All Posts
yesterday
I was amending to add capital gains tax for box 3 on a 1099-DIV right at the end of filing the amendment, it asked for a box, I filled it out and it added an ISO Exercise and Hold that I never added a...
See more...
I was amending to add capital gains tax for box 3 on a 1099-DIV right at the end of filing the amendment, it asked for a box, I filled it out and it added an ISO Exercise and Hold that I never added and now there is no way to delete it. I deleted the whole transaction, logged out, and deleted it several times, but it is still there.
Topics:
yesterday
To report an Installment sale in TurboTax Online: Click on "Search" and type "Installment Sales" in the window and hit Enter Click on "Jump to Installment Sales" On the page "Any Other Proper...
See more...
To report an Installment sale in TurboTax Online: Click on "Search" and type "Installment Sales" in the window and hit Enter Click on "Jump to Installment Sales" On the page "Any Other Property Sales" check the box for: "Sales of real estate, cars, or anything else for which you receive payments over two or more tax years (installment sales)" and click Continue On the Installment Sales page answer yes to "Do you want to report an installment sale?" Continue through the interview and record the details of your Installment Sale To access form 4797: Navigate to the Income Summary Page Scroll down to "Sale of Business Property Form 4797" and click on "Start" or "Add/Edit" Follow the step-by-step to enter the sale of a business asset.
yesterday
Topics:
yesterday
I had some loan balance on my primary residence when I decided to take out a home equity loan to buy a rental property. Can I claim the mortgage interest on my home equity loan?I am a little confused...
See more...
I had some loan balance on my primary residence when I decided to take out a home equity loan to buy a rental property. Can I claim the mortgage interest on my home equity loan?I am a little confused since everywhere I have read it mentions that for the mortgage interest to qualify, one must either buy or remodel the property securing the loan.In my case my primary residence is the one securing the loan but I bought an entirely different property as the rental.
yesterday
Now that you are sharing a marketplace plan with someone not in our "tax family" (no longer a dependent), you will need to allocate the plan between yourself and child and you'll each need to report ...
See more...
Now that you are sharing a marketplace plan with someone not in our "tax family" (no longer a dependent), you will need to allocate the plan between yourself and child and you'll each need to report your share of the Marketplace plan on your return. During the interview for the 1095-A, you'll be asked about your health plan being shared, so check the box to indicate it is a shared plan.
You and they should agree on what percentage of the SLPC you’ll claim on your return, and what percentage they'll claim on theirs. You can use any percent you choose from 0% to 100%, as long as you agree and it all adds up to 100%.
Here is an article that may be helpful for you: I'm on my parents' 1095-A form. What do I do on my return?
yesterday
Yes, if you have net business income from 2022 and did not have health insurance available to you through you or your spouse's employer, you can deduct health insurance on your tax return. See Deduc...
See more...
Yes, if you have net business income from 2022 and did not have health insurance available to you through you or your spouse's employer, you can deduct health insurance on your tax return. See Deducting Health Insurance Premiums If You're Self-Employed.
NOTE: Under the IRS "three-year rule," you generally have three years from the original filing deadline to claim a refund so if you expect a refund, you must get the tax return filed by April 15, 2026.
yesterday
IS MY 2024 STATE OR LOCAL REFUND TAXABLE?
If you used standard deduction for your 2024 tax return, you do not have to enter a state or local tax refund you received in 2025. If you itemized d...
See more...
IS MY 2024 STATE OR LOCAL REFUND TAXABLE?
If you used standard deduction for your 2024 tax return, you do not have to enter a state or local tax refund you received in 2025. If you itemized deductions then your state or local refund that you claimed on the 2024 return----and received in 2025---must be entered as taxable income on your 2025 return. If you are not sure if you itemized for 2024, look at your 2024 Form 1040 line 12. Do you see the standard deduction amount or something else?
2024 STANDARD DEDUCTION AMOUNTS
SINGLE $14,600 (65 or older/legally blind + $1950)
MARRIED FILING SEPARATELY $14,600 (65 or older/legally blind + $1550)
MARRIED FILING JOINTLY $29,200 (65 or older/legally blind + $1550)
HEAD OF HOUSEHOLD $21,900 (65 or older/legally blind + $1950)
If you need to enter the state or local refund — go to
Federal>Wages & Income>1099-Misc and Other Common Income>State and Local Tax Refunds on Form 1099G
yesterday
Can I deduct the cost of a building I paid for in 2021 that I use for income now?
Topics:
yesterday
Can you clarify what you mean by "fix a form 1099-NEC" and what you mean by "reflect a gift"?
yesterday
No, the only itemized deductions allowed would be those directly associated with the generation of unearned income, as mentioned here in the instructions to Form 8615.
yesterday
I did not deducted state income taxes in 2024.
Topics:
yesterday
Hi: Desktop. Thanks, Ira
yesterday
No one called me at 7:15p EDT as confirmed via several emails from TurboTax. I am trying to take advantage of the $150 all-in offer that expires tonight at midnight. I am seeing more and more peo...
See more...
No one called me at 7:15p EDT as confirmed via several emails from TurboTax. I am trying to take advantage of the $150 all-in offer that expires tonight at midnight. I am seeing more and more people with the same issue. And ZERO response from TurboTax on it.
yesterday
If you used TurboTax Online to file your original return, and you want to file a superseding return, you will have to start over with a new account, create a new return, then print and mail it. If y...
See more...
If you used TurboTax Online to file your original return, and you want to file a superseding return, you will have to start over with a new account, create a new return, then print and mail it. If you want to file an amended return, you should not do so until you have received your refund (if you are due a refund). If you are not due a refund, make sure any payment you may have made has been processed.
Steps to Amend (TurboTax Online)
Log In: Sign in to your TurboTax account.
Select Year: On the "Tax Home" screen, scroll down to "Your tax returns & documents" and select the year you need to amend.
Choose Amend: Select "Amend (change) return" and then select "Amend using TurboTax Online"
.
For additional information on how to file an amended return see the following TurboTax article:
How to File an Amended Tax Return with the IRS
yesterday
form 6252 is Installment Sale Income
Topics:
yesterday
You cannot change or add anything on the return that you just e-filed, nor can you stop it. It is too late, just like when you put an envelope in a US mailbox on the corner. The IRS does not allow ...
See more...
You cannot change or add anything on the return that you just e-filed, nor can you stop it. It is too late, just like when you put an envelope in a US mailbox on the corner. The IRS does not allow you to take it back.
If you left out a W-2, a 1099G, or a dependent, or a 1099 etc…DO NOT change your return while it is “pending.” The changes will go nowhere.
Now you have to wait until the IRS either rejects or accepts your return. If your return is rejected, you will be able to go into your account and make the necessary changes to your tax return and re-submit your return.
Sometimes—not always— the IRS corrects your mistakes, while they are processing your return.
If the IRS accepts your return, however, then you have to wait longer until it has been fully processed and you have received your refund. THEN you can prepare an amended tax return and e-file or mail it in. You have to be able to work from that return exactly the way it was when it was e-filed originally. You will need to use a form called a 1040X.
Meanwhile, DO NOT go in and start changing anything on your return in the system, or you will make a mess for yourself. Sit tight and wait until you see what the IRS does with the return you just e-filed
yesterday
@ vijji_veeranki wrote: chat with agent Also @Recovery9393 asked: "I need to talk to live agent.' TurboTax doesn't have chat in this forum. They do have phone support, however. ...
See more...
@ vijji_veeranki wrote: chat with agent Also @Recovery9393 asked: "I need to talk to live agent.' TurboTax doesn't have chat in this forum. They do have phone support, however. Hours are 5AM-9PM Pacific, 7 days/week https://ttlc.intuit.com/turbotax-support/en-us/contact/ Or start your own new thread in this forum and ask your question so it will show up to the whole forum. On the page at this link, you see a blue "Ask a question" button superimposed on the image so kinda hard to see. There's also a "post your question" button off to the right and a little lower. https://ttlc.intuit.com/community/taxes/discussion/02/202
yesterday
Ask your "expert" for help with this.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/product-setup/connect-tax-expert-turbotax-live/L73wOZD5D_US_en_US?uid=m8zw1pbb
yesterday
I received a form 480.6C Puerto Rico tax information from investment. How do I enter it?
Topics: