error
2 hours ago
I found there was somewhat of a delay between the time I was able to open communication online with the IRS and the time they responded with what they needed me to send. Once the case was assigned, a...
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I found there was somewhat of a delay between the time I was able to open communication online with the IRS and the time they responded with what they needed me to send. Once the case was assigned, and I was able to upload all of the documents it went pretty fast, and the money was in my account within a week or two
2 hours ago
Where do I enter distributions given me from my business in the income section of the federal?
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2 hours ago
2 hours ago
If you didn't earn enough to support the exclusion the $5,000 can become taxable wages which counts toward your income for the calculations.
As member-manager you are an active participant for...
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If you didn't earn enough to support the exclusion the $5,000 can become taxable wages which counts toward your income for the calculations.
As member-manager you are an active participant for SE tax but may participate at a passive level.
Material Participation (The "Passive Loss" Rules): This determines if you can use losses to offset other income. If you spend less than 500 hours (or meet other specific tests) on the business, you are passive.
Self-Employment Tax Rules: This is what dictates Box 14. If you are a Member-Manager, the IRS generally presumes you are a general partner for tax purposes. This means your share of the LLC's ordinary income is subject to Self-Employment tax, regardless of how many hours you worked.
To change things is not easy.
If you are listed as a Member-Manager in the LLC’s operating agreement, you are legally viewed as having the authority to bind the entity. To move that income from "Nonpassive" to "Passive" (and remove it from Box 14):
You would likely need to update the LLC's legal structure or your specific role to "Member" (excluding the "Manager" title).
Note: If you are reporting a loss, the IRS usually doesn't complain if you call it "passive," because passive losses are restricted and can't be used as easily. However, if you are trying to claim a credit (like the EIC) based on that income, they will look very closely at whether you actually earned it through "material participation."
2 hours ago
No. Even if you have a large mortgage on your house, you are considered to "own" your home, because the bank does not own your home, even if they have a lien on it.
2 hours ago
Once I actually received a letter from the IRS, I was able to go on and connect with them. It seemed like it took a couple of weeks for them to send me all the information that I needed to send them....
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Once I actually received a letter from the IRS, I was able to go on and connect with them. It seemed like it took a couple of weeks for them to send me all the information that I needed to send them. I made sure to be really overly thorough in what I sent them. I sent everything I asked for plus I sent copies of the inspection report and the bill of sale. Once that went through, and they approved everything the money was in my account in less than a week
2 hours ago
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2 hours ago
Performed a 1031 exchange of a rental property and also received form 1099-S on sale of old rental property. Where /how do I enter this? If I enter - TTx calculated the gain on sale - and does not "...
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Performed a 1031 exchange of a rental property and also received form 1099-S on sale of old rental property. Where /how do I enter this? If I enter - TTx calculated the gain on sale - and does not "link" to entered 1031 exchange on form 8824.
2 hours ago
On the Step-by-Step screen "Here's the income that Colorado handles differently", at the bottom of the screen, there is Miscellaneous Additions and Miscellaneous Subtractions.
It sounds like yo...
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On the Step-by-Step screen "Here's the income that Colorado handles differently", at the bottom of the screen, there is Miscellaneous Additions and Miscellaneous Subtractions.
It sounds like you made a text entry in one of these areas, but did not add any dollar amount (that's what goes on line 10a). Go back and review these two areas and make sure that you have deleted any text entries in these tables.
2 hours ago
If you have business assets that are not fully depreciated or that you sold in the current year, you do need to include them on your tax return. If they are not fully depreciated you need to set them...
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If you have business assets that are not fully depreciated or that you sold in the current year, you do need to include them on your tax return. If they are not fully depreciated you need to set them up for depreciation since it is a legitimate business expense and it will factor into the gain on assets sold or taken out of service in the future. If you sold assets, depreciation will factor into the gain and the tax on the gain from assets sold.
If you need to set up an asset for depreciation, you just need to enter the cost of the asset and year put into service and TurboTax will calculate the accumulated depreciation from prior years and then populate the applicable depreciation for the current and future years.