Hi, I have more than a few questions with regards to things I encountered last weekend while trying to finish my tax return on Turbotax. I would much prefer an accountant answering these.
1.) I just closed an S-Corporation I had. There is an item on TT called "Describe S corporation Disposal." Do I answer "I disposed of it, but not by selling it" or "None of the Above?" I did not sell my S-corp by the way.
2.) The second one I need clarification on is this: "Did you materially participate in this S corporation's business activities during 2019? If you did, you may be able to avoid passive activity rules" I am actually a full time employee for a company and had zero activity in my S-corp for 2019. Did I still materially participate?
3.) My old CPA did $470 worth of tax prep work last year. Can I not use that as a deduction anymore?
4.) My next question is just easier by including a screen shot. What would be the correct way to answer? (I'm hoping you can click and expand this)
Thank you for your help. It is much appreciated!
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For the questions related to your 2019 S Corporation Form 1120S:
Hello,
I submitted my tax return on 4/11 and in the final steps several TurboTax fees were applied - 2 $50.00 state fees and 1 $100 Fed tax fee. I specifically indicated when starting that I wanted the "Free" version of TurboTax since I don't have any deductions. Can you check on this for me please? [PII Removed]
We would be happy to check on it. To begin the conversation please use this link: Contact us
The above is the best and most efficient way for you to connect with the right person so that you can get the help you need. But if you still require assistance, you can contact us on (800) 446-8848.
For more information please click the link: What is the TurboTax phone number?
Hello,
What have you found out? My SS #[social security number removed]
Thanks
We'd love to help you complete your tax return, but need more information. Can you please clarify your question? This is a public forum and we cannot look up your information by your social security number (which has been removed for your safety).
Hello,
What clarification do you need? You didn't provide any information. Do you need a phone # so we can have a better conversation? This is not very productive.
As this is a public forum, we do not have access to your account information here. Therefore, we cannot assist you with matters directly relating to your account in the community forum.
You will need to use the link below to contact us. Let the agent know what your issue is and they will be able to assist you.
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