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Yes, a monthly pension payment is considered a periodic payment. It is a paymens made in installments at regular intervals—such as monthly or annually—over a period of more than one year, rather than a lump sum or single payment.    Even though this is not a formal annuity contract, an employer pension plan that pays a fixed amount every month is considered a periodic payment.   While insurance company annuities and employer pension plans are different entities, they are often treated similarly for tax reporting purposes. Both are often reported in boxes 5a and 5b of Form 1040. If you have additional information or questions regarding this, please return to Community and we would be glad to help.

Your 'Just Let It Depreciate and Recapture' Alternative -- Your instinct about this being a wash isn't wrong mathematically — if TurboTax takes $4,900 in depreciation and you immediately recapture it in the sale, the net effect should be zero. However, there are two risks: Depreciation is deducted at your ordinary income tax rate on Schedule E, but recaptured at the Section 1250 rate (max 25%). If your marginal rate differs from 25%, it's not a perfect wash. You're claiming depreciation you weren't entitled to, which is technically incorrect even if the net impact is small. These are not as easily justified should an audit occur in the future.   @user17756490410 

No, don't enter the room and board since the Q covered it and wasn't required to be entered on your return. The Q covered room and board and $1k of expenses - let's use the books to keep it easy. Student enters Box 1amount minus the $4k you used  box 5 matches form.  Since the Q covered the extra books, no need to add them. Well done!  

You can use the steps below to enter your self employment income and expenses for the Etsy sales, even if you don't have a 1099.    Click Search in the upper right and type Schedule Click, Jump to On the Self employment Income and Expenses', click the arrow. Select Edit or Start beside your business and then scroll to Business Income and select 'Other Income' (cash, etc.). For more information, see, How do I report income from self-employment? 

Yes, you may exclude the income in accordance with Article 20 of the US/Italy Tax Treaty. Here are the steps. 1. Reporting the 1042-S Income Go to Wages & Income. Scroll to Less Common Income and select Miscellaneous Income, 1099-A, 1099-C. Select Other reportable income. Enter a description like "1042-S Fellowship Grant" and the amount from Box 2. To claim the treaty benefits for both the 1042-S and the W-2 income (assuming the W-2 income also qualifies under the Research Scholar article), you must effectively "offset" the income you just reported.   Since TurboTax doesn't have a specific "Treaty" box for residents, the standard practice is to enter a negative adjustment: In the same Other reportable income section where you entered your grant, add another item.   Enter Description: "U.S.-Italy Tax Treaty, Article 20"Amount: Enter the total exempt amount as a negative number (e.g., -25,000). This is the total of the 1042S and W2 income. This should cancel out the 1042-S income and the portion of the W-2 income that is treaty-exempt.

It is too late to use online TurboTax to prepare a 2024 return.    You have to use the desktop download on a full PC or Mac now and the return will have to be filed by mail.   Contact customer support to get the download since you say you already paid.   If you already paid for your 2024 online software you can ask customer support for a download of the desktop software.   They are available from 5 a.m. to 9 p.m. Pacific time   https://ttlc.intuit.com/questions/1899263-what-is-the-turbotax-phone-number  

When entering an asset for depreciation, be sure you are reporting this asset under the correct categories. The Commercial rental option appears when you set up a Rental Property. On the page "What Type of Rental is This?" check the box for "Commercial." You must choose this type of rental in order to use the nonresidential asset type. Edit this entry under the Rental Property profile.   Under the Assets topic, select Asset Type "J1 - Nonresidential real estate." Also be sure to enter the date you first started using the building for your business. When you reach the end of the asset entry, check the box to "Show Details." This will reveal the parameters used to calculate the deprecation expense in the current year. If you entered the building correctly, you should see 39.0 years of Straight Line Depreciation.

You will have to edit your investment sale entries to enter your wash sale amounts if not reflected after you uploaded your 1099-B forms.    You enter investment sales in the Wages and Income section of TurboTax, then Investment Income, then Stocks, cryptocurrency, Mutual Funds, Bonds, etc... On the next screen you will see your investment sale entries. Use the drop down arrow next to each one to edit the entries.   When you come to the screen where the sale amount and cost is entered, click on the box on the bottom that says I have more info to enter that I don't see here. Then you will see where you can enter the wash sale loss in the box that says Wash sale loss disallowed.  

I was eventually able to solve my problem on the Wisconsin Return not letting me exclude the capital gain on stock sold during the year by entering each of the sales transactions individually to generate an 8949 on my Federal return.  Previously, I had chosen on the Federal Return to only Report the summary of sales as presented on the 1099.  When using the Summary of Sales approach I was unable to exclude the income in question on the Wisconsin WD. With the individual sales shown, the Wisconsin Return then allowed me to exclude the sales as a Nonresident.

An extension does not give you extra time to pay your tax.   Your tax due is late if not paid by April 15.   An extension only gives you extra time to prepare your tax return and e-file it.     https://turbotax.intuit.com/irs-tax-extensions/   WHAT IF I CANNOT PAY MY TAX DUE? https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-payments/pay-taxes/L8aQBCpPO_US_en_US?uid=m9iryksw