About CaronM

CaronM · ‎June 6, 2019

You can absolutely file with 12/31/17 as the date with no problem. There may also be an option to mark it as withheld, and then you don't need to enter a date at all.

CaronM · ‎June 6, 2019

Yes, this will be income - you should receive a 1099 showing the amount to report. Depending on the amount, you may also be subject to early withdrawal penalties.

CaronM · ‎June 6, 2019

The best thin to do is contact the buyer and request the information. The allocation of the assets needs to be agreed upon between the two of you, and they will need your ID number as well. If you cannot obtain the number, you can file with UNKNOWN in the field, but then you will likely have to file on paper instead of using e-file.

CaronM · ‎June 6, 2019

A rental has the rise to the standard of being a trade or business in order to qualify for the deduction. Unless you are doing consistent, frequent work, your farm rentals likely won't qualify. For more information, please check out https://ttlc.intuit.com/questions/4499030-what-is-the-qualified-business-income-qbi-deduction.

CaronM · ‎June 5, 2019

No, it should be on the short term liabilities line with an explanation, not the long term liability line.

CaronM · ‎June 5, 2019

Since the contribution wasn't paid until 2018, it should be considered a liability in 2017. Enter it on line 17.

CaronM · ‎June 4, 2019

In order for QBI to calculate on income from a K-1, you have to enter the details from box 20, such as code Z. Without these boxes being completed, the program has no way of calculating your deduction.

CaronM · ‎June 4, 2019

QBI is a brand new deduction starting in 2018. Generally, a single rental property won't qualify for the deduction. Please check out https://ttlc.intuit.com/questions/4557531-can-i-get-the-qbi-deduction-on-rental-income for more information.

CaronM · ‎June 4, 2019

It sounds like you accidentally clicked the "statutory employee" box on the W-2 input form. If you find that box and uncheck it, you should be fine.

CaronM · ‎June 4, 2019

In some cases, scholarship income is taxable. Review the link below for more information. https://ttlc.intuit.com/replies/3651222

Date Registered	‎June 1, 2019 7:11 AM
Date Last Visited	‎March 11, 2020 1:35 PM
Total Messages Posted	84

You can absolutely file with 12/31/17 as the date ...

Yes, this will be income - you should receive a 10...

The best thin to do is contact the buyer and reque...

A rental has the rise to the standard of being a t...

No, it should be on the short term liabilities lin...

Since the contribution wasn't paid until 2018, it ...

In order for QBI to calculate on income from a K-1...

QBI is a brand new deduction starting in 2018. Gen...

It sounds like you accidentally clicked the "statu...

In some cases, scholarship income is taxable. Revi...