All Posts
yesterday
Total Accrued market discount not reported on Total 1099-INT, but reported as ordinary income. That amount is added to my tax basis for PA filing. But this is related to the government treasury bill....
See more...
Total Accrued market discount not reported on Total 1099-INT, but reported as ordinary income. That amount is added to my tax basis for PA filing. But this is related to the government treasury bill. Should that be exempt of PA tax?
yesterday
Technically, yes, the IRS requires you to report all taxable income, regardless of the amount. Cash App (and other brokers) are only required by the IRS to issue a Form 1099-DIV if your total div...
See more...
Technically, yes, the IRS requires you to report all taxable income, regardless of the amount. Cash App (and other brokers) are only required by the IRS to issue a Form 1099-DIV if your total dividends for the year are $10 or more. Since you only earned $0.65, they aren't legally obligated to send you a form. The official rule is "report everything"... tax software and the IRS generally deal in whole numbers. Since your dividends are $0.65, they round up to $1. The IRS typically does not pursue taxpayers for a single dollar of unreported income because the "tax" on $1 of income is essentially zero (or a few cents), making it cost more to process than it's worth. If you want peace of mind and to be 100% "by the book," you don't need a1099-DIV form to report the income. Open or continue your return. Under Federal tab, Click on Wages & Income, then Scroll down to Dividends and Interest, an Click on Start/Revisit next to Dividends on 1099-DIV. When it asks to import, select "I'll type it in myself." Enter "Cash App" as the payer and "$1" (rounded up from $0.65) in Box 1a (Ordinary Dividends).
yesterday
Do you still own the land and still pay property taxes on the land? Or was there an actual sale of the land and the new owner pays the property taxes on the land?
If you still own the land, t...
See more...
Do you still own the land and still pay property taxes on the land? Or was there an actual sale of the land and the new owner pays the property taxes on the land?
If you still own the land, the general treatment is that the payment is not income but reduces the basis in the land that you own. So, if you paid $10,000 for the land and received a payment for $1,000, your new basis in the property is $9,000.
You still have to deal with the 1099 that was reported to the IRS. Report the income, then immediately report a minus entry for the same amount. Reference both entries as 'right of way / easement sold - basis adjustment'.
Retain all paperwork with your tax information should a tax authority have a question at a later time.
Follow the steps below to report this income that is not reported as self-employment income.
Down the left side of the screen, click Federal.
Down the left side of the screen, click Wages & Income.
Click the down arrow to the right of Less Common Income.
Click to the right of Miscellaneous income….
Click to the right of Other reportable income.
At the screen Any other Taxable Income, enter Yes.
Select Add. Click Continue.
Enter the description of the income and the amount. Click Continue.
Click Add for another Miscellaneous income Item.
View the entries at Tax Tools / Print Center / Print, save or preview this year's return / Include government and TurboTax worksheets.
The income will be listed on line 8z of the Schedule 1 Additional Income and Adjustments to Income and line 8 of the Federal 1040 tax return.
yesterday
My program will not bring up the SSA-1099 input screen. It brings up a Canadian screen
yesterday
Topics:
yesterday
You might of missed entering the state portion of your w2 income from the 2nd W2. This would cause TurboTax to not populate that income on your state return. Go back Wage and Income summary and rev...
See more...
You might of missed entering the state portion of your w2 income from the 2nd W2. This would cause TurboTax to not populate that income on your state return. Go back Wage and Income summary and revisit the Wages and Salaries (w-2) section to verify that all of your state income info from your W2 is properly entered in TurboTax.
yesterday
New Jersey's Worksheet G is used to calculate the property tax deduction or credit, which is available to both homeowners and tenants. As a renter, 18% of your rent is considered property tax paid. I...
See more...
New Jersey's Worksheet G is used to calculate the property tax deduction or credit, which is available to both homeowners and tenants. As a renter, 18% of your rent is considered property tax paid. If TurboTax is asking for homeowner details like block and lot numbers, you likely checked "Homeowner" instead of "Tenant" in the eligibility section.
To stop the homeowner prompts and correctly file as a renter, follow these steps:
Change Your Status to "Tenant":
Navigate to the New Jersey state interview section.
Look for the screen titled "About the Homestead Rebate and Property Tax Deduction" or "Property Tax Deduction/Credit".
On the screen asking for your status, ensure Tenant (not Homeowner) is selected.
When you are a tenant, you should make no entry for Block and Lot numbers.
Enter Rent Information:
Once "Tenant" is selected, the software will ask for the total rent paid for the year and the address of the rental property.
New Jersey automatically calculates your deduction based on 18% of this rent amount.
Opt Out if Ineligible:
If you do not want to claim this credit or do not qualify (e.g., your landlord is tax-exempt), you can go back to the beginning of the property tax interview and select the option that you do not qualify for the deduction.
yesterday
Thank you, managed to key in manually because I am unable to locate .tax2024 file.
yesterday
Turbo tax is a scam. I was charged for services i didnt use and the website did nothing to tell me they were added. Now they denied my refund for services. I recommend nobody use this **bleep**
yesterday
Thank you Marilyn. Can this be done in the online version (not desktop)? If so, how?
yesterday
If you want to make changes or add a document to a tax return that has already been filed and accepted by the taxing agency, you should follow these guidelines:
You must first wait until the...
See more...
If you want to make changes or add a document to a tax return that has already been filed and accepted by the taxing agency, you should follow these guidelines:
You must first wait until the initial return is completely processed. This means waiting until the payment submitted with the tax return has been processed, or your refund has been received.
You will have to use the same TurboTax account that you used for the original tax return.
Once you begin your amendment, you'll see your original return.
The refund calculator will start new at $0 and only reflect the changes in the refund or tax due
Only make changes to the areas of your return that need to be corrected.
You have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment
See the article below for information on how to enter overtime pay. How to Enter Overtime Pay into Turbo Tax
yesterday
This prompt refers to this section (QBI Suspended Losses - Other Provisions) of the Form 8995A Qualified Business Income Deduction instructions :
Tracking Losses or Deductions Suspended by Ot...
See more...
This prompt refers to this section (QBI Suspended Losses - Other Provisions) of the Form 8995A Qualified Business Income Deduction instructions :
Tracking Losses or Deductions Suspended by Other Provisions
Caution: A worksheet, QBI Loss Tracking Worksheet (below), is provided that can help you track your suspended losses. Losses and deductions that would be properly includible in QBI, if such loss or deduction wasn’t suspended (excluded from taxable income) by other provisions, must be tracked separately for purposes of determining the future amount includible as negative QBI. Use as many copies of the worksheet as necessary to separately track your suspended loss(es) under each suspending provision.
What this is saying, is that you have to keep your own accounting records for losses which would be includable for QBI purposes, but are excluded only because of other tax rules, such as the at-risk loss limitations or the passive activity loss limitations. Here's the loss tracking worksheet referenced above:
Likewise, the instructions for Schedule C 8995A Line 2 state:
This also includes the QBI portion of losses or deductions suspended from use in calculating taxable income in the year generated that are included in taxable income in the current year. See Determining your QBI, earlier, and QBI Loss Tracking Worksheet, later.
So, in filing Schedule C of the 8995A QBI Deduction, you would enter the Other Provisions suspended losses which are now includable against taxable income, and so also includable for QBI loss netting - to prevent double-dipping: taking too much QBI deduction when you should be offsetting QBI with prior suspended losses.
If you don't have business losses which are limited by the at-risk rules or passive activity rules or other limitations, just enter 0 here.
Or, if you don't plan on correcting your at-risk and passive involvement business situations to ever take prior disallowed losses for tax purposes, then you can also enter 0 here.
Why doesn't the software do this automatically? Because these rules often pertain to real-world business activity and investment situations that can be very detailed in description while also under complex tax rules; you often need to read the fine-print footnotes of partnership and/or S-corp K-1 income reports to be able to breakout how much of a QBI loss is also a passive activity loss, and compare that information to your own investment basis tracking for that passthrough, to make the determination. The software wouldn't know, for example, if you invested enough money this year back into the partnership to fix your at-risk situation.
Further reading.
yesterday
Siga estos pasos:
Hacia la izquierda, valla a ingresos, y oprima Resumen de ingresos e salarios.
Oprima revisitar y/o comenzar a cualquier seccion que su otro ingreso le pertenece.
Por...
See more...
Siga estos pasos:
Hacia la izquierda, valla a ingresos, y oprima Resumen de ingresos e salarios.
Oprima revisitar y/o comenzar a cualquier seccion que su otro ingreso le pertenece.
Por ejemplo, Si tiene otro W2 oprime Revisar a la seccion de Wages and Salaries (W-2).
yesterday
have no idea since few forms need a signature (maybe state form or appraisal for certain charitable contributions - but that form can be filed by mail separately using IRS Form 8453 ) However, it pro...
See more...
have no idea since few forms need a signature (maybe state form or appraisal for certain charitable contributions - but that form can be filed by mail separately using IRS Form 8453 ) However, it probably doesn't matter beuase therre is no way to sign a form in TurboTax and e-file it
yesterday
Topics:
yesterday
Hi, I have this strange issue. Both my federal and state was rejected because of pin ip issue. I got the pin and was able to resubmit. Error message is Transmission failed: the submission is a du...
See more...
Hi, I have this strange issue. Both my federal and state was rejected because of pin ip issue. I got the pin and was able to resubmit. Error message is Transmission failed: the submission is a duplicated of one that was previously received. so now im stuck because prior to this i recieved two email from tt state, first one says it was accepted and succeful but it quickly follow by another one that says it was rejected because federal was rejected. So this point i dont know what do because i dont want to have send it in physically because i dont even know if the original efile was succeful or not. When i do check e-file status on turbo tax it now says federal is succesful but state has error. anyone else run into this issue what know how to solve this? thanks!
yesterday
I’m having this exact same problem and have done everything that was suggested on this thread and nothing is working. Can someone PLEASE off another solution because I keep entering my first and last...
See more...
I’m having this exact same problem and have done everything that was suggested on this thread and nothing is working. Can someone PLEASE off another solution because I keep entering my first and last name and keep getting sent to the screen to fix my state return. It’s an endless loop.
yesterday
Had same problem, FL resident. Finally (after couple hours spent) noticed a "0" on one of the lines in the Carryover form. Once I deleted it Turbotax didn't flag error anymore and let me file electr...
See more...
Had same problem, FL resident. Finally (after couple hours spent) noticed a "0" on one of the lines in the Carryover form. Once I deleted it Turbotax didn't flag error anymore and let me file electronically.
yesterday
@baldietax @dmertz @fanfare Thanks for your responses. While this address the problem with double taxation, the software still did not process this as a roth conversion. For this reason, form 86...
See more...
@baldietax @dmertz @fanfare Thanks for your responses. While this address the problem with double taxation, the software still did not process this as a roth conversion. For this reason, form 8606 Part II (conversion from Traditional to Roth IRA) is not filled out. This also caused incorrect basis and taxable amount calculation (even though it is very minor and the difference is single digits). What is the path forward for customers using Turbo Tax software (assuming this exists in both Windows desktop and online versions). Is this extremely complicated for TT to fix and address the issue? Do they even know that such an issue exists (again, I cannot be the only one having this issue). Please let me know if there is anything else I can do. I certainly do not want to face this issue every single year, and file amendments. Thanks!