Skip to main content

70 replies

Level 2
July 9, 2020

How do i get back to number of months conducted business in home office? I went to schedule C but the initial information for number of months, square footage, etc are never displayed.  I entered the wrong number of months and need to correct it. I've gone into profile and it's not there and then it just jumps to the deductions. Thank you!

Level 2
August 2, 2020

Hello, 

 In February, filed and  paid the  tax federal taxes early, then in July, filed an extension form to October to be able to contribute all the claimed SEP amount.

looks ok?

Level 15
August 2, 2020

@123123aa What?  

"..... filed and  paid the  tax federal taxes early,"    What do you mean by "filed?"  If you e-filed a tax return, you cannot get an extension for 2019.  If you filed your return without some of the information that should have been included then you can amend the return.  Why did you request an extension?  An extension gives you extra time to file your Form 1040.  If you already filed it, asking for an extension makes no sense.  Or do you mean you filled out a Form 1040 in February, but did not actually e-file it?  Sometimes users say they "filed" when all they mean is that they put information into the software program.

 

So---we need to know what you actually did in February.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Level 2
September 2, 2020

I have filled taxes for the last two years will I get stimulus

 

DoninGA
Level 15
Level 15
September 2, 2020

@Marciakerbo wrote:

I have filled taxes for the last two years will I get stimulus

 


If you filed 2018 and 2019 federal tax returns and you were not a dependent then you were eligible for the stimulus.

 

Use this IRS website for stimulus payment status - https://www.irs.gov/coronavirus/get-my-payment


Use this IRS website for get my payment FAQ's - https://www.irs.gov/coronavirus/get-my-payment-frequently-asked-questions

Level 2
September 30, 2020

Our business takes one wee worth of service deposits from our clients before we begin providing services and this deposit stays on file till they don't need us anymore then it goes towards the last invoice, or gets refunded.

I have set up a deferred income account to keep track of this but currently, its hard to know which clients have deposits and how much that deposit is. I am currently putting notes in their client profile but I would love to be able to see this deposit on their account without using a credit memo (it's my understanding that credit memos reduce the AR) Is there a way in qb to keep track of which clients have deposits on file with us?

September 30, 2020

you need to post this question to the QB forum. This is a tax forum.  you didn't ask but I will tell you. these "deposits" are taxable income regardless of whether you are using cash or accrual basis of accounting for tax purposes.  the US Supreme Court has issued rulings on this matter.     

Level 2
November 27, 2020

How much do i have to make ti quilify for liw income credit

Level 15
November 27, 2020
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Level 2
November 27, 2020

How much do i have ti make to qualify for low income credit

Level 2
January 26, 2021

What form do I need for taking out a 401k withdrawal so that I don’t get penalized by the irs due to COVID 19 relief 

Level 15
January 26, 2021

The 401k withdrawal will be reported on a 1099-R. The company that manages the 401k will send a form to you. The 1099-R is required to be sent by January 31.

 

 

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
Level 2
January 30, 2021

Hello, I've lived in New York City 01/01/2020 - 06/30/2020

On 06/30/2020 I sold my New York apartment and moved to Florida. 

So I lived less than 183 days in 2020. My Employeer located in Boston, MA (working remotely).

Am I part-year NY resident or Non-resident?

Level 2
February 1, 2021

My daughter earned $1K helping out a non profit.  Do I claim on mine since she doesn't have to file?

Level 15
February 1, 2021

@Burban123 No.     And if she received $1000 on a 1099NEC she does have to file,

 

 

MY DEPENDENT HAD A JOB

If your dependent has a W-2 for his after-school job, summer job, etc. you do not include the information on your own return. You can still claim your child as a dependent on your own return.  He/she can file his own return for a refund of some of his withheld wages (he won’t get back anything for Social Security or Medicare), but MUST indicate on it that he can be claimed as a dependent on someone else’s return.  (Supervise this closely or prepare it for him!)

If your dependent’s earnings were over $400 and were reported on a 1099Misc or 1099NEC then he must file a return and pay self-employment tax for Social Security and Medicare.  You may want to use this version of TT for that:

https://ttlc.intuit.com/questions/1900583-what-is-turbotax-free-file-program

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Level 2
February 1, 2021

She only received a 1099 NEC, no w2.  They did not take any taxes out.

Level 2
February 8, 2021

I filed my Federal and State income taxes electronically 10 days ago using Turbo Tax Deluxe, but I haven't heard anything from you since as to whether or not they've been accepted by Kansas and the IRS. In the past I've always gotten an email from you that they were accepted by the State and the IRS.  Should I be worried? I was actually expecting the State refund in my bank account by now???

 

Thanks, 

 

Daniel Breitenstein

VolvoGirl
Level 15
February 8, 2021

It will say Pending until the IRS either accepts or rejects your return which won't be until after they open on Feb 12, 2021. See, https://www.irs.gov/newsroom/2021-tax-filing-season-begins-feb-12-irs-outlines-steps-to-speed-refunds-during-pandemic So be patient and watch your emails.

 

Even if Turbo Tax lets you submit your return they will just hold all the returns until the IRS opens filing on Feb 12, 2021. So there is no hurry. And a lot of people who file early find out they have to amend later like when they get their actual W2 and 1099 forms. Or they get more forms than they were expecting.

 

Then after the IRS accepts your return they pay most refunds within 21 days.

And the state won't be accepted until after the federal is accepted.

Level 2
February 9, 2021

I forgot about vacation payouts with jobs with Jobs 2019 in January that I quote in late December early January. I submitted my current job taxes with you already. The W2’s for other jobs came after I filed.  Please tell you will allow me to amend and ad before the 12th 🙏

Level 2
February 17, 2021

I tried to enter my interest earnings, and I was prompted to enter a "fin" code (24 characters) that was supposedly on my bank statement. I called my bank, Washington Trust Wealth Management, and they told me that no such code exists. I can't proceed with my taxes unless this issue is resolved. Advice? Thank you.

Level 15
February 17, 2021

It sounds like you were trying to import your Form 1099-INT.  The number needed to do the import is located on your tax form, the Form 1099-INT, not your bank statement.  If you cannot locate that number, then you can enter the information from your Form 1099-INT by typing it in yourself.

 

Go back to the beginning of the interest income section and choose 'I'll type it in myself' or 'skip import'.

 

Use these steps to go to the interest income section of your return:

  • On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
  • This opens a box where you can type in “interest income” and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
  • The search results will give you an option to “Jump to interest income
  • Click on the blue “Jump to interest income” link and enter your information

 

@Dmar73971

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"