TaxGuyBill
Level 9
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If it is a disregarded entity on Schedule C, the IRS doesn't really acknowledge that the LLC exists.That means you can purchase it in your own name if you want....
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TurboTax DOES do many iterations.However, the 'fault' is that during the iterations, if the income goes over 400%, it incorrectly stops (which could result in o...
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Yes, TurboTax is often wrong when you are bordering the 400% mark (or 100% mark).That is why I also mentioned the 'easy' fix would be to contribute $3500 to a T...
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No, many others have found the problem that the software has when you border the 400% mark.However, you are wrong about qualifying for the Premium Tax Credit.Th...
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I do know that when you are bordering the 400% Poverty Level, TurboTax is screwy with the calculations and you may need to do it manually.Does your tax return h...
Activity Feed for TaxGuyBill
- Got Cheered for I don't see how it could be an investment loss if the coi.... 3 weeks ago
- Got Cheered for Yes, that is what TurboTax is doing. It is probably corr.... October 12, 2024 10:27 PM
- Got Cheered for Okay, I see we are thinking the same, but wording it diff.... February 11, 2024 8:41 AM
- Got Cheered for I think your original question is about the depreciation.... February 11, 2024 8:36 AM
- Got Cheered for "If we rent it for two years, live in it for two years th.... February 11, 2024 8:35 AM
- Got Cheered for It seems correct to me. The NOL will offset income taxes,.... September 15, 2023 3:29 PM
- Got Cheered for You post indicates you are using TurboTax "Business", whi.... September 8, 2023 3:33 PM
- Got Cheered for Yes, Box 1 of your K-1 would show a loss. If you have "B.... July 26, 2023 10:53 AM
- Got Cheered for @stebecas You can not receive a W-2 when you are Partne.... July 26, 2023 10:52 AM
- Got Cheered for @sharrobins2 So Box 1 of the K-1 should reflect the pro.... July 26, 2023 10:52 AM
- Got Cheered for No, don't ignore anything. Ask your tax guy about it. F.... July 26, 2023 10:51 AM
- Got Cheered for Because the LAW says you must use the mid-month conventio.... May 10, 2023 11:25 AM
- Got Cheered for Don't just make up when it was placed in service. If it.... May 10, 2023 11:24 AM
- Got Cheered for Many items over $200 are depreciated over a number of yea.... April 5, 2023 4:30 PM
- Got Cheered for Because you are paying SE tax to a country that the US ha.... March 17, 2023 7:24 PM
- Got Cheered for I would HIGHLY recommend consulting with a tax profession.... March 3, 2023 11:00 AM
- Got Cheered for It can be subjective, but the 'default' is the percentage.... February 25, 2023 8:03 AM
- Got Cheered for The giver doesn't report anything on their tax return. T.... February 20, 2023 5:08 AM
- Got Cheered for @examiner27 The Regulations clarify this, and it depend.... February 6, 2023 5:35 PM
- Got Cheered for If you are ABLE to claim a person, that person does not q.... February 3, 2023 2:21 PM