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If you purchased materials used in merchandise that you later sold, you may report this cost as Supplies under Expenses for your Schedule C business.  Or you can choose Other Expenses and enter a custom description.   In TurboTax Online, go to Schedule C and choose "Add more expense categories."

Maybe. The IRS has a test to determine if repair or improvement. A repair is expensed at once while an improvement is spread out. Two improvements that may apply to you: Betterment - does it make the property better Restoration - replacing a major structural component or fixing a long term period of decay. Depreciation: Residential rental -27.5 years Commercial property - 39 years Land improvement can be classified as a 15 year property within the rules See Pub 946

Very interesting. I have stopped buying T notes due to this issue. I don't have access to the Spidell's newsletter, but I don't trust this. Unless it is ruled in the court, it is just an FTB employee's opinion. I was once audited by FTB and it was clear that the employee in charge of the audit didn't understand FTB's tax code. I appealed the audit and won.    Another way to look at this is that Treasury mutual funds/ETFs also produce income, but that income is not taxable by CA. This FTB employee can argue that ETF dividend is also not paid by the US Treasury and hence taxable. I'm sure that these funds/ETFs incur cap gain when they sell underlying Treasury notes and bills, but they pass those as dividends.

Maybe. The IRS has a test to determine if repair or improvement. A repair is expensed at once while an improvement is spread out. Two improvements that may apply to you: Betterment - does it make the property better Restoration - replacing a major structural component or fixing a long term period of decay. Depreciation: Residential rental -27.5 years Commercial property - 39 years Land improvement can be classified as a 15 year property within the rules See Pub 946

The confusion usually stems from the fact that Publication 590-A (which you mentioned) actually covers IRAs, whereas Solo 401(k)s are governed by the rules for "Qualified Plans" (found in Publication 560 and IRC Section 402(g)).   Fidelity mentioned Publication 590, but for a Solo 401(k), the relevant authority is actually IRS Publication 560 (Retirement Plans for Small Business) and Section 402(g) of the Internal Revenue Code. IRS Publication 560, Chapter 4 (Electronic Version): "You must include the excess deferral in your income for the year of the deferral... If you take out the excess deferral by April 15, the excess is taxed only in the year contributed. The [earnings] are taxed in the year they are distributed." Because you made the contribution in 2025 and took the distribution in 2025 (the same year), Code 8 tells the IRS to count the whole thing as 2025 income.   The core issue is that 401(k) contributions are "pre-tax" because they are excluded from your gross income when you first make them. If you contribute $5,000 to a Solo 401(k), you typically don't pay tax on that $5,000 in the year you earned it.   When you realize it was an "excess contribution" and take it back out, the IRS treats that money as if it were never contributed in the first place. Therefore, it must be added back to your taxable income for the year it was earned.     I know this contradicts my earlier advice but it does make sense how this was handled. Fidelity is correct.                 

Thank you very much for your post. I am working with a Mac desktop. So I deleted the form MI-2210 and reentered info through the easy-step interview. to no avail unfortunately. I also quit turbotax after deleting Mi-2210 for and re-initiated it; it updated the software and I performed the same data input as above. to no avail again. I have an input for 2024 tax paid (2024 tax multiplied by 110%). The form clearly has that value and uses it in line 9 to calculate the quarterly estimated tax. That is if I do not use the annualized income installment method (box on line 8). I am actually using that method and have an underpayment only in the last quarter.   I also notice that the calculation of the interest is stuck on April 15th date and interest for the last quarter is always based on 75 days whatever date I enter on line D of the information smart worksheet. This is also an error.   Thanks again for you input and suggestion. I hope you may have a couple more. 

The book value is the value that you paid for the items.  When entering them into the TurboTax system to depreciate them the book value is just the value that you will enter for depreciation.   In the case of the sale you can enter them as part of the asset value at the point of sale as additional property or create a new asset with the date placed in service just prior to the sale and then include them as part of the sale.     That is true of the renovation that you are asking about as well.   @springdawnct 

No. You are not required to report the sale of your home on your tax return if you did not receive a Form 1099-S and you are under the capital gain exclusion of $250,000 ($500,000 married filing jointly).    Just make sure that you meet the following qualifications to exclude the gain:   You owned the home for at least 2 of the last 5 years You lived in the home as your primary residence for at least 2 of the last 5 years You have not used the exclusion in the past two years See this TurboTax article for details on the home sale capital gain exclusion.

This time, @DawnC , it opened the MO-PTS on the summary page as well as the results page (following the summary). Changing the line to zero and saving it on the summary page accepted the change! (Trying it first on  the "results" page again bounced back to the previous number.)   Okay, I guess I'm ready to file. Crossing my fingers!

The Form 1099-R is correct and must be entered as received.  After you continue from the page that lists the Forms 1099-R that you have entered, TurboTax will give you the opportunity to enter your basis in Roth IRA contributions to be used in preparing Form 8606 Part III.  The taxable amount (presumably zero) of your Roth IRA distribution is determined on Part III.   The IRA custodian has no way to know your basis in Roth IRA contributions because the have no knowledge of Roth IRA contributions you might have made at other financial institutions.  It's your responsibility to track Roth IRA contribution and conversion basis needed to prepare Form 8606 Part III.  TurboTax assists with that on its IRA Information Worksheet.

You can change the email address associated with your account through your account settings.   Intuit uses a single sign in system for all Intuit products, so changing it here will also update it for any other Intuit products you use, such as QuickBooks or Credit Karma.   To Change Your Email Address: Select Intuit Account located in the lower-left corner of your screen (near the Sign Out button). On the Account Manager page, select the Sign in & security menu. Select the Email address section. Enter your new email address and then enter it again to confirm. Enter your current password when prompted to verify the change. Select Save. Check your new email inbox for a verification link from Intuit and click it to finalize the update. If you can't sign in at all, you can go to the Intuit Account Recovery page. This requires you to upload a photo of a government-issued ID to verify your identity.

It is possible that your state information on wages as listed in boxes 15 through 26 on your W-2 from lists a different state than the one you are filing for. You can check that by looking on box 15 on your W-2 form, it should have the abbreviation for the state you reside in.