All board posts in Groups

All board posts in Groups https://ttlc.intuit.com/community/connect-with-others/discussion/03/311 All board posts in Groups Mon, 14 Sep 2020 05:36:24 GMT 311 2020-09-14T05:36:24Z Re: Stimulus Question https://ttlc.intuit.com/community/prosperidad-latina/discussion/re-stimulus-question/01/1719798#M96 <A href="https://ttlc.intuit.com/community/tax-topics/help/spouse-claimed-as-a-dependent-box-checked-on-2019-return/01/1702050#M4958" target="_blank">https://ttlc.intuit.com/community/tax-topics/help/spouse-claimed-as-a-dependent-box-checked-on-2019-return/01/1702050#M4958</A>     You do not say why you filed married filing separately.  That is usually the worst way to file.  You could amend one of your returns to change it to a joint return.   If you were legally married at the end of 2019 your filing choices are married filing jointly or married filing separately. Married Filing Jointly is usually better, even if one spouse had little or no income. When you file a joint return, you and your spouse will get the married filing jointly standard deduction of $24,400 (+$1300 for each spouse 65 or older)  You are eligible for more credits including education credits, earned income credit, child and dependent care credit, and a larger income limit to receive the child tax credit.   If you choose to file married filing separately, both spouses have to file the same way—either you both itemize or you both use standard deduction. Your tax rate will be higher than on a joint return. Some of the special rules for filing separately include: you cannot get earned income credit, education credits, adoption credits, or deductions for student loan interest. A higher percent of your Social Security benefits may be taxable. Your limit for SALT (state and local taxes and sales tax) will be only $5000 per spouse. In many cases you will not be able to take the child and dependent care credit. The amount you can contribute to a retirement account will be affected. If you live in a community property state, you will be required to provide additional information regarding your spouse’s income. ( Community property states:  AZ, CA, ID, LA, NV, NM, TX, WA, WI) If  you are using online TurboTax to prepare your returns, you will need to prepare two separate returns and pay twice.   <A href="https://ttlc.intuit.com/questions/1894449-married-filing-jointly-vs-married-filing-separately" target="_blank">https://ttlc.intuit.com/questions/1894449-married-filing-jointly-vs-married-filing-separately</A> <A href="https://ttlc.intuit.com/questions/1901162-married-filing-separately-in-community-property-states" target="_blank">https://ttlc.intuit.com/questions/1901162-married-filing-separately-in-community-property-states</A> <A href="https://ttlc.intuit.com/questions/1894449-is-it-better-for-a-married-couple-to-file-jointly-or-separately" target="_blank">https://ttlc.intuit.com/questions/1894449-is-it-better-for-a-married-couple-to-file-jointly-or-separately</A>   Sun, 13 Sep 2020 19:29:47 GMT https://ttlc.intuit.com/community/prosperidad-latina/discussion/re-stimulus-question/01/1719798#M96 xmasbaby0 2020-09-13T19:29:47Z Re: Independent contractor and then full time employee https://ttlc.intuit.com/community/self-employed-group/discussion/re-independent-contractor-and-then-full-time-employee/01/1719665#M1565 In your example.. Does W2 wages mean paid to themselves or workers or does it mean W2 income made outside the business.. If the former , then W2 income outside the business would be zero in calculating excess income? Jack and Jill are joint filers, and here’s the info they’ll need to calculate their QBI deduction:<UL class=""><LI>Total taxable income = $400,000</LI><LI>QBI = $300,000 (and 20% of QBI = $60,000)</LI><LI>W-2 wages paid = $50,000</LI></UL> Sun, 13 Sep 2020 13:30:16 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-independent-contractor-and-then-full-time-employee/01/1719665#M1565 asquith62 2020-09-13T13:30:16Z Stimulus Question https://ttlc.intuit.com/community/prosperidad-latina/discussion/stimulus-question/01/1719664#M95 I filed my taxes married filing separate and I chose standard deduction using Turbo Tax which picks that my husband can be claim on someone else’s taxes and he did the same. Now we haven’t received the stimulus check due to choosing this particular deduction. We both made less than $45k and the calculator says we aren’t eligible. Can someone explain this for me please? I tried calling the IRS but the wait time is forever. Thank you 🙏  Sun, 13 Sep 2020 13:28:57 GMT https://ttlc.intuit.com/community/prosperidad-latina/discussion/stimulus-question/01/1719664#M95 Debbie4118 2020-09-13T13:28:57Z Re: Independent contractor and then full time employee https://ttlc.intuit.com/community/self-employed-group/discussion/re-independent-contractor-and-then-full-time-employee/01/1719586#M1564 That link was very useful So QBI will 290kW2 46kInvestment income 80k So going to be messy. Seems hardly worth going back to work for W2 as going to lose deductions  Sun, 13 Sep 2020 01:39:28 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-independent-contractor-and-then-full-time-employee/01/1719586#M1564 asquith62 2020-09-13T01:39:28Z Re: Taxes paid to other states https://ttlc.intuit.com/community/self-employed-group/discussion/re-taxes-paid-to-other-states/01/1718520#M1563 Aha! That key work I missed was "composite". Got it now!   Thu, 10 Sep 2020 02:25:40 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-taxes-paid-to-other-states/01/1718520#M1563 Carl 2020-09-10T02:25:40Z Re: Taxes paid to other states https://ttlc.intuit.com/community/self-employed-group/discussion/re-taxes-paid-to-other-states/01/1718498#M1562 <BLOCKQUOTE><HR /><LI-USER uid="9621"></LI-USER> wrote:   ......Looking at the 2019 form 1065-K1 I see no block for taxes paid to any taxing authority.<HR /></BLOCKQUOTE> <LI-USER uid="9621"></LI-USER> The composite returns that are the subject of this thread are filed with the state taxing authority, not the federal. Thu, 10 Sep 2020 01:39:45 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-taxes-paid-to-other-states/01/1718498#M1562 tagteam 2020-09-10T01:39:45Z Re: Taxes paid to other states https://ttlc.intuit.com/community/self-employed-group/discussion/re-taxes-paid-to-other-states/01/1718465#M1561 <LI-USER uid="85"></LI-USER> from testing I did with the 2017 program, if you don't complete the non-resident returns first, there are a number of cases (not in all cases) where the math will be wrong on applying credits to the resident state return, for taxes paid to non-resident states. I am also assuming the poster is completing their personal tax return since my screen shows they're using Home & Business. But after reading through the thread again, I'm wondering precisely "where" as well as why they're trying to enter taxes paid to other states, as I would expect that to be dealt with on the 1065 return "before" the K-1 is issued. I can only surmise they have other income from other states not related to the partnership. Looking at the 2019 form 1065-K1 I see no block for taxes paid to any taxing authority.   Thu, 10 Sep 2020 00:17:58 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-taxes-paid-to-other-states/01/1718465#M1561 Carl 2020-09-10T00:17:58Z Re: Taxes paid to other states https://ttlc.intuit.com/community/self-employed-group/discussion/re-taxes-paid-to-other-states/01/1718327#M1560 <BLOCKQUOTE><HR /><LI-USER uid="2658652"></LI-USER> wrote: This wasn’t the case last year. Has anyone figured out how to get credit for taxes paid to other states on composite returns in the 2019 software? <HR /></BLOCKQUOTE> <LI-USER uid="2658652"></LI-USER>    If your procedure worked properly with the 2018 software, you might want to contact Support and see if they can determine what, if anything, has changed for 2019.   <A href="https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632" target="_blank" rel="noopener">https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632</A>     <LI-USER uid="9621"></LI-USER> The whole concept behind composite returns is they provide a mechanism whereby the individual partners do not have to file nonresident returns in multiple states. Wed, 09 Sep 2020 21:11:18 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-taxes-paid-to-other-states/01/1718327#M1560 tagteam 2020-09-09T21:11:18Z Re: Taxes paid to other states https://ttlc.intuit.com/community/self-employed-group/discussion/re-taxes-paid-to-other-states/01/1718313#M1559 When completing tax returns for multiple states, you ***MUST*** complete all non-resident state returns first, and complete the resident state return last. That's the only way possible the program can correctly deal with reciprical tax agreements between states, and work out the property credit on your state resident tax return.   Wed, 09 Sep 2020 17:50:41 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-taxes-paid-to-other-states/01/1718313#M1559 Carl 2020-09-09T17:50:41Z Re: Gig work taxes https://ttlc.intuit.com/community/self-employed-group/discussion/re-gig-work-taxes/01/1717738#M1558 You can expect to pay self-employment tax for Social Security and Medicare from your self-employment income, as well as ordinary income tax.     <A href="https://www.calcxml.com/calculators/self-employment-tax-calculator" target="_blank">https://www.calcxml.com/calculators/self-employment-tax-calculator</A>     (non-TT site)   <A href="https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs" target="_blank">https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs</A>     <A href="https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes" target="_blank">https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes</A>   <A href="https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922" target="_blank">https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922</A>   <A href="https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax" target="_blank">https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax</A>     <A href="https://ttlc.intuit.com/questions/2903027-how-do-i-report-income-from-self-employment" target="_blank">https://ttlc.intuit.com/questions/2903027-how-do-i-report-income-from-self-employment</A>   <A href="https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct" target="_blank">https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct</A> Tue, 08 Sep 2020 12:54:48 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-gig-work-taxes/01/1717738#M1558 xmasbaby0 2020-09-08T12:54:48Z Gig work taxes https://ttlc.intuit.com/community/self-employed-group/discussion/gig-work-taxes/01/1717689#M1557 I have a full time W2 job but just started doing Instacart on the side. How do I go about estimating and paying taxes quarterly with documenting for expenses? I don’t want to increase the withholding on my full time job, and would just prefer to pay the gig taxes quarterly.  Tue, 08 Sep 2020 02:13:40 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/gig-work-taxes/01/1717689#M1557 User8877 2020-09-08T02:13:40Z Re: Independent contractor and then full time employee https://ttlc.intuit.com/community/self-employed-group/discussion/re-independent-contractor-and-then-full-time-employee/01/1717489#M1556 Hmmmmm,  let me try again<A href="https://ttlc.intuit.com/community/credits-and-deductions/help/what-is-the-qualified-business-income-qbi-deduction/00/27455" target="_self">https://ttlc.intuit.com/community/credits-and-deductions/help/what-is-the-qualified-business-income-qbi-deduction/00/27455</A>   Mon, 07 Sep 2020 15:44:52 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-independent-contractor-and-then-full-time-employee/01/1717489#M1556 VolvoGirl 2020-09-07T15:44:52Z Re: Independent contractor and then full time employee https://ttlc.intuit.com/community/self-employed-group/discussion/re-independent-contractor-and-then-full-time-employee/01/1717486#M1555 Link did not work ? Mon, 07 Sep 2020 15:27:59 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-independent-contractor-and-then-full-time-employee/01/1717486#M1555 asquith62 2020-09-07T15:27:59Z Taxes paid to other states https://ttlc.intuit.com/community/self-employed-group/discussion/taxes-paid-to-other-states/01/1717375#M1554 I am a partner in a partnership. The partnership files a composite tax return in 10 states and I file in my resident state of Ohio. I am trying to enter taxes paid to other states for my Ohio return. TT won’t save the information unless I file a state return through them. It says to file a return before I enter the info.  This wasn’t the case last year. Has anyone figured out how to get credit for taxes paid to other states on composite returns in the 2019 software? Mon, 07 Sep 2020 00:06:28 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/taxes-paid-to-other-states/01/1717375#M1554 Dwallace52 2020-09-07T00:06:28Z Re: Independent contractor and then full time employee https://ttlc.intuit.com/community/self-employed-group/discussion/re-independent-contractor-and-then-full-time-employee/01/1716612#M1553 You don't need to have employees.  You can even get it if you have Schedule K-1 income.<A href="https://ttlc.intuit.com/community/credits-and-deductions/help/what-is-the-qualified-business-income-qbi-deduction/00/27455 " target="_blank">https://ttlc.intuit.com/community/credits-and-deductions/help/what-is-the-qualified-business-income-qbi-deduction/00/27455 </A> Fri, 04 Sep 2020 16:21:11 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-independent-contractor-and-then-full-time-employee/01/1716612#M1553 VolvoGirl 2020-09-04T16:21:11Z Re: Sales Tax for Single Member LLC https://ttlc.intuit.com/community/self-employed-group/discussion/re-sales-tax-for-single-member-llc/01/1716611#M1552 Income tax and sales tax are two physically separate and different tax types. You should contact the authority whom you registered your business with, for information on how to pay sales tax. TurboTax only deals with income tax.   Fri, 04 Sep 2020 16:18:30 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-sales-tax-for-single-member-llc/01/1716611#M1552 Carl 2020-09-04T16:18:30Z Re: Independent contractor and then full time employee https://ttlc.intuit.com/community/self-employed-group/discussion/re-independent-contractor-and-then-full-time-employee/01/1716606#M1551 I understand i get a 20 pct business deduction as independent contractor. It's my understanding that's only if you have employees. Since your SCH C business is a disregarded entity, you can not be an employee yourself. But if you had other employees, it's based on a number of factors including your "taxable" business income. Should i say that my independent contractor business ended 31 December or put at end of contract. Your business ended the day it ended. Period. If that was at the end of a contract, then that's it. Closed SCH C Business You need to report your business as "sold or otherwise disposed of". Start working through your business "as if" you still own it. On the 2nd or 3rd screen in select the option for "I sold, closed or otherwise disposed of this business in 2019". If prompted for the date, enter the day after you last day of business in 2019. If your business had no income in the tax year, you can not leave the business income section blank. You 'must' enter a digit, even if that digit is a ZERO. If you had no business expenses, then you can leave that blank and don't even have to work that section through, if you don't want to. If your business carried an inventory, the end of year (EOY) inventory must be zero. If it's not, then in the COGS section (Inventory/Cost of Goods Sold) indicate that you removed the entire remaining inventory for personal use. That effectively makes your EOY inventory balance, zero. If your business had assets, then you must show the disposition of those assets. In the Business Assets section work through each individual asset on at a time, and select YES on the screen, "DId you stop using this asset in 2018?". Then on the next screen, "Special Handling Required?" if you sold the asset, select no and you will be prompted for your sales information on that specific asset. If you did NOT sell the asset, click the YES button. You must do this for each individual asset listed, even if it's already fully depreciated. If you claimed any vehicle expenses in your business at any time from the day you opened your business, then you must most show the disposition of that vehicle. Work through the Business Vehicle Expenses section and indicate that you stopped using that asset in the business, when prompted. Then show your disposition of that vehicle. Most likely, you'll indicate that it was removed for personal use. Once you have done all the above, that will make the 2019 tax year the last year you will file a SCH C for this specific business. Fri, 04 Sep 2020 16:14:03 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-independent-contractor-and-then-full-time-employee/01/1716606#M1551 Carl 2020-09-04T16:14:03Z Re: Cannot login because it thinks I want to Free File https://ttlc.intuit.com/community/self-employed-group/discussion/re-cannot-login-because-it-thinks-i-want-to-free-file/01/1716495#M1550 Follow these steps to switch from the TurboTax IRS Free File Program to get to regular paid Online TurboTax.  It should allow you to keep your same account and already-entered info. <UL><LI>First log out of all Intuit accounts. </LI><LI>Delete your browser Internet cache and any Intuit-related cookies.</LI><LI>Close your browser and reopen it.</LI><LI>Go to this page  <A href="https://turbotax.intuit.com/personal-taxes/compare/online/" target="_blank" rel="noopener nofollow noopener noreferrer noopener noreferrer noopener noreferrer">https://turbotax.intuit.com/personal-taxes/compare/online/</A></LI><LI>When you arrive there, do NOT sign in yet.</LI><LI>Choose the product you want to use like you hadn't even started a return before, and click on "Start for Free".</LI><LI>It will ask how you did your taxes last year.  Say "TurboTax", and then it will ask you to sign in.</LI><LI>When you log in, it should recognize you were using the IRS Free File Program and should ask you if you want to switch to a TurboTax commercial product and not use the IRS Free File Program anymore.   Say "yes".</LI><LI>Hopefully, that will put you back in regular Online TurboTax while keeping your originally-entered info.</LI></UL> Fri, 04 Sep 2020 07:46:44 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-cannot-login-because-it-thinks-i-want-to-free-file/01/1716495#M1550 mesquitebean 2020-09-04T07:46:44Z Cannot login because it thinks I want to Free File https://ttlc.intuit.com/community/self-employed-group/discussion/cannot-login-because-it-thinks-i-want-to-free-file/01/1716481#M1549 Free File has put me in an endless loop unable to file. I can’t log into TurboTax as it kicks me out immediately telling me to Free File on the web. And the that web page kicks me out because I don’t qualify to Free File. And apparently there is no online support for TurboTax, so while I’m stuck overseas they want me to call a US toll free number in the middle of the night! Fri, 04 Sep 2020 05:29:13 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/cannot-login-because-it-thinks-i-want-to-free-file/01/1716481#M1549 iilucky 2020-09-04T05:29:13Z Re: Question on LLC/SCorp Tax Returns https://ttlc.intuit.com/community/self-employed-group/discussion/re-question-on-llc-scorp-tax-returns/01/1716233#M1548 Great thanks! Thu, 03 Sep 2020 17:01:31 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-question-on-llc-scorp-tax-returns/01/1716233#M1548 DapperBK 2020-09-03T17:01:31Z Re: Question on LLC/SCorp Tax Returns https://ttlc.intuit.com/community/self-employed-group/discussion/re-question-on-llc-scorp-tax-returns/01/1716227#M1547 <BLOCKQUOTE><HR /><LI-USER uid="1251038"></LI-USER> wrote: ....(basically I enter total amounts for the SCorp since there is no separate income/expense breakout  for each DBA?) and that is how its reported? <HR /></BLOCKQUOTE> Yes, that is how it is reported on the federal income tax return (Form 1120-S). Thu, 03 Sep 2020 16:59:28 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-question-on-llc-scorp-tax-returns/01/1716227#M1547 tagteam 2020-09-03T16:59:28Z Re: Question on LLC/SCorp Tax Returns https://ttlc.intuit.com/community/self-employed-group/discussion/re-question-on-llc-scorp-tax-returns/01/1716224#M1546 Great thanks, I will be sure to separate each DBA using a comma. Having said that I assume that all the expenses/income for all three DBAs are basically rolled up into the SCorp when I enter the information in the various screens (basically I enter total amounts for the SCorp since there is no separate income/expense breakout  for each DBA?) and that is how its reported? Thu, 03 Sep 2020 16:53:43 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-question-on-llc-scorp-tax-returns/01/1716224#M1546 DapperBK 2020-09-03T16:53:43Z Re: Question on LLC/SCorp Tax Returns https://ttlc.intuit.com/community/self-employed-group/discussion/re-question-on-llc-scorp-tax-returns/01/1716214#M1545 <BLOCKQUOTE><HR /><LI-USER uid="1251038"></LI-USER> wrote: When I first start the return as an "S-Corp" in the program, it asks for the name of the S-Corporation name and the for the DBA name. Now the thing is we have three DBA.... <HR /></BLOCKQUOTE> The DBA you enter in the program only gets transferred to the Information Worksheet (and, possibly, a state return, if required); it is not transferred to your 1120-S from the DBA line.   You can enter as many DBAs as you have (preferably separated by a comma, dash, or some other form of punctuation) so that the DBAs are transferred to the worksheet.   Generally, some states require registration when a company or individual is doing business in a name other than the company name or the name of the individual.     Thu, 03 Sep 2020 16:40:47 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-question-on-llc-scorp-tax-returns/01/1716214#M1545 tagteam 2020-09-03T16:40:47Z Question on LLC/SCorp Tax Returns https://ttlc.intuit.com/community/self-employed-group/discussion/question-on-llc-scorp-tax-returns/01/1716194#M1544 Have a question as I go through everything this is in regards to TurboTax Business 2019: 1- We started a multi-member (wife and I, both own 50% equal shares) LLC incorporated in Delaware (we live in NYC), we also elected to be treated as an S-Corp by the IRS. When I first start the return as an "S-Corp" in the program, it asks for the name of the S-Corporation name and the for the DBA name. Now the thing is we have three DBAs, should I just enter one of them here? should I enter all of them separated by a comma? Where can I enter more than one DBA? I dont see it anywhere in the program Thu, 03 Sep 2020 16:08:59 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/question-on-llc-scorp-tax-returns/01/1716194#M1544 DapperBK 2020-09-03T16:08:59Z Re: Single member LLC, no employees, should I elect S-corp tax treatment? https://ttlc.intuit.com/community/self-employed-group/discussion/re-single-member-llc-no-employees-should-i-elect-s-corp-tax-treatment/01/1715994#M1543 Hi! Yes, I do have a separate W2 job that is full time.  I am setting up an LLC for side business as a consultant. I would like to "pay" myself only if I actually make money in the LLC. Of course, if it works out more beneficial from a tax perspective as a S-corp tax election to pay myself a regular salary, I would.  My concern is can I save taxes with an S-corp election while keeping the liability separate in an LLC?  I will set up separate bank and credit card acc's of course. I am a NYC resident in case that matters and I hope to make a total AGI of over $250k. Thank you! Wed, 02 Sep 2020 22:11:02 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-single-member-llc-no-employees-should-i-elect-s-corp-tax-treatment/01/1715994#M1543 evgirl 2020-09-02T22:11:02Z Independent contractor and then full time employee https://ttlc.intuit.com/community/self-employed-group/discussion/independent-contractor-and-then-full-time-employee/01/1715863#M1542 So made around 290k as independent contractor which ended end August. Now got a normal job.. Calculated my SSA and Medicare taxes off that income  So took the max 63.5k as deduction for 401k (employee and employer) and assume can write off medical expenses until end August. I understand i get a 20 pct business deduction as independent contractor.  Is that based on gross income or after deductions.. Also seems there are income limits for the 20 pct deduction and does the fact I only worked 8 months as an IC matter?   Should i say that my independent contractor business ended 31 December or put at end of contract.    Wed, 02 Sep 2020 18:31:41 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/independent-contractor-and-then-full-time-employee/01/1715863#M1542 asquith62 2020-09-02T18:31:41Z Re: 2 DBA names under same EIN number https://ttlc.intuit.com/community/self-employed-group/discussion/re-2-dba-names-under-same-ein-number/01/1715652#M1541 You would only need to file multiple Schedules C if you owned more than one business, not if the same business activity has more than one location.   See <A href="https://www.irs.gov/instructions/i1040sc#idm140229426651824" target="_blank">https://www.irs.gov/instructions/i1040sc#idm140229426651824</A> Wed, 02 Sep 2020 03:38:42 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-2-dba-names-under-same-ein-number/01/1715652#M1541 tagteam 2020-09-02T03:38:42Z 2 DBA names under same EIN number https://ttlc.intuit.com/community/self-employed-group/discussion/2-dba-names-under-same-ein-number/01/1715649#M1540 I am a Sole Proprietorship with 2 DBA names under the same EIN number.  I recently expanded the business by adding another location and filed a new DBA name for the new location. So my question is when file the personal tax return, can I combine both locations income & expense reported under one Schedule C or I need to report 2 separate Schedule C. The activity of both locations are the same but they just run under a different DBAs.  Thanks Wed, 02 Sep 2020 03:24:19 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/2-dba-names-under-same-ein-number/01/1715649#M1540 Koey 2020-09-02T03:24:19Z Re: Single member LLC, no employees, should I elect S-corp tax treatment? https://ttlc.intuit.com/community/self-employed-group/discussion/re-single-member-llc-no-employees-should-i-elect-s-corp-tax-treatment/01/1715601#M1539 The owner of a single member LLC does not, under any circumstances and with no exceptions, issue themselves any type of tax reporting document, be it a W-2, 1099-MISC or anything else. There are no exceptions. If you elect to file IRS Form 2553 to have your single member LLC treated like an S-Corp, understand that this would be for *TAX* *PURPOSES* *ONLY* and absolutely nothing else. So what tax benefit are you expecting to get by doing that? That is not a rehtorical question either. There very well could be valid reasons. If so, then what are your reasons? Now take note that if you elect to have the IRS treat your LLC "like an S-Corp", then as are as the IRS is concerned, it ***IS*** an S_Corp. Of couse, the owner of an S-Corp *can* also be a W-2 employee of that business. But understand this:  - If you want the IRS to treat your business like an S-Corp, then you business must "act" like an S-Corp. That means the business must follow all federal and state laws, rules and regulations that apply to an S-Corp. Failure to do so will result in penalties that *will* be steep.  - Keeping in mind that the S_Corp election is for tax purposes only, if someone sues you that S-Corp election will not provide you any protection for your personal assets. Remember, the S-Corp election is for "Tax Purposes Only", and nothing else. So a state judge presiding over a suit against you is not bound by any law to treat your business like an S-Corp, but may instead treat it like the disregarded entity it is when dealing with legal matters having nothing to do with taxes. So if you "really" need to protect your personal assets from potential legal action against you, then you should register your business "as" an S-Corp and ensure that any and all business assets are actually owned by the S_Corp, and not by you. Personal assets being used by an S_Corp in the production of income can open the pathway to your personal assets for a claimant pursuing legal action against you. IN other words, you need to seek professional help if you can't make an informed and educated decision on your own, on what is best for *YOU*.   Wed, 02 Sep 2020 00:27:47 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-single-member-llc-no-employees-should-i-elect-s-corp-tax-treatment/01/1715601#M1539 Carl 2020-09-02T00:27:47Z Re: Single member LLC, no employees, should I elect S-corp tax treatment? https://ttlc.intuit.com/community/self-employed-group/discussion/re-single-member-llc-no-employees-should-i-elect-s-corp-tax-treatment/01/1715591#M1538 What payroll taxes do you pay if you have no employees?  Do you also have a separate W2 job? Wed, 02 Sep 2020 00:09:49 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-single-member-llc-no-employees-should-i-elect-s-corp-tax-treatment/01/1715591#M1538 VolvoGirl 2020-09-02T00:09:49Z Single member LLC, no employees, should I elect S-corp tax treatment? https://ttlc.intuit.com/community/self-employed-group/discussion/single-member-llc-no-employees-should-i-elect-s-corp-tax-treatment/01/1715589#M1537 <DIV class="sh-addDetailsQuestion-2ct3Q">Single member LLC. Should I elect S-corp tax treatment or just keep it as a standard SMLLC? I would be a consultant and have no employees. I already pay payroll taxes and make $250k. </DIV> Wed, 02 Sep 2020 00:07:50 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/single-member-llc-no-employees-should-i-elect-s-corp-tax-treatment/01/1715589#M1537 evgirl 2020-09-02T00:07:50Z Re: conversion to Roth IRA and income tax https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713452#M1536 Got it. I don't want to add another $5,000 to make up for my original Roth IRA contribution, though. Thu, 27 Aug 2020 08:58:20 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713452#M1536 cspyon1 2020-08-27T08:58:20Z Re: conversion to Roth IRA and income tax https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713451#M1535 The taxable DISTRIBUTION is still 25,000.  The transfer is only 20,000.  But you can add back in the 5,000 with your own money from your checking account, etc.  to replace the 5,000 so the whole 25,000 gets into the ROTH IRA.   I think you have 60 days to make the deposit.   Thu, 27 Aug 2020 03:35:33 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713451#M1535 VolvoGirl 2020-08-27T03:35:33Z Re: conversion to Roth IRA and income tax https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713450#M1534 When I fill out the online form on this transfer to Roth IRA, I see three options:1) default federal tax (20%) 2) fixed percent (must be above 20%)3)do not withhold taxesSo, when I asked my pension compay, they say if I choose 1), the ACTUAL l amount to transfer to my Roth IRA is $20,000 ( $5,000 withheld).This is where I got confused. According to your explanation, my pension company withholds $5,000 to pay for federal taxes later, but the actual amount to transfer to Roth IRA  is still $25,000, not $20,000 now?  Thu, 27 Aug 2020 03:29:52 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713450#M1534 cspyon1 2020-08-27T03:29:52Z Re: conversion to Roth IRA and income tax https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713445#M1533 Oh and you are not paying the federal tax now.  You are having withholding taken out like from your paychecks.  It is just an estimate to cover the actual tax calculated on your tax return.  Then you get credit for the withholding taken out. Thu, 27 Aug 2020 03:08:18 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713445#M1533 VolvoGirl 2020-08-27T03:08:18Z Re: conversion to Roth IRA and income tax https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713443#M1532 Right.  Now you're getting it.  See my post above. Thu, 27 Aug 2020 03:04:38 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713443#M1532 VolvoGirl 2020-08-27T03:04:38Z Re: conversion to Roth IRA and income tax https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713438#M1531 So, even if I pay 20% federal tax now, do you mean I still have to pay the tax for $25,000, not $20,000? What's the point of paying the tax now? Thu, 27 Aug 2020 02:56:23 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713438#M1531 cspyon1 2020-08-27T02:56:23Z Re: conversion to Roth IRA and income tax https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713437#M1530 The point is so you don't end up owing a lot on your tax return. You can owe an underpayment penalty if you owe too much on your tax return like 1,000 or more. If you have withholding taken out you can add it back into the ROTH IRA contribution deposit from your own other money to replace it.  So you can still deposit the full 25,000. Thu, 27 Aug 2020 02:56:23 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713437#M1530 VolvoGirl 2020-08-27T02:56:23Z Re: conversion to Roth IRA and income tax https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713436#M1529 In that case, I pay $5000 tax upfront, and get taxed again for the $25,000 when the actual contribution to Roth IRA is $20,000? What's the point of paying the tax upfront then?Isn't it more wise for me to wait until the tax filing?  Thu, 27 Aug 2020 02:51:55 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713436#M1529 cspyon1 2020-08-27T02:51:55Z Re: conversion to Roth IRA and income tax https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713432#M1528 You are confused.   The taxable income for the 401(k) distribution is the amount of the distribution period.   It makes no difference whatsoever if part of that is withheld for tax or not - the amount withheld for tax is also taxable income.    Either way, if you have a $25,000 distribution  then $25,000 will be added to your AGI as taxable income.       The difference is if you have $5,000 withheld for tax then only $20,000 can go to the IRA to grow, but if you can pay the tax form other funds then the entire $25,000 can grow int he IRA.   That is an *investment* decision that you must make and has nothing to do whatsoever with the taxable amount of the distribution.   If you thought that the tax withholding was not taxable (meaning that if you took a $25,000 distribution and had $5,000 withheld for tax so only $20,000 would be taxable) then  you are wrong.  The entire amount of the $25,000 distribution is taxable reguardless of what you do with the money - spend it, invest it, or use it to pay your tax.  It cam from the 401(k) so it is taxable.   The only way to avoid the tax is to roll the 401(k) into a Traditional IRA and not convert it to a Roth IRA.   Thu, 27 Aug 2020 02:42:30 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713432#M1528 macuser_22 2020-08-27T02:42:30Z Re: conversion to Roth IRA and income tax https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713425#M1527 One thing you missed is in both scenarios you took out 25,000.  25,000 is added to your income.  It's not how much you contribute to the ROTH IRA but the total withdrawal whether you take out withholding or not.  So your income is 55,000 both times. Thu, 27 Aug 2020 02:22:04 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713425#M1527 VolvoGirl 2020-08-27T02:22:04Z Re: conversion to Roth IRA and income tax https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713416#M1526 Okay, for the sake of calculation, let me put it this way.If I pay 20% federal tax of $25,000, it's $5,000.Say I add this amount to my estimated income of $30,000, for example.  Now, it's $55,000.As I pay the federal tax upfront, the actual amount to convert to Roth IRA is $20,000.Then, my total estimated income is $50,000, which puts me in the 12% federal tax bracket.Here, my tax is $6,000 ($50,000 divided by 0.12).  But as I have paid $2,000 upfront in federal taxes,the total taxes I would pay would be $8,000.Now, let me withhold the federal tax and add the whole contribution ($25,000) to my estimated income.It's now $55,000, which puts me in the 12% federal tax bracket.So, 12% of $55,000 (assuming I withhold the federal tax) is $6,600.In other words, $8,000 vs $6,600, to put it simply. Withholding is more beneficial to me, isn't it?Am I right or wrong?   Thu, 27 Aug 2020 01:46:14 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713416#M1526 cspyon1 2020-08-27T01:46:14Z Re: conversion to Roth IRA and income tax https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713397#M1525 <LI-USER uid="2637712"></LI-USER> - You asked the same question here and it was fully answered and discussed.  What do you not understand?   <A href="https://ttlc.intuit.com/community/retirement/discussion/re-tax-implications-on-the-conversion-of-traditional-ira-to-roth-ira/01/1710805#M111403" target="_blank" rel="noopener">https://ttlc.intuit.com/community/retirement/discussion/re-tax-implications-on-the-conversion-of-traditional-ira-to-roth-ira/01/1710805#M111403</A> Thu, 27 Aug 2020 01:08:56 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713397#M1525 macuser_22 2020-08-27T01:08:56Z Roth IRA and income tax https://ttlc.intuit.com/community/self-employed-group/discussion/roth-ira-and-income-tax/01/1713389#M1524 I would like to double-check with you on this, though I asked some of you before.To put it simply, I'm going to transfer $25,000 from my retirement plans (401K) to Roth IRA.I've got two options: 20% federal tax now or withholding it until the tax-filing time next spring. The thing is even with the addition of $25,000 to my annual income, I'm still in the 12% federal tax brackets. Do you think I can get more benefits from paying the tax later (in the 12% brackets) than paying the federal tax (20%)?   Thu, 27 Aug 2020 01:48:15 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/roth-ira-and-income-tax/01/1713389#M1524 cspyon1 2020-08-27T01:48:15Z Re: Sales Tax for Single Member LLC https://ttlc.intuit.com/community/self-employed-group/discussion/re-sales-tax-for-single-member-llc/01/1712771#M1523 TurboTax is income tax self-preparation software.  It does not support reporting sales taxes to your state.   California Department of Tax and Fee Administration - <A href="https://www.cdtfa.ca.gov/services/#File-a-Return" target="_blank">https://www.cdtfa.ca.gov/services/#File-a-Return</A>   Sales tax return for California - <A href="https://www.cdtfa.ca.gov/formspubs/cdtfa401a.pdf" target="_blank">https://www.cdtfa.ca.gov/formspubs/cdtfa401a.pdf</A> Tue, 25 Aug 2020 18:52:20 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-sales-tax-for-single-member-llc/01/1712771#M1523 DoninGA 2020-08-25T18:52:20Z Sales Tax for Single Member LLC https://ttlc.intuit.com/community/self-employed-group/discussion/sales-tax-for-single-member-llc/01/1712759#M1522 Does anyone know how I would report and pay my sales tax owed to my state? Form 568(California) doesn’t provide any location to document Sales tax and I’m a bit out of answers short of getting a tax man. This doesn’t seem to be a strong suite for Turbo Tax. Would appreciate any help! Tue, 25 Aug 2020 18:27:41 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/sales-tax-for-single-member-llc/01/1712759#M1522 Jsauced6 2020-08-25T18:27:41Z Re: synching 2 intuit accounts https://ttlc.intuit.com/community/self-employed-group/discussion/re-synching-2-intuit-accounts/01/1712690#M1521 Ok, you state that I will have to transfer my information. I am cool with that. How do I do that. I have been a mint user for years (going back to like 2008). I am happy to extract all of that information and port it over to my unified account. I also have a neat.com account that Intuit seems to have purchased at some point. I would like to have that account moved as well. I just want to have a unified account for all of my intuit products and a path to make that happen with out loosing all of my historical data. Please point me in the direction that allows me to transfer my data as was suggested.  Tue, 25 Aug 2020 16:45:17 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-synching-2-intuit-accounts/01/1712690#M1521 baldnva 2020-08-25T16:45:17Z S Corp Accountable Plan Using Auto Depreciation https://ttlc.intuit.com/community/self-employed-group/discussion/s-corp-accountable-plan-using-auto-depreciation/01/1710237#M1520 I am an sole member LLC being treated as an S-Corp for tax purposes. I use a documented accountable plan to reimburse myself for business expenses such as mileage. I bought a new car in Nov 2019 (Personal vehicle) and used mileage for 2019. I know if I was not doing the S-corp I could use actual expenses and depreciation. Is it possible to use the business % of actual expenses and car depreciation instead of mileage for 2020 if it would be more advantageous and what car depreciation method would I use ? Thx Tue, 18 Aug 2020 22:41:05 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/s-corp-accountable-plan-using-auto-depreciation/01/1710237#M1520 horseandelephant 2020-08-18T22:41:05Z Re: My Sister Filed for My Two Kids and Kept Stimulus Check https://ttlc.intuit.com/community/self-employed-group/discussion/re-my-sister-filed-for-my-two-kids-and-kept-stimulus-check/01/1709404#M1519 In order for your sister to legally claim your children as dependents, two major criteria would need to be met. 1) The children lived in her household for the entire year- every single day. 2) Your sister provided more than half of their support for the entire year - every single day of it. Now you can't just "let" someone else claim your kids. They actually have to qualify. I can see this possibility if you were not employed, or did not make enough money to have provided your own support for the entire year, or that of your children for the entire year. So if that's the case, then there's nothing illegal here and nothing you can do about it. Also understand that it's your 2020 return, and *NOT* your 2019 or earlier return that will be the "FINAL" deciding factor on weather or not you get the stimulus for the children. So amending your 2019 tax return is an absolute waste of time and will definitely raise flags at the IRS with a high potential of both you and your sister being audited. When you file your 2020 tax return next year, that return will be the "FINAL" deciding factor on weather you get the stimulus or not. So if you have the income in 2020 *AND* you actually supported your children (and not your sister) when you claim your children as dependents onyour 2020 tax return, you will get any stimulus payment you are due, then and not before. As for your sister having to pay it back, that's not your problem or issue.   Mon, 17 Aug 2020 01:46:23 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-my-sister-filed-for-my-two-kids-and-kept-stimulus-check/01/1709404#M1519 Carl 2020-08-17T01:46:23Z Re: My Sister Filed for My Two Kids and Kept Stimulus Check https://ttlc.intuit.com/community/self-employed-group/discussion/re-my-sister-filed-for-my-two-kids-and-kept-stimulus-check/01/1709306#M1518 Do you all live with her?  She probably isn't qualified to claim your kids.  You can't just let someone claim your children.  They have to actually qualify as her dependents.   You should claim them all on your return.  You might want to amend your return to add them.   You might be able to get the Stimulus money for them when you file your 2020 return next year.   Rules to claim a dependent<A href="https://turbotax.intuit.com/tax-tips/family/rules-for-claiming-a-dependent-on-your-tax-return/L8LODbx94" target="_blank">https://turbotax.intuit.com/tax-tips/family/rules-for-claiming-a-dependent-on-your-tax-return/L8LODbx94</A> Sun, 16 Aug 2020 20:38:44 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-my-sister-filed-for-my-two-kids-and-kept-stimulus-check/01/1709306#M1518 VolvoGirl 2020-08-16T20:38:44Z My Sister Filed for My Two Kids and Kept Stimulus Check https://ttlc.intuit.com/community/self-employed-group/discussion/my-sister-filed-for-my-two-kids-and-kept-stimulus-check/01/1709303#M1517 Hi, I'm A Mother Of Three, I am the sole provider for my three kids and ave been since day one. I let my sister file for my kids and Then in Januray turbo tax was giving me an issue because I didn't know my AGI number. It was only in April when I figured out my AGI but by this time Coronavirus hit, to make a long story short my sister got an extra 1,000 from the check and even though she knew I was facing homelessness she literally kept the 1,000 dollars and does not intend on giving it to me, now with this next one coming up I really need to know what I can do because this stimulus check can change everything for me, in a good way. I don't have money for my phone bill or even internet at this time so I was wondering if anyone may have any advice as to how I can get my kids stimulus check since I AM THE ONE TAKING CARE OF THEM. She had the nerve to get mad and act like a victum calling me ungrateful?? It weird I haven't asked her for a penny of the income tax she got from my kids which was $5,107 dollars. PLUS shes a truck driver so she still is working as we speak. I just need help I feel f**ked over Sun, 16 Aug 2020 20:32:22 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/my-sister-filed-for-my-two-kids-and-kept-stimulus-check/01/1709303#M1517 Min1542 2020-08-16T20:32:22Z Re: are currency conversion losses a business expense? https://ttlc.intuit.com/community/self-employed-group/discussion/re-are-currency-conversion-losses-a-business-expense/01/1705674#M1516 I believe I would be getting a 1099k based on the exchange rate at the time of receiving the foreign currency. Then you have no loss to claim - but you do have income to report, which will be the U.S. dollar amount reported on the 1099-K. Even if the rate was better for you at the time of billing, it doesn't matter. You flat out can not deduct from your taxable income, that which you never received or paid taxes on in the first place. You claim as income the *exact* amount reported on the 1099-K. No more. No less. No exceptions. Fri, 07 Aug 2020 19:25:25 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-are-currency-conversion-losses-a-business-expense/01/1705674#M1516 Carl 2020-08-07T19:25:25Z Re: Sales tax https://ttlc.intuit.com/community/self-employed-group/discussion/re-sales-tax/01/1704271#M1515 Sales tax and income tax are two different things. TurboTax does not deal with sales tax. Typically a sales tax is charged by the state. But entities below the state level can also impose sales taxes. For example, in addition to the state sales tax there can also be a county sales tax or city sales tax. You should have been provided this information when you registered your business with your state and local taxing authorities. So if you no longer hae that information you'll need to contact your local taxing authorities for guidance. Wed, 05 Aug 2020 13:13:34 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-sales-tax/01/1704271#M1515 Carl 2020-08-05T13:13:34Z Re: Sale income https://ttlc.intuit.com/community/self-employed-group/discussion/re-sale-income/01/1703822#M1514 I have to assume you sold an item of some sort (e.g., from inventory). In that event:   Gross Revenue/Sales: $3,000 LESS cost of item: $2,500 EQUALS Gross Profit/Income: $500 LESS eBay fees (expense): $300 EQUALS Net Profit: $200     Refer to Schedule C (link below) if you are in business.   <A href="https://www.irs.gov/pub/irs-pdf/f1040sc.pdf" target="_blank">https://www.irs.gov/pub/irs-pdf/f1040sc.pdf</A> Tue, 04 Aug 2020 16:21:43 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-sale-income/01/1703822#M1514 tagteam 2020-08-04T16:21:43Z Re: Sales tax https://ttlc.intuit.com/community/self-employed-group/discussion/re-sales-tax/01/1703812#M1513 Sales taxes are by state.  They are not reported on an income tax return. You would have to contact your state tax agency for how to report the sales taxes you collected on your sales. Tue, 04 Aug 2020 16:10:35 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-sales-tax/01/1703812#M1513 DoninGA 2020-08-04T16:10:35Z Sales tax https://ttlc.intuit.com/community/self-employed-group/discussion/sales-tax/01/1703811#M1512 If I charged sales tax on an eBay sale, when do I pay the government those taxes? Should I do it right away, or do I do it when I file my taxes the following year? Tue, 04 Aug 2020 16:09:05 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/sales-tax/01/1703811#M1512 abrooks1010 2020-08-04T16:09:05Z Sale income https://ttlc.intuit.com/community/self-employed-group/discussion/sale-income/01/1703770#M1511 If I make a sale of $3000, and $500 is profit on an eBay sale but $300 goes to the eBay fee, is my profit still $500 or is it $200? And which would I claim as income? Tue, 04 Aug 2020 15:24:26 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/sale-income/01/1703770#M1511 abrooks1010 2020-08-04T15:24:26Z Re: are currency conversion losses a business expense? https://ttlc.intuit.com/community/self-employed-group/discussion/re-are-currency-conversion-losses-a-business-expense/01/1702032#M1509 Thank you for your help, unfortunately I believe I would be getting a 1099k based on the exchange rate at the time of receiving the foreign currency. Would it be better to claim conversion losses as a business expense to not cause a discrepancy for 1099k reported amount or would reporting less income be okay in this circumstance.  Fri, 31 Jul 2020 21:42:41 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-are-currency-conversion-losses-a-business-expense/01/1702032#M1509 dea484 2020-07-31T21:42:41Z Re: are currency conversion losses a business expense? https://ttlc.intuit.com/community/self-employed-group/discussion/re-are-currency-conversion-losses-a-business-expense/01/1701821#M1508 You have to report the amounts on your U.S. tax return in U.S. dollars and you would use the exchange rate prevailing (i.e., the spot rate) when you receive, pay or accrue the item.   See <A href="https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates" target="_blank">https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates</A> Fri, 31 Jul 2020 14:55:06 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-are-currency-conversion-losses-a-business-expense/01/1701821#M1508 tagteam 2020-07-31T14:55:06Z Re: are currency conversion losses a business expense? https://ttlc.intuit.com/community/self-employed-group/discussion/re-are-currency-conversion-losses-a-business-expense/01/1701817#M1507 That's not a loss by any stretch of the imagination. You just report less income in U.S. dollars is all.   Fri, 31 Jul 2020 14:31:36 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-are-currency-conversion-losses-a-business-expense/01/1701817#M1507 Carl 2020-07-31T14:31:36Z Re: quarterly taxes https://ttlc.intuit.com/community/self-employed-group/discussion/re-quarterly-taxes/01/1701590#M1506 <LI-USER uid="2602091"></LI-USER> Are you asking that  because you  have those 1040ES vouchers?  if you do not expect to owe at least $1000 at tax time next year, you do not have to use those.  They are optional.  They can be a good idea if you expect to owe, so that you do not get an underpayment penalty for the next tax return.  But you can toss them out if you choose not to use them. Thu, 30 Jul 2020 22:43:39 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-quarterly-taxes/01/1701590#M1506 xmasbaby0 2020-07-30T22:43:39Z Re: quarterly taxes https://ttlc.intuit.com/community/self-employed-group/discussion/re-quarterly-taxes/01/1701098#M1505 Wed, 29 Jul 2020 22:38:24 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-quarterly-taxes/01/1701098#M1505 DebL1 2020-07-29T22:38:24Z Re: quarterly taxes https://ttlc.intuit.com/community/self-employed-group/discussion/re-quarterly-taxes/01/1701097#M1504 Why do I need to pay quarterly takes for 2020. My income did increase for 2019 but for this year it will less, as I retired. Wed, 29 Jul 2020 22:37:50 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-quarterly-taxes/01/1701097#M1504 DebL1 2020-07-29T22:37:50Z are currency conversion losses a business expense? https://ttlc.intuit.com/community/self-employed-group/discussion/are-currency-conversion-losses-a-business-expense/01/1700995#M1503 If you earn foreign currency and use the exchange rate at the time of receiving the foreign payment but convert it to u.s. dollars at a later time and exchange rate decreases causing a loss can this loss be claimed as a business expense? Wed, 29 Jul 2020 20:12:44 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/are-currency-conversion-losses-a-business-expense/01/1700995#M1503 dea484 2020-07-29T20:12:44Z Re: Got Paid cash can they take off tax? https://ttlc.intuit.com/community/self-employed-group/discussion/re-got-paid-cash-can-they-take-off-tax/01/1699028#M1502 I assume you were paid this cash in 2020. You should be issued a W-2 showing the tax withheld. If you are self-employed, then that W-2 would have the "statutory employee" box checked. If you have a paystub that shows the withholding, then you're good and can fully expect to get some kind of tax reporting document for this, by Jan 31st of 2021.   Sat, 25 Jul 2020 19:46:51 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-got-paid-cash-can-they-take-off-tax/01/1699028#M1502 Carl 2020-07-25T19:46:51Z Re: Got Paid cash can they take off tax? https://ttlc.intuit.com/community/self-employed-group/discussion/re-got-paid-cash-can-they-take-off-tax/01/1698982#M1501 Did you receive a W-2?  If they took out tax or Social Security and Medicare they have to issue a W-2 to you to show that, and report that W-2 to the IRS.  If they paid you in cash--how are they accounting to you or the IRS for money they withheld for "tax?"  You need to have a discussion with the person/business that paid you.  To understand---you were supposed to be paid $525 but they held out 10% of that?  if they did, they have to give you a W-2.  Or maybe they just still owe you the money they "withheld"--because if you were paid as an independent contractor, you enter the amount you earned on your own tax return and pay self-employment tax yourself.  Your are right--they don't get to have it both ways.  Either you were an employee or you were not.   <A href="https://ttlc.intuit.com/questions/2584365-am-i-an-employee-or-an-independent-contractor" target="_blank" rel="noopener">https://ttlc.intuit.com/questions/2584365-am-i-an-employee-or-an-independent-contractor</A> Sat, 25 Jul 2020 18:18:05 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-got-paid-cash-can-they-take-off-tax/01/1698982#M1501 xmasbaby0 2020-07-25T18:18:05Z Got Paid cash can they take off tax? https://ttlc.intuit.com/community/self-employed-group/discussion/got-paid-cash-can-they-take-off-tax/01/1698625#M1500 I got paid cash for a small job for 5 days and I’m not sure if they was right or wrong but got paid cash 525$ and they take off 10% off tax but i don’t understand if this is right or wrong I thought if you got pay cash we have to report it to our tax return they toke off 50$ It doesn’t make sense am I paying twice pr can she take tax off without me filling up a w2 form or any type of fax form???? Help me please  Fri, 24 Jul 2020 23:16:14 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/got-paid-cash-can-they-take-off-tax/01/1698625#M1500 Bren1999 2020-07-24T23:16:14Z Re: TT Did not file my return! https://ttlc.intuit.com/community/self-employed-group/discussion/re-tt-did-not-file-my-return/01/1697427#M1499 Did you e-file?  Did you click a big orange button that said “Transmit my returns now?”   When you e-file your federal return you will receive two emails from TurboTax.  The first one will say that your return was submitted.  The second email will tell you if your federal return was accepted or rejected.  If you e-filed a state return, there will be a third email to tell you if the state accepted or rejected your state return.   First, check your e-file status to see if your return was accepted: <A href="https://turbotax.intuit.com/tax-tools/efile-status-lookup/" target="_blank">https://turbotax.intuit.com/tax-tools/efile-status-lookup/</A> If the IRS accepted it, what does it say here?  <A href="https://www.irs.gov/refunds" target="_blank">https://www.irs.gov/refunds</A>             Or does your account say “Ready to Mail?”   Note: If it says “Ready to Mail” or “Printed” that means YOU have to mail it yourself.  TurboTax does not mail your tax return for you. Wed, 22 Jul 2020 20:41:26 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-tt-did-not-file-my-return/01/1697427#M1499 xmasbaby0 2020-07-22T20:41:26Z Re: Self employed living & working in U.S. with one client abroad https://ttlc.intuit.com/community/self-employed-group/discussion/re-self-employed-living-working-in-u-s-with-one-client-abroad/01/1696845#M1498 You don't have any foreign income to report unless you were paid to physically work for money outside of the U.S. The fact you have a client outside the U.S. doesn't matter here. All of your income was earned while *you* were physically in the country. So you have no foreign earned income. Tue, 21 Jul 2020 21:57:42 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-self-employed-living-working-in-u-s-with-one-client-abroad/01/1696845#M1498 Carl 2020-07-21T21:57:42Z Re: ¡Bienvenido! ¡Nos gustaría saber más acerca de ti! | Welcome! We’d like to learn more about you! https://ttlc.intuit.com/community/prosperidad-latina/discussion/re-bienvenido-nos-gustar%C3%ADa-saber-m%C3%A1s-acerca-de-ti-welcome-we-d-like-to-learn-more-about-you/01/1696322#M94 <LI-USER uid="2584583"></LI-USER>  Yo no hablo a español pero estoy usando un programa de traducción. Este es un hilo iniciado hace 2 años, y los carteles anteriores pueden ya no estar utilizando este foro.Es menos probable que alguien bilingue publique en un hilo viejo. Si no recibes ayuda en este foro de la comunidad de usuarios, será más fácil y rápido de manejar sus preguntas en español por teléfono a Soporte TurboTax.   Puede llamar al servicio al cliente de TurboTax en español al (877) 282-0801. Horas 5AM-5PM Pacific (8AM-8PM Eastern) Monday-Friday Tue, 21 Jul 2020 03:11:15 GMT https://ttlc.intuit.com/community/prosperidad-latina/discussion/re-bienvenido-nos-gustar%C3%ADa-saber-m%C3%A1s-acerca-de-ti-welcome-we-d-like-to-learn-more-about-you/01/1696322#M94 mesquitebean 2020-07-21T03:11:15Z Re: ¡Bienvenido! ¡Nos gustaría saber más acerca de ti! | Welcome! We’d like to learn more about you! https://ttlc.intuit.com/community/prosperidad-latina/discussion/re-bienvenido-nos-gustar%C3%ADa-saber-m%C3%A1s-acerca-de-ti-welcome-we-d-like-to-learn-more-about-you/01/1696286#M93 Hola Julio, Estoy muy molesta con este lugar. No encuentro las respuestas, a mi preguntas. El dia 15, llene mi "returns", al dia siguiente, me avisaron por e-mail que fueron "rejected". Volvi a entrar para corregir el Federal, y lo hice. Tengo problemas con un ojo, y tuve que parar alli. Ahora me pregunto, como voy a corregir el del estado (Il), si no me da opportunidad este lugar? Que pasa aqui? Tue, 21 Jul 2020 01:43:13 GMT https://ttlc.intuit.com/community/prosperidad-latina/discussion/re-bienvenido-nos-gustar%C3%ADa-saber-m%C3%A1s-acerca-de-ti-welcome-we-d-like-to-learn-more-about-you/01/1696286#M93 Regia 2020-07-21T01:43:13Z Re: Counting begining and ending inventory. https://ttlc.intuit.com/community/self-employed-group/discussion/re-counting-begining-and-ending-inventory/01/1695453#M1497 <BLOCKQUOTE><HR /><LI-USER uid="2503733"></LI-USER> wrote: my wife makes fused glass items, jewlery and slumped glass bottles all of which are different. Do we just count the total number of items for the purposes of beginning inventory? Im confused.  <HR /></BLOCKQUOTE> You just need to do a physical count of your inventory which, obviously, will result in a dollar total.   As mentioned, if this is your first year in business, then your beginning inventory will be zero and the dollar total from your count will be placed in the "Purchases" category.   At the end of the year, you can take another physical count and that result will be your ending inventory.   The basic formula never changes:   Beginning Inventory PLUS Purchases MINUS Ending Inventory EQUALS Cost of Goods Sold. Sun, 19 Jul 2020 18:09:43 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-counting-begining-and-ending-inventory/01/1695453#M1497 tagteam 2020-07-19T18:09:43Z Re: Counting begining and ending inventory. https://ttlc.intuit.com/community/self-employed-group/discussion/re-counting-begining-and-ending-inventory/01/1695428#M1496 BOY - Beginning of Year Inventory Balance. What *YOU* paid for the inventory in your physical possession on Jan 1 of the tax year. COGS - Cost of goods sold. What *YOU* paid for the inventory you actually sold during the tax year. EOY - End of Year Inventory Balance. What *YOU* paid for the inventory in your physical possession on Dec 31 of the tax year. The BOY Inventory balance *MUST* match *exactly* the EOY Inventory Balance of the prior year. If it does not, then you have some explaining to do to the IRS. There is *no* explanation that is acceptable to the IRS either. So they MUST match, with no exceptions. In your first year of business, or in the first year your business deals with inventory, your BOY Inventory Balance *must* be ZERO. There is no other possible way for it to match the prior year's EOY Inventory balance, since you did not report "any" inventory at the end of the prior year. It flat out does not matter if you purchased inventory 50 years ago either. The BOY balance in that first year "must" be ZERO. No exceptions. Here's a few examples showing how this works for the first two years. BOY Inventory Balance - $0 : What "you" paid for the inventory in your physical possession on Jan 1 of the tax year. It does not matter in what year the inventory was purchased either. Being the first year the business is dealing with inventory, the BOY balance *must* be ZERO. No exceptions. COGS (Cost of Goods Sold) - $5000. What *YOU* paid for the inventory actually sold during the tax year. EOY Inventory Balance - $2000. What *YOU* paid for the inventory in your physical possession on Dec 31 of the tax year. The above shows that I started with $0 inventory and that amount matches the prior year EOY balance, since my business did not exist or report any inventory at the end of the prior year. I then sold $5000 of that inventory during the tax year, and that $5000 amount will be subtracted from my *taxable* business income, thus reducing the taxes I pay on that business income. At the end of the year I still have $2000 of inventory in my physical possession. Do the math shows that during that year I had and/or purchased a total of $7000 of inventory, sold $5000 of that inventory leaving me with $2000 of inventory in my possession on Dec 31 of the tax year.   BOY Inventory Balance $2000 - What *YOU* paid for the inventory in your physical possession on Jan 1 of the tax year. Take special note that this matches "EXACTLY" what my EOY balance was the previous tax year. It does not matter in what tax year this inventory was purchased. COGS - Cost of Goods Sold $7000 - What *YOU* Paid for the inventory actually sold during the tax year. It does not matter in what tax year you paid for this inventory. EOY Inventory Balance - $1000 - What *YOU* paid for the inventory in your physical possession on Dec 31 of the tax year. It does not matter in what tax year you paid for the inventory. The above shows that on Jan 1 of the tax year I had $2000 of inventory in my physical possession. Then I sold $7000 of inventory during the tax year, ending the tax year with $1000 of inventory in my physical possession. Doing the match shows that I purchased an additional $6000 of inventory during the tax year bringing the total inventory purchased to $8000. Of that total I sold $7000 of inventory leaving me with an EOY balance of $1000.   With the above examples you should now understand that what *YOU* paid for inventory is only deductible in the tax year you actually sell that inventory. It does not matter in what tax year you may have purchased it.  This actually makes it simpler and easier to account for non-sales reductions in inventory. For example, as you work through the COGS section of the program you'll see an option where you can report inventory that was removed for personal use. What you paid for personal use inventory is not deductible. But it does reduce your inventory balance so that your EOY balance will correctly agree with the next year's BOY balance. There's also the allowance for loss of inventory such as spoilage (if your inventory is food items) that will reduce your inventory balances without taxing that which you paid for the now-spoiled, damaged, stolen or otherwise lost inventory item.   Sun, 19 Jul 2020 17:31:17 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-counting-begining-and-ending-inventory/01/1695428#M1496 Carl 2020-07-19T17:31:17Z Re: TT Did not file my return! https://ttlc.intuit.com/community/self-employed-group/discussion/re-tt-did-not-file-my-return/01/1695406#M1495 You are the only one who can click the big orange FILE MY RETURNS NOW button to e-file the return. TurboTax does not file a return for anybody, by any means under any circumstances. There are no exceptions. If you elected the option to mail your return, then it's up to you to print, sign and mail the return to the IRS.   Sun, 19 Jul 2020 17:10:51 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-tt-did-not-file-my-return/01/1695406#M1495 Carl 2020-07-19T17:10:51Z TURBOTAX ONLINE SELF EMPLOYED TAX YEAR 2019 PREP https://ttlc.intuit.com/community/self-employed-group/discussion/turbotax-online-self-employed-tax-year-2019-prep/01/1691356#M1494 I didn’t mean to purchase this product I got charged 179.00 extra and it was two different charges out of my bank account what is this exactly for?  Thu, 16 Jul 2020 02:49:22 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/turbotax-online-self-employed-tax-year-2019-prep/01/1691356#M1494 beverly c 2020-07-16T02:49:22Z Re: 2019 Tax Amendment https://ttlc.intuit.com/community/self-employed-group/discussion/re-2019-tax-amendment/01/1691349#M1493 You can file an extension through midnight of 07/15/20 your time.  I would file an extension just to be safe. <A href="https://ttlc.intuit.com/community/tax-topics/help/how-do-i-file-a-tax-extension/00/1005116" target="_blank">Here is how. </A> When the IRS makes the e-filing of amendments available, TurboTax will update its software. There is no specific date on when the IRS will have that available yet. Probably towards the end of August.  Thu, 16 Jul 2020 02:48:10 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-2019-tax-amendment/01/1691349#M1493 KristinaK 2020-07-16T02:48:10Z Re: Form 2210 prints or saves only the first page https://ttlc.intuit.com/community/self-employed-group/discussion/re-form-2210-prints-or-saves-only-the-first-page/01/1690626#M1492 I just ran across this issue even today in 2020 (for tax year 2019). The software (desktop Home & Business edition in my case) refuses to print/save to PDF form 2210. If you export the whole return and choose to include all forms for your records, including worksheets, Form 2210 is still omitted, along with a few other forms like 6251. What's the point of exporting your tax return "to review or keep for your records" with "all calculation worksheets" if it omits some of the forms? If you separately view Form 2210 from the "Forms" view, and try to print/save to PDF from there, you will only get the FIRST page of the form. Utterly baffling. How can bugs like this in financially critical software last so long. It's completely unacceptable. Thu, 16 Jul 2020 00:35:01 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-form-2210-prints-or-saves-only-the-first-page/01/1690626#M1492 Toe Knee 2020-07-16T00:35:01Z Self employed living & working in U.S. with one client abroad https://ttlc.intuit.com/community/self-employed-group/discussion/self-employed-living-working-in-u-s-with-one-client-abroad/01/1690333#M1491 If I'm self employed living & working in the U.S. but have one client outside of the U.S., how do I file this income?  Should it go in the "Foreign Earned Income" section or would this only be if I had physically worked abroad? Wed, 15 Jul 2020 23:47:32 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/self-employed-living-working-in-u-s-with-one-client-abroad/01/1690333#M1491 kat10187 2020-07-15T23:47:32Z Re: Tie 1095-A to Schedule C? https://ttlc.intuit.com/community/self-employed-group/discussion/re-tie-1095-a-to-schedule-c/01/1689936#M1490 When you enter your 1095-A in the health insurance section, find and answer yes to the question about whether you are self-employed.  TurboTax will ask you to link your 1095-A to your business and complete the entries for the self-employed health insurance deduction.  The Marketplace premiums you paid and the additional amount you are paying on the return to refund the Advance Premium Tax Credit are deductible as self-employment health insurance to the extent you have self-employment income, with any remaining premium deductible on Schedule A.  TurboTax will automatically do this when you indicate during 1095-A entry that you are self-employed (and link to the Schedule C).   But, your other entry during the self-employed interview questions may have created a duplicate entry.  So, make sure that your total deduction for self-employed health insurance is no more than "the amount you paid during the year for marketplace + the refund of Advance PTC that is being generated on your tax return + any other (non-marketplace) self-employed health insurance you had during the year". Wed, 15 Jul 2020 22:45:33 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-tie-1095-a-to-schedule-c/01/1689936#M1490 DavidS127 2020-07-15T22:45:33Z Re: How to claim home office remodel https://ttlc.intuit.com/community/self-employed-group/discussion/re-how-to-claim-home-office-remodel/01/1688313#M1487 KristinaK, thank you for answering my question. The new bathroom is listed as an upgrade to the entire home, and depreciated. That part I understand, but think I need to clarify a little more. It was a total remodel of the bathroom starting in 2019, and was put back into service in October. We had to wait on the cabinet to be completed, which didn't happen until 2020, so the final bill, with balance due after the cabinet was installed, didn't come in until then. Approximately 80% was paid in 2019, with the final 20% paid after the remodel was completely finished in 2020. I just am not sure how to claim the final payment. Should I claim the 80% in 2019, and then the remaining 20% with 2020 taxes, or can I include it all as one line item in 2019? Thanks,ksb Wed, 15 Jul 2020 19:03:16 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-how-to-claim-home-office-remodel/01/1688313#M1487 ksb 2020-07-15T19:03:16Z Re: How to claim home office remodel https://ttlc.intuit.com/community/self-employed-group/discussion/re-how-to-claim-home-office-remodel/01/1687696#M1486 If the expense qualifies as a repair, you can include what was paid in 2019 as a direct expense to your Home Office.   If the expense qualifies as an improvement (betterment), and it hasn't been placed in service yet, you would need to wait to report the entire improvement on the 2020 tax return. When you enter your Home Office expenses in TurboTax, you will eventually get to the screen about Depreciation for your home office. You can select An improvement to your home radio button and enter the cost there.  Wed, 15 Jul 2020 17:35:15 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-how-to-claim-home-office-remodel/01/1687696#M1486 KristinaK 2020-07-15T17:35:15Z Re: Deducting self employed health care premiums https://ttlc.intuit.com/community/self-employed-group/discussion/re-deducting-self-employed-health-care-premiums/01/1686997#M1485 Thank you for your reply! I’m using Turbotax Home & Business, what are the steps for this version?  Wed, 15 Jul 2020 15:49:20 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-deducting-self-employed-health-care-premiums/01/1686997#M1485 Odie63 2020-07-15T15:49:20Z Re: Owner of single-member LLC issued 1099 to self https://ttlc.intuit.com/community/self-employed-group/discussion/re-owner-of-single-member-llc-issued-1099-to-self/01/1686727#M1484 Any payments to you from your single-member LLC would be considered a "draw"; they would not be considered "partner distributions" (you have no partner).   Provided you report the income you received from operations on your individual income tax return (Schedule C), there should be no issues.   Wed, 15 Jul 2020 15:05:40 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-owner-of-single-member-llc-issued-1099-to-self/01/1686727#M1484 tagteam 2020-07-15T15:05:40Z Re: Deducting self employed health care premiums https://ttlc.intuit.com/community/self-employed-group/discussion/re-deducting-self-employed-health-care-premiums/01/1686336#M1483 To enter the insurance premiums, you will do as follows <OL> <LI>From the Federal menu, click on Income & Expenses</LI> <LI>Expand the menu for Self-Employment</LI> <LI>Click Start/Revisit next to Self-employment income & expenses</LI> <LI>Edit next to the business </LI> <LI>Click on Add expenses for this work</LI> <LI>Click the radial button next to Health insurance premiums. Click Continue</LI> <LI>Enter the information on the screen that follows. Click Continue.</LI> </OL> If the business is a partnership or an S-Corp, you will enter the self-employed health insurance at the end of the K-1 entry section.    If you are self-employed, you are allowed a deduction for premiums that you pay for medical, dental and qualifying long-term care insurance coverage for yourself, your spouse and your dependents.   You can only claim the health insurance premiums write-off for months when neither you nor your spouse were eligible to participate in an <A href="https://turbotax.intuit.com/tax-tips/health-care/what-is-employer-sponsored-coverage/L01gcZpTR" target="_blank">employer-subsidized health plan</A>.    <A href="https://blog.turbotax.intuit.com/health-care/when-can-you-claim-a-tax-deduction-for-health-insurance-17419/" target="_blank">When can you claim a tax deduction for health insurance?</A>   <A href="https://turbotax.intuit.com/tax-tips/home-ownership/deducting-health-insurance-premiums-if-youre-self-employed/L6bRhLaVE" target="_blank">Deducting health insurance premiums if you're self-employed</A> Wed, 15 Jul 2020 13:58:10 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-deducting-self-employed-health-care-premiums/01/1686336#M1483 VictoriaD75 2020-07-15T13:58:10Z Owner of single-member LLC issued 1099 to self https://ttlc.intuit.com/community/self-employed-group/discussion/owner-of-single-member-llc-issued-1099-to-self/01/1685292#M1482 I own a single-member LLC and pay myself (not a salary). I issued a 1099 to myself and filed to IRS. I realize now that this is not the correct way to do things. Any advice for what I do now? Are the payments to myself considered partner distributions? Wed, 15 Jul 2020 04:59:52 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/owner-of-single-member-llc-issued-1099-to-self/01/1685292#M1482 kiyokomccrae 2020-07-15T04:59:52Z 2019 Tax Amendment https://ttlc.intuit.com/community/self-employed-group/discussion/2019-tax-amendment/01/1683988#M1481 Hello All - I was supposed to file tax returns as "Married and filing Jointly", But my wife has already filed her 2019 tax returns as "Married and filing separately", this was done by mistake. My wife has already received her returns. Now, As per my understanding i have to amend my wife tax returns. I have not yet amended my wife's tax returns and below are some of my questions: - As July 15, 2020 is the last date to file tax extension, Do i need to file for extension?  ( i know its too late)- If i amend my wife's tax returns now as "Married and filing Jointly", Do i still need to file for my extension? ( Considering amendment as paper filing)- Also,i see latest update on IRS that amendment can be done electronically now. Is it possible on turbotax? <A href="https://www.irs.gov/newsroom/irs-announces-form-1040-x-electronic-filing-options-coming-this-su[product key removed]tone-reached-for-electronic-returns" target="_blank">https://www.irs.gov/newsroom/irs-announces-form-1040-x-electronic-filing-options-coming-this-su[product key removed]tone-reached-for-electronic-returns</A> Thanks in advanceNamanaa Wed, 15 Jul 2020 02:26:15 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/2019-tax-amendment/01/1683988#M1481 namanaa 2020-07-15T02:26:15Z TT Did not file my return! https://ttlc.intuit.com/community/self-employed-group/discussion/tt-did-not-file-my-return/01/1681111#M1480 Tue, 14 Jul 2020 19:56:21 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/tt-did-not-file-my-return/01/1681111#M1480 Buckshotgirl 2020-07-14T19:56:21Z Re: Estimated taxes - for State and Federal? https://ttlc.intuit.com/community/self-employed-group/discussion/re-estimated-taxes-for-state-and-federal/01/1680230#M1479 It depends.   The estimated tax payment vouchers for federal income taxes are different than any state payment vouchers.   The federal payment vouchers are on Form 1040-ES.    Your state vouchers will depend upon your state of residence and your tax liability, your withholdings, as well as your anticipated income in 2020.   <A href="https://ttlc.intuit.com/community/tax-payments/help/can-turbotax-calculate-the-estimated-payments-for-next-year-s-state-taxes/00/25972" target="_blank">State estimated payment vouchers</A> Tue, 14 Jul 2020 17:19:38 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-estimated-taxes-for-state-and-federal/01/1680230#M1479 JotikaT2 2020-07-14T17:19:38Z Re: need forms to e file https://ttlc.intuit.com/community/self-employed-group/discussion/re-need-forms-to-e-file/01/1679497#M1478 You can see if you can update your software by doing the following:  <OL> <LI>Select the Online menu at the top</LI> <LI>Then select Check for Updates.</LI> </OL> If this still does not update the program, click the Help button on the top menu bar. <OL> <LI>Then select TurboTax Help Center.</LI> <LI>A popup window will pop up and allow you to type in a search or ask for help.</LI> <LI>Once you type in your information here, you will also be prompted to have someone call you if needed on the next screen.  You will need to enter your information in this section.</LI> </OL> This will allow you to get product support to ensure your software has been updated to the latest version. Tue, 14 Jul 2020 14:39:13 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-need-forms-to-e-file/01/1679497#M1478 JotikaT2 2020-07-14T14:39:13Z Re: Duplicate SSN Return from Non-Filer Prior - I owe. Do I send check or will IRS still take it ... https://ttlc.intuit.com/community/self-employed-group/discussion/re-duplicate-ssn-return-from-non-filer-prior-i-owe-do-i-send-check-or-will-irs-still-take-it/01/1679457#M1477 And it shows as my return not filed at all. Which there should be an area to check off I’ve mailed them so it shows returns completed. Now.....each time i log on, all its asks me to do is finish 2019. IM FINISHED!!! Make it look that way...super annoying to get on and cant do anything but finish 2019. Last time ever for using services. 20 year user and now its gone completely downhill. Cant even see last year return without paying for current year??? TURBOTAX IS A SCAM NOW WITH ZERO SUPPORT. WANT ANOTHER $49 ON TOP OF $120 I PAID TO MAKE A CALL TO PERSON??? DONE FOREVER.  Tue, 14 Jul 2020 14:32:30 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-duplicate-ssn-return-from-non-filer-prior-i-owe-do-i-send-check-or-will-irs-still-take-it/01/1679457#M1477 JB9ER 2020-07-14T14:32:30Z Re: Duplicate SSN Return from Non-Filer Prior - I owe. Do I send check or will IRS still take it ... https://ttlc.intuit.com/community/self-employed-group/discussion/re-duplicate-ssn-return-from-non-filer-prior-i-owe-do-i-send-check-or-will-irs-still-take-it/01/1679422#M1476 Where exacty do I change that setting? I go into program, open Finish and File...absolutely nowhere are there ANY settings. Checked in account settings too. So please provide a clear path to get the the pmt settings. And...I paid yesterday electronically thru gov site. Tons of extra hassle. I did everything myself (except pen in a couple numbers). Zero warning that you may have to file everything yourself if you did non filers. Had I known I would have gotten free forms and I already had my numbers to fill em in...and seeing as I have to mail and pay myself, Im going to ask to be refunded. Turbo issued no warnings for this reason. They knew ppl would not use their services. So, either I het refunded or Im filing civil suit.  Tue, 14 Jul 2020 14:22:46 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-duplicate-ssn-return-from-non-filer-prior-i-owe-do-i-send-check-or-will-irs-still-take-it/01/1679422#M1476 JB9ER 2020-07-14T14:22:46Z Re: Duplicate SSN Return from Non-Filer Prior - I owe. Do I send check or will IRS still take it ... https://ttlc.intuit.com/community/self-employed-group/discussion/re-duplicate-ssn-return-from-non-filer-prior-i-owe-do-i-send-check-or-will-irs-still-take-it/01/1679363#M1475 No.   If you have already mailed them a check with your payment, you would not want to send them a payment again.   How did you enter your payment information?  Was your return submitted for filing already and rejected?  If so, your payment information would not have been submitted as your return was never filed.     <A href="https://ttlc.intuit.com/community/tax-payments/help/how-can-i-pay-my-federal-taxes/00/26212" target="_blank">Methods to pay your federal taxes</A>   I recommend going back into the File section of the program and change the option from automatic payment to mail your payment in to avoid any issues.   <A href="https://ttlc.intuit.com/community/tax-payments/help/when-will-my-tax-payment-go-through/00/25601" target="_blank">When will your tax payment go through</A> Tue, 14 Jul 2020 14:05:39 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-duplicate-ssn-return-from-non-filer-prior-i-owe-do-i-send-check-or-will-irs-still-take-it/01/1679363#M1475 JotikaT2 2020-07-14T14:05:39Z Why is Turbo Tax calling me at 1:30 in the morning?? https://ttlc.intuit.com/community/self-employed-group/discussion/why-is-turbo-tax-calling-me-at-1-30-in-the-morning/01/1678728#M1474 I asked for a call back at 7pm and Turbo Tax is calling me back at 1:30am.   1) that defies common sense and decency.  2)  I HAVE TO WORK IN THE MORNING.   Tue, 14 Jul 2020 05:06:44 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/why-is-turbo-tax-calling-me-at-1-30-in-the-morning/01/1678728#M1474 TaxHoney 2020-07-14T05:06:44Z Counting begining and ending inventory. https://ttlc.intuit.com/community/self-employed-group/discussion/counting-begining-and-ending-inventory/01/1678153#M1473 my wife makes fused glass items, jewlery and slumped glass bottles all of which are different. Do we just count the total number of items for the purposes of beginning inventory? Im confused.  Tue, 14 Jul 2020 02:23:35 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/counting-begining-and-ending-inventory/01/1678153#M1473 edselg58 2020-07-14T02:23:35Z Qualified Plug-in Electric Drive Motor Vehicle Credit https://ttlc.intuit.com/community/self-employed-group/discussion/qualified-plug-in-electric-drive-motor-vehicle-credit/01/1677730#M1472 Does anyone know why changing the amount of mortgage interest that i am deducting on my schedule E for my rental property causes my Qualified Plug-in Electric Drive Motor Vehicle Credit to change? If i report the true amount of mortgage interest the $7500 credit i am eligible for only gives me about $2300. If I totally remove the mortgage interest it is giving me about $5500 of the $7500. I am not finding the correlation anywhere. This is supposed to be a 7500 deduction dollar for dollar to reduce my taxes owed i thought. i'm no where near 7500 in taxes owed, more like $10K so what am i not able to get the credit im eligible for and what the hell does my rental property have to do with this?? Tue, 14 Jul 2020 00:50:46 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/qualified-plug-in-electric-drive-motor-vehicle-credit/01/1677730#M1472 3linkceo 2020-07-14T00:50:46Z Tie 1095-A to Schedule C? https://ttlc.intuit.com/community/self-employed-group/discussion/tie-1095-a-to-schedule-c/01/1676968#M1471 I'm self employed, purchased a market place health plan for Oct-Dec 2019. I did pay a small portion of the premium. When entering my 1095-A if turns out I need to pay back the 4 months of credits. (was under the impression it only went by my income from the same months...not, calculates your income for the whole year) Anyways, now that I have to pay the credits completely back, how do I deduct the premiums? I used Home & Business and it says I need to y=tie my 1095-A to my schedule C?? Mon, 13 Jul 2020 22:11:28 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/tie-1095-a-to-schedule-c/01/1676968#M1471 Odie63 2020-07-13T22:11:28Z Deducting self employed health care premiums https://ttlc.intuit.com/community/self-employed-group/discussion/deducting-self-employed-health-care-premiums/01/1676918#M1470 I'm self employed, purchased plan health insurance through Marketplace for Oct - Dec 2019. How do I tie my 1095-A to my schedule C so I can deduct for premiums? Mon, 13 Jul 2020 22:01:39 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/deducting-self-employed-health-care-premiums/01/1676918#M1470 Odie63 2020-07-13T22:01:39Z Estimated taxes - for State and Federal? https://ttlc.intuit.com/community/self-employed-group/discussion/estimated-taxes-for-state-and-federal/01/1675920#M1469 I paid my estimated taxes based on the calculation from TurboTax for the print voucher, which I think goes to Federal. Do I have to do anything else for State? Or does that payment cover everything? (I don't believe TurboTax generated a separate estimate for State.) Mon, 13 Jul 2020 18:53:50 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/estimated-taxes-for-state-and-federal/01/1675920#M1469 jmchl5599 2020-07-13T18:53:50Z Re: filing state taxes from abroad https://ttlc.intuit.com/community/self-employed-group/discussion/re-filing-state-taxes-from-abroad/01/1674623#M1468 Thanks for your reply!  Just to be clear I've understood: if I do have a voter registration, or a bank account, or a driver's license (even an expired one?) registered in Ohio, there won't be any kind of penalty for filing as a resident even if I haven't been back to the state for the entire tax year?  Otherwise I'd like to fill out the form you suggest, but unfortunately the link attached doesn't work. Is it because I'm accessing it from overseas? I don't plan on living in India permanently and do plan to return to Ohio, but yes, this is the first year I'll have filed taxes from outside of Ohio.  If you can clarify these things I'd be so appreciative! Mon, 13 Jul 2020 09:24:26 GMT https://ttlc.intuit.com/community/self-employed-group/discussion/re-filing-state-taxes-from-abroad/01/1674623#M1468 kramerlib 2020-07-13T09:24:26Z Como imprimir mis taxes https://ttlc.intuit.com/community/prosperidad-latina/discussion/como-imprimir-mis-taxes/01/1674158#M92 Por favor alguien que me ayude con imprimir mis taxes se me está haciendo imposible hacerlo. Me negaron los taxes por e-file y ahora tengo q enviarlo por correo. Pero no los puedo abrir para imprimir. Como lo hago alguien que me pueda asistir eh intentado todo!  Mon, 13 Jul 2020 02:58:53 GMT https://ttlc.intuit.com/community/prosperidad-latina/discussion/como-imprimir-mis-taxes/01/1674158#M92 Jon12bia 2020-07-13T02:58:53Z

<title>All board posts in Groups</title>

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https://ttlc.intuit.com/community/connect-with-others/discussion/03/311

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<description>All board posts in Groups</description>

<dc:creator>311</dc:creator>

<dc:date>2020-09-14T05:36:24Z</dc:date>

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<title>Re: Stimulus Question</title>

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<A href="https://ttlc.intuit.com/community/tax-topics/help/spouse-claimed-as-a-dependent-box-checked-on-2019-return/01/1702050#M4958" target="_blank">https://ttlc.intuit.com/community/tax-topics/help/spouse-claimed-as-a-dependent-box-checked-on-2019-return/01/1702050#M4958</A>     You do not say why you filed married filing separately.  That is usually the worst way to file.  You could amend one of your returns to change it to a joint return.   If you were legally married at the end of 2019 your filing choices are married filing jointly or married filing separately. Married Filing Jointly is usually better, even if one spouse had little or no income. When you file a joint return, you and your spouse will get the married filing jointly standard deduction of $24,400 (+$1300 for each spouse 65 or older)  You are eligible for more credits including education credits, earned income credit, child and dependent care credit, and a larger income limit to receive the child tax credit.   If you choose to file married filing separately, both spouses have to file the same way—either you both itemize or you both use standard deduction. Your tax rate will be higher than on a joint return. Some of the special rules for filing separately include: you cannot get earned income credit, education credits, adoption credits, or deductions for student loan interest. A higher percent of your Social Security benefits may be taxable. Your limit for SALT (state and local taxes and sales tax) will be only $5000 per spouse. In many cases you will not be able to take the child and dependent care credit. The amount you can contribute to a retirement account will be affected. If you live in a community property state, you will be required to provide additional information regarding your spouse’s income. ( Community property states:  AZ, CA, ID, LA, NV, NM, TX, WA, WI) If  you are using online TurboTax to prepare your returns, you will need to prepare two separate returns and pay twice.   <A href="https://ttlc.intuit.com/questions/1894449-married-filing-jointly-vs-married-filing-separately" target="_blank">https://ttlc.intuit.com/questions/1894449-married-filing-jointly-vs-married-filing-separately</A> <A href="https://ttlc.intuit.com/questions/1901162-married-filing-separately-in-community-property-states" target="_blank">https://ttlc.intuit.com/questions/1901162-married-filing-separately-in-community-property-states</A> <A href="https://ttlc.intuit.com/questions/1894449-is-it-better-for-a-married-couple-to-file-jointly-or-separately" target="_blank">https://ttlc.intuit.com/questions/1894449-is-it-better-for-a-married-couple-to-file-jointly-or-separately</A>

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<dc:creator>xmasbaby0</dc:creator>

<dc:date>2020-09-13T19:29:47Z</dc:date>

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Re: Independent contractor and then full time employee

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-independent-contractor-and-then-full-time-employee/01/1719665#M1565

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In your example.. Does W2 wages mean paid to themselves or workers or does it mean W2 income made outside the business.. If the former , then W2 income outside the business would be zero in calculating excess income? Jack and Jill are joint filers, and here’s the info they’ll need to calculate their QBI deduction:<UL class=""><LI>Total taxable income = $400,000</LI><LI>QBI = $300,000 (and 20% of QBI = $60,000)</LI><LI>W-2 wages paid = $50,000</LI></UL>

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-independent-contractor-and-then-full-time-employee/01/1719665#M1565

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<dc:creator>asquith62</dc:creator>

<dc:date>2020-09-13T13:30:16Z</dc:date>

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<title>Stimulus Question</title>

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https://ttlc.intuit.com/community/prosperidad-latina/discussion/stimulus-question/01/1719664#M95

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I filed my taxes married filing separate and I chose standard deduction using Turbo Tax which picks that my husband can be claim on someone else’s taxes and he did the same. Now we haven’t received the stimulus check due to choosing this particular deduction. We both made less than $45k and the calculator says we aren’t eligible. Can someone explain this for me please? I tried calling the IRS but the wait time is forever. Thank you 🙏

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https://ttlc.intuit.com/community/prosperidad-latina/discussion/stimulus-question/01/1719664#M95

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<dc:creator>Debbie4118</dc:creator>

<dc:date>2020-09-13T13:28:57Z</dc:date>

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Re: Independent contractor and then full time employee

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-independent-contractor-and-then-full-time-employee/01/1719586#M1564

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That link was very useful So QBI will 290kW2 46kInvestment income 80k So going to be messy. Seems hardly worth going back to work for W2 as going to lose deductions

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-independent-contractor-and-then-full-time-employee/01/1719586#M1564

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<dc:creator>asquith62</dc:creator>

<dc:date>2020-09-13T01:39:28Z</dc:date>

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<title>Re: Taxes paid to other states</title>

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-taxes-paid-to-other-states/01/1718520#M1563

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Aha! That key work I missed was "composite". Got it now!

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<dc:creator>Carl</dc:creator>

<dc:date>2020-09-10T02:25:40Z</dc:date>

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<title>Re: Taxes paid to other states</title>

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-taxes-paid-to-other-states/01/1718498#M1562

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<BLOCKQUOTE><HR /><LI-USER uid="9621"></LI-USER> wrote:   ......Looking at the 2019 form 1065-K1 I see no block for taxes paid to any taxing authority.<HR /></BLOCKQUOTE> <LI-USER uid="9621"></LI-USER> The composite returns that are the subject of this thread are filed with the state taxing authority, not the federal.

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<dc:creator>tagteam</dc:creator>

<dc:date>2020-09-10T01:39:45Z</dc:date>

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<title>Re: Taxes paid to other states</title>

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-taxes-paid-to-other-states/01/1718465#M1561

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<LI-USER uid="85"></LI-USER> from testing I did with the 2017 program, if you don't complete the non-resident returns first, there are a number of cases (not in all cases) where the math will be wrong on applying credits to the resident state return, for taxes paid to non-resident states. I am also assuming the poster is completing their personal tax return since my screen shows they're using Home & Business. But after reading through the thread again, I'm wondering precisely "where" as well as why they're trying to enter taxes paid to other states, as I would expect that to be dealt with on the 1065 return "before" the K-1 is issued. I can only surmise they have other income from other states not related to the partnership. Looking at the 2019 form 1065-K1 I see no block for taxes paid to any taxing authority.

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-taxes-paid-to-other-states/01/1718465#M1561

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<dc:creator>Carl</dc:creator>

<dc:date>2020-09-10T00:17:58Z</dc:date>

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<title>Re: Taxes paid to other states</title>

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-taxes-paid-to-other-states/01/1718327#M1560

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<BLOCKQUOTE><HR /><LI-USER uid="2658652"></LI-USER> wrote: This wasn’t the case last year. Has anyone figured out how to get credit for taxes paid to other states on composite returns in the 2019 software? <HR /></BLOCKQUOTE> <LI-USER uid="2658652"></LI-USER>    If your procedure worked properly with the 2018 software, you might want to contact Support and see if they can determine what, if anything, has changed for 2019.   <A href="https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632" target="_blank" rel="noopener">https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632</A>     <LI-USER uid="9621"></LI-USER> The whole concept behind composite returns is they provide a mechanism whereby the individual partners do not have to file nonresident returns in multiple states.

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-taxes-paid-to-other-states/01/1718327#M1560

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<dc:creator>tagteam</dc:creator>

<dc:date>2020-09-09T21:11:18Z</dc:date>

</item>

<item>

<title>Re: Taxes paid to other states</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-taxes-paid-to-other-states/01/1718313#M1559

</link>

When completing tax returns for multiple states, you ***MUST*** complete all non-resident state returns first, and complete the resident state return last. That's the only way possible the program can correctly deal with reciprical tax agreements between states, and work out the property credit on your state resident tax return.

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-taxes-paid-to-other-states/01/1718313#M1559

</guid>

<dc:creator>Carl</dc:creator>

<dc:date>2020-09-09T17:50:41Z</dc:date>

</item>

<item>

<title>Re: Gig work taxes</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-gig-work-taxes/01/1717738#M1558

</link>

You can expect to pay self-employment tax for Social Security and Medicare from your self-employment income, as well as ordinary income tax.     <A href="https://www.calcxml.com/calculators/self-employment-tax-calculator" target="_blank">https://www.calcxml.com/calculators/self-employment-tax-calculator</A>     (non-TT site)   <A href="https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs" target="_blank">https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs</A>     <A href="https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes" target="_blank">https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes</A>   <A href="https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922" target="_blank">https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922</A>   <A href="https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax" target="_blank">https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax</A>     <A href="https://ttlc.intuit.com/questions/2903027-how-do-i-report-income-from-self-employment" target="_blank">https://ttlc.intuit.com/questions/2903027-how-do-i-report-income-from-self-employment</A>   <A href="https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct" target="_blank">https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct</A>

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-gig-work-taxes/01/1717738#M1558

</guid>

<dc:creator>xmasbaby0</dc:creator>

<dc:date>2020-09-08T12:54:48Z</dc:date>

</item>

<item>

<title>Gig work taxes</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/gig-work-taxes/01/1717689#M1557

</link>

I have a full time W2 job but just started doing Instacart on the side. How do I go about estimating and paying taxes quarterly with documenting for expenses? I don’t want to increase the withholding on my full time job, and would just prefer to pay the gig taxes quarterly.

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/gig-work-taxes/01/1717689#M1557

</guid>

<dc:creator>User8877</dc:creator>

<dc:date>2020-09-08T02:13:40Z</dc:date>

</item>

<item>

<title>

Re: Independent contractor and then full time employee

</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-independent-contractor-and-then-full-time-employee/01/1717489#M1556

</link>

Hmmmmm,  let me try again<A href="https://ttlc.intuit.com/community/credits-and-deductions/help/what-is-the-qualified-business-income-qbi-deduction/00/27455" target="_self">https://ttlc.intuit.com/community/credits-and-deductions/help/what-is-the-qualified-business-income-qbi-deduction/00/27455</A>

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-independent-contractor-and-then-full-time-employee/01/1717489#M1556

</guid>

<dc:creator>VolvoGirl</dc:creator>

<dc:date>2020-09-07T15:44:52Z</dc:date>

</item>

<item>

<title>

Re: Independent contractor and then full time employee

</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-independent-contractor-and-then-full-time-employee/01/1717486#M1555

</link>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-independent-contractor-and-then-full-time-employee/01/1717486#M1555

</guid>

<dc:creator>asquith62</dc:creator>

<dc:date>2020-09-07T15:27:59Z</dc:date>

</item>

<item>

<title>Taxes paid to other states</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/taxes-paid-to-other-states/01/1717375#M1554

</link>

I am a partner in a partnership. The partnership files a composite tax return in 10 states and I file in my resident state of Ohio. I am trying to enter taxes paid to other states for my Ohio return. TT won’t save the information unless I file a state return through them. It says to file a return before I enter the info.  This wasn’t the case last year. Has anyone figured out how to get credit for taxes paid to other states on composite returns in the 2019 software?

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/taxes-paid-to-other-states/01/1717375#M1554

</guid>

<dc:creator>Dwallace52</dc:creator>

<dc:date>2020-09-07T00:06:28Z</dc:date>

</item>

<item>

<title>

Re: Independent contractor and then full time employee

</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-independent-contractor-and-then-full-time-employee/01/1716612#M1553

</link>

You don't need to have employees.  You can even get it if you have Schedule K-1 income.<A href="https://ttlc.intuit.com/community/credits-and-deductions/help/what-is-the-qualified-business-income-qbi-deduction/00/27455 " target="_blank">https://ttlc.intuit.com/community/credits-and-deductions/help/what-is-the-qualified-business-income-qbi-deduction/00/27455 </A>

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-independent-contractor-and-then-full-time-employee/01/1716612#M1553

</guid>

<dc:creator>VolvoGirl</dc:creator>

<dc:date>2020-09-04T16:21:11Z</dc:date>

</item>

<item>

<title>Re: Sales Tax for Single Member LLC</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-sales-tax-for-single-member-llc/01/1716611#M1552

</link>

Income tax and sales tax are two physically separate and different tax types. You should contact the authority whom you registered your business with, for information on how to pay sales tax. TurboTax only deals with income tax.

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-sales-tax-for-single-member-llc/01/1716611#M1552

</guid>

<dc:creator>Carl</dc:creator>

<dc:date>2020-09-04T16:18:30Z</dc:date>

</item>

<item>

<title>

Re: Independent contractor and then full time employee

</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-independent-contractor-and-then-full-time-employee/01/1716606#M1551

</link>

I understand i get a 20 pct business deduction as independent contractor. It's my understanding that's only if you have employees. Since your SCH C business is a disregarded entity, you can not be an employee yourself. But if you had other employees, it's based on a number of factors including your "taxable" business income. Should i say that my independent contractor business ended 31 December or put at end of contract. Your business ended the day it ended. Period. If that was at the end of a contract, then that's it. Closed SCH C Business You need to report your business as "sold or otherwise disposed of". Start working through your business "as if" you still own it. On the 2nd or 3rd screen in select the option for "I sold, closed or otherwise disposed of this business in 2019". If prompted for the date, enter the day after you last day of business in 2019. If your business had no income in the tax year, you can not leave the business income section blank. You 'must' enter a digit, even if that digit is a ZERO. If you had no business expenses, then you can leave that blank and don't even have to work that section through, if you don't want to. If your business carried an inventory, the end of year (EOY) inventory must be zero. If it's not, then in the COGS section (Inventory/Cost of Goods Sold) indicate that you removed the entire remaining inventory for personal use. That effectively makes your EOY inventory balance, zero. If your business had assets, then you must show the disposition of those assets. In the Business Assets section work through each individual asset on at a time, and select YES on the screen, "DId you stop using this asset in 2018?". Then on the next screen, "Special Handling Required?" if you sold the asset, select no and you will be prompted for your sales information on that specific asset. If you did NOT sell the asset, click the YES button. You must do this for each individual asset listed, even if it's already fully depreciated. If you claimed any vehicle expenses in your business at any time from the day you opened your business, then you must most show the disposition of that vehicle. Work through the Business Vehicle Expenses section and indicate that you stopped using that asset in the business, when prompted. Then show your disposition of that vehicle. Most likely, you'll indicate that it was removed for personal use. Once you have done all the above, that will make the 2019 tax year the last year you will file a SCH C for this specific business.

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-independent-contractor-and-then-full-time-employee/01/1716606#M1551

</guid>

<dc:creator>Carl</dc:creator>

<dc:date>2020-09-04T16:14:03Z</dc:date>

</item>

<item>

<title>

Re: Cannot login because it thinks I want to Free File

</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-cannot-login-because-it-thinks-i-want-to-free-file/01/1716495#M1550

</link>

Follow these steps to switch from the TurboTax IRS Free File Program to get to regular paid Online TurboTax.  It should allow you to keep your same account and already-entered info. <UL><LI>First log out of all Intuit accounts. </LI><LI>Delete your browser Internet cache and any Intuit-related cookies.</LI><LI>Close your browser and reopen it.</LI><LI>Go to this page  <A href="https://turbotax.intuit.com/personal-taxes/compare/online/" target="_blank" rel="noopener nofollow noopener noreferrer noopener noreferrer noopener noreferrer">https://turbotax.intuit.com/personal-taxes/compare/online/</A></LI><LI>When you arrive there, do NOT sign in yet.</LI><LI>Choose the product you want to use like you hadn't even started a return before, and click on "Start for Free".</LI><LI>It will ask how you did your taxes last year.  Say "TurboTax", and then it will ask you to sign in.</LI><LI>When you log in, it should recognize you were using the IRS Free File Program and should ask you if you want to switch to a TurboTax commercial product and not use the IRS Free File Program anymore.   Say "yes".</LI><LI>Hopefully, that will put you back in regular Online TurboTax while keeping your originally-entered info.</LI></UL>

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-cannot-login-because-it-thinks-i-want-to-free-file/01/1716495#M1550

</guid>

<dc:creator>mesquitebean</dc:creator>

<dc:date>2020-09-04T07:46:44Z</dc:date>

</item>

<item>

<title>Cannot login because it thinks I want to Free File</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/cannot-login-because-it-thinks-i-want-to-free-file/01/1716481#M1549

</link>

Free File has put me in an endless loop unable to file. I can’t log into TurboTax as it kicks me out immediately telling me to Free File on the web. And the that web page kicks me out because I don’t qualify to Free File. And apparently there is no online support for TurboTax, so while I’m stuck overseas they want me to call a US toll free number in the middle of the night!

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/cannot-login-because-it-thinks-i-want-to-free-file/01/1716481#M1549

</guid>

<dc:creator>iilucky</dc:creator>

<dc:date>2020-09-04T05:29:13Z</dc:date>

</item>

<item>

<title>Re: Question on LLC/SCorp Tax Returns</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-question-on-llc-scorp-tax-returns/01/1716233#M1548

</link>

<description>Great thanks!</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-question-on-llc-scorp-tax-returns/01/1716233#M1548

</guid>

<dc:creator>DapperBK</dc:creator>

<dc:date>2020-09-03T17:01:31Z</dc:date>

</item>

<item>

<title>Re: Question on LLC/SCorp Tax Returns</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-question-on-llc-scorp-tax-returns/01/1716227#M1547

</link>

<BLOCKQUOTE><HR /><LI-USER uid="1251038"></LI-USER> wrote: ....(basically I enter total amounts for the SCorp since there is no separate income/expense breakout  for each DBA?) and that is how its reported? <HR /></BLOCKQUOTE> Yes, that is how it is reported on the federal income tax return (Form 1120-S).

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-question-on-llc-scorp-tax-returns/01/1716227#M1547

</guid>

<dc:creator>tagteam</dc:creator>

<dc:date>2020-09-03T16:59:28Z</dc:date>

</item>

<item>

<title>Re: Question on LLC/SCorp Tax Returns</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-question-on-llc-scorp-tax-returns/01/1716224#M1546

</link>

Great thanks, I will be sure to separate each DBA using a comma. Having said that I assume that all the expenses/income for all three DBAs are basically rolled up into the SCorp when I enter the information in the various screens (basically I enter total amounts for the SCorp since there is no separate income/expense breakout  for each DBA?) and that is how its reported?

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-question-on-llc-scorp-tax-returns/01/1716224#M1546

</guid>

<dc:creator>DapperBK</dc:creator>

<dc:date>2020-09-03T16:53:43Z</dc:date>

</item>

<item>

<title>Re: Question on LLC/SCorp Tax Returns</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-question-on-llc-scorp-tax-returns/01/1716214#M1545

</link>

<BLOCKQUOTE><HR /><LI-USER uid="1251038"></LI-USER> wrote: When I first start the return as an "S-Corp" in the program, it asks for the name of the S-Corporation name and the for the DBA name. Now the thing is we have three DBA.... <HR /></BLOCKQUOTE> The DBA you enter in the program only gets transferred to the Information Worksheet (and, possibly, a state return, if required); it is not transferred to your 1120-S from the DBA line.   You can enter as many DBAs as you have (preferably separated by a comma, dash, or some other form of punctuation) so that the DBAs are transferred to the worksheet.   Generally, some states require registration when a company or individual is doing business in a name other than the company name or the name of the individual.

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-question-on-llc-scorp-tax-returns/01/1716214#M1545

</guid>

<dc:creator>tagteam</dc:creator>

<dc:date>2020-09-03T16:40:47Z</dc:date>

</item>

<item>

<title>Question on LLC/SCorp Tax Returns</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/question-on-llc-scorp-tax-returns/01/1716194#M1544

</link>

Have a question as I go through everything this is in regards to TurboTax Business 2019: 1- We started a multi-member (wife and I, both own 50% equal shares) LLC incorporated in Delaware (we live in NYC), we also elected to be treated as an S-Corp by the IRS. When I first start the return as an "S-Corp" in the program, it asks for the name of the S-Corporation name and the for the DBA name. Now the thing is we have three DBAs, should I just enter one of them here? should I enter all of them separated by a comma? Where can I enter more than one DBA? I dont see it anywhere in the program

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/question-on-llc-scorp-tax-returns/01/1716194#M1544

</guid>

<dc:creator>DapperBK</dc:creator>

<dc:date>2020-09-03T16:08:59Z</dc:date>

</item>

<item>

<title>

Re: Single member LLC, no employees, should I elect S-corp tax treatment?

</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-single-member-llc-no-employees-should-i-elect-s-corp-tax-treatment/01/1715994#M1543

</link>

Hi! Yes, I do have a separate W2 job that is full time.  I am setting up an LLC for side business as a consultant. I would like to "pay" myself only if I actually make money in the LLC. Of course, if it works out more beneficial from a tax perspective as a S-corp tax election to pay myself a regular salary, I would.  My concern is can I save taxes with an S-corp election while keeping the liability separate in an LLC?  I will set up separate bank and credit card acc's of course. I am a NYC resident in case that matters and I hope to make a total AGI of over $250k. Thank you!

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-single-member-llc-no-employees-should-i-elect-s-corp-tax-treatment/01/1715994#M1543

</guid>

<dc:creator>evgirl</dc:creator>

<dc:date>2020-09-02T22:11:02Z</dc:date>

</item>

<item>

<title>Independent contractor and then full time employee</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/independent-contractor-and-then-full-time-employee/01/1715863#M1542

</link>

So made around 290k as independent contractor which ended end August. Now got a normal job.. Calculated my SSA and Medicare taxes off that income  So took the max 63.5k as deduction for 401k (employee and employer) and assume can write off medical expenses until end August. I understand i get a 20 pct business deduction as independent contractor.  Is that based on gross income or after deductions.. Also seems there are income limits for the 20 pct deduction and does the fact I only worked 8 months as an IC matter?   Should i say that my independent contractor business ended 31 December or put at end of contract.

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/independent-contractor-and-then-full-time-employee/01/1715863#M1542

</guid>

<dc:creator>asquith62</dc:creator>

<dc:date>2020-09-02T18:31:41Z</dc:date>

</item>

<item>

<title>Re: 2 DBA names under same EIN number</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-2-dba-names-under-same-ein-number/01/1715652#M1541

</link>

You would only need to file multiple Schedules C if you owned more than one business, not if the same business activity has more than one location.   See <A href="https://www.irs.gov/instructions/i1040sc#idm140229426651824" target="_blank">https://www.irs.gov/instructions/i1040sc#idm140229426651824</A>

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-2-dba-names-under-same-ein-number/01/1715652#M1541

</guid>

<dc:creator>tagteam</dc:creator>

<dc:date>2020-09-02T03:38:42Z</dc:date>

</item>

<item>

<title>2 DBA names under same EIN number</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/2-dba-names-under-same-ein-number/01/1715649#M1540

</link>

I am a Sole Proprietorship with 2 DBA names under the same EIN number.  I recently expanded the business by adding another location and filed a new DBA name for the new location. So my question is when file the personal tax return, can I combine both locations income & expense reported under one Schedule C or I need to report 2 separate Schedule C. The activity of both locations are the same but they just run under a different DBAs.  Thanks

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/2-dba-names-under-same-ein-number/01/1715649#M1540

</guid>

<dc:creator>Koey</dc:creator>

<dc:date>2020-09-02T03:24:19Z</dc:date>

</item>

<item>

<title>

Re: Single member LLC, no employees, should I elect S-corp tax treatment?

</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-single-member-llc-no-employees-should-i-elect-s-corp-tax-treatment/01/1715601#M1539

</link>

The owner of a single member LLC does not, under any circumstances and with no exceptions, issue themselves any type of tax reporting document, be it a W-2, 1099-MISC or anything else. There are no exceptions. If you elect to file IRS Form 2553 to have your single member LLC treated like an S-Corp, understand that this would be for *TAX* *PURPOSES* *ONLY* and absolutely nothing else. So what tax benefit are you expecting to get by doing that? That is not a rehtorical question either. There very well could be valid reasons. If so, then what are your reasons? Now take note that if you elect to have the IRS treat your LLC "like an S-Corp", then as are as the IRS is concerned, it ***IS*** an S_Corp. Of couse, the owner of an S-Corp *can* also be a W-2 employee of that business. But understand this:  - If you want the IRS to treat your business like an S-Corp, then you business must "act" like an S-Corp. That means the business must follow all federal and state laws, rules and regulations that apply to an S-Corp. Failure to do so will result in penalties that *will* be steep.  - Keeping in mind that the S_Corp election is for tax purposes only, if someone sues you that S-Corp election will not provide you any protection for your personal assets. Remember, the S-Corp election is for "Tax Purposes Only", and nothing else. So a state judge presiding over a suit against you is not bound by any law to treat your business like an S-Corp, but may instead treat it like the disregarded entity it is when dealing with legal matters having nothing to do with taxes. So if you "really" need to protect your personal assets from potential legal action against you, then you should register your business "as" an S-Corp and ensure that any and all business assets are actually owned by the S_Corp, and not by you. Personal assets being used by an S_Corp in the production of income can open the pathway to your personal assets for a claimant pursuing legal action against you. IN other words, you need to seek professional help if you can't make an informed and educated decision on your own, on what is best for *YOU*.

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-single-member-llc-no-employees-should-i-elect-s-corp-tax-treatment/01/1715601#M1539

</guid>

<dc:creator>Carl</dc:creator>

<dc:date>2020-09-02T00:27:47Z</dc:date>

</item>

<item>

<title>

Re: Single member LLC, no employees, should I elect S-corp tax treatment?

</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-single-member-llc-no-employees-should-i-elect-s-corp-tax-treatment/01/1715591#M1538

</link>

What payroll taxes do you pay if you have no employees?  Do you also have a separate W2 job?

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-single-member-llc-no-employees-should-i-elect-s-corp-tax-treatment/01/1715591#M1538

</guid>

<dc:creator>VolvoGirl</dc:creator>

<dc:date>2020-09-02T00:09:49Z</dc:date>

</item>

<item>

<title>

Single member LLC, no employees, should I elect S-corp tax treatment?

</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/single-member-llc-no-employees-should-i-elect-s-corp-tax-treatment/01/1715589#M1537

</link>

<DIV class="sh-addDetailsQuestion-2ct3Q">Single member LLC. Should I elect S-corp tax treatment or just keep it as a standard SMLLC? I would be a consultant and have no employees. I already pay payroll taxes and make $250k. </DIV>

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/single-member-llc-no-employees-should-i-elect-s-corp-tax-treatment/01/1715589#M1537

</guid>

<dc:creator>evgirl</dc:creator>

<dc:date>2020-09-02T00:07:50Z</dc:date>

</item>

<item>

<title>Re: conversion to Roth IRA and income tax</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713452#M1536

</link>

Got it. I don't want to add another $5,000 to make up for my original Roth IRA contribution, though.

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713452#M1536

</guid>

<dc:creator>cspyon1</dc:creator>

<dc:date>2020-08-27T08:58:20Z</dc:date>

</item>

<item>

<title>Re: conversion to Roth IRA and income tax</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713451#M1535

</link>

The taxable DISTRIBUTION is still 25,000.  The transfer is only 20,000.  But you can add back in the 5,000 with your own money from your checking account, etc.  to replace the 5,000 so the whole 25,000 gets into the ROTH IRA.   I think you have 60 days to make the deposit.

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713451#M1535

</guid>

<dc:creator>VolvoGirl</dc:creator>

<dc:date>2020-08-27T03:35:33Z</dc:date>

</item>

<item>

<title>Re: conversion to Roth IRA and income tax</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713450#M1534

</link>

When I fill out the online form on this transfer to Roth IRA, I see three options:1) default federal tax (20%) 2) fixed percent (must be above 20%)3)do not withhold taxesSo, when I asked my pension compay, they say if I choose 1), the ACTUAL l amount to transfer to my Roth IRA is $20,000 ( $5,000 withheld).This is where I got confused. According to your explanation, my pension company withholds $5,000 to pay for federal taxes later, but the actual amount to transfer to Roth IRA  is still $25,000, not $20,000 now?

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713450#M1534

</guid>

<dc:creator>cspyon1</dc:creator>

<dc:date>2020-08-27T03:29:52Z</dc:date>

</item>

<item>

<title>Re: conversion to Roth IRA and income tax</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713445#M1533

</link>

Oh and you are not paying the federal tax now.  You are having withholding taken out like from your paychecks.  It is just an estimate to cover the actual tax calculated on your tax return.  Then you get credit for the withholding taken out.

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713445#M1533

</guid>

<dc:creator>VolvoGirl</dc:creator>

<dc:date>2020-08-27T03:08:18Z</dc:date>

</item>

<item>

<title>Re: conversion to Roth IRA and income tax</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713443#M1532

</link>

Right.  Now you're getting it.  See my post above.

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713443#M1532

</guid>

<dc:creator>VolvoGirl</dc:creator>

<dc:date>2020-08-27T03:04:38Z</dc:date>

</item>

<item>

<title>Re: conversion to Roth IRA and income tax</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713438#M1531

</link>

So, even if I pay 20% federal tax now, do you mean I still have to pay the tax for $25,000, not $20,000? What's the point of paying the tax now?

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713438#M1531

</guid>

<dc:creator>cspyon1</dc:creator>

<dc:date>2020-08-27T02:56:23Z</dc:date>

</item>

<item>

<title>Re: conversion to Roth IRA and income tax</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713437#M1530

</link>

The point is so you don't end up owing a lot on your tax return. You can owe an underpayment penalty if you owe too much on your tax return like 1,000 or more. If you have withholding taken out you can add it back into the ROTH IRA contribution deposit from your own other money to replace it.  So you can still deposit the full 25,000.

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713437#M1530

</guid>

<dc:creator>VolvoGirl</dc:creator>

<dc:date>2020-08-27T02:56:23Z</dc:date>

</item>

<item>

<title>Re: conversion to Roth IRA and income tax</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713436#M1529

</link>

In that case, I pay $5000 tax upfront, and get taxed again for the $25,000 when the actual contribution to Roth IRA is $20,000? What's the point of paying the tax upfront then?Isn't it more wise for me to wait until the tax filing?

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713436#M1529

</guid>

<dc:creator>cspyon1</dc:creator>

<dc:date>2020-08-27T02:51:55Z</dc:date>

</item>

<item>

<title>Re: conversion to Roth IRA and income tax</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713432#M1528

</link>

You are confused.   The taxable income for the 401(k) distribution is the amount of the distribution period.   It makes no difference whatsoever if part of that is withheld for tax or not - the amount withheld for tax is also taxable income.    Either way, if you have a $25,000 distribution  then $25,000 will be added to your AGI as taxable income.       The difference is if you have $5,000 withheld for tax then only $20,000 can go to the IRA to grow, but if you can pay the tax form other funds then the entire $25,000 can grow int he IRA.   That is an *investment* decision that you must make and has nothing to do whatsoever with the taxable amount of the distribution.   If you thought that the tax withholding was not taxable (meaning that if you took a $25,000 distribution and had $5,000 withheld for tax so only $20,000 would be taxable) then  you are wrong.  The entire amount of the $25,000 distribution is taxable reguardless of what you do with the money - spend it, invest it, or use it to pay your tax.  It cam from the 401(k) so it is taxable.   The only way to avoid the tax is to roll the 401(k) into a Traditional IRA and not convert it to a Roth IRA.

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713432#M1528

</guid>

<dc:creator>macuser_22</dc:creator>

<dc:date>2020-08-27T02:42:30Z</dc:date>

</item>

<item>

<title>Re: conversion to Roth IRA and income tax</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713425#M1527

</link>

One thing you missed is in both scenarios you took out 25,000.  25,000 is added to your income.  It's not how much you contribute to the ROTH IRA but the total withdrawal whether you take out withholding or not.  So your income is 55,000 both times.

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713425#M1527

</guid>

<dc:creator>VolvoGirl</dc:creator>

<dc:date>2020-08-27T02:22:04Z</dc:date>

</item>

<item>

<title>Re: conversion to Roth IRA and income tax</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713416#M1526

</link>

Okay, for the sake of calculation, let me put it this way.If I pay 20% federal tax of $25,000, it's $5,000.Say I add this amount to my estimated income of $30,000, for example.  Now, it's $55,000.As I pay the federal tax upfront, the actual amount to convert to Roth IRA is $20,000.Then, my total estimated income is $50,000, which puts me in the 12% federal tax bracket.Here, my tax is $6,000 ($50,000 divided by 0.12).  But as I have paid $2,000 upfront in federal taxes,the total taxes I would pay would be $8,000.Now, let me withhold the federal tax and add the whole contribution ($25,000) to my estimated income.It's now $55,000, which puts me in the 12% federal tax bracket.So, 12% of $55,000 (assuming I withhold the federal tax) is $6,600.In other words, $8,000 vs $6,600, to put it simply. Withholding is more beneficial to me, isn't it?Am I right or wrong?

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713416#M1526

</guid>

<dc:creator>cspyon1</dc:creator>

<dc:date>2020-08-27T01:46:14Z</dc:date>

</item>

<item>

<title>Re: conversion to Roth IRA and income tax</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713397#M1525

</link>

<LI-USER uid="2637712"></LI-USER> - You asked the same question here and it was fully answered and discussed.  What do you not understand?   <A href="https://ttlc.intuit.com/community/retirement/discussion/re-tax-implications-on-the-conversion-of-traditional-ira-to-roth-ira/01/1710805#M111403" target="_blank" rel="noopener">https://ttlc.intuit.com/community/retirement/discussion/re-tax-implications-on-the-conversion-of-traditional-ira-to-roth-ira/01/1710805#M111403</A>

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-conversion-to-roth-ira-and-income-tax/01/1713397#M1525

</guid>

<dc:creator>macuser_22</dc:creator>

<dc:date>2020-08-27T01:08:56Z</dc:date>

</item>

<item>

<title>Roth IRA and income tax</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/roth-ira-and-income-tax/01/1713389#M1524

</link>

I would like to double-check with you on this, though I asked some of you before.To put it simply, I'm going to transfer $25,000 from my retirement plans (401K) to Roth IRA.I've got two options: 20% federal tax now or withholding it until the tax-filing time next spring. The thing is even with the addition of $25,000 to my annual income, I'm still in the 12% federal tax brackets. Do you think I can get more benefits from paying the tax later (in the 12% brackets) than paying the federal tax (20%)?

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/roth-ira-and-income-tax/01/1713389#M1524

</guid>

<dc:creator>cspyon1</dc:creator>

<dc:date>2020-08-27T01:48:15Z</dc:date>

</item>

<item>

<title>Re: Sales Tax for Single Member LLC</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-sales-tax-for-single-member-llc/01/1712771#M1523

</link>

TurboTax is income tax self-preparation software.  It does not support reporting sales taxes to your state.   California Department of Tax and Fee Administration - <A href="https://www.cdtfa.ca.gov/services/#File-a-Return" target="_blank">https://www.cdtfa.ca.gov/services/#File-a-Return</A>   Sales tax return for California - <A href="https://www.cdtfa.ca.gov/formspubs/cdtfa401a.pdf" target="_blank">https://www.cdtfa.ca.gov/formspubs/cdtfa401a.pdf</A>

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-sales-tax-for-single-member-llc/01/1712771#M1523

</guid>

<dc:creator>DoninGA</dc:creator>

<dc:date>2020-08-25T18:52:20Z</dc:date>

</item>

<item>

<title>Sales Tax for Single Member LLC</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/sales-tax-for-single-member-llc/01/1712759#M1522

</link>

Does anyone know how I would report and pay my sales tax owed to my state? Form 568(California) doesn’t provide any location to document Sales tax and I’m a bit out of answers short of getting a tax man. This doesn’t seem to be a strong suite for Turbo Tax. Would appreciate any help!

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/sales-tax-for-single-member-llc/01/1712759#M1522

</guid>

<dc:creator>Jsauced6</dc:creator>

<dc:date>2020-08-25T18:27:41Z</dc:date>

</item>

<item>

<title>Re: synching 2 intuit accounts</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-synching-2-intuit-accounts/01/1712690#M1521

</link>

Ok, you state that I will have to transfer my information. I am cool with that. How do I do that. I have been a mint user for years (going back to like 2008). I am happy to extract all of that information and port it over to my unified account. I also have a neat.com account that Intuit seems to have purchased at some point. I would like to have that account moved as well. I just want to have a unified account for all of my intuit products and a path to make that happen with out loosing all of my historical data. Please point me in the direction that allows me to transfer my data as was suggested.

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-synching-2-intuit-accounts/01/1712690#M1521

</guid>

<dc:creator>baldnva</dc:creator>

<dc:date>2020-08-25T16:45:17Z</dc:date>

</item>

<item>

<title>S Corp Accountable Plan Using Auto Depreciation</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/s-corp-accountable-plan-using-auto-depreciation/01/1710237#M1520

</link>

I am an sole member LLC being treated as an S-Corp for tax purposes. I use a documented accountable plan to reimburse myself for business expenses such as mileage. I bought a new car in Nov 2019 (Personal vehicle) and used mileage for 2019. I know if I was not doing the S-corp I could use actual expenses and depreciation. Is it possible to use the business % of actual expenses and car depreciation instead of mileage for 2020 if it would be more advantageous and what car depreciation method would I use ? Thx

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/s-corp-accountable-plan-using-auto-depreciation/01/1710237#M1520

</guid>

<dc:creator>horseandelephant</dc:creator>

<dc:date>2020-08-18T22:41:05Z</dc:date>

</item>

<item>

<title>

Re: My Sister Filed for My Two Kids and Kept Stimulus Check

</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-my-sister-filed-for-my-two-kids-and-kept-stimulus-check/01/1709404#M1519

</link>

In order for your sister to legally claim your children as dependents, two major criteria would need to be met. 1) The children lived in her household for the entire year- every single day. 2) Your sister provided more than half of their support for the entire year - every single day of it. Now you can't just "let" someone else claim your kids. They actually have to qualify. I can see this possibility if you were not employed, or did not make enough money to have provided your own support for the entire year, or that of your children for the entire year. So if that's the case, then there's nothing illegal here and nothing you can do about it. Also understand that it's your 2020 return, and *NOT* your 2019 or earlier return that will be the "FINAL" deciding factor on weather or not you get the stimulus for the children. So amending your 2019 tax return is an absolute waste of time and will definitely raise flags at the IRS with a high potential of both you and your sister being audited. When you file your 2020 tax return next year, that return will be the "FINAL" deciding factor on weather you get the stimulus or not. So if you have the income in 2020 *AND* you actually supported your children (and not your sister) when you claim your children as dependents onyour 2020 tax return, you will get any stimulus payment you are due, then and not before. As for your sister having to pay it back, that's not your problem or issue.

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-my-sister-filed-for-my-two-kids-and-kept-stimulus-check/01/1709404#M1519

</guid>

<dc:creator>Carl</dc:creator>

<dc:date>2020-08-17T01:46:23Z</dc:date>

</item>

<item>

<title>

Re: My Sister Filed for My Two Kids and Kept Stimulus Check

</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-my-sister-filed-for-my-two-kids-and-kept-stimulus-check/01/1709306#M1518

</link>

Do you all live with her?  She probably isn't qualified to claim your kids.  You can't just let someone claim your children.  They have to actually qualify as her dependents.   You should claim them all on your return.  You might want to amend your return to add them.   You might be able to get the Stimulus money for them when you file your 2020 return next year.   Rules to claim a dependent<A href="https://turbotax.intuit.com/tax-tips/family/rules-for-claiming-a-dependent-on-your-tax-return/L8LODbx94" target="_blank">https://turbotax.intuit.com/tax-tips/family/rules-for-claiming-a-dependent-on-your-tax-return/L8LODbx94</A>

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-my-sister-filed-for-my-two-kids-and-kept-stimulus-check/01/1709306#M1518

</guid>

<dc:creator>VolvoGirl</dc:creator>

<dc:date>2020-08-16T20:38:44Z</dc:date>

</item>

<item>

<title>

My Sister Filed for My Two Kids and Kept Stimulus Check

</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/my-sister-filed-for-my-two-kids-and-kept-stimulus-check/01/1709303#M1517

</link>

Hi, I'm A Mother Of Three, I am the sole provider for my three kids and ave been since day one. I let my sister file for my kids and Then in Januray turbo tax was giving me an issue because I didn't know my AGI number. It was only in April when I figured out my AGI but by this time Coronavirus hit, to make a long story short my sister got an extra 1,000 from the check and even though she knew I was facing homelessness she literally kept the 1,000 dollars and does not intend on giving it to me, now with this next one coming up I really need to know what I can do because this stimulus check can change everything for me, in a good way. I don't have money for my phone bill or even internet at this time so I was wondering if anyone may have any advice as to how I can get my kids stimulus check since I AM THE ONE TAKING CARE OF THEM. She had the nerve to get mad and act like a victum calling me ungrateful?? It weird I haven't asked her for a penny of the income tax she got from my kids which was $5,107 dollars. PLUS shes a truck driver so she still is working as we speak. I just need help I feel f**ked over

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/my-sister-filed-for-my-two-kids-and-kept-stimulus-check/01/1709303#M1517

</guid>

<dc:creator>Min1542</dc:creator>

<dc:date>2020-08-16T20:32:22Z</dc:date>

</item>

<item>

<title>

Re: are currency conversion losses a business expense?

</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-are-currency-conversion-losses-a-business-expense/01/1705674#M1516

</link>

I believe I would be getting a 1099k based on the exchange rate at the time of receiving the foreign currency. Then you have no loss to claim - but you do have income to report, which will be the U.S. dollar amount reported on the 1099-K. Even if the rate was better for you at the time of billing, it doesn't matter. You flat out can not deduct from your taxable income, that which you never received or paid taxes on in the first place. You claim as income the *exact* amount reported on the 1099-K. No more. No less. No exceptions.

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-are-currency-conversion-losses-a-business-expense/01/1705674#M1516

</guid>

<dc:creator>Carl</dc:creator>

<dc:date>2020-08-07T19:25:25Z</dc:date>

</item>

<item>

<title>Re: Sales tax</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-sales-tax/01/1704271#M1515

</link>

Sales tax and income tax are two different things. TurboTax does not deal with sales tax. Typically a sales tax is charged by the state. But entities below the state level can also impose sales taxes. For example, in addition to the state sales tax there can also be a county sales tax or city sales tax. You should have been provided this information when you registered your business with your state and local taxing authorities. So if you no longer hae that information you'll need to contact your local taxing authorities for guidance.

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-sales-tax/01/1704271#M1515

</guid>

<dc:creator>Carl</dc:creator>

<dc:date>2020-08-05T13:13:34Z</dc:date>

</item>

<item>

<title>Re: Sale income</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-sale-income/01/1703822#M1514

</link>

I have to assume you sold an item of some sort (e.g., from inventory). In that event:   Gross Revenue/Sales: $3,000 LESS cost of item: $2,500 EQUALS Gross Profit/Income: $500 LESS eBay fees (expense): $300 EQUALS Net Profit: $200     Refer to Schedule C (link below) if you are in business.   <A href="https://www.irs.gov/pub/irs-pdf/f1040sc.pdf" target="_blank">https://www.irs.gov/pub/irs-pdf/f1040sc.pdf</A>

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-sale-income/01/1703822#M1514

</guid>

<dc:creator>tagteam</dc:creator>

<dc:date>2020-08-04T16:21:43Z</dc:date>

</item>

<item>

<title>Re: Sales tax</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-sales-tax/01/1703812#M1513

</link>

Sales taxes are by state.  They are not reported on an income tax return. You would have to contact your state tax agency for how to report the sales taxes you collected on your sales.

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-sales-tax/01/1703812#M1513

</guid>

<dc:creator>DoninGA</dc:creator>

<dc:date>2020-08-04T16:10:35Z</dc:date>

</item>

<item>

<title>Sales tax</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/sales-tax/01/1703811#M1512

</link>

If I charged sales tax on an eBay sale, when do I pay the government those taxes? Should I do it right away, or do I do it when I file my taxes the following year?

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/sales-tax/01/1703811#M1512

</guid>

<dc:creator>abrooks1010</dc:creator>

<dc:date>2020-08-04T16:09:05Z</dc:date>

</item>

<item>

<title>Sale income</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/sale-income/01/1703770#M1511

</link>

If I make a sale of $3000, and $500 is profit on an eBay sale but $300 goes to the eBay fee, is my profit still $500 or is it $200? And which would I claim as income?

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/sale-income/01/1703770#M1511

</guid>

<dc:creator>abrooks1010</dc:creator>

<dc:date>2020-08-04T15:24:26Z</dc:date>

</item>

<item>

<title>

Re: are currency conversion losses a business expense?

</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-are-currency-conversion-losses-a-business-expense/01/1702032#M1509

</link>

Thank you for your help, unfortunately I believe I would be getting a 1099k based on the exchange rate at the time of receiving the foreign currency. Would it be better to claim conversion losses as a business expense to not cause a discrepancy for 1099k reported amount or would reporting less income be okay in this circumstance.

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-are-currency-conversion-losses-a-business-expense/01/1702032#M1509

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<dc:creator>dea484</dc:creator>

<dc:date>2020-07-31T21:42:41Z</dc:date>

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<item>

<title>

Re: are currency conversion losses a business expense?

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-are-currency-conversion-losses-a-business-expense/01/1701821#M1508

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You have to report the amounts on your U.S. tax return in U.S. dollars and you would use the exchange rate prevailing (i.e., the spot rate) when you receive, pay or accrue the item.   See <A href="https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates" target="_blank">https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates</A>

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-are-currency-conversion-losses-a-business-expense/01/1701821#M1508

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<dc:creator>tagteam</dc:creator>

<dc:date>2020-07-31T14:55:06Z</dc:date>

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<item>

<title>

Re: are currency conversion losses a business expense?

</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-are-currency-conversion-losses-a-business-expense/01/1701817#M1507

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That's not a loss by any stretch of the imagination. You just report less income in U.S. dollars is all.

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-are-currency-conversion-losses-a-business-expense/01/1701817#M1507

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<dc:creator>Carl</dc:creator>

<dc:date>2020-07-31T14:31:36Z</dc:date>

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<item>

<title>Re: quarterly taxes</title>

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-quarterly-taxes/01/1701590#M1506

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<LI-USER uid="2602091"></LI-USER> Are you asking that  because you  have those 1040ES vouchers?  if you do not expect to owe at least $1000 at tax time next year, you do not have to use those.  They are optional.  They can be a good idea if you expect to owe, so that you do not get an underpayment penalty for the next tax return.  But you can toss them out if you choose not to use them.

</description>

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-quarterly-taxes/01/1701590#M1506

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<dc:creator>xmasbaby0</dc:creator>

<dc:date>2020-07-30T22:43:39Z</dc:date>

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<item>

<title>Re: quarterly taxes</title>

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-quarterly-taxes/01/1701098#M1505

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<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-quarterly-taxes/01/1701098#M1505

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<dc:creator>DebL1</dc:creator>

<dc:date>2020-07-29T22:38:24Z</dc:date>

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<item>

<title>Re: quarterly taxes</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-quarterly-taxes/01/1701097#M1504

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Why do I need to pay quarterly takes for 2020. My income did increase for 2019 but for this year it will less, as I retired.

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-quarterly-taxes/01/1701097#M1504

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<dc:creator>DebL1</dc:creator>

<dc:date>2020-07-29T22:37:50Z</dc:date>

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<item>

<title>are currency conversion losses a business expense?</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/are-currency-conversion-losses-a-business-expense/01/1700995#M1503

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If you earn foreign currency and use the exchange rate at the time of receiving the foreign payment but convert it to u.s. dollars at a later time and exchange rate decreases causing a loss can this loss be claimed as a business expense?

</description>

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https://ttlc.intuit.com/community/self-employed-group/discussion/are-currency-conversion-losses-a-business-expense/01/1700995#M1503

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<dc:creator>dea484</dc:creator>

<dc:date>2020-07-29T20:12:44Z</dc:date>

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<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-got-paid-cash-can-they-take-off-tax/01/1699028#M1502

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I assume you were paid this cash in 2020. You should be issued a W-2 showing the tax withheld. If you are self-employed, then that W-2 would have the "statutory employee" box checked. If you have a paystub that shows the withholding, then you're good and can fully expect to get some kind of tax reporting document for this, by Jan 31st of 2021.

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-got-paid-cash-can-they-take-off-tax/01/1699028#M1502

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<dc:creator>Carl</dc:creator>

<dc:date>2020-07-25T19:46:51Z</dc:date>

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<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-got-paid-cash-can-they-take-off-tax/01/1698982#M1501

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Did you receive a W-2?  If they took out tax or Social Security and Medicare they have to issue a W-2 to you to show that, and report that W-2 to the IRS.  If they paid you in cash--how are they accounting to you or the IRS for money they withheld for "tax?"  You need to have a discussion with the person/business that paid you.  To understand---you were supposed to be paid $525 but they held out 10% of that?  if they did, they have to give you a W-2.  Or maybe they just still owe you the money they "withheld"--because if you were paid as an independent contractor, you enter the amount you earned on your own tax return and pay self-employment tax yourself.  Your are right--they don't get to have it both ways.  Either you were an employee or you were not.   <A href="https://ttlc.intuit.com/questions/2584365-am-i-an-employee-or-an-independent-contractor" target="_blank" rel="noopener">https://ttlc.intuit.com/questions/2584365-am-i-an-employee-or-an-independent-contractor</A>

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-got-paid-cash-can-they-take-off-tax/01/1698982#M1501

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<dc:creator>xmasbaby0</dc:creator>

<dc:date>2020-07-25T18:18:05Z</dc:date>

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<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/got-paid-cash-can-they-take-off-tax/01/1698625#M1500

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I got paid cash for a small job for 5 days and I’m not sure if they was right or wrong but got paid cash 525$ and they take off 10% off tax but i don’t understand if this is right or wrong I thought if you got pay cash we have to report it to our tax return they toke off 50$ It doesn’t make sense am I paying twice pr can she take tax off without me filling up a w2 form or any type of fax form???? Help me please

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https://ttlc.intuit.com/community/self-employed-group/discussion/got-paid-cash-can-they-take-off-tax/01/1698625#M1500

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<dc:creator>Bren1999</dc:creator>

<dc:date>2020-07-24T23:16:14Z</dc:date>

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<item>

<title>Re: TT Did not file my return!</title>

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-tt-did-not-file-my-return/01/1697427#M1499

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Did you e-file?  Did you click a big orange button that said “Transmit my returns now?”   When you e-file your federal return you will receive two emails from TurboTax.  The first one will say that your return was submitted.  The second email will tell you if your federal return was accepted or rejected.  If you e-filed a state return, there will be a third email to tell you if the state accepted or rejected your state return.   First, check your e-file status to see if your return was accepted: <A href="https://turbotax.intuit.com/tax-tools/efile-status-lookup/" target="_blank">https://turbotax.intuit.com/tax-tools/efile-status-lookup/</A> If the IRS accepted it, what does it say here?  <A href="https://www.irs.gov/refunds" target="_blank">https://www.irs.gov/refunds</A>             Or does your account say “Ready to Mail?”   Note: If it says “Ready to Mail” or “Printed” that means YOU have to mail it yourself.  TurboTax does not mail your tax return for you.

</description>

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-tt-did-not-file-my-return/01/1697427#M1499

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<dc:creator>xmasbaby0</dc:creator>

<dc:date>2020-07-22T20:41:26Z</dc:date>

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<title>

Re: Self employed living & working in U.S. with one client abroad

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<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-self-employed-living-working-in-u-s-with-one-client-abroad/01/1696845#M1498

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You don't have any foreign income to report unless you were paid to physically work for money outside of the U.S. The fact you have a client outside the U.S. doesn't matter here. All of your income was earned while *you* were physically in the country. So you have no foreign earned income.

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-self-employed-living-working-in-u-s-with-one-client-abroad/01/1696845#M1498

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<dc:creator>Carl</dc:creator>

<dc:date>2020-07-21T21:57:42Z</dc:date>

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<title>

Re: ¡Bienvenido! ¡Nos gustaría saber más acerca de ti! | Welcome! We’d like to learn more about you!

</title>

<link>

https://ttlc.intuit.com/community/prosperidad-latina/discussion/re-bienvenido-nos-gustar%C3%ADa-saber-m%C3%A1s-acerca-de-ti-welcome-we-d-like-to-learn-more-about-you/01/1696322#M94

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<LI-USER uid="2584583"></LI-USER>  Yo no hablo a español pero estoy usando un programa de traducción. Este es un hilo iniciado hace 2 años, y los carteles anteriores pueden ya no estar utilizando este foro.Es menos probable que alguien bilingue publique en un hilo viejo. Si no recibes ayuda en este foro de la comunidad de usuarios, será más fácil y rápido de manejar sus preguntas en español por teléfono a Soporte TurboTax.   Puede llamar al servicio al cliente de TurboTax en español al (877) 282-0801. Horas 5AM-5PM Pacific (8AM-8PM Eastern) Monday-Friday

</description>

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https://ttlc.intuit.com/community/prosperidad-latina/discussion/re-bienvenido-nos-gustar%C3%ADa-saber-m%C3%A1s-acerca-de-ti-welcome-we-d-like-to-learn-more-about-you/01/1696322#M94

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<dc:creator>mesquitebean</dc:creator>

<dc:date>2020-07-21T03:11:15Z</dc:date>

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<title>

Re: ¡Bienvenido! ¡Nos gustaría saber más acerca de ti! | Welcome! We’d like to learn more about you!

</title>

<link>

https://ttlc.intuit.com/community/prosperidad-latina/discussion/re-bienvenido-nos-gustar%C3%ADa-saber-m%C3%A1s-acerca-de-ti-welcome-we-d-like-to-learn-more-about-you/01/1696286#M93

</link>

Hola Julio, Estoy muy molesta con este lugar. No encuentro las respuestas, a mi preguntas. El dia 15, llene mi "returns", al dia siguiente, me avisaron por e-mail que fueron "rejected". Volvi a entrar para corregir el Federal, y lo hice. Tengo problemas con un ojo, y tuve que parar alli. Ahora me pregunto, como voy a corregir el del estado (Il), si no me da opportunidad este lugar? Que pasa aqui?

</description>

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https://ttlc.intuit.com/community/prosperidad-latina/discussion/re-bienvenido-nos-gustar%C3%ADa-saber-m%C3%A1s-acerca-de-ti-welcome-we-d-like-to-learn-more-about-you/01/1696286#M93

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<dc:creator>Regia</dc:creator>

<dc:date>2020-07-21T01:43:13Z</dc:date>

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<item>

<title>Re: Counting begining and ending inventory.</title>

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-counting-begining-and-ending-inventory/01/1695453#M1497

</link>

<BLOCKQUOTE><HR /><LI-USER uid="2503733"></LI-USER> wrote: my wife makes fused glass items, jewlery and slumped glass bottles all of which are different. Do we just count the total number of items for the purposes of beginning inventory? Im confused.  <HR /></BLOCKQUOTE> You just need to do a physical count of your inventory which, obviously, will result in a dollar total.   As mentioned, if this is your first year in business, then your beginning inventory will be zero and the dollar total from your count will be placed in the "Purchases" category.   At the end of the year, you can take another physical count and that result will be your ending inventory.   The basic formula never changes:   Beginning Inventory PLUS Purchases MINUS Ending Inventory EQUALS Cost of Goods Sold.

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-counting-begining-and-ending-inventory/01/1695453#M1497

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<dc:creator>tagteam</dc:creator>

<dc:date>2020-07-19T18:09:43Z</dc:date>

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<item>

<title>Re: Counting begining and ending inventory.</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-counting-begining-and-ending-inventory/01/1695428#M1496

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BOY - Beginning of Year Inventory Balance. What *YOU* paid for the inventory in your physical possession on Jan 1 of the tax year. COGS - Cost of goods sold. What *YOU* paid for the inventory you actually sold during the tax year. EOY - End of Year Inventory Balance. What *YOU* paid for the inventory in your physical possession on Dec 31 of the tax year. The BOY Inventory balance *MUST* match *exactly* the EOY Inventory Balance of the prior year. If it does not, then you have some explaining to do to the IRS. There is *no* explanation that is acceptable to the IRS either. So they MUST match, with no exceptions. In your first year of business, or in the first year your business deals with inventory, your BOY Inventory Balance *must* be ZERO. There is no other possible way for it to match the prior year's EOY Inventory balance, since you did not report "any" inventory at the end of the prior year. It flat out does not matter if you purchased inventory 50 years ago either. The BOY balance in that first year "must" be ZERO. No exceptions. Here's a few examples showing how this works for the first two years. BOY Inventory Balance - $0 : What "you" paid for the inventory in your physical possession on Jan 1 of the tax year. It does not matter in what year the inventory was purchased either. Being the first year the business is dealing with inventory, the BOY balance *must* be ZERO. No exceptions. COGS (Cost of Goods Sold) - $5000. What *YOU* paid for the inventory actually sold during the tax year. EOY Inventory Balance - $2000. What *YOU* paid for the inventory in your physical possession on Dec 31 of the tax year. The above shows that I started with $0 inventory and that amount matches the prior year EOY balance, since my business did not exist or report any inventory at the end of the prior year. I then sold $5000 of that inventory during the tax year, and that $5000 amount will be subtracted from my *taxable* business income, thus reducing the taxes I pay on that business income. At the end of the year I still have $2000 of inventory in my physical possession. Do the math shows that during that year I had and/or purchased a total of $7000 of inventory, sold $5000 of that inventory leaving me with $2000 of inventory in my possession on Dec 31 of the tax year.   BOY Inventory Balance $2000 - What *YOU* paid for the inventory in your physical possession on Jan 1 of the tax year. Take special note that this matches "EXACTLY" what my EOY balance was the previous tax year. It does not matter in what tax year this inventory was purchased. COGS - Cost of Goods Sold $7000 - What *YOU* Paid for the inventory actually sold during the tax year. It does not matter in what tax year you paid for this inventory. EOY Inventory Balance - $1000 - What *YOU* paid for the inventory in your physical possession on Dec 31 of the tax year. It does not matter in what tax year you paid for the inventory. The above shows that on Jan 1 of the tax year I had $2000 of inventory in my physical possession. Then I sold $7000 of inventory during the tax year, ending the tax year with $1000 of inventory in my physical possession. Doing the match shows that I purchased an additional $6000 of inventory during the tax year bringing the total inventory purchased to $8000. Of that total I sold $7000 of inventory leaving me with an EOY balance of $1000.   With the above examples you should now understand that what *YOU* paid for inventory is only deductible in the tax year you actually sell that inventory. It does not matter in what tax year you may have purchased it.  This actually makes it simpler and easier to account for non-sales reductions in inventory. For example, as you work through the COGS section of the program you'll see an option where you can report inventory that was removed for personal use. What you paid for personal use inventory is not deductible. But it does reduce your inventory balance so that your EOY balance will correctly agree with the next year's BOY balance. There's also the allowance for loss of inventory such as spoilage (if your inventory is food items) that will reduce your inventory balances without taxing that which you paid for the now-spoiled, damaged, stolen or otherwise lost inventory item.

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<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-counting-begining-and-ending-inventory/01/1695428#M1496

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<dc:creator>Carl</dc:creator>

<dc:date>2020-07-19T17:31:17Z</dc:date>

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<item>

<title>Re: TT Did not file my return!</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-tt-did-not-file-my-return/01/1695406#M1495

</link>

You are the only one who can click the big orange FILE MY RETURNS NOW button to e-file the return. TurboTax does not file a return for anybody, by any means under any circumstances. There are no exceptions. If you elected the option to mail your return, then it's up to you to print, sign and mail the return to the IRS.

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-tt-did-not-file-my-return/01/1695406#M1495

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<dc:creator>Carl</dc:creator>

<dc:date>2020-07-19T17:10:51Z</dc:date>

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<item>

<title>TURBOTAX ONLINE SELF EMPLOYED TAX YEAR 2019 PREP</title>

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https://ttlc.intuit.com/community/self-employed-group/discussion/turbotax-online-self-employed-tax-year-2019-prep/01/1691356#M1494

</link>

I didn’t mean to purchase this product I got charged 179.00 extra and it was two different charges out of my bank account what is this exactly for?

</description>

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https://ttlc.intuit.com/community/self-employed-group/discussion/turbotax-online-self-employed-tax-year-2019-prep/01/1691356#M1494

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<dc:creator>beverly c</dc:creator>

<dc:date>2020-07-16T02:49:22Z</dc:date>

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<title>Re: 2019 Tax Amendment</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-2019-tax-amendment/01/1691349#M1493

</link>

You can file an extension through midnight of 07/15/20 your time.  I would file an extension just to be safe. <A href="https://ttlc.intuit.com/community/tax-topics/help/how-do-i-file-a-tax-extension/00/1005116" target="_blank">Here is how. </A> When the IRS makes the e-filing of amendments available, TurboTax will update its software. There is no specific date on when the IRS will have that available yet. Probably towards the end of August.

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-2019-tax-amendment/01/1691349#M1493

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<dc:creator>KristinaK</dc:creator>

<dc:date>2020-07-16T02:48:10Z</dc:date>

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<item>

<title>Re: Form 2210 prints or saves only the first page</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-form-2210-prints-or-saves-only-the-first-page/01/1690626#M1492

</link>

I just ran across this issue even today in 2020 (for tax year 2019). The software (desktop Home & Business edition in my case) refuses to print/save to PDF form 2210. If you export the whole return and choose to include all forms for your records, including worksheets, Form 2210 is still omitted, along with a few other forms like 6251. What's the point of exporting your tax return "to review or keep for your records" with "all calculation worksheets" if it omits some of the forms? If you separately view Form 2210 from the "Forms" view, and try to print/save to PDF from there, you will only get the FIRST page of the form. Utterly baffling. How can bugs like this in financially critical software last so long. It's completely unacceptable.

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-form-2210-prints-or-saves-only-the-first-page/01/1690626#M1492

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<dc:creator>Toe Knee</dc:creator>

<dc:date>2020-07-16T00:35:01Z</dc:date>

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<title>

Self employed living & working in U.S. with one client abroad

</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/self-employed-living-working-in-u-s-with-one-client-abroad/01/1690333#M1491

</link>

If I'm self employed living & working in the U.S. but have one client outside of the U.S., how do I file this income?  Should it go in the "Foreign Earned Income" section or would this only be if I had physically worked abroad?

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https://ttlc.intuit.com/community/self-employed-group/discussion/self-employed-living-working-in-u-s-with-one-client-abroad/01/1690333#M1491

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<dc:creator>kat10187</dc:creator>

<dc:date>2020-07-15T23:47:32Z</dc:date>

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<item>

<title>Re: Tie 1095-A to Schedule C?</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-tie-1095-a-to-schedule-c/01/1689936#M1490

</link>

When you enter your 1095-A in the health insurance section, find and answer yes to the question about whether you are self-employed.  TurboTax will ask you to link your 1095-A to your business and complete the entries for the self-employed health insurance deduction.  The Marketplace premiums you paid and the additional amount you are paying on the return to refund the Advance Premium Tax Credit are deductible as self-employment health insurance to the extent you have self-employment income, with any remaining premium deductible on Schedule A.  TurboTax will automatically do this when you indicate during 1095-A entry that you are self-employed (and link to the Schedule C).   But, your other entry during the self-employed interview questions may have created a duplicate entry.  So, make sure that your total deduction for self-employed health insurance is no more than "the amount you paid during the year for marketplace + the refund of Advance PTC that is being generated on your tax return + any other (non-marketplace) self-employed health insurance you had during the year".

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-tie-1095-a-to-schedule-c/01/1689936#M1490

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<dc:creator>DavidS127</dc:creator>

<dc:date>2020-07-15T22:45:33Z</dc:date>

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<item>

<title>Re: How to claim home office remodel</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-how-to-claim-home-office-remodel/01/1688313#M1487

</link>

KristinaK, thank you for answering my question. The new bathroom is listed as an upgrade to the entire home, and depreciated. That part I understand, but think I need to clarify a little more. It was a total remodel of the bathroom starting in 2019, and was put back into service in October. We had to wait on the cabinet to be completed, which didn't happen until 2020, so the final bill, with balance due after the cabinet was installed, didn't come in until then. Approximately 80% was paid in 2019, with the final 20% paid after the remodel was completely finished in 2020. I just am not sure how to claim the final payment. Should I claim the 80% in 2019, and then the remaining 20% with 2020 taxes, or can I include it all as one line item in 2019? Thanks,ksb

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-how-to-claim-home-office-remodel/01/1688313#M1487

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<dc:creator>ksb</dc:creator>

<dc:date>2020-07-15T19:03:16Z</dc:date>

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<item>

<title>Re: How to claim home office remodel</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-how-to-claim-home-office-remodel/01/1687696#M1486

</link>

If the expense qualifies as a repair, you can include what was paid in 2019 as a direct expense to your Home Office.   If the expense qualifies as an improvement (betterment), and it hasn't been placed in service yet, you would need to wait to report the entire improvement on the 2020 tax return. When you enter your Home Office expenses in TurboTax, you will eventually get to the screen about Depreciation for your home office. You can select An improvement to your home radio button and enter the cost there.

</description>

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-how-to-claim-home-office-remodel/01/1687696#M1486

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<dc:creator>KristinaK</dc:creator>

<dc:date>2020-07-15T17:35:15Z</dc:date>

</item>

<item>

<title>Re: Deducting self employed health care premiums</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-deducting-self-employed-health-care-premiums/01/1686997#M1485

</link>

Thank you for your reply! I’m using Turbotax Home & Business, what are the steps for this version?

</description>

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-deducting-self-employed-health-care-premiums/01/1686997#M1485

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<dc:creator>Odie63</dc:creator>

<dc:date>2020-07-15T15:49:20Z</dc:date>

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<item>

<title>Re: Owner of single-member LLC issued 1099 to self</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-owner-of-single-member-llc-issued-1099-to-self/01/1686727#M1484

</link>

Any payments to you from your single-member LLC would be considered a "draw"; they would not be considered "partner distributions" (you have no partner).   Provided you report the income you received from operations on your individual income tax return (Schedule C), there should be no issues.

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-owner-of-single-member-llc-issued-1099-to-self/01/1686727#M1484

</guid>

<dc:creator>tagteam</dc:creator>

<dc:date>2020-07-15T15:05:40Z</dc:date>

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<item>

<title>Re: Deducting self employed health care premiums</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-deducting-self-employed-health-care-premiums/01/1686336#M1483

</link>

To enter the insurance premiums, you will do as follows <OL> <LI>From the Federal menu, click on Income & Expenses</LI> <LI>Expand the menu for Self-Employment</LI> <LI>Click Start/Revisit next to Self-employment income & expenses</LI> <LI>Edit next to the business </LI> <LI>Click on Add expenses for this work</LI> <LI>Click the radial button next to Health insurance premiums. Click Continue</LI> <LI>Enter the information on the screen that follows. Click Continue.</LI> </OL> If the business is a partnership or an S-Corp, you will enter the self-employed health insurance at the end of the K-1 entry section.    If you are self-employed, you are allowed a deduction for premiums that you pay for medical, dental and qualifying long-term care insurance coverage for yourself, your spouse and your dependents.   You can only claim the health insurance premiums write-off for months when neither you nor your spouse were eligible to participate in an <A href="https://turbotax.intuit.com/tax-tips/health-care/what-is-employer-sponsored-coverage/L01gcZpTR" target="_blank">employer-subsidized health plan</A>.    <A href="https://blog.turbotax.intuit.com/health-care/when-can-you-claim-a-tax-deduction-for-health-insurance-17419/" target="_blank">When can you claim a tax deduction for health insurance?</A>   <A href="https://turbotax.intuit.com/tax-tips/home-ownership/deducting-health-insurance-premiums-if-youre-self-employed/L6bRhLaVE" target="_blank">Deducting health insurance premiums if you're self-employed</A>

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-deducting-self-employed-health-care-premiums/01/1686336#M1483

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<dc:creator>VictoriaD75</dc:creator>

<dc:date>2020-07-15T13:58:10Z</dc:date>

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<item>

<title>Owner of single-member LLC issued 1099 to self</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/owner-of-single-member-llc-issued-1099-to-self/01/1685292#M1482

</link>

I own a single-member LLC and pay myself (not a salary). I issued a 1099 to myself and filed to IRS. I realize now that this is not the correct way to do things. Any advice for what I do now? Are the payments to myself considered partner distributions?

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/owner-of-single-member-llc-issued-1099-to-self/01/1685292#M1482

</guid>

<dc:creator>kiyokomccrae</dc:creator>

<dc:date>2020-07-15T04:59:52Z</dc:date>

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<item>

<title>2019 Tax Amendment</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/2019-tax-amendment/01/1683988#M1481

</link>

Hello All - I was supposed to file tax returns as "Married and filing Jointly", But my wife has already filed her 2019 tax returns as "Married and filing separately", this was done by mistake. My wife has already received her returns. Now, As per my understanding i have to amend my wife tax returns. I have not yet amended my wife's tax returns and below are some of my questions: - As July 15, 2020 is the last date to file tax extension, Do i need to file for extension?  ( i know its too late)- If i amend my wife's tax returns now as "Married and filing Jointly", Do i still need to file for my extension? ( Considering amendment as paper filing)- Also,i see latest update on IRS that amendment can be done electronically now. Is it possible on turbotax? <A href="https://www.irs.gov/newsroom/irs-announces-form-1040-x-electronic-filing-options-coming-this-su[product key removed]tone-reached-for-electronic-returns" target="_blank">https://www.irs.gov/newsroom/irs-announces-form-1040-x-electronic-filing-options-coming-this-su[product key removed]tone-reached-for-electronic-returns</A> Thanks in advanceNamanaa

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/2019-tax-amendment/01/1683988#M1481

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<dc:creator>namanaa</dc:creator>

<dc:date>2020-07-15T02:26:15Z</dc:date>

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<item>

<title>TT Did not file my return!</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/tt-did-not-file-my-return/01/1681111#M1480

</link>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/tt-did-not-file-my-return/01/1681111#M1480

</guid>

<dc:creator>Buckshotgirl</dc:creator>

<dc:date>2020-07-14T19:56:21Z</dc:date>

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<item>

<title>Re: Estimated taxes - for State and Federal?</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-estimated-taxes-for-state-and-federal/01/1680230#M1479

</link>

It depends.   The estimated tax payment vouchers for federal income taxes are different than any state payment vouchers.   The federal payment vouchers are on Form 1040-ES.    Your state vouchers will depend upon your state of residence and your tax liability, your withholdings, as well as your anticipated income in 2020.   <A href="https://ttlc.intuit.com/community/tax-payments/help/can-turbotax-calculate-the-estimated-payments-for-next-year-s-state-taxes/00/25972" target="_blank">State estimated payment vouchers</A>

</description>

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-estimated-taxes-for-state-and-federal/01/1680230#M1479

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<dc:creator>JotikaT2</dc:creator>

<dc:date>2020-07-14T17:19:38Z</dc:date>

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<item>

<title>Re: need forms to e file</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-need-forms-to-e-file/01/1679497#M1478

</link>

You can see if you can update your software by doing the following:  <OL> <LI>Select the Online menu at the top</LI> <LI>Then select Check for Updates.</LI> </OL> If this still does not update the program, click the Help button on the top menu bar. <OL> <LI>Then select TurboTax Help Center.</LI> <LI>A popup window will pop up and allow you to type in a search or ask for help.</LI> <LI>Once you type in your information here, you will also be prompted to have someone call you if needed on the next screen.  You will need to enter your information in this section.</LI> </OL> This will allow you to get product support to ensure your software has been updated to the latest version.

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-need-forms-to-e-file/01/1679497#M1478

</guid>

<dc:creator>JotikaT2</dc:creator>

<dc:date>2020-07-14T14:39:13Z</dc:date>

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<item>

<title>

Re: Duplicate SSN Return from Non-Filer Prior - I owe. Do I send check or will IRS still take it ...

</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-duplicate-ssn-return-from-non-filer-prior-i-owe-do-i-send-check-or-will-irs-still-take-it/01/1679457#M1477

</link>

And it shows as my return not filed at all. Which there should be an area to check off I’ve mailed them so it shows returns completed. Now.....each time i log on, all its asks me to do is finish 2019. IM FINISHED!!! Make it look that way...super annoying to get on and cant do anything but finish 2019. Last time ever for using services. 20 year user and now its gone completely downhill. Cant even see last year return without paying for current year??? TURBOTAX IS A SCAM NOW WITH ZERO SUPPORT. WANT ANOTHER $49 ON TOP OF $120 I PAID TO MAKE A CALL TO PERSON??? DONE FOREVER.

</description>

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-duplicate-ssn-return-from-non-filer-prior-i-owe-do-i-send-check-or-will-irs-still-take-it/01/1679457#M1477

</guid>

<dc:creator>JB9ER</dc:creator>

<dc:date>2020-07-14T14:32:30Z</dc:date>

</item>

<item>

<title>

Re: Duplicate SSN Return from Non-Filer Prior - I owe. Do I send check or will IRS still take it ...

</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-duplicate-ssn-return-from-non-filer-prior-i-owe-do-i-send-check-or-will-irs-still-take-it/01/1679422#M1476

</link>

Where exacty do I change that setting? I go into program, open Finish and File...absolutely nowhere are there ANY settings. Checked in account settings too. So please provide a clear path to get the the pmt settings. And...I paid yesterday electronically thru gov site. Tons of extra hassle. I did everything myself (except pen in a couple numbers). Zero warning that you may have to file everything yourself if you did non filers. Had I known I would have gotten free forms and I already had my numbers to fill em in...and seeing as I have to mail and pay myself, Im going to ask to be refunded. Turbo issued no warnings for this reason. They knew ppl would not use their services. So, either I het refunded or Im filing civil suit.

</description>

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-duplicate-ssn-return-from-non-filer-prior-i-owe-do-i-send-check-or-will-irs-still-take-it/01/1679422#M1476

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<dc:creator>JB9ER</dc:creator>

<dc:date>2020-07-14T14:22:46Z</dc:date>

</item>

<item>

<title>

Re: Duplicate SSN Return from Non-Filer Prior - I owe. Do I send check or will IRS still take it ...

</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-duplicate-ssn-return-from-non-filer-prior-i-owe-do-i-send-check-or-will-irs-still-take-it/01/1679363#M1475

</link>

No.   If you have already mailed them a check with your payment, you would not want to send them a payment again.   How did you enter your payment information?  Was your return submitted for filing already and rejected?  If so, your payment information would not have been submitted as your return was never filed.     <A href="https://ttlc.intuit.com/community/tax-payments/help/how-can-i-pay-my-federal-taxes/00/26212" target="_blank">Methods to pay your federal taxes</A>   I recommend going back into the File section of the program and change the option from automatic payment to mail your payment in to avoid any issues.   <A href="https://ttlc.intuit.com/community/tax-payments/help/when-will-my-tax-payment-go-through/00/25601" target="_blank">When will your tax payment go through</A>

</description>

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https://ttlc.intuit.com/community/self-employed-group/discussion/re-duplicate-ssn-return-from-non-filer-prior-i-owe-do-i-send-check-or-will-irs-still-take-it/01/1679363#M1475

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<dc:creator>JotikaT2</dc:creator>

<dc:date>2020-07-14T14:05:39Z</dc:date>

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<item>

<title>

Why is Turbo Tax calling me at 1:30 in the morning??

</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/why-is-turbo-tax-calling-me-at-1-30-in-the-morning/01/1678728#M1474

</link>

I asked for a call back at 7pm and Turbo Tax is calling me back at 1:30am.   1) that defies common sense and decency.  2)  I HAVE TO WORK IN THE MORNING.

</description>

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https://ttlc.intuit.com/community/self-employed-group/discussion/why-is-turbo-tax-calling-me-at-1-30-in-the-morning/01/1678728#M1474

</guid>

<dc:creator>TaxHoney</dc:creator>

<dc:date>2020-07-14T05:06:44Z</dc:date>

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<item>

<title>Counting begining and ending inventory.</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/counting-begining-and-ending-inventory/01/1678153#M1473

</link>

my wife makes fused glass items, jewlery and slumped glass bottles all of which are different. Do we just count the total number of items for the purposes of beginning inventory? Im confused.

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/counting-begining-and-ending-inventory/01/1678153#M1473

</guid>

<dc:creator>edselg58</dc:creator>

<dc:date>2020-07-14T02:23:35Z</dc:date>

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<item>

<title>

Qualified Plug-in Electric Drive Motor Vehicle Credit

</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/qualified-plug-in-electric-drive-motor-vehicle-credit/01/1677730#M1472

</link>

Does anyone know why changing the amount of mortgage interest that i am deducting on my schedule E for my rental property causes my Qualified Plug-in Electric Drive Motor Vehicle Credit to change? If i report the true amount of mortgage interest the $7500 credit i am eligible for only gives me about $2300. If I totally remove the mortgage interest it is giving me about $5500 of the $7500. I am not finding the correlation anywhere. This is supposed to be a 7500 deduction dollar for dollar to reduce my taxes owed i thought. i'm no where near 7500 in taxes owed, more like $10K so what am i not able to get the credit im eligible for and what the hell does my rental property have to do with this??

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/qualified-plug-in-electric-drive-motor-vehicle-credit/01/1677730#M1472

</guid>

<dc:creator>3linkceo</dc:creator>

<dc:date>2020-07-14T00:50:46Z</dc:date>

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<item>

<title>Tie 1095-A to Schedule C?</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/tie-1095-a-to-schedule-c/01/1676968#M1471

</link>

I'm self employed, purchased a market place health plan for Oct-Dec 2019. I did pay a small portion of the premium. When entering my 1095-A if turns out I need to pay back the 4 months of credits. (was under the impression it only went by my income from the same months...not, calculates your income for the whole year) Anyways, now that I have to pay the credits completely back, how do I deduct the premiums? I used Home & Business and it says I need to y=tie my 1095-A to my schedule C??

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/tie-1095-a-to-schedule-c/01/1676968#M1471

</guid>

<dc:creator>Odie63</dc:creator>

<dc:date>2020-07-13T22:11:28Z</dc:date>

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<item>

<title>Deducting self employed health care premiums</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/deducting-self-employed-health-care-premiums/01/1676918#M1470

</link>

I'm self employed, purchased plan health insurance through Marketplace for Oct - Dec 2019. How do I tie my 1095-A to my schedule C so I can deduct for premiums?

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/deducting-self-employed-health-care-premiums/01/1676918#M1470

</guid>

<dc:creator>Odie63</dc:creator>

<dc:date>2020-07-13T22:01:39Z</dc:date>

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<item>

<title>Estimated taxes - for State and Federal?</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/estimated-taxes-for-state-and-federal/01/1675920#M1469

</link>

I paid my estimated taxes based on the calculation from TurboTax for the print voucher, which I think goes to Federal. Do I have to do anything else for State? Or does that payment cover everything? (I don't believe TurboTax generated a separate estimate for State.)

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/estimated-taxes-for-state-and-federal/01/1675920#M1469

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<dc:creator>jmchl5599</dc:creator>

<dc:date>2020-07-13T18:53:50Z</dc:date>

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<item>

<title>Re: filing state taxes from abroad</title>

<link>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-filing-state-taxes-from-abroad/01/1674623#M1468

</link>

Thanks for your reply!  Just to be clear I've understood: if I do have a voter registration, or a bank account, or a driver's license (even an expired one?) registered in Ohio, there won't be any kind of penalty for filing as a resident even if I haven't been back to the state for the entire tax year?  Otherwise I'd like to fill out the form you suggest, but unfortunately the link attached doesn't work. Is it because I'm accessing it from overseas? I don't plan on living in India permanently and do plan to return to Ohio, but yes, this is the first year I'll have filed taxes from outside of Ohio.  If you can clarify these things I'd be so appreciative!

</description>

<guid>

https://ttlc.intuit.com/community/self-employed-group/discussion/re-filing-state-taxes-from-abroad/01/1674623#M1468

</guid>

<dc:creator>kramerlib</dc:creator>

<dc:date>2020-07-13T09:24:26Z</dc:date>

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<item>

<title>Como imprimir mis taxes</title>

<link>

https://ttlc.intuit.com/community/prosperidad-latina/discussion/como-imprimir-mis-taxes/01/1674158#M92

</link>

Por favor alguien que me ayude con imprimir mis taxes se me está haciendo imposible hacerlo. Me negaron los taxes por e-file y ahora tengo q enviarlo por correo. Pero no los puedo abrir para imprimir. Como lo hago alguien que me pueda asistir eh intentado todo!

</description>

<guid>

https://ttlc.intuit.com/community/prosperidad-latina/discussion/como-imprimir-mis-taxes/01/1674158#M92

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<dc:creator>Jon12bia</dc:creator>

<dc:date>2020-07-13T02:58:53Z</dc:date>

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