All Business & farm posts

PPP loans

dkBing — Tue, 14 Apr 2026 02:56:51 GMT

I did not receive a PPP loan that was forgiven in 2020 or 2021; yet, software insists I admit to receiving such a loan???? I cannot proceed without admitting that I received such a loan in 2020 or 2021....Please advise!

Re: in box 14 I have OBBBTT which category do I need to use?

DavidD66 — Tue, 14 Apr 2026 02:41:14 GMT

OBBBTT" in Box 14 of a 2025 W-2 represents Qualified Overtime under the "One Big Beautiful Bill Act" (OBBBA. You should check with your employer to make sure that is just the deductible overtime premium, and not your total overtime pay.

For 2025, you can deduct up to $12,500 for individuals ($25,000 for joint filers) of Qualified Overtime Compensation (QOC)—the premium "half" part of time-and-a-half pay.

The deduction begins to phase-out at $150,000 ($300,000 for joint filers) of Modified Adjusted Gross Income (MAGI). For 2025, employers are not required to break this out and report separately on Form W-2.

Therefore, you may have to calculate the QOC yourself. If your employer does not provide amount, the IRS will allow you to calculate it using "reasonable methods" from your pay stubs, year-end statement, etc. To determine the amount of your deduction (if you are paid time-and-a-half), take your total overtime pay and divide it by 3.

To enter your qualified overtime compensation in TurboTax Online:

Go to the W-2 screen under under Wages & Income.
Add or edit your W-2 for your employer where you worked overtime.
After entering your W-2, look for the Let's check for other situations screen.
Check the box next to Overtime.
Continue until you see the Let’s see if your overtime qualifies as tax-free screen.
If your statement has the deductible overtime premium amount:
Select No help needed-I know what to enter.
Look for the Enter your deductible overtime from [your employer’s name] screen.
Enter the overtime premium amount from your statement for Deductible overtime.

The above information is from the TurboTax Help Article

To Enter Qualified Overtime in TurboTax Desktop 2025:

Go to the Wages & Income section and enter your W-2.
After entering your W-2, proceed through the screens until you reach "Let's check for other situations" or "Uncommon Tax Situations".
Check the box next to Overtime and click Continue.
Follow the prompts and enter your overtime amounts from your year-end pay stub or other source. Note that the deduction applies only to the "premium" portion (e.g., the "half" in time-and-a-half).
Indicate if you are a non-exempt employee, which is generally required to claim this federal deduction.

Re: Do you need separate K-1 if all type of activity is 0

MaxA1 — Tue, 14 Apr 2026 02:35:07 GMT

No, you don't need to include your K-1 if all fields are zero,

Re: in box 14 I have OBBBTT which category do I need to use?

Bsch4477 — Tue, 14 Apr 2026 02:31:43 GMT

You can use “Other “.

Re: sale of personal vehicle used partially for business

AmeliesUncle — Tue, 14 Apr 2026 02:25:14 GMT

@winterbike2 wrote:

BUT the way to do it is to set up your tiny spreadsheet

Yep, that is the way I do it in my professional version.

Where do I enter the information reported on Form 501

pfrey9 — Tue, 14 Apr 2026 02:24:06 GMT

Where do I enter the information reported on a k-1

in box 14 I have OBBBTT which category do I need to use?

gabrielagvillagrana — Tue, 14 Apr 2026 02:23:03 GMT

on my W2

Re: I received two W2s bc the business I work for was purchased by another owner. How do I enter the 2nd one?

xmasbaby0 — Tue, 14 Apr 2026 02:20:56 GMT

ALL of your W-2’s must be entered on the SAME tax return.

Go to Federal>Wages & Income to enter a W-2.

After you enter the first one, you click Add Another W-2.

Re: sale of personal vehicle used partially for business

winterbike2 — Tue, 14 Apr 2026 02:18:56 GMT

Pretty sad that turbotax does not do this correctly. The low-wage gig worker who may not be skilled in the art of faking out the forms to get the correct answer and also is not making enough on this gig to pay for a tax professional is screwed.

BUT the way to do it is to set up your tiny spreadsheet with the miles each year and the depreciation per year so you can compute the depreciation (which you need to do anyway) and then add to the spreadsheet the actual miles driven and do the ratio calculation. Then fake out the worksheet form so the ratio it has matches the ratio you have. The worksheet miles do not actually go on the 4767, only the basis, the sales price and the depreciation. Get TurboTax to spit those numbers out that match your mini spreadsheet and you are good to go.

Way to NOT go TurboTax.

I received two W2s bc the business I work for was purchased by another owner. How do I enter the 2nd one?

millerliz — Tue, 14 Apr 2026 02:18:48 GMT

For about 2/3 of the year I worked for the first owner; for the last 1/3 of the year I worked for the new owner.

Re: my box 14 is health insurnce, do I put other on catagory?

MaxA1 — Tue, 14 Apr 2026 01:39:14 GMT

Yes, if there are no other options in the dropdown that accurately describe your box 14 amount, select the "other/unclassified" category.

my box 14 is health insurnce, do I put other on catagory?

ormiga4696 — Tue, 14 Apr 2026 01:36:42 GMT

Re: I made net earnings of $26.58 selling Norwex, do I need to put this on my taxes?

MaxA1 — Tue, 14 Apr 2026 01:27:58 GMT

Technically, yes. Even if you did not receive a 1099-NEC or 1099-MISC, you would still need to report your income earned during the year, regardless if the IRS knows about it or not. The good thing is that you will not be charged Self-employment (SE) taxes on any net income under $400.

Re: Does turbo tax recognize tax payer over 65 - how does turbo tax add this deduction?

MaryK4 — Tue, 14 Apr 2026 01:27:33 GMT

TurboTax automatically recognizes when a taxpayer is 65 or older based on the date of birth you entered in the "My Info" (or Personal Info) section.

To see these amounts before you file:

Go to Tax Tools in the left-hand menu and select Tools.
Choose View Tax Summary.
Select Preview my 1040 on the left.
Check Line 12 for your base + additional standard deduction and Line 13b for the new $6,000 senior bonus.

Does turbo tax recognize tax payer over 65 - how does turbo tax add this deduction?

kfamilymail — Tue, 14 Apr 2026 01:19:22 GMT

Re: I need to remove a vehicle from my business expense and add a new one

DawnC — Tue, 14 Apr 2026 01:10:55 GMT

Go to the Self-Employment Business Schedule C area. When you choose to enter vehicle expenses, you can +Add a new vehicle and remove the old vehicle in the same section. There are two options for calculating the business use of your vehicle:

Standard mileage rate (70 cents a mile)

Actual expense method (eligible expenses include depreciation, lease payments, registration fees, licenses, gas, insurance, repairs, oil, and tires)

Note: Other car expenses for parking fees and tolls attributable to business use are separately deductible, whether you use the standard mileage rate or actual expenses.

How do I claim vehicle expenses for my business or rental? - This link has directions for TurboTax Online and Desktop

Re: How do I resolve: Check this EntryCapital Asset Sales Worksheet, Is this a Digital Asset Y/N

user17761286207 — Tue, 14 Apr 2026 01:05:45 GMT

I love you, it worked !!!

I need to remove a vehicle from my business expense and add a new one

jenya-jawad — Tue, 14 Apr 2026 01:03:40 GMT

how to remove a auto from use in business

I have received a schedule K-1 and a 2K-1. I entered the K-1 info in Turbotax. How do I enter the 2K-1 data?

ron-22899 — Tue, 14 Apr 2026 00:50:26 GMT

How do I enter a schedule 2K-1?

Re: Where can I enter my LLC revenue and expenses? I am unable to find an option under Federal - ...

DawnC — Tue, 14 Apr 2026 00:45:16 GMT

Income and Expenses for a single member LLC go on Schedule C (self-employment income). Where do I enter Schedule C?

Rental income and expenses go on Schedule E. Where do I enter income and expenses from a rental property?