About gloriah5200

gloriah5200

It should be under income and expenses and in a category that would be reporting 1099-Bs and capital gains.

gloriah5200

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

gloriah5200

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.

gloriah5200

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.

gloriah5200

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.

gloriah5200

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.

gloriah5200

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

gloriah5200

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.

gloriah5200 · [Edited 03/07/2021|3:28 pm pst] ... View more

[Edited 03/07/2021|3:28 pm pst]

gloriah5200

TurboTax Live is an online product that lets you get help and guidance from a tax expert when preparing your taxes. When you use TurboTax Live, you can work with a tax expert whenever you need assistance. You can even talk to a tax expert live while you both look at your return. All TurboTax Live products provide: Help from a tax expert when you have questions about your return. A review of your return by an expert before filing, at your request. A tax expert can even sign your return. Talk live: Using SmartLook (one-way video where you can see the tax expert on your screen; they can’t see you) or by phone. You can ask about a specific topic or section or get a review of your entire return. Written response: Submit your questions and a tax expert will give a detailed answer by message within 24 hours. 100% Accurate Expert Approved Guarantee We want you to feel 100% confident when you file so we offer the following guarantee: if you pay an IRS or state penalty (or interest) because of an error that a TurboTax tax expert, CPA, or attorney made while providing topic-specific tax advice, a section review, or acting as a signed preparer for your return, we'll pay you the penalty and interest. Our TurboTax Live products include: TurboTax Live Basic TurboTax Live Deluxe TurboTax Live Premier TurboTax Live Self-Employed Want to get TurboTax Live? We can help you start filing your taxes with TurboTax Live or upgrade taxes you've already started to take advantage of TurboTax Live. Have TurboTax Live and want to contact a tax expert? It's easy. Find out how to talk to a tax expert through TurboTax Live. TurboTax Live on a mobile phone or device You can talk live to a tax expert in TurboTax Live when using your mobile phone or device. If you'd like to get a written response, sign in to TurboTax Online to submit your questions. NEW! Let an expert do your taxes for you In TurboTax Live with Full Service, you have a dedicated tax expert or CPA to prepare, sign, and file your return for you. You can review everything with your expert before they file knowing that your taxes are done right, backed by our Expert Approved Guarantee. Note: TurboTax Live is available for TurboTax Online customers only. TurboTax Live isn't available in the TurboTax CD/Download software. Related Information: How do I connect with a tax expert in TurboTax Live? When I get an expert review in TurboTax Live, should I talk live to a tax expert or get a written response? For additional information refer to the following: How to reach TurboTax Live Help In addition to the Live Help you can get in TurboTax Live, you can also get assistance and tax advice by entering questions in this Community Resource. 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.

Date Registered	‎January 17, 2021 11:22 AM
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