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yesterday
I had the same issue. I resolved the issue by going to "Forms" in the top right corner. Open the form, "Social Sec" which is found under "Forms in My Return" in the far left column. This will open...
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I had the same issue. I resolved the issue by going to "Forms" in the top right corner. Open the form, "Social Sec" which is found under "Forms in My Return" in the far left column. This will open the "Social Security Benefits Worksheet." At the bottom row on your screen, click "Delete Form." Than go back to "Your 2025 Income Summary" and choose "Social Security" under the "Retirement Plans and Social Security" heading and click "Update." This worked for me.
yesterday
for sure do NOT use turbo tax as they have limited support for the Mac. Like if you have a simple LLC it will not work at all. If you have a super simple tax filing you can file directly with the ...
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for sure do NOT use turbo tax as they have limited support for the Mac. Like if you have a simple LLC it will not work at all. If you have a super simple tax filing you can file directly with the IRS for free, and only super simple stuff works in turbo tax on a Mac book. So no reason to pay the high prices for a program that is very limited.
yesterday
I followed the directions here: https://ttlc.intuit.com/turbotax-support/en-us/help-article/retirement-benefits/enter-backdoor-roth-ira-conversion/L7gGPjKVY_US_en_US
And it subsequently states that i...
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I followed the directions here: https://ttlc.intuit.com/turbotax-support/en-us/help-article/retirement-benefits/enter-backdoor-roth-ira-conversion/L7gGPjKVY_US_en_US
And it subsequently states that i need to pay excess penalty for the 7K amount i entered. It seems duplicated. i dont know how to fix.
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yesterday
How do I report an exclusion of 5067.00 on tax return.
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yesterday
I've tried deleting the entire HSA section and starting over. No joy. I've tried entering $0 for contributions and completing the HSA section. No joy. How do I get TT to recognize that my correct 2025...
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I've tried deleting the entire HSA section and starting over. No joy. I've tried entering $0 for contributions and completing the HSA section. No joy. How do I get TT to recognize that my correct 2025 HSA contribution amount is $8550, the max, which is what's shown on my K-1?
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yesterday
That's got it. THANK YOU!
yesterday
1 Cheer
To reach the Form 8606 section, do the following:
Go to Deductions & Credits
Scroll down to Retirement and Investments
Click on Update to the right of Traditional and Roth IRA Contribu...
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To reach the Form 8606 section, do the following:
Go to Deductions & Credits
Scroll down to Retirement and Investments
Click on Update to the right of Traditional and Roth IRA Contributions
Here, you will reach the interview screen requesting your total nondeductible contributions, tracked on Form 8606
yesterday
Quiero cancelar el proceso y devolver mi dinero
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yesterday
@MarilynG1 , hello and thank you for your response. No, Box 9b NEVER changes, it has been the same amount since he retired in October 2016. His portion of yearly nontaxable income from his co...
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@MarilynG1 , hello and thank you for your response. No, Box 9b NEVER changes, it has been the same amount since he retired in October 2016. His portion of yearly nontaxable income from his contributions is $145.77. You get this by subtracting Box 1 and 2a. Don’t I have to have TT generate the Simplified Worksheet so it keeps track of how much of his contributions have been recovered? I don’t understand - is he already recovering part of his contributions every year because of the difference in Box 1 and 2a? Or do I need to check the NO box when I’m asked if the full amount is the taxable portion. If I check no, then it comes up to start working on the Simplified Worksheet. And I think I made a mistake on mine - I’ll have to go back to my old returns from 2022-forward. I purchased 15 years of my Federal Gov time to move it to the Arizona State Retirement System (ASRS) and I did use an IRA for part of that purchase. But I believe it was a Trad IRA and not a Roth. But then later I opened a Roth IRA. I’ll look into that and respond back if I need help. Thanks very much.
yesterday
On your Schedule Line 17, is the amount greater than the Standard Deduction for your filing status?
Standard deductions for 2025
Single - $15.750 add $2,000 if age 65 or older Married Filing...
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On your Schedule Line 17, is the amount greater than the Standard Deduction for your filing status?
Standard deductions for 2025
Single - $15.750 add $2,000 if age 65 or older Married Filing Separately - $15,750 add $1,600 if age 65 or older Married Filing Jointly - $31,500 add $1,600 for each spouse age 65 or older Head of Household - $23,625 add $2,000 if age 65 or older
Only your total medical expenses that are greater than 7.5% of your Adjusted Gross Income (AGI) can be deducted.
The SALT limit on Schedule A is $40,000 ($20,000 if filing as MFS) - State and Local Income Taxes, State and Local Sales taxes, State and Local Real Estate Taxes, State and Local Personal Property Taxes
yesterday
The details and steps will be entered here so you can compare with the steps you've already taken. Review and double check you marked all the necessary areas of the assets. First and example to prepa...
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The details and steps will be entered here so you can compare with the steps you've already taken. Review and double check you marked all the necessary areas of the assets. First and example to prepare for your entry and then the steps to enter your sale inside the rental assets.
First I will place an example of how you prorate the selling price to each of the assets including the land.
For any asset, such as appliances, that really have no value because they are past the recovery period of five years you can use a zero.
Use the original cost of each asset listed on depreciation, add those together then divide each one by the combined total to find the percentage of the cost for each asset. Use that percentage times the sales price and sales expenses to find the selling price/sales expenses for each asset. If you want you can check the allocation of building and land in your county real estate tax office, on file now.
Example: Original Cost (of each asset on your depreciation schedule)
$10,000 Land = 13.33%
$50,000 House = 66.67%
$15,000 Improvements = 20%
$75,000 Total = 100%
Multiply each percentage times the sales price/sales expenses to arrive at each individual sales price/sales expense.
Passive Activity Loss Entry if applicable:
Assuming your passive losses were carried over each year, this will be a separate and identifiable entry which will carry to the Schedule E. The full remainder of passive loss carryover is used in the year of sale as an expense. This is combined with your overall rental gain or loss to your Form 1040.
When you are on the screen 'Do any of these situations apply to this property?' (Property Profile section), be sure to check the box under Carryovers.
See my notes below on entering the sales price/expenses for each asset inside the rental activity.
You need to dispose of the property by telling TurboTax how and when it was disposed of. Follow the instructions below.
Click on Search (upper right) > type schedule e > Enter > click Jump to .... link
Answer the questions and on under Rent and Royalty Summary, click Edit
Click Update to the right of Assets/Depreciation.
Do you want to go directly to your asset summary?, click Yes and Continue
Click Edit to the right of each asset to be disposed of
Go through several screens until you get to Tell Us More About This Rental Asset
Click on This item was sold……. And continue to answer the questions
You might also review information here for more details
@aridgides
yesterday
I don't understand how it knows what income/loss is Colorado specific since that information is not on the federal k1 and only on the state k1. Is this submitted at fund level this year? If at fund le...
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I don't understand how it knows what income/loss is Colorado specific since that information is not on the federal k1 and only on the state k1. Is this submitted at fund level this year? If at fund level, do I need to file a state return at all to accumulate losses for future capital gains?
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yesterday
It depends. In your example, the storage shed was not sold, but rather converted to personal use. In this scenario, you will select, This asset was sold, traded, converted... etc. There will be no sa...
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It depends. In your example, the storage shed was not sold, but rather converted to personal use. In this scenario, you will select, This asset was sold, traded, converted... etc. There will be no sale date and you will indicate it was converted to personal use since it is no longer part of the rental property.
It will continue to be a taxable asset for the IRS until it is sold or junked, so it's important to keep all of the records about this storage shed until it is disposed of.
@RuffyK
yesterday
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yesterday
Yes, that is correct and was posted in an earlier thread of your questions. Once the business is active, and open for business you use your start up expenses for your business. Both of our tax expert...
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Yes, that is correct and was posted in an earlier thread of your questions. Once the business is active, and open for business you use your start up expenses for your business. Both of our tax experts, @ThomasM125 and @MarilynG1 provided this same guidance.
Also confirmed in the link provided for: Start-up Business Tax Tips
The home office has strict requirements deliberately. There must be exclusive use for the office area and must be used regularly for business. Absolutely no personal use in the space you consider a home office. It is determined by office square feet divided by total square feet of the home.
Can I take the home office deduction?
@TuckerdogAVL
yesterday
Did you get a Form 1099-R for the pension payments to you? Or are you receiving the income as alimony sent by your ex spouse each month or annually.
yesterday
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yesterday
1 Cheer
I'm sorry the software did not explain this outright but it seems you are disqualified outright from filing electronically. The official guidance in this case is to file on paper.
The IRS e-fi...
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I'm sorry the software did not explain this outright but it seems you are disqualified outright from filing electronically. The official guidance in this case is to file on paper.
The IRS e-file system is programmed to reject returns where withholding tax amounts (lines 25a, 25b, 25c, and 25d) on the 1040 are an unbalanced ratio to the matching income buckets from wages (line 1a) or unemployment (line 😎 etc. In your case, the ratio is 0 income to 304 tax withheld, and the e-file rules default to blocking that as funny business. The state of MA was supposed to reject your withholding entries as they say they do for nontaxable income, so this is a truly annoying situation to be in. Navigating instructions to switch to paper file in TurboTax Desktop:
With your return open in TurboTax, select the File tab, then select Continue.
On the next screen, E-file Your Federal Return for FREE, select File by mail and Continue.
Continue through the screens until you get to the Print Tax Return for Mailing screen. Select Continue.
FYI, another option is to not enter this 1099-G into your federal tax return entries, as your box 1 taxable amount is zero, then you could e-file your federal return and paper file your state once your federal return is accepted. If the IRS does not process your refund automatically from their 1099-G transcripts, then you would use Form 843 to request the refund (MA does not allow an option like this for withholding taxes paid). Form 843 cannot be filed using TurboTax. I wanted to share this as an option if faster processing of the federal return is a priority to you, but it could be much messier than paper filing both returns. For this option, you would change box 4 in the 1099-G menu to zero, and then follow these instructions to file the state separately.