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This is extremely annoying, but it worked for me eventually: 1. made Windows update to date and restarted laptop 2. uninstalled and reinstalled Turbo tax, did the manual update for Federal, New York and New Jersey, and restarted laptop 3. still did not work, turned off laptop 4. turned on laptop the next day, and it magically worked   It took me 4 hours in total to get it work. Turbo tax needs to do a much better to fix bug like this.

@ Nurseforeverlife wrote:  "It’s been 3months now for my State Income Taxees. It was e-file."   If you are asking about a state tax refund, here are some things you should check:   First, you need to be sure your state return was successfully filed.   If you efiled, be sure your efiled state return was accepted.  If you used Online TurboTax, you can check by looking at the Tax Home in your Online account.  Which of these terms is used for the status there:  accepted, rejected, printed, started, ready to mail, or what?   If that shows your efiled state return was accepted, the FAQ below tells how to check on a state refund and has a link for your state. Choose your state from the table in this FAQ: FAQ:  How do I track my state refund? https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/track-state-refund/L3jgO8PGs_... ‎

Dear  Loretta P   I really do appreciate your very detailed and well constructed answers. There have been very complicated legal fight for my son to secure the ownership of both apartment and  his dividen of the commercial building.    For one more question; how should I factor all the legal expenses into the overall framework?   Thank You Best Regards, Sang Noh

for balance sheet purposes the beginning balance is the balance of the partner's capital accounts as of the end of the last year. (each partner's k-1 would reflect their share of this)    this should equal the total assets reported last year (or did you just start the activity in 2024) schedule L line 14 column b less liabilities sum of lines 15 to 20 column b.      anything put in after that is a contribution (again each partner's contribution would be reflected on their k-1). similarly, anything distributed in the current year is a withdrawal/distribution. income adds to the partners capital accounts while losses and deductions reduce it.      these are made up numbers assuming the business started in 2024 and purchase no depreciable assets   how m-2 might look  line 1 =0 line 2a = 9K line 3 =30K  line 5 = 39k line 6a  = 17k line 9 = 22K     so schedule L would show 22K of cash and 22 K balance of partners' capital accounts   this assumes that column d schedule L lines 2 through 13 and 15 to 20 are properly zero     

you may have missed a step - reporting the contribution to the traditional IRA as non deductible - this generates the 8606 and the conversion is also reported on the 8606   see this link which may provide additional guidance https://ttlc.intuit.com/community/retirement/discussion/how-and-when-does-form-8606-get-triggered-in-turbotax-so-that-i-can-make-sure-the-taxable-amount-is/00/3230784 

@jstan78 If in fact the delinquent school district tax was from tax year 2019---the year you say you relocated to PA---what have you done in the years since then to pay your school district tax?   If you have not been paying the school district taxes for all of those years, you are going to owe for 2020, 2021, 2022, 2023 and 2024---better find out where you stand with those.

If your spouse's account was used to prepare and file the return, the only way to access that return is by using exactly the same account and user ID -- no other information will get it for you.   You can try to contact customer support for help with this.   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   Or....get a copy of the return from the IRS by paying $30. https://www.irs.gov/pub/irs-pdf/f4506.pdf  

We don't know if you are referring to having paid TurboTax fees or having paid Federal taxes due with extension.  What exactly were you paying with the $67, and who was it paid to?   $67 is the approximate cost of an Online Deluxe Federal return plus sales tax, so that's confusing.   I also don't understand what you mean about the other 2 figures.   If you are asking about TurboTax fees and using Online TurboTax, what is shown when you check your fees this way?   Open your return and in the left menu column choose the TAX TOOLS tab, then choose the subtab TOOLS.  In the Tools popup choose the blue button MY FEES.

Question 1: How should these foreign properties and the associated rental income be reported on my son's U.S. tax return? As a U.S. citizen, your son is required to report his worldwide income to the IRS, regardless of where the income is earned or where he lives. The rental income from the Korean properties must be reported on his U.S. federal income tax return (Form 1040). Form/Schedule: Schedule E (Form 1040), Supplemental Income and Loss This is the primary form used to report income and expenses from rental real estate. Reporting Income: He must report the gross rental income collected from the properties. This should be the total rent paid by the tenants before any expenses are deducted by your relative in Korea. Reporting Expenses: He can deduct ordinary and necessary expenses paid during the year. These include, but are not limited to: Maintenance and repairs Management fees (including any implicit fees or amounts retained by your relative for managing the property) Property taxes paid in Korea Insurance Utilities paid by the owner Depreciation: This is a crucial deduction you may be overlooking. Your son can (and should) claim a depreciation deduction for the cost of the buildings. The IRS has specific rules for depreciating foreign rental property. Foreign residential rental property (the apartment) is generally depreciated over a 30-year period. Foreign nonresidential property (the commercial building) is depreciated over a 40-year period. You cannot depreciate the value of the land, only the building. You will need to determine the original basis of the property (generally, the fair market value on the date of inheritance) and allocate that basis between the land and the building. Currency Conversion: All figures reported on the U.S. tax return must be in U.S. dollars. The IRS allows you to use a consistent exchange rate, such as the yearly average rate or the specific rate on the day the income was received or the expense was paid. The IRS provides yearly average exchange rates on its website. Foreign Tax Credit: If your son paid or accrued income taxes in South Korea on this rental income, he might be able to claim a Foreign Tax Credit on his U.S. return using Form 1116, Foreign Tax Credit. This credit is designed to prevent double taxation on the same income. Question 2: Which forms are required for compliance (e.g., FBAR, Form 8938, Form 3520, etc.)? This is a critical area with significant penalties for non-compliance. Several forms may be required. FBAR (FinCEN Form 114), Report of Foreign Bank and Financial Accounts What it is: This is not an IRS form but a report filed separately and electronically with the Financial Crimes Enforcement Network (FinCEN). Who must file: A U.S. person who has a financial interest in or signature authority over foreign financial accounts if the aggregate value of those accounts exceeds $10,000 at any time during the calendar year. Application to your son: If the rental income is deposited into a Korean bank account that is in your son's name (or that he has signature authority over), he is required to file the FBAR. The $10,000 threshold is for the combined highest balance of all his foreign accounts, not per account. Form 8938, Statement of Specified Foreign Financial Assets What it is: This form is filed with the U.S. tax return (Form 1040). Who must file: U.S. citizens who have an interest in "specified foreign financial assets" and meet certain thresholds. For an unmarried individual living in the U.S., the threshold is having total assets of more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year. Application to your son: Directly held real estate (like his apartment and commercial building) is NOT a "specified foreign financial asset" and is NOT reported on Form 8938. This is a common point of confusion. However, the Korean bank account that holds the rental income is a specified foreign financial asset and must be reported on Form 8938 if the value thresholds are met. Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts This is extremely important for your son's situation. A U.S. person must file Form 3520 to report, among other things, the receipt of a gift or bequest from a foreign person (a non-U.S. citizen/resident) valued at more than $100,000. Application to your son: Your son inherited real estate from his biological mother, a citizen of South Korea. It is highly likely the value of the properties exceeded $100,000 at the time of inheritance. Therefore, he was required to file Form 3520 for the year he received the inheritance. Past Compliance: Since this happened while he was a minor, the responsibility to file would have fallen to you as his parent/guardian. If this form was never filed, he is currently not in compliance. The penalties for failing to file Form 3520 are substantial. You should address this immediately with a tax professional who can advise on options for late filing, such as the IRS Streamlined Filing Compliance Procedures. Question 3: Does the fact that I have been managing the properties and receiving income on his behalf affect how they should be reported? No, this does not change the reporting requirements for your son. Beneficial Owner: The IRS is concerned with who the beneficial owner of the asset and income is. Legally, the properties and the income they generate belong to your son. Agent/Nominee Relationship: You are acting as your son's agent or nominee. You are managing the assets on his behalf, but the tax liability remains with him, the owner. Reporting: All income and asset reporting (Schedule E, FBAR, Form 8938) must be done on your son's tax return under his Social Security Number. The fact that the money may pass through your hands first is an administrative detail; it does not shift the tax burden from your son to you. Question 4: How should I handle reporting when income amounts are approximate and expense documentation is incomplete? This is a common challenge with foreign activities. While the IRS requires accurate reporting, there are practical steps to take. Reconstruct Records: You must make a "reasonable, good-faith effort" to reconstruct the financial records. You cannot simply use an approximation given to you. Gross Income: The amount your relative sends you is likely the net income after they have paid local expenses. You need to determine the gross rental income. Ask your relative for bank statements or a ledger showing total rents collected from tenants. Expenses: Ask the relative to provide a detailed list of all expenses paid, such as maintenance, repairs, and management fees. Request any available receipts, bank transaction records, or invoices. Even if documentation is poor, a detailed list from the manager is better than a simple net number. Burden of Proof: The burden of proof for deductions is on the taxpayer (your son). If he were ever audited, he would need to substantiate the expenses he claimed. Document your efforts to obtain records. Establish a System Going Forward: To avoid this problem in the future, you must implement a better record-keeping system immediately. Ask your relative to use a simple spreadsheet to log every item of income and every expense as it occurs. Have them take photos or scans of all receipts and email them to you quarterly or annually. This is essential for accurate future tax filings. I suggest working with your son and your relative in Korea to reconstruct the financial records for at least the last 3-6 years. You will need: Gross rents collected for each property. A detailed list of all expenses paid for each property. The fair market value of the properties on the date your son inherited them (to establish a basis for depreciation). Records of any Korean income taxes paid. Korean bank account statements to determine the highest balances for FBAR and Form 8938 reporting. To make sure your son is filing correctly going forward your son must:   Report all rental income and expenses on Schedule E. File FinCEN Form 114 (FBAR) annually if the $10,000 threshold is met. File Form 8938 with his tax return if asset value thresholds are met. File Form 1116 to claim a credit for taxes paid to Korea. Helpful links: What Is a Schedule E IRS Form?  Rental Real Estate and Taxes  2024 Instructions for Schedule E (2024)  About Schedule E (Form 1040), Supplemental Income and Loss  FBAR Compliance: Reporting Your Foreign Bank Accounts  How do I file an FBAR report (FinCEN 114)?  Do I need to file Form 8938, Statement of Specified Foreign Financial Assets?  Instructions for Form 1116 (2024)  Claiming the Foreign Tax Credit with Form 1116  Where do I enter the foreign tax credit (Form 1116) or deduction?  Form 3520: Reporting Gifts and Inheritances from Foreign Countries  Instructions for Form 3520 (12/2023)