mpweis
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- Cheered Re: 1099-Div UTMA brokerage accts for ThomasM125. March 30, 2020 8:20 PM
- Posted Re: 1099-Div UTMA brokerage accts on Get your taxes done using TurboTax. March 30, 2020 11:47 AM
- Posted Re: 1099-Div UTMA brokerage accts on Get your taxes done using TurboTax. March 29, 2020 5:13 PM
- Cheered Re: 1099-Div UTMA brokerage accts for DMarkM1. March 29, 2020 5:13 PM
- Posted Re: 1099-Div UTMA brokerage accts on Get your taxes done using TurboTax. March 28, 2020 11:19 PM
- Cheered Re: "Did either of you make money in any other states? ... Also, select yes if you made income fr... for DeanM15. March 28, 2020 4:25 PM
- Posted Re: "Did either of you make money in any other states? ... Also, select yes if you made income from any of the below" on Get your taxes done using TurboTax. March 28, 2020 2:48 PM
- Posted This is exactly what I was looking for. However, when I e... on Investors & landlords. June 1, 2019 12:03 PM
March 30, 2020
11:47 AM
Hello again. I'm referring to the next page from the page you shared. I decided that input "28% Capital Gains" is box 2d on the 1099-DIV. Would you be able to confirm that choice as correct? I was able to map the page you shared to my 1099-DIV, but this page was not as clear to me.
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March 29, 2020
5:13 PM
Thank you for your prompt reply. I took the route you suggested and followed the instructions under Child's Income... under Less Common Income. We have one 1099-DIV from an UTMA for my 13 year old. Mapping the language provided in TurboTax (TT) for form 8814 to the 1099-DIV was a challenge, not having much experience with the 1099-DIV. One question I have here is re: the TT page "Capital Gains Distributions". Is the amount we enter in "28% Capital Gains" the amount in box 2d of the 1099-DIV? My 1099-DIV labels box 2d as "Collectibles (28%) Gain". At first glance I thought this might be the amount in box 2b, which I had already entered on the previous TT page, but some research changed my mind, landing me on 2d. The section 1250 and 1202 gain amounts map to my 1099-DIV more clearly, by the way. Form 8814 calculates a 10% tax on the amount over $1,100 which in my case was not a significant amount. However, if I had chosen to file a separate return for her, I would have to pay for another return? The TT Deluxe CD cover states that 5 federal e-files are included. Wouldn't that cover my MFJ return and the one for my daughter, should I choose to go that route? My other daughter (age 10) also has a 1099-DIV from an UTMA but the unearned income is less than $1,100. She has no earned income like her sister. A TT help topic indicates I don't need to file a separate return for her. Also on my return TT advises me not to add her income under Less Common Income like I did for her sister. Is it true that the IRS is not interested in me reporting this daughter's unearned income?
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March 28, 2020
11:19 PM
Hello, taking your advice I started a separate return in Turbo Tax for my daughter of 13 because her UTMA (my wife is the custodian) had ordinary/qualifying dividends and capital gains distributions over $1100 ($1268). The Federal Tax Summary section calculated a taxable income of $168, but a Federal Taxes You Owe amount of $0. Why is the amount $0? If this is accurate, do I need to file a tax return on behalf of my daughter? Thank you.
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March 28, 2020
2:48 PM
What I don't understand is what defines making income in another state? I work for my company from home in WA for a company in OR. It is not out of convenience. It is a 3.5 hour commute to my company's office. Is that considered making income in another state or in my state of residence? For example, in 2018 I lived the first half of the year in OR before moving to WA, and since then I've worked from home for this company. That year I paid OR income tax only the income I made during the time I was living and working in OR. Based on that I expect for 2019 I won't pay any OR income state tax. My employer has not deducted any OR income tax for work in 2019. How do I answer this question "Did Either of You Make Money in Any Other States?" in TurboTax Deluxe Edition 2019?
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June 1, 2019
12:03 PM
This is exactly what I was looking for. However, when I entered the taxes paid amount in section Deductions and Credits (mine different), my overall Federal Refund amount didn't increase. I expected it to increase to the value that was calculated when I entered the actual OR state refund amount in section Income and Wages, rather than the larger kicker refund amount.
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