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Questions tagged [turbotax]

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39 votes
5 answers
8k views

How to report $27 in cap gains affordably

I'm preparing my taxes using TurboTax's basic free tier. Last year I had $26.62 in realized long term capital gains. To report this using TurboTax, I need Premier, which is a $54 add on. Even in a ...
Lost Odinson's user avatar
19 votes
2 answers
3k views

Should I choose Itemized or Standard deduction?

I see I am saving more when I choose Itemized deduction, even though its less than standard deduction. Is that normal? And in this case should I choose itemized and disregard recommendation of Turbo ...
hmajumdar's user avatar
  • 561
16 votes
2 answers
4k views

I e-filed my taxes ONE SECOND after the deadline - am I in trouble?

I am a US resident and last night I e-filed my 2019 federal income tax return with TurboTax and I owed money. (I know you should NEVER wait for the last day but it's been a couple of crazy weeks so I ...
Gabe's user avatar
  • 283
9 votes
2 answers
3k views

When you e-file your taxes with TurboTax, does Intuit get a copy of your personal information?

When you e-file your federal taxes with TurboTax's PC software, do the tax forms go through Intuit's servers, or are they submitted directly to the IRS somehow? i.e. do Intuit servers ever see a copy ...
user541686's user avatar
  • 3,369
8 votes
1 answer
515 views

If I can be claimed as a dependent, what do I do without my parent's tax information?

I'm filing my 2016 taxes. Although I was not claimed as a dependent by my parents, I meet the qualifications of being claimed as a dependent. When filling out my tax return via TurboTax Freedom ...
Jacob's user avatar
  • 316
6 votes
2 answers
2k views

Do I have to wait for my W-2s to fill my tax return for the previous year?

First year out of college (and my first paid jobs ever). I worked at 3 different companies last year (2 as a full-time employee and 1 as an independent contractor (1099-MISC)). Do I need to wait for ...
Raj's user avatar
  • 693
5 votes
4 answers
27k views

Is it worth it to buy TurboTax Premier over Deluxe if I sold investments in a taxable account?

I sold investments in a taxable account in 2013, include shares from an employee stock purchase plan (ESPP). I have always used TurboTax and am planning to again, but I'm trying to decide which ...
Craig W's user avatar
  • 15.9k
5 votes
1 answer
4k views

TurboTax Made an Error - Should They Pay?

I used TurboTax to file my college-age daughter's 2012 tax return. TT said she was eligible for a $1,000 American Opportunity Credit. We claimed it and got no argument from the IRS. I used TT again ...
user249493's user avatar
5 votes
2 answers
271 views

Hobby vs. Business

I do a small amount of tutoring. On my tax returns, I do not want to list it as a business because that makes my returns more complicated than they need to be and makes my tax prep software more ...
LN6595's user avatar
  • 606
5 votes
3 answers
6k views

RSU already included in W-2

My employer includes the bonus given as RSU on the W-2. How to correctly import the data from E*Trade (who manages the RSU and provides tax forms) into turbo tax (or any other tax software) so it does ...
Bax's user avatar
  • 171
5 votes
1 answer
457 views

Employer paid rent as part of income?

In 2017, my wife's employer paid for our rent as per her contract. The employer added this to her monthly salary. She received a 1099 at the end of the year. I considered this money income when ...
D. Vyd's user avatar
  • 51
4 votes
2 answers
892 views

Does TurboTax mail my state forms for me?

I just filed with TurboTax, and it mentioned along the filing process that my state taxes (for Idaho) have to be filed by mail, though they didn't show the forms to actually mail in. Does that mean ...
Qix - MONICA WAS MISTREATED's user avatar
4 votes
2 answers
4k views

My tax return was approved, when does the IRS debit my account?

I just recently filed on TurboTax. This is the only time I've had to pay the IRS anything beyond what they normally take in withholding. I know normally when they "withhold" more than they'...
Evan Carroll's user avatar
4 votes
1 answer
3k views

For TurboTax online's "Enter Dividend Income", what goes in the "Broker or Payer" field?

I am confused by this field. Should I enter the company that actually issued the dividend or my broker's name?
merlin2011's user avatar
4 votes
1 answer
540 views

Do I need a Like-Kind Exchange when selling a personal vehicle for a company car

Last year, I started a new job which afforded me the convenience of a company car. When receiving this car, we sold our personal vehicle to the dealership when we picked up the company car. My tax ...
Barry Chapman's user avatar
4 votes
1 answer
345 views

Turbo Tax Reporting Income with No 1099

I use Turbo Tax for Business and I have already entered all the income I received from 1099 MISC. But I do have other income which does not provided any 1099. This includes Google Adsense, Apple ...
john doe's user avatar
  • 243
4 votes
3 answers
192 views

What are some factors I should consider when choosing between a CPA and tax software

Its my first time filing taxes on my own and I need to decide between using some tax software like TurboTax or hiring an accountant. What are some factors I should consider when making this decision?...
David says Reinstate Monica's user avatar
4 votes
1 answer
6k views

How do I reconcile income taxes withheld and remitted to the wrong state?

I work remotely from my home office in Atlanta, GA for a NYC-based company. I started at this company in 2016 and I just received my first W-2 form. My company uses Just Works as a professional ...
Daniel's user avatar
  • 5,330
3 votes
1 answer
2k views

Confused as why TurboTax asking for 2022 Tax Liability to calculate 2023 underpayment penalty

System showed that I owe tax penalty and it started asking few questions to see if it can be waived. One of the questions was 2022 Tax Liability, where it is asking me to enter line 4 from form 2210 ...
javanoob's user avatar
  • 335
3 votes
1 answer
86 views

Property Tax entry for 2018 Federal Income tax

In preparation for 2018 Federal Income Tax (based on the 2017 Tax Act), I was suprised when using 2018 Turbo Tax to see the following: Which seems to state that the IRS is still working on how to ...
BobE's user avatar
  • 688
3 votes
2 answers
183 views

Tax refund disparity arising from TurboTax, relative to other programs (H&R, TaxAct, Credit Karma)

While I haven't received any of my tax forms for 2017, I can compute the values for each of the boxes based on past experience and available statements and pay stubs. My tax situation is fairly ...
BaronFiner's user avatar
3 votes
1 answer
8k views

Turbo Tax says return was approved, IRS refund status shows processing

After I e-filed my taxes through Turbo Tax, I signed up for the text notifications so that way I didn't have to keep checking the website/app. I got a text message saying that my return has been ...
ggiaquin16's user avatar
3 votes
1 answer
279 views

Made more than $600. Company does not issue 1099-MISC's. Enter income as general income?

I made well over the $600 threshold to receive a 1099-MISC from the company. I contacted the company and they stated that "We do not send tax forms to any publishers". I'm using Turbo Tax Business to ...
Daniel Storm's user avatar
3 votes
3 answers
2k views

Tax payment has not appeared in bank account ~20 days after filing electronically with TurboTax. What to do?

I filed my taxes electronically with TurboTax on the TurboTax web site about 20 days ago. I owed an amount, but I can't see any tax payments appearing in my bank account now, about 20 days later. ...
qazwsx's user avatar
  • 311
3 votes
1 answer
2k views

Should the amounts in W-2 Box 14 appear in Box 14 in TurboTax?

I bought some company stock via ESPP and had my first bundle of RSUs vest. The amounts are both shown in box 14 of my W-2. However, I don't see any value imported into box 14 of my 1040 tax return ...
Ramy's user avatar
  • 133
3 votes
1 answer
127 views

Spouse not eligible for third EIP and claiming my child for third EIP

So I am in the process of completing my taxes on Turbotax and I am confused with the following. I am under Federal Review section where I am presented with the following question: Let's double-...
Tan's user avatar
  • 267
3 votes
1 answer
787 views

Do contractors need to attach form 1099-MISC to their income tax return?

Is there a source stating that U.S. contractors who received 1099-MISC forms do or do not have to attach them to their federal or state return? My impression, after a bunch of searches, is that I don'...
Dan Dascalescu's user avatar
3 votes
0 answers
146 views

Independent contractor for a Canadian company with no 1099 for 6 months then under US payroll with W-2. What to do?

I am a US permanent resident and I was working for a Canadian company as an independent contractor for the first half of 2015 without any 1099s and they wire transfer my wages directly into my US bank ...
Arin Ghazarian's user avatar
2 votes
1 answer
624 views

Why does increasing my W2 HSA contribution in TurboTax INCREASE my tax due?

TurboTax becomes more inscrutable every year. I was looking for where to report my HSA contribution, then realized it already came in on my W2. I have a $6000 line 12, code W (Employer contributions ...
Marvin's user avatar
  • 135
2 votes
2 answers
249 views

Do I have to pay estimated taxes?

I had a financial windfall in 2018, pre-paid taxes to account for this, and ended up getting a refund. Turbotax included several 1040-ES forms for paying estimated taxes for 2019, I assume based on my ...
user83547's user avatar
2 votes
1 answer
135 views

Why is K-1 business income taxed at 50%?

I'm using TurboTax for my taxes (which of course are due tomorrow), and my wife's S Corp (50% owner) had a profit of roughly $14k, which they did not withdraw. It stayed in the corporate bank account,...
John W.'s user avatar
  • 23
2 votes
1 answer
779 views

Why did TurboTax underestimate my California state taxable income?

I just received two bills from the state of the california franchise tax board saying that my state tax for 2015 and 2016 are missing a few thousands plus interest. The reason was that turbotax way ...
John Jiang's user avatar
2 votes
1 answer
356 views

Does New York State law require me to e-file if I use TurboTax?

If I use Turbo Tax to prepare my taxes with locally installed software, and specifically Turbo Tax with New York State, to prepare my returns, am I permitted to file my returns by mail and paper, or ...
paulj's user avatar
  • 1,157
2 votes
1 answer
92 views

Download tax return before filing to show to accountant

I like using turbotax to gather my information, but I'd like to work with my tax advisor to review what I'm filing before actually submitting the return. Is there a way for me to show my tax advisor ...
lf215's user avatar
  • 73
2 votes
1 answer
177 views

What version of TurboTax to get

Last year I worked on a 1099 Contract for 4 months and a W2 Contract for 6 months. I'm not sure which version of Turbotax to buy. Actually I'm not sure if doing this myself is the best way to go but I'...
Rich's user avatar
  • 1,749
2 votes
1 answer
74 views

In what situations does tax preparation fees not count as a deduction on taxes?

Last year I filed my taxes through turbotax. This year I'm doing it again. There is an option to check if money spent on tax preparation (including tax software like turbotax) is deductible. I spent ...
David says Reinstate Monica's user avatar
2 votes
1 answer
158 views

the correct place to report foreign income

Doing taxes by both Turbotax (TT) and TaxAct (TA), I get different answers to my relatively simple situation. Here is the summary of their respective calculations: line# Entry Turbotax TaxAct 1 ...
punkish's user avatar
  • 271
2 votes
1 answer
902 views

What does Turbotax mean by "This account did not have income, deductions, or credits associated with it in [year]"?

I use Turbotax to prepare my taxes in the United States. When declaring foreign financial account, Turbotax asks: What does Turbotax mean by "This account did not have income, deductions, or ...
Franck Dernoncourt's user avatar
2 votes
1 answer
1k views

What do I enter for my "2010 HSA, less 2011-2014 distributions" when my HSA started EOY 2011?

TurboTax is pretty insistent that I put something in this field, corresponding to the Wisconsin adjustments worksheet. The field says: Balance of HSA as of Dec 31, 2010, less amt distributed in ...
svidgen's user avatar
  • 123
2 votes
1 answer
1k views

How do I enter my HSA in Turbo Tax Online?

I changed jobs last year. My old company offered an HSA and my new one doesn't. I used my HSA for medical expenses totaling about $700. There is still some money in it, I think. I'm not really ...
GeoJohn's user avatar
  • 475
2 votes
1 answer
3k views

Where does my IRS Form 8582 line 16 get reported?

I am using TurboTax and I have a form 8582 Passive Activity Loss Limitations wherein I have a positive value on line 16 that represents a passive loss from real estate activities. The form itself ...
WilliamKF's user avatar
  • 1,823
2 votes
1 answer
59 views

Adjusted Gross Income for TurboTax

In order to file my taxes using TurboTax, I need by AGI (adjusted gross income) for 2019. Since I used form 1040, the adjusted gross income in on line 8b. However, when I downloaded the form, it is ...
taxguywewe's user avatar
2 votes
1 answer
161 views

Where can I enter my contribution for Maryland College Investment Plan in TurboTax Online?

I'm a Maryland resident who contributed $2500 to each of my two daughters' Maryland College Savings Plans. That should entitle me to a $5000 Maryland state tax deduction. Now I'm trying to do my taxes ...
Saqib Ali's user avatar
  • 275
2 votes
2 answers
80 views

Can adding a 1098 from another mortgage bank lower my deductible interest? How?

I'm a long-time homeowner. In 2020, I refinanced my home. Due to the refinance, and switching mortgage banks, I made mortgage payments to three different banks in 2020: Bank A (original mortgager): 8 ...
Saqib Ali's user avatar
  • 275
2 votes
0 answers
107 views

Why does Turbotax ask to enter Form 8938: Interest II schedule even when there is no interest?

Does the IRS require me to enter Form 8938: Interest II schedule even when there is no interest, or is that just Turbotax asking for unnecessary information? The same issues arise for all other Form ...
Franck Dernoncourt's user avatar
2 votes
1 answer
239 views

Didn't mark that I had a checking account for direct deposit on tax filing, will I have my returns rejected?

I submitted by taxes electronically through TurboTax and I realized that when I submitted my bank info in order to receive my returns via direct deposit, I didn't mark that it was a checking account ...
Asking's user avatar
  • 123
2 votes
0 answers
90 views

I've made an addition to my home: how to I reflect the adjusted basis for home office deduction purposes?

For some years I have operated a home office, and taken the home office deduction. The home office deduction (at least prior to the introduction of the simplified method) mandates calculating ...
Bryce's user avatar
  • 2,560
1 vote
1 answer
1k views

how can capital losses carryover used be more than $3000? (in US income taxes)

This is regarding short-term capital gains (actually losses) carried over from past years. I have a capital loss carryover of about $4800 from 2019. I had a gain of about $12k in 2020. I thought the ...
user26270's user avatar
  • 174
1 vote
3 answers
161 views

Preventing tax underpayment penalty

I had some short term capital gains in 2017 which resulted in underpayment penalties both in my Federal and State taxes. I have about $5K in crypto-related short term capital gains for 2018 to report ...
David's user avatar
  • 241
1 vote
2 answers
75 views

Can I choose my Roth IRA contribution belong to 2019 or 2020 made between 1/1/2020 and 7/15/2020?

I am trying to fill my tax return by TurboTax. I saw this: Enter your total Roth IRA contributions for 2019. Note: include contributions made between 1/1/2020 and 7/15/2020 that you want to include ...
Hongbo Miao's user avatar