Employee Tax Expert
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Activity Feed for gloriah5200
- Posted Re: Filing state tax return on unemployment payed by one state while living in a different state. on State tax filing. 4 hours ago
- Posted Re: QBI for rental real estate on Deductions & credits. 4 hours ago
- Posted Re: Where do I deduct credit card rewards? on Get your taxes done using TurboTax. 5 hours ago
- Posted Re: Schedule E Worksheet (310 Brackenridge LN): Yes, 1099s were filed should be blank if 1099s we... on Business & farm. 5 hours ago
- Posted Re: Calif State return on State tax filing. 5 hours ago
- Posted Re: I got taxes from cash app on Get your taxes done using TurboTax. 5 hours ago
- Posted Re: US OBLIGATIONS for State tax?? on State tax filing. 5 hours ago
- Posted Re: It's OK to send in copies of form 8453, form 8949 and the... on Get your taxes done using TurboTax. 5 hours ago
- Posted Re: I receive a Substitute Form 1099-S after I filed my taxes. What do I need to do? Do I need to... on After you file. 6 hours ago
- Posted Re: The selling price is asked to see if there is any tax due... on Deductions & credits. 7 hours ago
- Posted Re: I receive a death benefit from my deceased spouse's employer on 1099 Misc. Where do I enter t... on Get your taxes done using TurboTax. 7 hours ago
- Posted Re: How to report income from a TOD account that accrued after death of owner, but before transfe... on Get your taxes done using TurboTax. 8 hours ago
- Posted Re: TurboTax 2020 e-filing pin length of edit box is too short for six digit IP PIN on Get your taxes done using TurboTax. 8 hours ago
- Posted Re: How do I refile with a 1040 form if I originally filed with 1040X? on After you file. 8 hours ago
- Posted Re: Tax Error on After you file. 8 hours ago
- Posted Re: How can I amend my state return without waiting until 3/25/2021 for the Federal 1040x for to ... on After you file. 8 hours ago
- Posted Re: Am I missing something? I filed my amended taxes Feb. '20. 5 mo. later, I contacted IRS and t... on After you file. 9 hours ago
- Posted Re: Can I amend only the 2020 state return? It was accepted. Every time I try it tells me that th... on After you file. 9 hours ago
- Posted Re: I owe taxes this year bc I made a mistake. I'm going to amend but it take up to 16 weeks to p... on After you file. 9 hours ago
- Posted Re: So I need to amend my return. For 2 weeks, TT has been telling me I can't do that until 2/26.... on After you file. 9 hours ago
4 hours ago
If her return showed the unemployment income earned in MN while she was a NY resident, then yes, it would be includible in income on both state returns. Generally the resident state is able to get an "other state tax credit" on the resident state return for taxes paid on the nonresident state return as long as the income is being included on both states returns.as taxable.
Generally, you may have to enter some information on the other state tax credit form in order to generate a credit.
If she lived in NY the entire year, then she would have to claim the other state tax credit on the NY return instead of the MN return.
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4 hours ago
The determination can be made each year whether or not to deduct the QBI deduction.
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5 hours ago
If you have a 1099-K, then you must have some self-employment/business income.
Credit Card Rewards are not taxable, so you do not need to input them in TurboTax. Since they are included in your 1099-K as income then you need to subtract them out of the net profits as an expense.
If you are reporting your 1099-K on Schedule C, then you can enter an expense on the Schedule C as a reduction of costs.
For additional information refer to the following link:
Credit card rewards treatment
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5 hours ago
I am sorry for your loss. You would go to the income and expenses part of your return to the line showing the business and go to view or review and then go in and answer the questions that you no longer have the business and should be able to delete it or show no income or deductions on it to remove it from the return. However, if assets from that business that have been deducted on your returns are sold, then they must show as sold on the 4797of the return and subject to ordinary income tax. [Edited 03/02/2021|6:36 pm PST]
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5 hours ago
Tax reporting documents are divided by the year you receive them. Each taxpayer is only able to file one tax return per year, so if they receive additional documentation after they file their return, they have to amend the previously filed return to include it in the total return for the taxpayer.
If you receive tax reporting documents for 2018 that have not previously been included in your tax return filed, then you will need to amend your 2018 return and include them. 2018 is a closed tax year and electronic filing is no longer allowed in TurboTax, so you will need to paper file it using the TurboTax software.
If you receive tax reporting documents for 2019 that have not previously been included in your tax return filed, then you will need to amend your 2019 return and include them. 2019 is a closed tax year and electronic filing is no longer allowed in TurboTax, so you will need to paper file it using the TurboTax software.
If you receive tax reporting documents for 2020 that have not previously been included in your tax return filed for that year, then you will need to either include them on an original income tax return or amend your 2020 return and include them.
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5 hours ago
When you receive by mail a paper copy of the 1099-Bs, there should be supporting documentation that tells you how to calculate the amount of any investments that are invested in US Government resources. Then, when you get that information you can make an adjustment to your state tax return.
You cannot make estimates without documentation for subtraction of income on your MD return.
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5 hours ago
The Forms 8453 and 8949 are federal forms, not CA state forms.
Since the actual Forms 8453, 8949 and 1099-B were not part of the actual federal return filed, but instead were supporting documentation sent to IRS after the federal return was accepted, you should not mail it to the CA FTB unless they request them at a later date.
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6 hours ago
If both your husband and your daughter received a 1099-S then they will both need to show it on their own tax return..
Since your husband did not live in it as his principal residence, then he cannot sell it on his 8949 carrying to the Schedule D as his principal residence excluding the gain on the sale. He will need to report it on his Form 8949 carrying to Sch D as the sale of a capital asset paying capital gains taxes on the gain.
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7 hours ago
@NightTreader
@susanstrausser21
I am sorry for your loss.
You would still file a 1041 for the revocable living trust or an irrevocable trust. You would mark the type of entity at the top of the 1041 return.
Generally, while the taxpayer is alive, the trust is revocable and everything still falls under their control.
You are correct, once the grantor of the revocable living trust passes away, then the trust automatically turns into an irrevocable trust and must get its own ein and file its own return.
If the house was the principal residence of the decedent prior to death, then it is considered a personal asset and if sold at a loss, the personal loss is not deductible. A gain on the sale is taxable.
If mortgage interest is paid after the death of the decedent by the trust, then the trust would deduct that mortgage interest paid on line 10 of the 1041:
Per instructions for Form 1041:
Types of interest to include on line 10 are:
Any investment interest (subject to limitations—see below);
Any qualified residence interest (see later);etc.
For additional information, refer to the following link:
Qualified Principal Residence Interest Expense line 10 form 1041
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