All Posts
7 hours ago
No. Since it was not taxable income it will not be added to the AGI.
7 hours ago
How do I add an new return
Topics:
7 hours ago
- Went for standard deduction.
- Total annual income was less than 50,000.
- One company hasn't given me a 1099 yet, so reporting it as "other self-employment tax."
- I couldn't pay taxes quarterly, s...
See more...
- Went for standard deduction.
- Total annual income was less than 50,000.
- One company hasn't given me a 1099 yet, so reporting it as "other self-employment tax."
- I couldn't pay taxes quarterly, so the tax amount does include late payment penalty (a nominal amount of $150).
Not sure how can the blended tax rate be so high.
My taxable income after standard deduction is less than $10,000 so I expected taxes to be substantially lower....
Topics:
7 hours ago
Topics:
7 hours ago
The only info on my “thanks” page is what I paid for the TurboTax system to do its work.
7 hours ago
To report, go to;
Go to the 1099‑NEC section
Federal
Income & Expenses
Scroll to Other Common Income
Click 1099‑NEC
Enter the form exactly as it appears
TurboTax will ask ...
See more...
To report, go to;
Go to the 1099‑NEC section
Federal
Income & Expenses
Scroll to Other Common Income
Click 1099‑NEC
Enter the form exactly as it appears
TurboTax will ask a series of questions. These are the key answers:
“Did this involve an intent to earn money?” → NO
“Did this work involve your business?” → NO
“Do you have expenses for this income?” → NO
Once you answer “No” to those, TurboTax automatically moves the income to:
Schedule 1 → Line 8z → Other Income
7 hours ago
Yes, if you filed with TurboTax and there are no extra files or attachments, you can E-file an amended tax return.
Login to TurboTax
Select Tax Home from the left sidebar.
Scroll down t...
See more...
Yes, if you filed with TurboTax and there are no extra files or attachments, you can E-file an amended tax return.
Login to TurboTax
Select Tax Home from the left sidebar.
Scroll down to Your tax returns & documents and
Select the year you want to amend.
Click on the Amend (change) return dropdown,
Then Amend using TurboTax Online.
Continue the interview, make the changes you need, and answer the rest of the questions to finish changing your return.
An amended return can make a change to a tax filing that has already been accepted. You should follow these guidelines.
You must first wait until the initial return is completely processed.
You will have to use the same TurboTax account that you used for the original tax return.
Once you begin your amendment, you'll see your original return.
The refund calculator will start at $0 and only reflect the changes in the refund or tax due
Only make changes to the areas of your return that need to be corrected.
You have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment
Amend TurboTax
7 hours ago
1 Cheer
1) You should have a calculation of your outside basis that would include the allocation of partnership liabilities. This is your beginning basis before the other changes.
2) The reduction in y...
See more...
1) You should have a calculation of your outside basis that would include the allocation of partnership liabilities. This is your beginning basis before the other changes.
2) The reduction in your share of the partnership liabilities would then reduce your basis in the same way that a cash distribution would. This is an adjustment to your outside basis.
3) The "deemed" distribution is another name for the reduction in liabilities. You would not account for this transaction twice. This is how the partnership records the adjustment to your inside basis.
If the reduction in liabilities brings your outside basis to zero, any additional reduction would be taxed as capital gain. Likewise, if you have no remaining basis, the entire amount of any sales proceeds would result in a capital gain as well.
See IRS Pub 541 Sale, Exchange or Other Transfer of Partnership Interest for a discussion of how to report this transaction.
7 hours ago
You could do a backdoor Roth right after you moved the pre-tax funds to your 401k since all that matters for Form 8606 is the value of all traditional IRA on December 31. You can perform the backdo...
See more...
You could do a backdoor Roth right after you moved the pre-tax funds to your 401k since all that matters for Form 8606 is the value of all traditional IRA on December 31. You can perform the backdoor Roth procedure as long as you do not have any pre-tax funds in any of your traditional, SEP, and SIMPLE IRAs at the end of the year.
You do not need to wait. It is best to convert it right away to avoid taxable gains.
You will report the nondeductible traditional IRA contribution and the conversion, if done in 2026 (Form 1099-R). Please see How do I enter a backdoor Roth IRA conversion? If you convert right away and have no gains then this will result in no tax.
No, you cannot use the SEP IRA instead of the 401k since Form 8606 is asking to include the value of all your traditional IRAs as of December 31. This includes traditional SEP IRA (IRS). Therefore, having a balance in a SEP IRA can also cause issues for the backdoor Roth procedure.
7 hours ago
Yes. If your wife is self employed, even if both of you are covered on the marketplace plan, you can deduct the premiums as self-employed health insurance. The deduction can be take for spouse and c...
See more...
Yes. If your wife is self employed, even if both of you are covered on the marketplace plan, you can deduct the premiums as self-employed health insurance. The deduction can be take for spouse and children.
Deducting Health Insurance Premiums If You're Self-Employed
7 hours ago
To confirm bank information in a filed TurboTax return,
Review your Tax Return Summary or
Or the "Filed" section of your account, where the full PDF copy displays the routing/account number...
See more...
To confirm bank information in a filed TurboTax return,
Review your Tax Return Summary or
Or the "Filed" section of your account, where the full PDF copy displays the routing/account numbers on Form 1040.
7 hours ago
REVIEW REFUND METHOD
https://ttlc.intuit.com/community/refunds/help/how-do-i-review-the-federal-refund-method-i-chose-after-filing-with-turbotax-online/00/27417
7 hours ago
Yes, a detailed Explanation of Benefits from your insurance provider’s portal are generally sufficient to prove qualified medical expenses for an HSA reimbursement, even if you lack the original rece...
See more...
Yes, a detailed Explanation of Benefits from your insurance provider’s portal are generally sufficient to prove qualified medical expenses for an HSA reimbursement, even if you lack the original receipts, as long as the statements show you were responsible for the payment.
Many people use Explanations of Benefits for both FSAs and HSAs to document expenses, particularly for older claims.
The IRS requires records that show that the distribution was used for qualified medical expenses, not previously reimbursed, and not taken as an itemized deduction. Your Explanation(s) of Benefits from your insurance portal provide this, as they confirm the claim was legitimate and indicate that it was your responsibility.
Click here for What is a health savings account (HSA)?
Click here for Basics of Health Savings Accounts
Please return to Community if you have any additional information or questions and we would be happy to help.
7 hours ago
When you use online TurboTax there is no extra fee to e-file or to get direct deposit. Your fee is the same whether you e-file or file it by mail. You do not get your money back if you have to f...
See more...
When you use online TurboTax there is no extra fee to e-file or to get direct deposit. Your fee is the same whether you e-file or file it by mail. You do not get your money back if you have to file by mail.
When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s. Use a mailing service that will track it, such as UPS or certified mail so you will know the IRS/state received the return.
Federal and state returns must be in separate envelopes and they are mailed to different addresses. Read the mailing instructions that print with your tax return carefully so you mail them to the right addresses.
7 hours ago
@Urpaltuck redoing it won't take that long since you've already done it once and have everything you need. I used FreeTaxUSA and it was quick and straightforward. Since TT forced me to "start over", ...
See more...
@Urpaltuck redoing it won't take that long since you've already done it once and have everything you need. I used FreeTaxUSA and it was quick and straightforward. Since TT forced me to "start over", I took that opportunity / not so subtle hint to do so on another platform. I'm very glad I did.
7 hours ago
Topics:
7 hours ago
My bank has not posted the payment yet, so I'm trying to make sure I gave TurboTax the correct information. Since I already e-filed through TurboTax, I cannot view bank information. AI chat tells me t...
See more...
My bank has not posted the payment yet, so I'm trying to make sure I gave TurboTax the correct information. Since I already e-filed through TurboTax, I cannot view bank information. AI chat tells me that's for security purposes but I really need to see what I entered.
Topics:
7 hours ago
You can do this in the personal info section. Go back to Personal Info>>edit>> walk through the questions until you come to the one that says someone else can and will claim me as a dependent on the...
See more...
You can do this in the personal info section. Go back to Personal Info>>edit>> walk through the questions until you come to the one that says someone else can and will claim me as a dependent on their return this year.
7 hours ago
There's a check box on the 1099-R input screen below Box 7
[] I have more than one value in Box 7
This will allow you to enter additional codes.
7 hours ago
Click your name in MY INFO. Go through the screens to the question that asks if someone else can claim you as a dependent and answer YES.