File one Form 3520 and check box 1i for filing jointly.   There is only one signature block for the on Form 3520, so only one signature is required. Both taxpayers, however, need to provide their identifying information on the form (Names in block 1a, and TINs in blocks 1b and 1d).   From Instructions for Form 3520 (2020):  If you and your spouse are filing a joint income tax return for tax year 2020, and you are both transferors, grantors, or beneficiaries of the same foreign trust, then you may file a joint Form 3520. If you and your spouse are filing a joint Form 3520, check the box on line 1i on page 1.   ... View more

Enter the foreign tax you paid in the Foreign Taxes interview of TurboTax, found under Deductions and Credits > Estimates and Other Taxes paid.   You may qualify for either a tax credit or a deduction.   In most cases, taking the credit works out better than the deduction. We'll help you decide which one's best for you when you go through this section.   If you choose to take the credit (most people do), we'll attach Form 1116, Foreign Tax Credit if your situation requires it.   The following TurboTax FAQs provide instructions on what taxes qualify for the Foreign Tax Credit (or Deduction) and  on how to access the interview.   What does or doesn't qualify for the Foreign Tax Credit?   Where do I enter the foreign tax credit (Form 1116) or deduction for 2020? ... View more

If the stock was part of your compensation package, then you purchased it.   As part of your compensation package, The value of the stock (however much discounted) was included in your taxable wage income. ... View more

If you know what you paid in premiums, deduct that total from the amount you received as "cash-out" (Box 1) and put the resulting figure in Box 2a.   This post addresses the same issue you are facing and makes a couple of suggestions - 1099R for cash out of life insurance   In my opinion, @DavidD66 's suggestion is the best approach. It results in an accurate tax calculation, which is what the IRS is most interested in achieving..   His commentary was: "your insurance company should have determined the taxable amount and included it in Box 2a.  The only way I can figure out how to report the 1099-R, and get the correct taxable amount to flow to your Form 1040 is  for to calculate it and enter it in box 2a of your 1099-R entry.  This will result in the correct taxable amount flowing to your Form 1040, line 4b."     ... View more

It depends.   If you want to deduct expenses incurred in subletting the unit, you would use the Rental Properties and Royalties interview of TurboTax Self-Employed (or Home & Business). Report income and expenses in this interview (you can't claim depreciation expense if you are sub-letting).   If you just want to report income, you can do that in the "Other Reportable Income" interview.   This is the very last interview in Wages and Income (Federal Taxes > Wages & Income > Less Common Income > Miscellaneous Income ).  For the Description, enter "AirBnB".     (Or enter "other reportable income" in the Search Box and select "jump to other reportable income". These payments are NOT wages).     This income will appear on Line 8, Form 1040.    ... View more

Is the amount in Box 1 the same that you got paid by the insurance company?   ... View more

See What is the TurboTax phone number? for information on how to contact TurboTax. ... View more

Delete the Form W-2 that carried over (for your wife) from your 2019 tax return.   See: How do I delete forms in TurboTax Online?    Why does this happen? When you transfer the information from your prior year return, the program automatically includes certain forms in the current year - to make sure you don't forget to update those forms. If a form is no longer required (e.g. W-2s, K-1s, Schedule C), you have to delete them from the current year.   ... View more

File as "Single" (or " Head of Household ", if you qualify).   "Divorced" is not a filing status; the program asks that question to prompt certain interviews that pertain to recently divorced persons.   IRS filing statuses are: Single; Married, Filing Jointly; Married, Filing Separately; Head of Household; Qualifying Widow/Widower. ... View more

If they are both beneficiaries of trusts, they should each receive a Schedule K-1 from the trusts reporting their share of the trust's income (capital gains distributions, dividends, interest, etc.). They must report these K-1s on their own tax returns.   Report these K-1s in the Schedule K-1 interview of Business Investment and Estate/Trust Income under Personal Income/Wages and Income must report them on their own tax returns.   They can use the online version of TurboTax Premier; each one will have to establish their own account. If you choose to use a desktop version of TurboTax Premier, you can prepare as many returns as you like (but only e-file up to 5).     ... View more