My wife and I moved from CA to CO in February 2019 and filed returns in both states with Turbotax online. My wife did work for Americorps this past summer (in CO while living in CO) and received an education award which she used fully for education expenses (entered in 1098-T). I didnt realize that she would receive at 1099-MISC for this education award and filed taxes without it. I went into Turbotax and followed their instructions for how to enter the 1099-MISC received for an Americorps Education award in the amendment ( https://ttlc.intuit.com/community/taxes/discussion/how-to-account-for-1099-misc-from-americorps-education-award/00/598317 ). I adjusted my CO return to also match the 1099-MISC amount just like the federal since the money earned was in CO and while living in CO. The system then asked me to adjust my CA return but I just entered 0 since none of the money was earned in CA or while living in CA. I finished the amendments and printed out the documents. This is where my questions arise: The system shows I owe $7 for CA. Why would I owe money to CA after the amendment if none of the money from the 1099 was from CA or while living in CA? Should I just not mail in the CA amendment since I really did not have anything to amend for our CA portion? When printing the documents, it printed duplicate federal amendment documents. One with the disclosures and one without the disclosures. Which do I mail?
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I found this post and it is very helpful thank you! I just have a few questions you may be able to explain. First off, here is what I am trying to do: My parents are having financial issues due to my mother's ongoing cancer battle and are scared they are going to "lose" their house. They currently have $100,000 (for easy calculations) left in a mortgage. The home is approximately worth $250,000. The goal is for me to take ownership of the home and them to get out from their mortgage. I was under the impression that I need to get approved for the loan at 250k and purchase the house at that price. Then my parents would gift over 150k making my end mortgage 100k? Are you saying that I actually would take a mortgage out for 100k and then receive the difference (250k-100k = 150k) as a gift of equity? If this is true, would that 150k gift go and pay off the mortgage? How can the gift of equity be more than the mortgage amount? Additionally, if we are using the above example, no taxes would be paid because the gift is lower than the lifetime maximum (~$5mil) only required forms would have to be filed?
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