Employee Tax Expert
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- Posted Re: Line12b code dd was added to my wages on my form 1040 would this be correct ? on Get your taxes done using TurboTax. Friday
- Posted Re: My 1099g statement has no state identification number. I cant finish filing do I just need to... on Get your taxes done using TurboTax. Friday
- Posted Re: 2019 Was changed by IRS - can I still import the 2019 file into 2020? on Get your taxes done using TurboTax. Friday
- Posted Re: Are "Charitable Cash Contributions" only donations that are made in literal cash? Like, would... on Deductions & credits. Friday
- Posted Re: 1099- and 1096 form on Retirement tax questions. Friday
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- Posted Re: I worked a side job in 2020 and made $500 (dir. dep., no taxes taken), do I need to claim as ... on Get your taxes done using TurboTax. Friday
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- Posted Re: How do I claim the Plugin Hybrid Tax credit in TurboTax? Is that form available now? on Get your taxes done using TurboTax. Friday
- Posted Re: I have a rental house. I paid people to remodel it so I had to send them 1099's How do I clai... on Investors & landlords. Friday
- Got Cheered for Re: Moved states but only worked in one - where do I file?. Friday
- Posted Re: It’s asking if my 2019 Liability was zero what does that mean on Retirement tax questions. Friday
- Posted Re: I was incorrectly taxed in NJ for 5 months even though my adress in PA never changed. How do ... on State tax filing. Friday
- Posted Re: Moved states but only worked in one - where do I file? on Get your taxes done using TurboTax. Friday
- Posted Re: I receive ssdi. i am a non filer i did not get stimulus 2. recovery rebate is the only way to... on Get your taxes done using TurboTax. Friday
- Posted Re: My second stimulus check got sent back why is it not letting me claim it? on After you file. Friday
- Posted Re: Can I be eligible for stimulus money if I’m on SSI, over 24 years old & filing tax return for... on After you file. Friday
- Posted Re: I received a letter from my student loan provider that was a Cancellation of Debt Summary and... on Retirement tax questions. Friday
- Posted Re: I entered the incorrect amount of the first stimulus amount and I need to correct it before m... on After you file. Friday
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Friday
That amount is not added to your wages. It's for informational purposes and is required on your W-2. Your W-2 Line 12b Code DD is the Cost of employer-sponsored health coverage. More info
See What do the letter codes in Box 12 of my W-2 mean?
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Friday
If the 1099-G form doesn't have the state identification number, use the Form 1099-G Payers Tax Identification Number (TIN).
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Friday
Yes, use the corrected .tax file you created not the one that you sent to the IRS and does not have the IRS correction. By doing this, you'll insure any carryover items will be reflected correctly on your 2020 income tax return.
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Yes, it includes credit cards. Cash contributions includes cash, checks, money orders, credit cards, debit cards and cryptocurrency.
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Friday
TurboTax generates one Form 1096 for each social security number or Employer Identification Number (EIN).
No, you don't need to enter the name of the rental unless you have it registered as a business, in which case you may have an EIN which will have the rental name.
Quick Employer Forms helps small business owners like yourself quickly and easily create W-2, 1099-MISC, 1099-INT, and 1099-DIV forms.
It asks you easy questions, and then completes the forms for you automatically. It even e-files the forms for you.
For unlimited access to Quick Employer Forms, which you can e-file at no additional cost, you'll need to use one of the following TurboTax products:
TurboTax Online: TurboTax Self-Employed or TurboTax Live Self-Employed
TurboTax CD/Download: TurboTax Business or TurboTax Home & Business
Quick Employer Forms supports e-filing to the Social Security Administration and Internal Revenue Service only. It doesn't support filing any state employer forms, nor does it support printed and mailed forms.
If you need to file 100 or more forms, we recommend our 1099 E-File Service, designed to accommodate larger businesses.
If you use our Lacerte and ProSeries software, contact your sales representative for information on Quick Employer Forms.
See also Quick Employer Forms questions.
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Friday
There are two ways to add TurboTax Live benefits.
1. Start with TurboTax Live
When you first start your return you can choose a TurboTax Live product:
TurboTax Live Basic
TurboTax Live Deluxe
TurboTax Live Premier
TurboTax Live Self-Employed
You'll see the cost for your version of TurboTax Live when you select it.
2. Upgrade to TurboTax Live if you started with a different TurboTax product
If you originally selected TurboTax Free Edition, Deluxe, Premier, or Self-Employed, you can add TurboTax Live.
You can do this at different points while working on your return, but to add it now:
Sign into your current account and open or continue your return.
Select the Upgrade button in the left menu.
Select the Live tab to select your product.
You'll see your TurboTax Live price in this screen.
Don't worry about paying for TurboTax Live before you speak to a tax expert. You'll pay when you file your taxes.
If you have a question about your return and aren’t sure if it requires the help of a Tax Expert, enter your question in the Search box and we'll let you know if you need a tax expert.
Note: TurboTax Live is available for TurboTax Online customers only. TurboTax Live isn't available in the TurboTax CD/Download software.
Related Information:
What is TurboTax Live?
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?
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Friday
Yes, you have to claim the $500 as income. Per IRS, all income is taxable unless stated that it is not taxable.
The $600 is refers to whether a form 1099 must be issued.
Since you weren't issued a W-2, this is considered self-employed income. Self-employed income is reported on Schedule C Profit or Loss from Business.
To enter your self-employment income was from cash, personal checks, credit card payments, or cryptocurrency:
Type Schedule C in the Search box and then select the Jump to link. This will take you to where you can enter any cash, personal checks, credit card payments, or cryptocurrency (Form 1099-K) related to your self-employment.
Note: If the "Jump to" doesn't work for you, on the left menu, select Federal. At the top of the screen, select the Wages & Income tab. Scroll down to Self-Employment , Income and Expenses, select Start.
You may first be asked some general questions about your business.
After you answer them, you’ll be taken to the Let's enter the income for (your line of work) screen where you can enter this income as Other self-employed Income.
Related Information:
What's the difference between self-employment income and other income?
Where do I enter a 1099-MISC?
Why am I paying self-employment tax?
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Friday
TurboTax accounts cannot be deleted. As long as you haven't paid your TurboTax Online fee (or registered a cost-free version), you can clear any data you entered using the Clear and Start Over feature.
Once you've paid or registered, the law requires Intuit to store copies of your return. These are the same requirements imposed on all accountants, CPAs, and other professional tax preparers. (Fees paid through Refund Processing and pre-paid code also count as "paid.")
You can, however, deactivate a TurboTax account:
For TurboTax Online users – sign in to your account, click Contact and type your question to talk to a live expert. You need to be using a paid version of TurboTax.
For TurboTax Desktop users or other situations, type a question here and make sure to select your product.
You will need to supply identification documentation to substantiate who you are.
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Friday
Form 8936 is available. If you purchased a new vehicle that runs on electricity drawn from a plug-in rechargeable battery, you may be eligible to claim the qualified plug-in electric drive motor vehicle tax credit, which can reduce your tax bill.
To quickly get to the motor vehicle credit section to generate Form 8936:
Type motor vehicle credit in the search bar.
Click on the Jump to motor vehicle credit result.
Continue with the onscreen interview until complete.
To qualify for the qualified plug-in electric drive motor vehicle tax credit your vehicle purchase must satisfy a number of criteria. First, only qualified vehicles you purchase after December 31, 2009 are eligible for the credit. Your plug-in electric vehicle must also be brand new, made by an eligible manufacturer under the Clean Air Act, have at least four wheels, be appropriate for driving on public streets and highways, and have a weight rating of less than 14,000 pounds. And most importantly, the vehicle must have an electric motor that uses a rechargeable battery to generate at least 4 kilowatt-hours of capacity.
A listing of qualifying vehicles can be found at the IRS website: IRC 30D New Qualified Plug-In Electric Drive Motor Vehicle Credit.
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Friday
You don't need to show you sent out 1099's. The amount you paid for outside contractors, to remodel your rental, would be entered as a capital improvement (asset) in TurboTax.
Capital improvements that add to the value of your rental property, prolong its life, or adapt it to new uses must be depreciated over a period of time rather than deducted as a current-year expense.
To enter your rental remodel:
In TurboTax, search for rentals and select the Jump to link at the top of the search results.
Answer Yes to the question Did you have any rental or royalty income and expenses in 2020 for property you own?
Follow the on-screen instructions as you proceed through the rental and royalties section.
We'll ask you to enter general information about your rental (like description, address, and ownership percentage).
Eventually, you'll come to the Rental Summary screen, which is where you enter your rental income and expenses, assets and depreciation, and vehicle expenses.
Tip: Rent is considered income in the year you received it, not the year it applies to. This means that a rent payment for the month of January 2021 collected in December 2020 is reported on your 2020 return.
If you're also filing a nonresident state return to report income from an out-of-state rental property, be sure to complete your nonresident state return before you prepare your resident state return when you get to the State Taxes section.
You can enter up to 45 rental properties in TurboTax.
Related Information:
Can I claim a security deposit?
What kinds of rental property expenses can I deduct?
What is rental depreciation and how does it differ from an expense?
How do I handle capital improvements and depreciation for my rental?
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