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5 hours ago
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5 hours ago
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5 hours ago
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5 hours ago
when I enter code is just says its "not right"
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5 hours ago
Why was there no mention of the quarterly paymebnts I made n=to the IRS last year?
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5 hours ago
Yes, you should only be taxed on any gains added to the Traditional IRA between the time the money was contributed to the account until it was converted to the Roth IRA.
If you are being taxed ...
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Yes, you should only be taxed on any gains added to the Traditional IRA between the time the money was contributed to the account until it was converted to the Roth IRA.
If you are being taxed on the full amount that was converted, then the basis of the Traditional IRA is most likely not being taken into account.
Take a look at the following TurboTax help article to learn more about the steps involved to report a backdoor Roth IRA conversion to be sure that the basis information has been entered for your Traditional IRA contribution.
How do I enter a backdoor Roth IRA conversion?
5 hours ago
You are not required to enter anyting for Form 1099-DIV box 2f nor 2e.
For U.S. citizens, the 1099-DIV Box 2f (Section 897 capital gain) does not require a separate entry becuse the amount is al...
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You are not required to enter anyting for Form 1099-DIV box 2f nor 2e.
For U.S. citizens, the 1099-DIV Box 2f (Section 897 capital gain) does not require a separate entry becuse the amount is already included in the Total Capital Gain Distributions (Box 2a).
5 hours ago
where can I go to manually enter a 5329 form
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5 hours ago
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5 hours ago
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5 hours ago
does turbo tax download 1095-A form or figures in my income tax filing
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5 hours ago
When I click "Start a New Return" nothing happens. What other things can I try?
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5 hours ago
Hi everyone,
I’m working on my 2025 tax return and could use some guidance on how to properly report a loan that I believe is now uncollectible.
Back in 2019, I lent $30,000 to an LLC (formal promis...
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Hi everyone,
I’m working on my 2025 tax return and could use some guidance on how to properly report a loan that I believe is now uncollectible.
Back in 2019, I lent $30,000 to an LLC (formal promissory note, interest-bearing, tied to a real estate project). The terms specified repayment upon sale/refinance of the property. The property was eventually sold, but I never received any repayment.
I recently learned that:
* The LLC is now out of business
* There appears to be no personal liability for the owner
* A debt collection agency has suspended efforts due to lack of recovery prospects
At this point, I believe the debt is effectively worthless.
My questions:
1. Is this correctly treated as a **nonbusiness bad debt (short-term capital loss)**?
2. Is 2025 the right year to claim the loss based on when I determined it’s uncollectible?
3. On Form 8949, is it correct to report:
* Proceeds = $0
* Basis = $30,000
* Description as “Nonbusiness bad debt”?
4. Are there any additional statements or documentation I should include with the return?
I want to make sure I handle this correctly and defensibly.
Thanks in advance for any insights!
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5 hours ago
I need to record estimated taxes paid for tax year 2025, Where are they enterd?
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5 hours ago
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5 hours ago
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5 hours ago
the red box still says more information is needed.
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5 hours ago
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