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Monday
I am currently in an unpaid internship that is part of my educational requirements before I can take the exam to become a certified dietitian. I am not earning a degree, but I still have to pay for t...
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I am currently in an unpaid internship that is part of my educational requirements before I can take the exam to become a certified dietitian. I am not earning a degree, but I still have to pay for tuition, book fees, and many other accumulated costs. Can I claim this internship as an educational expense?
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Monday
Code B indicates a distribution from a designated Roth account in an employer plan like a 401(k). When the Form 1099-R is entered into TurboTax, TurboTax will include on Form 1040 line 5a the amount...
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Code B indicates a distribution from a designated Roth account in an employer plan like a 401(k). When the Form 1099-R is entered into TurboTax, TurboTax will include on Form 1040 line 5a the amount from box 1 and, if not rolled over to another Roth account, will include on line 5b the taxable amount from box 2a. If box 7 includes code 1 in addition to the code 8, TurboTax will include the 10% early-distribution penalty ($1 penalty on the $8.20 taxable amount that results if not rolled over) on Form 5329 Part I.
Monday
@Mike9241 Thanks! I understand now what triggered it.
Monday
Are you in Canada? This is the USA forum. It may be different in Canada. Here is the Canada forum https://turbotax.community.intuit.ca/tax-help
Monday
I too am very disappointed with this policy. I need to copy my old Canadian TurboTax files over from my Windows 10 computer to a new computer with Windows 11. I was able to get all the old programs...
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I too am very disappointed with this policy. I need to copy my old Canadian TurboTax files over from my Windows 10 computer to a new computer with Windows 11. I was able to get all the old programs downloaded from TurboTax. I could activate all of the older year's versions except for 2021, 2022 and 2023. When I tried to activate the program for these three years I received the message "All available activations for that code have been used Error code 603". Help stated that I needed to buy a new activation code since I had used three installs. Very disappointed that Turbo Tax will not let you have access to historical data without buying another subscription. Yes. I have PDF files but ...They should provide an activation code to help these users who are only updating their computers. It is not like you will be using the program for any commercial gain. It is only to have access to the historical data. Agreed the software may not be supported by Turbo Tax but the earlier program still work. Why do I need the program? Likely will never use it but just because. Somewhere I saw someone suggest that I could remove one of the old programs from one of the old computers. Would this free up a subscription so I could activate the older programs on the new Windows 11 computer? I have always been very happy with TurboTax in the past. But now - Intuit, consider me another unhappy customer.
Monday
You can’t use your account or log in. Online is only good for 1 return per account. But you can use the same email address for 5 accounts. You can start another return in TurboTax Online by: Lo...
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You can’t use your account or log in. Online is only good for 1 return per account. But you can use the same email address for 5 accounts. You can start another return in TurboTax Online by: Logging out if you are in your account Choose what TurboTax Online product you want to use for the second return Create your account screen Set up a new login for the second return Start working on the new return The Desktop program can do unlimited returns and efile 5. You can buy the Desktop Download program directly from Turbo Tax TurboTax® 2021-2022 CD/Download Tax Software, Compare Desktop Tax Preparation
Monday
What do I do with a 1099-r, distribution code B? And what do I do with 2a, taxable amount $8.20. thank you
Monday
@Newby1116 wrote: ......just put that in transaction description box? "gains reported by EIN XX-XXXX ? The most simple and straightforward way to handle this and you always have documentation...
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@Newby1116 wrote: ......just put that in transaction description box? "gains reported by EIN XX-XXXX ? The most simple and straightforward way to handle this and you always have documentation if ever questioned.
Monday
I invested into a real estate partnership and got k-1 form at the federal level and also for a few states like Georgia and Colorado. The rental incomes on these K-1 forms (at the federal level and al...
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I invested into a real estate partnership and got k-1 form at the federal level and also for a few states like Georgia and Colorado. The rental incomes on these K-1 forms (at the federal level and also for these states) are all negative, but it also shows some interest income. At the federal level this rental loss is a passive activity loss and in my case it hits PAL limitation and I don't have a passive income to use this loss, so my schedule E shows a passive income of $0. My question is that for these states like Georgia, should I report a negative rental income as reported on the Georgia K-1 form, or should I report a $0 rental income (to be aligned with the federal PAL limitation) ? If I report a negative rental income on the Georgia state form, it seems it will offset the interest income. I am not sure if this is right because these interest income shouldn't be treated as passive income which can be offset by a passive loss? (at least on the federal form I couldn't use a passive loss to offset any interest income).
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Monday
How to proceed with dissolution or perhaps sale of shares of Corporation that has 80K in liability to single shareholder and zero in assets or cash? The company with current revenue will never be abl...
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How to proceed with dissolution or perhaps sale of shares of Corporation that has 80K in liability to single shareholder and zero in assets or cash? The company with current revenue will never be able to repay this shareholder. I'm looking for advice how to zero out balance sheet to dissolve this Corporation, or how to value this company and perhaps sell the shares with debt to interested 3rd party?
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Monday
How can I remove permission for Turbo Tax to access my crypto account and erase the info Turbo Tax downloaded?
Monday
Over that threshold long term capital gains is usually taxed at 15%.
Monday
Yes, I realized that but I've exceeded that threshold.
Monday
You will owe no capital gains tax if you are filing single and your taxable income is less than $48,350.
Monday
Agree... just worried if I put nothing in 8949, if coinbase one day report to the IRS SS# and gains, i will be flagged as someone who did not pay the tax, even though the partnership did, of course,...
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Agree... just worried if I put nothing in 8949, if coinbase one day report to the IRS SS# and gains, i will be flagged as someone who did not pay the tax, even though the partnership did, of course, maybe best way is just to handle it then, all records are crystal clear... also you are right the IRS needs to know who the gains belong to. ? Maybe can just put that in transaction description box? "gains reported by EIN XX-XXXX ?
Monday
It might not be an issue at all, BUT if you do report the full amount received as nominee, the IRS is going to want to know the responsible party(ies) (i.e., who should have received all, or part of,...
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It might not be an issue at all, BUT if you do report the full amount received as nominee, the IRS is going to want to know the responsible party(ies) (i.e., who should have received all, or part of, the income reported).
Monday
1 Cheer
You are posting from desktop Home and Business. If that is what you used when you prepared your 2024 return, you need to use your desktop software to amend instead of trying to log in to an online ...
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You are posting from desktop Home and Business. If that is what you used when you prepared your 2024 return, you need to use your desktop software to amend instead of trying to log in to an online account.
Go to Federal>Other Tax Situations>Other Tax Forms>Amend a return
Monday
If you are still having trouble with your log in issues then contact support.
To call TurboTax customer support
https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/...
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If you are still having trouble with your log in issues then contact support.
To call TurboTax customer support
https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/contact-turbotax/L2y9ZKpQB_US_en_US?uid=m5s9l2vh
Monday
@user17549315027 Please stop attempting to post phone numbers, etc. in this public user forum. Anyone using the internet can see your posts, and scammers and identity thieves love to troll here so ...
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@user17549315027 Please stop attempting to post phone numbers, etc. in this public user forum. Anyone using the internet can see your posts, and scammers and identity thieves love to troll here so that they can pretend to call you from TurboTax. Luckily the filter removed most of it except for your name. You can edit out your name by going to the three blue dots on the upper right.
UPDATE MY ACCOUNT
https://ttlc.intuit.com/community/account-updates/help/how-do-i-update-my-turbotax-account-information/00/25927
Wait until your original return has been fully processed before you amend, and make sure you have saved a pdf of the original return before you amend. (If you do not save it as a pdf, the amended return will overwrite the original, and the original will be lost forever)
See this TurboTax support FAQ for amending a tax return -
CURRENT YEAR
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-federal-tax-return-current-year/L7eS6o1qh_US_en_US?uid=lfunevhk