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MichaelDC
Level 1
Member profile
June 7, 2019
5:02 PM
No. This happens all the time. Unfortunately, the IRS mandates that taxpayers take the depreciation that was claimed OR COULD HAVE been claimed. This is called depreciation allowed or allowable. You can amend past tax returns (up to 2014 for the next few days) and take the depreciation due you, but you cannot opt out of reclaiming the depreciation when you sell the property whether you actually took it or not.
The 2014 is your first priority time-wise. You'll probably want to file an extension for the 2017 to do this right.
However, you can 'catch up' on the depreciation by means of Form 3115. You can file Form 3115 in the current year and take the prior depreciation as a section 481(a) adjustment. [land value is separated, land is not depreciated]
Below are the IRS links related to the change in accounting method. TurboTax does not have that form.
Maybe these will help
Form 3115, Application for Change in Accounting Method
http://www.irs.gov/uac/Form-3115,-Application-for-Change-in-Accounting-Method
Instructions for Form 3115 (03/2012)
http://www.irs.gov/instructions/i3115/index.html
Form 3115,
http://www.irs.gov/file_source/pub/irs-pdf/f3115.pdf
Here's some helpful instructions on the steps to be taken: https://ttlc.intuit.com/replies/5271166
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June 7, 2019
4:58 PM
There is an issue after all with your HSA contribution as one of the requirements is "You can’t be claimed as a dependent on someone else's 2017 tax return." Since you are not eligible to contribute to the HSA, any contributions that you made are considered to be excess contributions and will be taxed. The only way to avoid this taxation is to file your own return and not be claimed as a dependent on your parents’ return. This would require your parents to amend their return IF they already filed. The information reported on your 1099-SA must also be included on your personal return. It cannot be included on your parents’ return since it was issued to you. Editing the original answer. Let me know if there's anything I can help you with this.
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June 7, 2019
4:58 PM
As a dependent on another tax return, you are not eligible to make contributions to a Health Savings Account (HSA). Since you are not eligible to contribute to the HSA, any contributions that you made are considered to be excess contributions and will be taxed. The only way to avoid this taxation is to file your own return and not be claimed as a dependent on your parents’ return. The information reported on your 1099-SA must also be included on your personal return. It cannot be included on your parents’ return since it was issued to you. [edited 3/27/18 11:37 EST]
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June 7, 2019
4:42 PM
Select the Tools option on the left menu, and then Delete a form. Delete Form 2210 and run the review again. The error should be gone and Form 2210 will be removed from the return.
Please feel free to post any additional details or questions in the comment section.
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June 7, 2019
4:41 PM
Yes. Drug testing and drug addiction treatment, including in-patient treatment, meals and lodging at a therapeutic center for drug addiction are deductible medical expenses. Please feel free to post any additional details or questions in the comment section.
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June 7, 2019
4:41 PM
This is the recommended answer here. Please feel free to post any additional details or questions in the comment section. (See the attached screenshot below. Click to enlarge.)
https://ttlc.intuit.com/replies/6000454
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June 7, 2019
4:35 PM
Yes. Both Form 568, Limited Liability Co. Return of Income, and Form 3522, Limited Liability Company Tax Voucher are available on your California State Return.
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June 7, 2019
4:33 PM
Your plan administrator will be able to tell you when you can change your monthly contribution. Please feel free to post any additional details or questions in the comment section. What are the maximum 401(k) contribution limits for 2018? The maximum contribution limit for 401(k) accounts in 2018 is rising to $18,500 for elective contributions, up from $18,000 in 2017. Elective contributions are money you choose to have withheld from your paycheck and invested for retirement. For older workers 50 and up, additional catch-up contributions are permitted. Catch up contributions are additional elective contributions older workers can make on top of the $18,500 every eligible worker can invest. In 2017, older workers were allowed to make catch-up contributions of $6,000. This amount did not increase in 2018, so workers 60 and over will be allowed to contribute a maximum of $24,500 in elective contributions in 2018, compared with $24,000 in 2017.
IRA
contribution
Limits for 2018
The limit for contributions to IRAs for those under age 50 who have earned income from wage earnings remains unchanged in 2018 at $5,500. This limit applies to any type of IRA in 2018. People 50 and older in 2018 can make an additional catch-up contribution of $1,000, for a total annual IRA contribution of $6,500.
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June 7, 2019
4:32 PM
No. The only additional expenses allowed with standard mileage (53.5 cents/mile) is parking and tolls. You are referring to the Actual Expenses method of deducting your car for work. It is based on all the expenses you actually incur in the operation of your vehicle. It includes things like:
· gas purchases
· repairs
· oil changes
· tire purchases
· car washes
· insurance · car lease
· and even vehicle depreciation
However, you can only claim the percentage of expenses that apply to the business use of your vehicle. To compute this, you must know how many miles you drove for business purposes and how much you drove for personal reasons.
TurboTax will walk your through this method. Please feel free to post any additional details or questions in the comment section.
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