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Friday
Hello I performed a Roth conversion earlier this year, converting a 100% pretax IRA to a Roth (knowing that I'll pay income tax on the full pre-tax amount). I'm wondering now that my pre-tax IRA b...
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Hello I performed a Roth conversion earlier this year, converting a 100% pretax IRA to a Roth (knowing that I'll pay income tax on the full pre-tax amount). I'm wondering now that my pre-tax IRA balance is at 0 if I could do in the same year a non-deductible contribution to the IRA and convert it to my Roth account - or if it's better to keep the IRA clean the year of the conversion and postpone the backdoor Roth to 2026.
Friday
TurboTax is complicated by necessity. I understand the architecture being unable to import additional information after starting a return. (Although as a former programmer, additional data structures...
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TurboTax is complicated by necessity. I understand the architecture being unable to import additional information after starting a return. (Although as a former programmer, additional data structures could allow information to come in/out of play. But it's virtually impossible to write new things into code once the architecture is set.) Thanks for a well reasoned answer! -sk (Impulse)
Friday
We have a lot of mesquite not far from here. Thank you so much for taking the time and energy to look into my situation. I have written back via email but discovered today that Intuit does not acce...
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We have a lot of mesquite not far from here. Thank you so much for taking the time and energy to look into my situation. I have written back via email but discovered today that Intuit does not accept email replies. My original posts were done via the "contact us" button with a 100 character limit, or i would have posted more information. - I had not downloaded tax2024 yet. VolvoGirl posted a good sounding answer and i moved on. - Tax2023 (desktop) did not "see" nor find my prior returns and did not offer to import them. - Yes, i came very close to accidentally using TT online. In the end, i started over completely, typed everything in all over again AFTER importing tax2022. It was important because of the capital loss carryforward. Thank you again so much for all your help and sorry it took so long to figure out the whole forum/community thing. -sk aka Impulse
Friday
I already sent many thanks and a couple of replies via email, not knowing that such things are blocked. So i've joined what i believe to be the forum and/or community. In any case, thank you for be...
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I already sent many thanks and a couple of replies via email, not knowing that such things are blocked. So i've joined what i believe to be the forum and/or community. In any case, thank you for being so helpful and proactive with my issues. It would have helped if TurboTax made it clear that an entirely different domain name (installturbotax.com) is used for installing turbotax. Again, many many thanks.
Friday
Topics:
Friday
Hi, I'm trying to fill in Form 3115 for unclaimed depreciation on 2 residential rental properties. Property 1 (placed in service in Nov, 2019) - No depreciation was claimed for tax years 2019, 2...
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Hi, I'm trying to fill in Form 3115 for unclaimed depreciation on 2 residential rental properties. Property 1 (placed in service in Nov, 2019) - No depreciation was claimed for tax years 2019, 2020, 2022 and 2023. In 2021 tax return, depreciation was incorrectly calculated using incorrect placed-in-service date & cost basis. Property 2 (placed in service in Aug, 2023) - Originally a personal residence, converted to rental use in Aug, 2023. Depreciation was not initiated after the property was placed in service as a rental. While filling form 3115, schedule E section, how can I answer question 3 & 4 (b) as the answers will be different for each property. Do I need two 3115 forms? Please share any guidance. Thanks!
Thursday
the way you describe what you have done, there is no federal limit or deduction or credit. everything is at the state level except the need to file a federal gift tax return since the amount exceeds ...
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the way you describe what you have done, there is no federal limit or deduction or credit. everything is at the state level except the need to file a federal gift tax return since the amount exceeds the annual exclusion
see this link
https://www.savingforcollege.com/article/maximum-529-plan-contribution-limits-by-state
ohio allows up to a $4,000 year deduction (against ohio taxable income) each year. any excess contribution is carried forward. nowhere do i see $75K or %150K mentioned
there is a section in Turbotax under education for ESA and 529 QTP but that's only if
Thursday
do it through the rental schedule section
as you enter info you should see a page that asks if the property was sold - so check that box
as you go through the pages you'll come to one with a link...
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do it through the rental schedule section
as you enter info you should see a page that asks if the property was sold - so check that box
as you go through the pages you'll come to one with a link for sale of property. click the icon on that line.
this will allow you to enter the sales info.
if this is your first time using Turbotax it should allow you to enter the costs for the building and land and other assets. prior depreciation will need to be entered.
then you need to allocate the sales price and sales expenses among the various items. the IRS says you should allocate based on relative fair value, but any reasonable allocation method will probably produce the same results.
Thursday
see under wages and income tab
the section for less common income which includes a line for prized, awards and gambling winnings
when you get to a page that askes, check the box no w-2G
Thursday
Combine the amounts from Form 1040 or 1040-SR, lines 1z, 2b, 3b, 4b, 5b, 7, and 8
they are not included because they are not taxable and thus will not show up on any of these lines.
Thursday
this is a forum for answering income tax questions. we have no idea what you are asking. if it's a tax question, please rephrase
Thursday
no. all your w-2's for a year must be included on the same return. the IRS will probably catch this error, but it's probably better that you amend.
Thursday
I've already filed my taxes and I forgot that I had another W2 out there can I file it separately?
Thursday
@Cstark77 , from your post I am not sure if the child "baby girl" could have qualified as a dependent prior to having a Tax ID ( TIN -- SSN, ITIN, ATIN ). From only the fac t that she was your "fost...
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@Cstark77 , from your post I am not sure if the child "baby girl" could have qualified as a dependent prior to having a Tax ID ( TIN -- SSN, ITIN, ATIN ). From only the fac t that she was your "foster child" , she should have been a qualified child---> See here Dependents | Internal Revenue Service --- see the paragraph qualifying child. Also see more details on "eligible" Publication 501 (2024), Dependents, Standard Deduction, and Filing Information | Internal Revenue Service under adopted or foster children.
However , even after you meet all the tests for qualifying the child still needs to have a TIN and so if the TIN was issued only in 2025, then we have a problem here. TIN works ONLY after assignment date of the ID, not retroactively.
Is there more I can do for you ?
Thursday
@ ronscott2003 also said: "I don't know why the turbo tax website would say my refund still hasn't arrived." The TurboTax website will never know if your refund has arrived in your bank accoun...
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@ ronscott2003 also said: "I don't know why the turbo tax website would say my refund still hasn't arrived." The TurboTax website will never know if your refund has arrived in your bank account or not. It does not get any feedback in that regard.
Thursday
@ronscott2003 wrote: My federal was from TPG products, and I just looked and it said on line 35a that its 425 which is the amount I received from TPG products. Does this mean I'm not missing anyt...
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@ronscott2003 wrote: My federal was from TPG products, and I just looked and it said on line 35a that its 425 which is the amount I received from TPG products. Does this mean I'm not missing anything and Turbo Tax just took $117 from my refund? I guess that makes sense but I don't know why the turbo tax website would say my refund still hasn't arrived. Thanks for your help 🙂 If your Form 1040, Line 35a shows $425, and if $425 is what you received from TPG, it doesn't sound like they took anything out of your refund. Did TurboTax already receive its fees earlier because of your refund delay? Where did you get the figure of $117? Was that the amount of your Federal and state product fees originally? Was your refund delayed a long time, and did TurboTax start sending emails asking you to pay the $117 for the products, or did they auto-debit your bank account for the product fees? You can also use the lookup tool at TPG's website to see if it shows anything about how they handled it. To log in, choose the taxpayer portal at: https://www.sbtpg.com/
Thursday
1 Cheer
@TMM322 , your post is so void of details that I don't know how to begin to answer this question.
(a) Are you a US person ( citizen/GreenCard)?
(b) Which country is your tax home? -- need to rev...
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@TMM322 , your post is so void of details that I don't know how to begin to answer this question.
(a) Are you a US person ( citizen/GreenCard)?
(b) Which country is your tax home? -- need to review the tax treaty ( if any)
(c) Assuming that your employer is a local entity, is this "employer contribution" govt. required item or just employer's good deed ( benefit package)? Whether required or not by the govt., is there any law that defines this benefit, how it is held ( a govt. account, a trust, etc. etc. ), how is it governed etc. ? What are the rules for distribution ? Is it taxed when contributed or what ? Is the distribution taxed and if so under what rules ?
(d) What are your plans for this account when you come back to the US ?
(e) Are you also contributing to SSA while abroad ?
AS you can see I need a lot of info before I can help you . So please answer my Qs. If you do not wish to answer on this board ( privacy concerns ), you can always PM me ( that does not show up on this board ) --- but please NO PII ( Personally Identifiable Information )-- that way I would not know who you are but will know the situation and answer based on that ONLY !
I will circle back once I hear from you--yes?
Thursday
My federal was from TPG products, and I just looked and it said on line 35a that its 425 which is the amount I received from TPG products. Does this mean I'm not missing anything and Turbo Tax just t...
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My federal was from TPG products, and I just looked and it said on line 35a that its 425 which is the amount I received from TPG products. Does this mean I'm not missing anything and Turbo Tax just took $117 from my refund? I guess that makes sense but I don't know why the turbo tax website would say my refund still hasn't arrived. Thanks for your help 🙂
Thursday
@ronscott2003 wrote: I'm missing $177 from my total federal refund when I filed in January 2025. How do I get the rest of my refund? I got my full state refund 1/31/25 but only received roughly ...
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@ronscott2003 wrote: I'm missing $177 from my total federal refund when I filed in January 2025. How do I get the rest of my refund? I got my full state refund 1/31/25 but only received roughly half of my federal return. It's been 6 months since my estimated total tax return. I tried calling the IRS but it said it can't locate my account... I don't know what to do. Don't go by a total refund summary that TurboTax shows on a screen. That figure includes both Federal and State refunds. Instead, for your Federal amount go by what is shown on your actual Form 1040, Line 35a. What product did you use? Did you use Online TurboTax, and did you choose to pay any TurboTax fees out of your Federal refund? If so, then addition to the product fees, there is a $40 service fee for that option ($45 for California filers.) Who is your refund from? Is it direct from the IRS/US Treasury, or was it sent from another company such as TPG/Tax Products Group, Cross River Bank, etc.?
Thursday
I got my full state refund 1/31/25 but only received roughly half of my federal return. It's been 6 months since my estimated total tax return. I tried calling the IRS but it said it can't locate my a...
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I got my full state refund 1/31/25 but only received roughly half of my federal return. It's been 6 months since my estimated total tax return. I tried calling the IRS but it said it can't locate my account... I don't know what to do.