About woodythegoat

woodythegoat · ‎February 28, 2020

I had this same issue on my Windows 10 desktop and found an easy fix that may or may not help others, but here it is for what it is worth. I was prepared to call TT support when I noticed that a flash drive that I had used to store bank statements on was still residing in a USB port. Removal of that drive immediately corrected the problem. In my case the problem was that my system was not playing nice with TT, not with TT itself. So, check your system for any changes that may have been made just prior to your problem.

woodythegoat · ‎February 19, 2020

OK, thanks!

woodythegoat · ‎February 13, 2020

My wife and daughter are a two member Partnership LLC. My wife will be withdrawing from that partnership (retiring). Our daughter will continue the LLC as a Single Member, same business name, same tax ID number. I prepare tax returns on their behalf via TurboTax. Q: How do I handle the transition from Multi Member to Single Member? I suspect that we would file a final return, indicating that the Partnership LLC ended on (insert date here). Then we would initiate a new return indicating that the Single Member LLC began on (insert date here). Is this correct? I believe that the Single Member will now report earnings and expenses on Schedule C, Form 1040, however, a google search gives conflicting info.

woodythegoat · ‎June 6, 2019

Update: I found a work-around under "similar questions" and was able to override the checked box which made the 2210 disappear. Refile was accepted be the IRS. Woo-hoo!

woodythegoat · ‎June 6, 2019

...and now another related problem: I can view the Penalty Explanation form but TT will not allow me to print, nor can I find such a form on the IRS website. Can I simply write my comments on a generic form (i.e. plain sheet of paper) and include it with the 2210 for mailing? One other thing... I don't believe that I really need to file the 2210 at all, since there is no underpayment. In fact, there was a major over payment. Payment for the year exceeded liability and quarterly estimated payments each exceeded 1/4 of liability. What do you think?

woodythegoat · ‎June 6, 2019

Alrighty then, that is what I will do. Thanks Carl!

woodythegoat · ‎June 6, 2019

The IRS rejected my e-file. I've placed my comment on this Explanation Statement but it does not show up in the list of forms required for filing. Do I need to print and mail?

woodythegoat · ‎June 3, 2019

That was it, I missed the box 14 entries each and every one of the several times I went over this K-1! Thanks a million for the help!

woodythegoat · ‎June 3, 2019

Hi, My daughter contributed to a Roth IRA in 2018. K-1 partnership earnings are her sole source of income. TT indicates that all of her contributions are in excess because she has earnings of zero. It is my understanding that these earnings should count if she is an active partner, which she is, and I have indicated that in the Q & A. The software does not seem to acknowledge that fact. This was not an issue on prior year tax returns. What's up?

Date Registered	‎February 18, 2019 7:20 PM
Date Last Visited	‎February 28, 2020 2:58 PM
Total Messages Posted	9
Total Cheers Received	5

Re: License Code Multiple Request by TT 2019 Deskt...

Re: LLC: Partnership to Single Member

LLC: Partnership to Single Member

Update: I found a work-around under "similar ques...

...and now another related problem: I can view the...

Alrighty then, that is what I will do. Thanks Carl...

How do I insert Form 2210; 85% Penalty Waiver Expl...

That was it, I missed the box 14 entries each and ...

Why will TT not count K1 income of an active partn...