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On form 8990, Limitation on Business Interest Expense, Section II, Adjusted Taxable Income, is line 6 (Tentative Taxable Income) MY personal income from my 1040 or the income of the LLC that generate... See more...
On form 8990, Limitation on Business Interest Expense, Section II, Adjusted Taxable Income, is line 6 (Tentative Taxable Income) MY personal income from my 1040 or the income of the LLC that generated the excess business interest expense? I am a limited partner in the LLC, and am having difficulty parsing out whether this line refers to the partnership (the LLC and its Ordinary business income--line 1 of the k-1) or my personal (as a partner) Tentative Taxable Income from my 1040. Thank you.
Amy, thank you. I did make a payment in Q4 but underpaid. Hence the penalty which should be 10% of the underpayment. As I said TurboTax is stuck on 25% and April 15th payment date regardless of date ... See more...
Amy, thank you. I did make a payment in Q4 but underpaid. Hence the penalty which should be 10% of the underpayment. As I said TurboTax is stuck on 25% and April 15th payment date regardless of date entry.  I have tried 4 times to connect to TurboTax Support. After waiting 1/2hour or more, the agent could be barely heard and very hard to understand each time. Additionally, all of the them hung up on me after less than a minute of connection.  PLEASE TURBOTAX IMPROVE!!!    
My dependents are on my 1095-A I think they are both also going to file their own returns.   Turbo tax asks for the child's MAGI. and then does not ask for  another child's MAGI. Should I add the ... See more...
My dependents are on my 1095-A I think they are both also going to file their own returns.   Turbo tax asks for the child's MAGI. and then does not ask for  another child's MAGI. Should I add the 2 kids' MAGI together and place it in the box for dependents MAGI?   And if they do NOT file returns so I then NOT answer about their MAGI?   Thank You!   
You would have to use the entire loss carryover in the current year to the extent you had income in the current year. You cannot choose to apply a smaller amount.
I'm on a schedule C and need to chnage the business code.
My apologies for not being clear; not all states allow the claim of right, including PA. Since you can't file a claim of right, amending is the only option. You can ask if they will issue another cor... See more...
My apologies for not being clear; not all states allow the claim of right, including PA. Since you can't file a claim of right, amending is the only option. You can ask if they will issue another corrected w2. I'm sorry it isn't better news. Each state has very different laws and you may be out of luck on the state level.
Form 1042-S ("Foreign Person's U.S. Source Income Subject to Withholding") is an IRS tax document used to report income paid to non-resident aliens, such as fellowships, scholarships, or treaty-exemp... See more...
Form 1042-S ("Foreign Person's U.S. Source Income Subject to Withholding") is an IRS tax document used to report income paid to non-resident aliens, such as fellowships, scholarships, or treaty-exempt wages. It is commonly issued to international students and scholars by US institutions to report income and taxes withheld.   Select Wages & Income, scroll down to Less Common Income (very  last section on the screen)  Scroll down to Miscellaneous Income, 1099-A, 1099-C- Start  Select Miscellaneous Income- Other income not already reported on a Form W-2 or Form 1099 select Start/Update/Revisit Follow prompts If you are eligible for a tax treaty, you would need to complete and file Form 8833. Next you can claim any treaty exemptions as negative amount under: Federal / Wages & Income / Less common income / Miscellaneous / Other Reportable Income.   Enter your description and a negative amount (-100). You should paper-file your return including a copy of your 1042-S and Form 8833 (this form is not supported by TurboTax).
Thanks for posting this from the website.  Unfortunately it is outdated and does not lead to the information.   If anyone else needs it the QMID for Thermorpride is F9U3  supplied by the company. 
TurboTax generated a form 8995 with values that I cannot determine where they came from. How do I find out the values origin and how do I delete them if they are erroneous?
No, this is not a tax deductible expense, as well as other utilities, unless you pay for that expense for a rental home.   @blakeheems 
If you have accounts at several different banks (e.g., ICICI and HDFC), you cannot combine them. Each financial institution must have its own dedicated section or entry in your filing. This allows th... See more...
If you have accounts at several different banks (e.g., ICICI and HDFC), you cannot combine them. Each financial institution must have its own dedicated section or entry in your filing. This allows the treasury to identify exactly where the funds are located.   This is especially critical if you need to file a FBAR report or an 8938 in your return. If you are filing the FBAR, you only need to file if the aggregate value of all your foreign accounts exceeded $10,000 at any time during the year. If you hit that threshold, you must report all accounts, even those with very small balances. Here is the website to prepare your FBAR. report.    For the 8938, you would need to file if:    If filing single, if your balance is over $50,000 at the last day of the year or $75,000 at any time, you will need to file a 8938.  This form is available in TurboTax. ($100,000/$150,000 if Married filing Jointly)                    
No, utility costs (electricity, gas, water, sewage) for your primary personal residence are not deductible on a tax return.
Instead of completing M1NR with the dates I was in another state, it's attributing to the other state the dates I was in MN
The article has been updated and fails to mention e-filing. To file the CA return, there must be a federal return attached. Since the federal you e-filed is not the one you are submitting to CA, you ... See more...
The article has been updated and fails to mention e-filing. To file the CA return, there must be a federal return attached. Since the federal you e-filed is not the one you are submitting to CA, you need to print your mock federal and your actual CA return. Sign and date the CA return and include any required forms. Attach the mock federal behind the CA. Send certified mail, no signature required. @oaklandpaul
To fix this you will need to contact TurboTax.  
No apologies needed. Questions are what we are here to answer.   If I understand your question, my may have crypto transactions to report on your tax return. Keep in mind that purchasing crypto d... See more...
No apologies needed. Questions are what we are here to answer.   If I understand your question, my may have crypto transactions to report on your tax return. Keep in mind that purchasing crypto does create a tax event, however if you exchange or sell crypto then you would have investment transactions to report, gain and/or (loss). The steps below will show you how to report any transactions. This is an investment that is treated like the sale or exchange of stock.    Next year a Form 1099-DA will be required to be issued by the holding agent.   To enter your sale in TurboTax, follow these steps.  Open or continue your return. Navigate to the investment sales section: TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open TurboTax Desktop: Search for investment sales and then select the Jump to link. Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other Answer Yes to the question Did you sell any of these investments in 2025?  If you land on  the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments. Click this link for more information. Where do I enter Investment Sales?