46

You are not the only one with this problem. When Intuit changed their pricing and services structure in 2015 a lot of people got angry, facing larger fees and having to go through an annoying upgrade just to get the same functionality (such as Schedule D, capital gains). You have several options: (1) Forget Turbo Tax and just use paper forms. That is what ...


23

is it possible to file that single form aside from the rest of my return? Turbotax will generate all the forms necessary to file your return. I recommend you access these forms and file them manually. According to the IRS in order to report capital gains and losses you need to fill out Form 8949 and summarize them on Form 1040 D. Add these two forms to the ...


21

From the Maryland tax web site: https://taxes.marylandtaxes.gov/Individual_Taxes/General_Information/What_s_New_for_the_Tax_Filing_Season.shtml Should I take the standard deduction or itemize? - The federal tax reform of 2017 significantly raised the federal standard deduction. Under current Maryland law, if you take the standard deduction the federal level,...


15

According to Maryland State Law, the Maryland standard deduction is $2,250, and you may not itemize in Maryland if you choose the standard deduction on your federal return. Therefore, choosing to itemize will increase your federal taxable income slightly (and therefore your federal tax burden), but will reduce your Maryland taxable income by potentially up ...


9

You can submit a claim to TurboTax using their online form. As others have stated, you still owe your taxes, the claim is only for the interest and penalties from the IRS due to TurboTax's error. How to trust TurboTax again? I wouldn't worry too much about it -- sure, getting a nastygram from the IRS can be unsettling, but it's not really a big deal. You ...


8

The request for your parent's income comes from Form 8615, Tax for Certain Children Who Have Unearned Income. I typically see this form appear as I'm doing my daughter's taxes and start to enter data from stock transactions. In other words, your earned income is your's. But if you are a dependent, or 'can be,' the flow avoids the potentially lucrative ...


8

The laws are set, however the policies and guidance are still being finalized at the IRS (as of mid-December, 2018). You can observe this yourself by searching the web for "2018 IRS Form 1040" and etc, many of the forms returned are still listed in 'draft' state, and bear the warning "DRAFT AS OF {DATE}, DO NOT FILE". While this might seem unusual, even in ...


7

You should enter the name of the company that issued you the 1099-DIV, so the broker. If you look at 1040 Schedule B, which is why TurboTax is asking, you'll see the instructions along the left say: "If you received a Form 1099-DIV or substitute statement from a brokerage firm, list the firm’s name as the payer and enter the ordinary dividends shown on that ...


7

You cannot do a like-kind (Sec. 1031) exchange for personal property, only for business/investment property. Since you said that you traded in your personal car - no like-kind exchange is possible. Also, since the new car doesn't belong to you - you didn't actually perform any exchange. You sold your old car, but you didn't buy a new one. If Turbo-Tax ...


7

Are you sure that TurboTax Deluxe won't be able to handle your capital gains? When TurboTax removed this functionality from their Deluxe product in 2015 (for tax year 2014), sales plummeted, and they realized that the enormous effective price increase was a colossal mistake. The following year, I understand that they put back all the functionality back ...


7

Companies like TurboTax can import data like W-2 if its available to them, but I believe entering the 1099-MISC is a manual operation. Generally you should be paying estimated tax throughout the year to avoid penalty. From IRS - Topic No. 306 Penalty for Underpayment of Estimated Tax: Generally, most taxpayers will avoid this penalty if they either owe ...


6

According to the IRS Where's My Refund page: Where's My Refund? is updated no more than once every 24 hours, usually overnight. Try checking again tomorrow, and if it still says "processing," wait a few days, and check again.


6

TurboTax is considering these contributions unqualified for one reason or another. Go through the questions for HSAs in your tax deductions. TurboTax must validate that you meet all the specific requirements that allow you to have contributions to an HSA, otherwise you will pay an excise tax for excess/unqualified contributions. The requirements include: ...


5

Yes you can add it there. You can also add it to the "gross receipt line". Note that you do not have to list where it came from, just the total.


5

You could also switch to CreditKarma to file taxes, it's 100% free and just launched. I'm not affiliated with them, just bringing up an alternative.


4

For tax year 2014, TurboTax Deluxe no longer supports Schedule D.* TurboTax Premier is required if you need to use Schedule D. Alternatively, H&R Block Tax Software Deluxe will handle Schedule D at a fraction of the cost of TurboTax Premier. Update: Beginning with tax year 2015, TurboTax has reversed their disastrous decision and put the functionality ...


4

"Miscellaneous income" -- same category used for hobbies.


4

Largely it comes down to the complexity of your return (likely relatively simple if it's your first time filing) and your comfort level with using software. More complex returns would include filing business claims, handling stocks and investments, special return forms, etc. One benefit to most of the software options out there such as TurboTax, HR Block, ...


4

You should not have to file a 1099-R unless you took a distribution from your retirement account, or if you had a rollover, conversion, or recharacterization - particularly between a regular and Roth type account. If you only contributed to your retirement account(s) and none of those things occurred, then you should not have a 1099-R.


4

That's really not something that can be answered based on the information provided. There are a lot of factors involved: type of income, your wife's tax bracket, the split between Federal and State (if you're in a high bracket in a high income-tax rate State - it may even be more than 50%), etc etc. The fact that your wife didn't withdraw the money is ...


4

Fill out the form manually, using last year's return as an example of how to report these gains. Or experiment with one of the low-priced tax programs; I've been told that they are available for as little as $17, and if your alternative is doing it manually, spending a bit of time checking their results isn't a huge problem. Or run the basic TTax, and ...


4

I'm not sure how this gets entered in TurboTax, but this income from the company should be included in the Schedule C (or C-EZ) Line 1 Gross Receipts total, along with all of your 1099-MISC income from your business and any other income that your business took in. You don't need a 1099 from them, and the IRS doesn't care (at least from your perspective) if ...


4

@grade-eh-bacon was right. It turns out the culprit was $118 state tax due for 2016 in 2017. Each year, I typically get a federal refund, but owe a bit of state tax, typically, around ~$20. In 2016, I owed more than usual. For 2016, I entered the information into TurboTax, despite not using it. The free version of H&R Block I used then did not ...


4

Paying estimated taxes avoids an underpayment penalty, so to determine whether or not you need to pay estimated taxes, you need to look at what triggers the penalty. An IRS article on Estimated Taxes states this: If you didn’t pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty ...


4

Do I need to wait for my W-2 or do companies like Turbotax etc. auto import that stuff? The tax software can import directly some W-2 data. It depends on what company you work for, and what payroll company they use. But even if the software can ingest the W-2 without you having to enter the numbers, it can't do that until the employer/payroll company ...


3

If you did not pay for electronic submission of the state forms, it is your responsibility to print and mail the state return. This is normally done as one of the final steps of the interview process, of you can tell Ttax to print those forms for you.


3

You can list it as other income reported on line 21 of form 1040. In TurboTax, enter at: - Federal Taxes tab (Personal in Home & Business) - Wages & Income -“I’ll choose what I work on” Button Scroll down to: -Less Common Income -Misc Income, 1099-A, 1099-C. -The next screen will give you several choices. Choose "Other reportable Income". You will ...


3

There is a grey area here. In my opinion, the amount is too low to be a concern. Very honest of you to wish to report it and pay taxes, but we can legitimately claim this is not quite rent, but a sharing of utilities. $1500 = $125/month. This is a fraction of normal monthly Gas/Electric/Cable bill total. I'd ignore this for tax purposes. In theory, the ...


3

Print out the forms and go through them line by line. I'd expect to find one line somewhere where the $28 shows up on one and not the other, or where the two differ by $28. See what that line is. Either one of them is including something that the other isn't, or there's a difference in a calculation. Maybe TurboTax thinks you qualify for some deduction or ...


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