All Posts

1. I purchased additional shares of EPD this year and this is the first time I have purchased new shares after my original purchase. How do I handle that in TurboTax? When I set up the K1 the first time it asked for all that info, but now it is not and I am not sure how to enter it.   You should get only 1 k-1, which will report both unless the latest purchase used a different identification, like a grantor trust where the first was in your name personally.    2. I did not sell any shares of the other K1s I have. Do I need to only enter the K1 information from the company, or is there something else I need to do? Or do I not worry about cost basis and such when I sell? only the k-1 info.  For practical purposes, you can skip sections J, K, and L because TuboTax doesn't use them for anything.  When you sell as part of the K-1 package, you'll get a sales schedule that will provide the information to compute your correct tax basis in the shares sold.  The thing you may not be aware of is the section 751 recapture (ordinary income) that will occur when you sell. This can more than offset the PTP losses you weren't able to deduct because they are treated as passive losses. So as not to double-tax you on the recapture, is treated as an increase to your basis.      An oversimplified view of 751 recapture is that when you sell your partnership interest, you're deemed to have sold its depreciable assets at their fair market value, which results in depreciation recapture. Under partnership tax law is treated as 751 ordinary income. It will also be reported on line 20AB of the K-1.    

@zengyin    No, line 5a and 5b is correct.   ....4a and 4b is strictly for retirement accounts tagged specifically as a IRA accounts  (or special SEP/SIMPLE IRA plans from small businesses or self-employed folks).

I have updated Estimates and other taxes paid 3 times as you have suggested.  The amount of state taxes paid in 2025 is still incorrect on the schedule A.  It is almost double what I paid.  The program is importing some other number plus what I paid.  This means i can't file federal or state electronically.

thank you.  There were no tips reported anywhere else other than the 1099-NEC.   I noticed that the deduction that it says I am getting for tips (2758.00) is 210 less that the amount of tips (2968)  which matches the 210 self-employment tax deduction it says I'm getting.   And it's also charging a self-employment tax of 419 on the tips reported on the 1099-NEC.    Perhaps there's a way to cause the tips on the 1099-NEC to not be treated like self-employment (?)   Here is the summary if this helps explain what I am seeing....   Your filing status is Single. This affects your tax rates and which deductions you can take. Your total income was $18,396, including: Total wage income: $14,846 Taxable interest income: $582 Business income: $2,968 You took the Standard Deduction of $15,750. You also had a self-employment tax deduction of $210 and a qualified tips deduction of $2,758. After applying your deductions, your taxable income was $0. Your total tax before credits was $0, but you owed $419 in self-employment tax. You've already paid $997 through W-2 withholdings. After subtracting your self-employment tax from your payments, your refund is $578. This means you paid more in taxes during the year than you owed, so you get the extra money back.  thank you.

I had the same issue. I am so frustrated with TurboTax for the 2025 tax year because I just moved to North Dakota from Utah and TurboTax did not bring up questions about selling my place in Utah even though it knew that I had moved to another state in 2025. I made money off of the sale, and it seems that was overlooked. I guess it is fine I did not note this because my gains from the sale are under $250,000, but since this was my first time selling a home, it would have been nice for TurboTax to walk me through this. I am revisiting this now because my dad reminded me I should have reported something for the sale.

Pensions and annuities are largely taxed the same way, so you will probably find that this is not an issue.   There is nothing on the 1099-R to indicate if the distribution is from a pension or annuity. If TurboTax needs to know, it will just ask you.   So long as you have indicated that your state is your state of residence, then in the 1099-R interview, if your state needs any additional information, it will likely do this here, and not in your state interview (but some states do add additional pension/annuity related questions).

Q.  Do I need to declare in my taxes scholarship money refunded to me? A.  Yes, but not exactly the amount "refunded to you".    Scholarships that pay for qualified educational expenses (QEE - tuition, fees, books and other course materials) is tax free.  Scholarship amounts that exceed QEE is taxable income, on the student’s tax return. Room & board are not QEE. Normally, if box 5 of the 1098-T exceeds box 1, TurboTax (TT) will treat the difference as taxable income, unless you enter additional QEE at books and other expenses.   You need to do the math to see if your scholarship exceeds your qualified expenses. Then,   enter at Educational Expenses and Scholarships, under Deductions and credits (not the income section). Answer yes to having education expenses and working on a degree, even if you’re not. That’s needed to get to the scholarship entry screen. Check received scholarship, grant or aid at the Did you have any of these common situations screen. At the scholarship screen, enter the amount of the grant. When asked if any was used for room and board (R&B), answer yes. Then enter the amount you calculated to be taxable, in the pop up box. R&B are not "qualified educational  expenses".  So, this is how you tell TT that it is taxable. You didn’t have to literally use the scholarship for R&B.  This will put it on line 8r of Schedule 1.   Even though you did not get a 1098-T (you qualify for an exception) you should look at this post on the five main points on the  1098-T (and the tax issues in education): https://ttlc.intuit.com/community/college-education/discussion/re-what-do-i-do-with-form-1098t/01/3760212#M63114        

I was very fortunate to have KRIS assigned to help me with filing this year. She was so knowledgeable and helpful and had the patience of a saint. A true Professional. I had come to the stage with Turbo Tax that I was about to give up and go to some tax firm to have mine done. You see I think T T had changed their format somewhat from other years and also assumes that old fogies like me can waltz around a computer. Kris looked over the mess I had made over three days of visits on line and decided "we'll start from scratch again". Thank you Kris you were brilliant.

I am in agreement that the steps necessary are complicated/convoluted. I determined the correct numbers via a spreadsheet and then jury rigged the percentages on the schedule E worksheets (two) for the same property with different titles and the asset entry worksheet in order to generate the correct numbers for both schedule E's.  I have been able to produce matching numbers except for the mortgage interest and property taxes allocable to schedule A. It may be moot on schedule A if we just take the standard deduction tbd. It was so much easier to produce the numbers on a spreadsheet than using Turbo Tax.  I'm going to take a break as I now have a headache.