Benjamine
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- Posted 2020 TT showing tax due before starting return on Get your taxes done using TurboTax. Monday
- Cheered Re: Using the desktop editions of TurboTax there is currently... for JoeHe. March 15, 2020 3:24 PM
- Cheered Re: HSA/HDHP Self or Family Follow Up ? for BillM223. March 15, 2020 3:23 PM
- Posted Re: Second Rental Property Form 4562 Not Imported from 2018 TT on Deductions & credits. March 14, 2020 8:44 AM
- Posted Re: Using the desktop editions of TurboTax there is currently... on Get your taxes done using TurboTax. March 5, 2020 12:58 PM
- Posted Re: Form 4562 - Asset no longer depreciable on Deductions & credits. March 5, 2020 12:45 PM
- Cheered Re: Form 4562 - Asset no longer depreciable for RobertG. March 5, 2020 12:44 PM
- Posted Form 4562 - Asset no longer depreciable on Deductions & credits. March 3, 2020 8:51 AM
- Posted Re: Which Turbo Tax products are subject to the 3/1 price increase and how much is the increase? on Get your taxes done using TurboTax. February 23, 2020 10:10 AM
- Cheered Re: Rental Property Expense for Carl. February 13, 2020 7:45 AM
- Cheered Re: Rental Property Expense for MinhT1. February 13, 2020 7:44 AM
- Posted Re: HSA/HDHP Self or Family Follow Up ? on Get your taxes done using TurboTax. February 13, 2020 7:37 AM
- Cheered Re: HSA/HDHP Self or Family Follow Up ? for BillM223. February 13, 2020 7:34 AM
- Posted Re: HSA/HDHP Self or Family Follow Up ? on Get your taxes done using TurboTax. February 12, 2020 12:47 PM
- Cheered Re: HSA/HDHP Self or Family Follow Up ? for BillM223. February 12, 2020 12:20 PM
- Posted Re: HSA/HDHP Self or Family Follow Up ? on Get your taxes done using TurboTax. February 12, 2020 10:29 AM
- Posted Re: HSA/HDHP Self or Family on Get your taxes done using TurboTax. February 8, 2020 6:22 AM
- Cheered Re: HSA/HDHP Self or Family for BillM223. February 8, 2020 6:21 AM
- Posted Re: HSA/HDHP Self or Family on Get your taxes done using TurboTax. February 7, 2020 1:06 PM
- Cheered Re: HSA/HDHP Self or Family for BillM223. February 7, 2020 12:59 PM
Monday
I just transferred my 2019 TT into 2020 TT and have yet to begin entering any information. However, TT is showing a $300 tax due Schedule 2 Line 10 (HDHP). Last year we received a refund. I have never had this occur before. Could there be an error in the transfer of data?
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March 14, 2020
8:44 AM
I had the same exact problem! I spent over 3 + hours on the phone with TT and they were unable to resolve the issue. When I opened my 2018 TT backup - all information for both rental properties were there - so it was not a "corrupted file" and it transferred all of one property but none of the 2nd property. I ended up manually recreating (UGH) my depreciation schedule and recreating everything down to initial purchase info for the 2nd rental. I tried every conceivable way to transfer (as I had both a cd rom and usb stick of the data) but to no avail. To recreate, I just began as if it were a new rental property and then recreated all from the 2018 return. Be extra careful when you are entering your prior years of depreciation and the date you first acquired the property. Hopefully, TT will conduct further research but after talking with 3 different tech help folks - they seemed to just want to blame my "corrupt" file. Sorry I couldn't offer anything more helpful than the misery of redoing it all.
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March 5, 2020
12:58 PM
And, to extend the greed of Turbo Tax - "valued customers" like me who has used TT since the early 1990's received an email a few weeks ago that prices would increase in March. Golly gee - I'm fortunate enough to get to pay an even higher amount to to efile because I am unable to complete my taxes (waiting for 1099s) - how utterly unfair. So, I waste paper and mail my 2 state returns and keep close to $50 in my pocket rather than give it to TT. I am just brimming with joy now that I know the new definition of "valued customer". Darn shame cuz TT has great features, excellent help available, but mid tax season increases are just WRONG.
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March 5, 2020
12:45 PM
Appreciate the quick response and sorry for the delay in saying thanks!
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March 3, 2020
8:51 AM
My 2018 TT did not import my second rental property's Form 4562 so I had to recreate each asset for my 2019 return. My question is I have several assets that are completely depreciated but are still "in service". Should those assets remain on Form 4562 until I sell the property?
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February 23, 2020
10:10 AM
I'm not sure I'm posting in the proper place but this cost increase by Turbo Tax mid tax season is absurd! The cost is already outrageous for a 2nd state ($39.99) but to increase the filing cost from $19.99 to $24.99 is also unfair. I am unable to file my taxes by March 1 as I have to wait for investment tax information which is not scheduled for release until mid March. The increase costs are another example of a huge corporation taking advantage of taxpayers! I've used TT since the mid 90's - in 2018 I saved my files and when importing only one of my 2 rental properties carried over (yet when I open the return - everything is there). After spending several hours on the phone with TT - I was forced to manually input all the prior years info for that one rental manually. I will be looking for new software next year - your tax advice is of great help, but your GREED is unacceptable.
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February 13, 2020
7:37 AM
Many many thanks for all of your assistance! Your suggestion is perfect - that's the route we'll take! Hopefully, I won't "rain" any more questions upon you - think this was the only area giving me great headaches! Turbo Tax is lucky to have such a great expert! Cheers!
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February 12, 2020
12:47 PM
Wow - I'm still confused. No - he did not have an HSA in 2018. I did but did not contribute. You indicate he can't do the QFD once he's on Medicare - that I understand. The goal was to open an HSA in his name in the amount of $2626 (for the 7 months of 2019 he had HDHP before beginning Medicare) as a prior year contribution for 2019 using partial RMD funds. The ? of 2018 coverage did come up in the interview and I answered yes to HDHP family for all of 2018. My confusion stems from reading the "testing period" - appears to be from the date the QFD transfer is made - here's a quote from Making Sense of the HSA Test from Healthsavings.com "When you transfer your IRA or Roth IRA to your HSA" - Second Scenario For the second and third scenarios, the testing period is the 13-month period starting on the first day of the month when the transfer happened and ending on the last day of the following 12th month (if you made a transfer in June, the testing period would be until the end of the following June). As I read that - I understand that to mean that if the QFD is done in March 2020 (for prior year contribution) - he would have to remain eligible for the next 12 months - which clearly is not possible since he went on Medicare on August 1, 2019. Am I misunderstanding the "testing period"? Think I may be better off forgetting the QFD for him completely and just make the prior year contribution from a savings account? Thoughts? Thanks again for your saintly patience! I worked in law for 30+ years and it was a breeze compared to this! 🙂
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February 12, 2020
10:29 AM
Bill - have a follow up question that hopefully you are able to answer for me. Husband has an inherited IRA from deceased father. Read that one lifetime contribution may be made to HSA from that IRA using a portion of his RMD. However, there are several references to the Last Month Rule/Testing Period. Am I understanding it correctly that this is not an issue since we did have family coverage on 12/1/18 and he had self coverage HDHP from Jan 1, 2019 through July 30, 2019 at which time he went on Medicare? Again, your assistance is greatly appreciated!
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February 8, 2020
6:22 AM
Many thanks Bill! Your help is very much appreciated!
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