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JohnH2
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- Got Cheered for It appears, unfortunately, that used vehicles do not qual.... September 14, 2019 3:33 PM
- Posted With a significant foreign earned income exclusion, you m... on Deductions & credits. June 5, 2019 10:31 PM
- Posted Yes, you can. The annual cost of your tax software is a... on Business & farm. June 5, 2019 10:27 PM
- Posted The menu path for this is: Federal Taxes>Wage & Income>I... on Investors & landlords. June 5, 2019 10:24 PM
- Posted You may be able to obtain a college tax credit, depending... on Education. June 5, 2019 10:24 PM
- Posted TurboTax no longer supports the e-filing of a state retur... on Get your taxes done using TurboTax. June 5, 2019 10:22 PM
- Posted Many states have residency rules that require more than 1... on Retirement tax questions. June 5, 2019 11:59 AM
- Posted View2 has a good point about this being in the context of... on Investors & landlords. June 5, 2019 11:58 AM
- Posted This is the preamble to IRC Sec 195. The following Secti... on Investors & landlords. June 5, 2019 11:58 AM
- Posted Your rental start-up costs would be amortized on your Sch... on Investors & landlords. June 5, 2019 11:58 AM
- Posted The District of Columbia has reciprocity with all of the... on State tax filing. June 5, 2019 11:57 AM
- Posted Since the 1099-MISC was for an eligible scholarship and s... on Get your taxes done using TurboTax. June 5, 2019 11:22 AM
- Posted The Ohio Department of Taxation has a useful “look-up” to... on Get your taxes done using TurboTax. June 4, 2019 11:33 PM
- Posted Since you reside in Oklahoma and work in Arkansas you sho... on State tax filing. June 4, 2019 9:12 PM
- Posted If you made non-cash charitable contributions over $500 b... on Deductions & credits. June 4, 2019 9:12 PM
- Posted This could happen. However, if you amend your 2015 retur... on Get your taxes done using TurboTax. June 4, 2019 7:09 PM
- Posted No. If you are an independent contractor, you are not a... on Deductions & credits. June 4, 2019 4:01 PM
- Posted The IRS looks to the origin of the payment to determine i... on Get your taxes done using TurboTax. June 4, 2019 3:51 PM
- Posted If you need a copy of your California Form 10998-G, you c... on Get your taxes done using TurboTax. June 4, 2019 2:41 PM
- Posted If you need a copy of your California Form 10998-G, you c... on Get your taxes done using TurboTax. June 4, 2019 2:40 PM
June 5, 2019
10:31 PM
With a significant foreign earned income exclusion, you may
see no change in your taxes if all the taxes paid are being refunded. The best way to trouble shoot this condition
in the on-line system is to use the “Preview My 1040” feature. You can check to see if Line 21, Form 1040 is
showing a negative number with the explanation referring to Form 2555. Form
2555 supports the calculation of the exclusion.
You can see your Form 1040 in process in the on-line system
with the following menu path:
My Account
Tools
View Tax Summary
Preview My 1040 (Menu choice at top of screen)
... View more
June 5, 2019
10:27 PM
Yes, you can. The
annual cost of your tax software is a good deduction. If you are doing two returns, your 1040 and
your Schedule C, you can split the cost evenly between Schedule A and Schedule
C. For your Schedule A, the fees are
input in the Federal Deductions and Credits section of the program under Other
Deductions and Credits as Tax Preparation Fees.
For your Schedule C, you could enter this as “Other Expenses.” In the
Business Income and Expense section of Business.
... View more
June 5, 2019
10:24 PM
The
menu path for this is: Federal Taxes>Wage
& Income>I’ll choose what I work on>Interest and
Dividends>Dividends on 1099-DIV>Start>Did you receive any dividend
income? –“Yes”>Let Us Enter Your 1099-DIV>”Import from my bank or
brokerage.”
After
you type in your broker’s name, the program will provide a drop-down box where
you can select your broker’s name. For
TD Ameritrade, you will need your account number and the document ID from the
upper right corner of your 1099. You
will need to view your 1099 before the import to determine this.
... View more
June 5, 2019
10:24 PM
You may be able to obtain a college tax credit, depending on
your filing status and your Adjusted Gross Income. If you are filing a Married Filing Joint
return, the American Opportunity Credit (AOC) phases out at an Adjusted Gross
Income of $180,000. The Lifetime
Learning Credit (LLC), for the same filing status, phases out at $130,000 of
Adjusted Gross Income. TurboTax will
give you the best education tax benefit between the three available options: American Opportunity Credit; Lifetime
Learning Credit or the Tuition and Fees deduction. The following TurboTax link provides additional
details for the two
Education Credits. The following
TurboTax FAQ provides additional guidance on the Tuition and Fees Deduction:
https://ttlc.intuit.com/replies/3302271
... View more
June 5, 2019
10:22 PM
TurboTax no longer supports the e-filing of a state return
by itself unless it meets one of the following conditions: A state return can be e-filed after a Federal
return has been e-filed and accepted or, at the same time as e-filing a Federal
return. You will not be able to e-file
your state if your Federal return was or will be paper-filed. See the following TurboTax FAQ:
https://ttlc.intuit.com/replies/3301358
... View more
June 5, 2019
11:59 AM
Many states have residency rules that require more than 183
days in the state to be classified as a resident. Some states, such as California, say that if
you are in the state for other than a temporary purpose, you are a resident. Some
states define a resident as a person who has a domicile in the state. Changing your driver’s license would not have
a major impact on your residency status.
... View more
June 5, 2019
11:58 AM
View2 has a good point about this being in the context of a rental. For a rental it would be best to capitalize and depreciate.
... View more
June 5, 2019
11:58 AM
This is the preamble to IRC Sec 195. The following Section, IRC Sec 195(b)(1) provides for "Allowance of Deduction." The key is the phrase "except as otherwise provided . . . "
... View more
June 5, 2019
11:58 AM
Your rental start-up costs would be amortized on your
Schedule E, not a Schedule C. Your
start-up costs are accumulated until you become operational. Expenses such as pre-operational acquisition
costs, investigation costs, proof-of-concept costs are included in start-up
costs. In the year you become
operational you can deduct $5,000 of start-up costs with the balance spread
over 180 months beginning with the first month you are operational. You would list this expense in your return as
“Start-Up Expense Amortization.”
Improvements and betterments to your rental property,
however, would be included in the depreciation base for this asset.
... View more
June 5, 2019
11:57 AM
The District of Columbia has reciprocity with all of the
forty-eight U. S. states. Consequently,
you should submit the District of Columbia Form D-4A to your employer. This form establishes that you are not a
resident of the District of Columbia and that no DC income tax will be
withheld.
... View more
