Coleen3
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- Got Cheered for You don't really get a tax advantage per se. You just don.... December 3, 2020 5:21 AM
- Got Cheered for If you have a non-business bad debt, you can take the ded.... November 18, 2020 7:51 AM
- Got Cheered for Delete Form 8829 and add your office rent on the Schedule.... October 15, 2020 7:19 PM
- Got Cheered for Delete Form 8829 and add your office rent on the Schedule.... October 15, 2020 7:18 PM
- Got Cheered for Below is an explanation of the PTC and how to qualify. T.... August 7, 2020 10:54 AM
- Got Cheered for No. Capital Gains are income, not expense. If you meet al.... August 2, 2020 12:57 PM
- Got Cheered for The original purchase price plus adjustments. For example.... July 15, 2020 10:50 PM
- Got Cheered for No, a Form 1045 is not used to carryforward an NOL. An in.... July 15, 2020 4:18 PM
- Got Cheered for These payments are exempt from Federal Tax. CA also follo.... July 15, 2020 9:57 AM
- Got Cheered for You are required to file a Nonresident or Part-Year Resid.... July 14, 2020 3:31 PM
- Got Cheered for Both the Innocent Spouse (Form 8857) and the Injured Spou.... July 9, 2020 10:32 AM
- Got Cheered for If you are a member of the Uniformed Services or the Fore.... June 28, 2020 11:42 AM
- Got Cheered for They should be issued Forms W-2 and avoid SE taxes on the.... June 23, 2020 6:25 PM
- Got Cheered for You can enter it manually. Please follow the steps below.... June 23, 2020 2:39 PM
- Got Cheered for No, the beauty of the IRA is that it is allowed to grow t.... June 21, 2020 1:36 PM
- Got Cheered for Before you delete it, make sure you are not liable for ta.... April 25, 2020 10:28 AM
- Got Cheered for You can't neglect to report income just because you did n.... April 13, 2020 2:53 PM
- Got Cheered for 1. Open your return in TurboTax. (To do this, sign in to.... March 31, 2020 1:09 PM
- Got Cheered for You may need a state return if you had a gain. If that is.... March 30, 2020 9:58 AM
- Got Cheered for Enter Box 1, your federally taxable wages. You are seekin.... March 20, 2020 2:39 PM
June 11, 2019
9:01 AM
If you have an RMD from an IRA, you will encounter the screen as you go through the interview process. See the screenshot below. A
QCD is a direct transfer of funds from your IRA custodian, payable to a
qualified charity. QCDs can be counted toward satisfying your minimum required
distributions (MRDs) for the year, as long as certain rules are met.
In
addition to the benefits of giving to charity, a QCD excludes the amount
donated from taxable income, which is unlike regular withdrawals from an IRA.
Keeping your taxable income lower may reduce the impact to certain tax credits
and deductions, including Social Security and Medicare.
... View more
June 7, 2019
5:46 PM
Here
are the steps for deleting unwanted forms in TurboTax Online:
Open
your return in TurboTax. (To do this, sign in to TurboTax, and select the Take me to my return button.)
In the
left side bar, select Tax Tools> Tools.
In the pop-up window
Tool Center, choose Delete a form.
Select Delete next to the form/schedule/worksheet and
follow the onscreen instructions
... View more
June 7, 2019
5:36 PM
That you pay others? Enter it under wages.
... View more
June 7, 2019
5:36 PM
Wages are reported on your W-2 and are not entered on Schedule C. Income that is reported can be called several thing; self-employment, independent contractor, or non-employee compensation. There are two ways to enter your income on Schedule C, depending on whether or not you had a 1099-Misc.
HOW TO ENTER
without a 1099-MIsc
You can enter the words,
"self employed income" in the search bar and click FIND. When asked "Did you have
any self-employment income or expenses?" select Yes You'll see the screen titled
"Tell us the type of self-employment work you do." Enter your
description, then Continue On the next screen "Let's
get income for [description]" select the button Additional
income. Includes 1099-K, check/cash payments and Continue The next screen will say
"Tell us about additional income for your [description]
work." List descriptions and amounts on this screen
... View more
June 7, 2019
5:35 PM
You can print the entire return, once it is paid for. To view all forms,
schedules, and worksheets in your return:
1.
From the My Account drop-down at the top,
select Print Center.
2.
In the pop-up, click the first option (Print,
save, or preview this year's return). If you haven't paid or
registered yet, you'll be prompted to do so before you can view your full
return
... View more
June 7, 2019
5:33 PM
If you amend, no numbers will change on your return, so the 1040x will be meaningless. Wait to see if you hear from the IRS and then explain what happened. It may not even be an. Had you gotten a K-1, they would have received a copy.
... View more
June 7, 2019
5:33 PM
A K-1 is issued by an S-Corp or a Partnership. If you do not have one of these or another business did not issue your LLC one, then you made an incorrect entry somewhere. If you have a sole proprpietorship, that would not issue you a K-1. You would enter all income and deductions on your Schedule C. Please see the screen shot below. QBI is calculated automatically based on your answers for your Schedule C.
Q1. What is the Qualified Business Income Deduction?
A1. Section 199A
of the Internal Revenue Code provides many taxpayers a deduction for qualified
business income from a qualified trade or business operated directly or through
a pass-through entity. The deduction has two components.
Eligible taxpayers may be entitled to a
deduction of up to 20 percent of qualified business income (QBI) from a
domestic business operated as a sole proprietorship or through a
partnership, S corporation, trust or estate. For taxpayers with taxable
income that exceeds $315,000 for a married couple filing a joint return,
or $157,500 for all other taxpayers, the deduction is subject to
limitations such as the type of trade or business, the taxpayer’s taxable
income, the amount of W-2 wages paid by the qualified trade or business
and the unadjusted basis immediately after acquisition (UBIA) of qualified
property held by the trade or business. Income earned through a C
corporation or by providing services as an employee is not eligible for
the deduction.
... View more
June 7, 2019
5:30 PM
Form 8879 is an electronic signature document that is used to authorize e-filing. It is generated by the software using both the taxpayer's self-selected PIN and the Electronic Return Originator's (ERO's) Practitioner PIN. Purpose of Form
Form 8879 is the declaration document and
signature authorization for an e-filed return
filed by an electronic return originator (ERO).
Complete Form 8879 when the Practitioner
PIN method is used or when the taxpayer
authorizes the ERO to enter or generate the
taxpayer’s personal identification number
(PIN) on his on his or her e-filed individual income
tax return.
https://www.irs.gov/pub/irs-pdf/f8879.pdf
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June 7, 2019
5:09 PM
Yes. 21 Payments received during year. There is no formal closure. The fact that it is paid off and there will be no more Forms 6252 does that.
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