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Activity Feed for gloriah5200
- Posted Re: In Ameritrade account for 2020 I made deposits of 61905. As of today the bal and stocks are w... on Investors & landlords. 4 hours ago
- Got Cheered for Re: What amount do I enter in the Depreciation After May 6, 1997 field?. 5 hours ago
- Posted Re: Form 4972 Tax on Lump-Sum Distributions on Retirement tax questions. 5 hours ago
- Posted Re: Hello - Form 1040-ES has mysteriously appeared in my final return, and I have tried to use "T... on Business & farm. 5 hours ago
- Posted Re: Please help me understand one option in the Delaware tax retrun on State tax filing. 6 hours ago
- Posted Re: What amount do I enter in the Depreciation After May 6, 1997 field? on Get your taxes done using TurboTax. 6 hours ago
- Posted Re: Error: CA state tax- "enter name of S Corp" on K-1 Worksheet? No S Corp has been entered. How... on Get your taxes done using TurboTax. 6 hours ago
- Posted Re: Please help me understand one option in the Delaware tax retrun on State tax filing. 6 hours ago
- Posted Re: California secretary of state file number (SOS) on State tax filing. 6 hours ago
- Posted Re: Reporting foreign interest income. I've received $1556 of foreign interest income but do not ... on Deductions & credits. 8 hours ago
- Posted Re: SEP Contribution on Get your taxes done using TurboTax. 8 hours ago
- Posted Re: Do I report employee solo 401 contribution on Schedule K-1 on Business & farm. 8 hours ago
- Posted Re: Form 568 on Get your taxes done using TurboTax. 8 hours ago
- Posted Re: Have a small amount of gambling (online sports betting) winnings to report as other income (n... on Get your taxes done using TurboTax. 9 hours ago
- Posted Re: Turbo tax rejected Fed return reportedly with missing IP PIN for taxpayer 1 -only my wife has... on Get your taxes done using TurboTax. 9 hours ago
- Posted Re: On 2106 asset worksheet, how can I make the answer to "section 179 eligible" blank? I keep se... on Get your taxes done using TurboTax. 9 hours ago
- Posted Re: TURBO TAX DOESN'T NOT ACCEPT RENT PAYMENT FOR TENANTS FROM COUNTY PROGRAM THAT CAME ON 1 1099... on Get your taxes done using TurboTax. 10 hours ago
- Posted Re: I had sick pay due to parental leave. The W-2 doesn't allocate the wages to NJ. Sick pay isn'... on Get your taxes done using TurboTax. 10 hours ago
- Posted Re: Why does it keep asking for 16 characters for state identification number? I only have 15 on ... on Get your taxes done using TurboTax. 11 hours ago
- Posted Re: Box 10a and 10b on my 1099-G are there, but they are both empty. What do I enter in for Box 1... on Get your taxes done using TurboTax. 11 hours ago
4 hours ago
It should be under income and expenses and in a category that would be reporting 1099-Bs and capital gains.
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5 hours ago
Here are the requirements to be qualified to use the Form 4972 Lump Sum Averaging and the questions are asking for the decedent's date of birth, not that of the beneficiary.
As provided above by MarilynJoy, here is information regarding the qualifications to use the Form 4972 for 10 year averaging of a lump sum distribution:
Click this link for detailed info on Form 4972.
This link has some discussion on Income from Inherited IRA.
The total distribution box must be checked on the 4972 input and generally there should be a code A in box 7 distribution codes box, but not required by TurboTax
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5 hours ago
AnnetteB6 answered your question above.
When TurboTax sees you may benefit from making estimated payments for the next tax year, they insert them into the return in case you want to use them.
If you don''t want to use the, just ignore them or shred them. Just be aware that you may need them to avoid an underpayment penalty the next tax year.
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6 hours ago
The amount you use from the PA return is the PA AGI for income taxed in both places.
You have to be sure to use the PA Tax liability (the amount of PA taxes paid in on W2 as well as any additional tax due to PA to cover the PA tax liability) on that amount of PA income.
The thing is that if you are getting a refund of some of the PA taxes paid to PA then that cannot be used as tax credit, only the amount that PA is keeping.
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6 hours ago
1 Cheer
Yes, as long as you were able to deduct that much each year and it was not carried over to a different year due to limitations.
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6 hours ago
Please verify in the federal return that you entered your k-1s under the partnership k-1 screen and not that of the S corporation k-1 screen.
The Schedule K-1 of a trust/estate, partnership, s corporation, each have a schedule k-1 used to report specific information of each owner of the entity.
The entities have a different type of formation and information gathered to be reported onto the k-1s specific to the entity type.
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6 hours ago
The way it works is this:
If you have to pay income taxes to a different state and DE is your home state of residence, then you complete the other state tax return and determine the amount of tax liability to the other state as a nonresident on the income earned in the other state and taxed by DE (since you are a DE resident, all income earned everywhere is taxable to a DE resident).
Once you have determined the tax liability due to the other state on the income also taxed by DE, you go to the DE return "other state tax credit worksheet" and enter the other state's tax liability and the other state's income also taxed by DE and you get an other state tax credit to claim on your DE return.
For additional information, please refer to the following link:
DE Instructions for other state tax credit
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6 hours ago
The CA partnership software is a separate download from the CA LLC software. Have you downloaded both of them or just one?
You are in the CA section to file a CA 568 instead of a CA 565. You may need to delete the CA 568 and K-1 and re-enter it on the CA 565.
Double check in the federal return that you entered the k-1 as a partnership instead of a LLC. If you did, then please update this question to that effect.
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8 hours ago
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As stated previously by ThomasM125:
When calculating the maximum SEP contribution that can be made by an S corporation shareholder:
Your must use your wage income and 25% is the maximum SEP contribution you can make.
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