Other financial discussions

I have payment acknowledgement that the parents of a college student paid. the message on the paid acknowledgement says your payment will be credited on the student account. My question is what form do I use to enter the payment the parents made?

We were paying our accountant for our QB Online for the last couple of years.  We decided to move on and took back the control and billing for the QBOL.  I was paying the accounting firm $130 a month.  I just got billed $172 from intuit for QuickBooks Online Payroll Premium, Payroll Premium Worker Charge, and QuickBooks Online Essentials.  We only have two employees, a very small company.  Is this reasonable?  Are there other options I should look into?

Looking for help on how to download my transaction history from Mint, AFTER I was forced to migrate to Credit Karma.I tried to get help from Credit Karma and they said it is not possible to download the information from them, but suggested I reach out to mint for help downloading it. The issue is, since my account has been migrated, I am not able to view it in Mint to follow the instructions provided on how to download.

Although my initial question was answered, I still cannot determine how to offset the money from a 1099-NEC. I reported it as sporadic income as it was a one-time event.  I do not see anywhere in the TurboTax program to enter an expense to offset it as suggested......(my apologies if I'm being dense about this).Our County Natural Resources Div. paid us from a Grant to perform habitat enhancement on our property.  We, in turn, paid that money to a business to do the work for us, so we did not incur income from this project, in fact, it cost us more than the allocated grant money.There has to be some way to offset the money from the Grant as it was not income and was used for the intended purpose it was allocated. 

Which statement is true about the reconciliation discrepancy report QuickBooks?Are you using QuickBooks for your business accounting needs and struggling with reconciliation discrepancies? If so, you've come to the right place. In this article, we will explore the topic of the reconciliation discrepancy report in QuickBooks and help you understand which statements about it are true. Understanding the purpose of the reconciliation discrepancy report!!!The reconciliation discrepancy report in QuickBooks is a useful tool that helps identify discrepancies between the bank statement and the books. It provides a detailed breakdown of all transactions that are causing the reconciliation discrepancy, allowing you to easily pinpoint the issues and take corrective action.The main purpose of the reconciliation discrepancy report is to assist you in identifying and resolving any discrepancies between your bank statement and your QuickBooks records. It acts as a guide to help you track down th

I have a 1099-R for a distribution from my deceased mother's 401k. The distribution code is 4 (death). How do I report this on my income tax?

I bought a  $400,000 rental property (condo) last year.  The land value was entered as $20,000. The land value was entered too low in last year tax return. It seems the land value should be $80,000 or $120,000.  Can I change the land value to $80,000 or $120,000 this year without any tax problems in current year and future years?Thanks!

My husband was born in 1946, died in 2007 age 60. I was the beneficiary in 2007. Do I have to pay RMD when he would of turned 73?I was 50 at the time of his death.

I received an advance from my client for traveling expenses.  and I bill my client each month for traveling expenses.  It is subject to refund upon conclusion of my consulting engagement.  The client issued a 1099-NEC to me.  Should it be reported as taxable income? Thanks! Tom

Clicking on a Quick Zoom button to bring up relative pages to fill out the Self-Employment section does nothing.  Now what?

I received a 1099 NEC from our County Natural Resource Department as part of a grant program for habitat enhancement.  The money they paid me under the program was paid to another party for whom I contracted to do the work for me.  If I play along and complete a Schedule C (even though I'm not running a business) what are the ramifications versus checking "This is not money earned as an employee or self-employed individual, it is from a sporadic activity or hobby (This is not common)?  This statement is the truth....it was a one-time activity.It was a grant....why am I paying self employment & income tax on this type of money?

I efiled my Tax return 3 weeks ago and was accepted.  As I didn't pay up at that time and have scheduled to be deducted from my bank account on 3/29.   So far I haven't seen that IRS has withdrew any from my bank account.  What happened and what should I do as I don't want to get any penalty ?Thanks

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I received a 1099-R for money I received upon my father's death. It was a total distribution with code 4D.  What do I click when asked about RMD (entire distribution was a RMD, only part of this distribution was a RMD, or none of this withdrawal was a RMD)?

Last September I bought into a vacation property in Cabo San Lucas, I was told that I could write off expenses related to the purchase.  These included advertising costs, traveling costs, maintaince fees, closing cost, and deprciation. Since it is a foreign property and i signed up 2 other of my vacation properties, is this real or just smoke the guys were blowing.  they put me on the phone with an accountant who assured me it was legal to do. and gave me an old copy of a schedule E showing what I could write off. I have not rented out my weeks so I have no income from it  It would provided a nice bump to the deductions Will something like this throw up a red flag for an audit? Thanks

I was named executor in my widowed aunts will. She sold her house in 2023, received proceeds of less than $250,000, and used that to live on. She put that money in a joint account with her and I as the owners. (The bank has since taken her name off the account as the social security office notified them of her death.) Everything was liquidated prior to her passing. Her only source of income was social security. There are no other known assets. She passed in 2024. She had not filed a return in many many years as there was no tax due on the small monthly social security income.  I have not opened a trust as there are no assets. Do I need to file? Or get an EIN?

Hi.  I am a California resident.  My nephew lost his job.  I paid for his car registration fee.  Do I qualify to use his car registration on my itemized tax return?  Thanks

If I sold our second home (not rental) in Missouri but my main residence is in NC, will I need to pay capital gains in both NC and MO?  Will I have to do two state returns? Thanks.

Hi, I got a W2 from the Home Aid Agency, that is paying me to take care of my inlaw.The overall tax withholding was like 10% with no Federal withholding.After putting this W2 in my overall tax, it dropped my refund by $1,500Isn't there some deduction for providing family care living in the same house?My friend who is doing the same thing, went to a cpa and was told that she doesn't need to pay tax on it. So I was wondering if its possible in turbotax to do the same? thanks,Kevin

How can I share my CD Turbotax I bought from Costco with my cousins on their PCs not on my intuit account?For the past years, there were able to do so.   

I retired from a local government in 2020 and receiving regular pension.  As I  have several licenses that were hard earned and I have no intention of giving them up, but they do cost me to keep them every two to three years as I need to renew and  take some continue education to keep them.  Can I just changed my reporting status s back to  Civil Engineer like I am still working without a W2 form to report? Also if I keep that, would  I be able to deduct some expenses like buy a new PC etc?  Also can I work on simple project without getting a business license? 

I received a 1099-R for a deceased parent, distribution code Box 7 is 4 (death)  The recipient box has a TIN, not an SSN.  How do I know if a 1099-R should be filed with a 1040 or 1041? Or Both?

How do I download all my mint data so I can upload it to Quickbooks? 

This will be the first year that our college student has earned income.  He is eligible to contribute to an IRA.  If we contribute to the Traditional IRA, he gets the full deduction and the refund increases a few hundred dollars.  Is the few hundred dollars from electing the Traditional worth it versus taking no deduction and forgoing the few hundred dollars and contributing to a ROTH?

🤑 Hey there! 👋 Welcome to our TurboTax Community, we’re happy to have you join us. We have another fun #CommunityChatter post for you today.            Are you tired of the same old tax deductions? Brace yourself for an awesome idealistic opportunity: on one hand, you could proudly claim dogs as dependents, showering them with love, treats, and even medical expenses. On the other hand, you could become the ultimate tax-saving guru by claiming your rent as a deduction, freeing up some extra cash for adventures and indulgences.        Claiming dogs as dependents opens up a world of possibilities. They become more than just furry companions; they become cherished members of your family. You can spoil them with luxurious treats, toys, and even medical care, all while enjoying the heartwarming loyalty and unconditional love they offer. Plus, imagine the delight of including them on your tax return, giving them the