Latest threads in Taxes General Forumshow only best voted threads
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1099-C on residence - rental property
Taxpayer lives in three family home. Restructured mortgage and received 1099-C for $25000. I understand if it was a personal residence this would not be income. Text also says if "restructured...
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11 years ago
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Another unhappy encounter with TurboTax
I finally finished m Federal and state income tax returns for 2012. I even sprung the $20 for Intuit to e-file my California return, I wanted move onto another part of my life. Unfortunately, life is...
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11 years ago
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address error made on 1040
I entered the wrong city on a 1040 I e-filed for a client. The zip code was correct. The client is not getting a refund nor does she have a balance due. (Tax liability was zero.) Is an amended return...
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11 years ago
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SECTION 529 Education Saving account
We opened an account under Section 529 for education saving for our children. Do we have to report it to IRS on form 1040? We do not get any deduction from federal taxes for saving in this account.
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11 years ago
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Why do I need an intermediary to e-File?
I just finished preparing my Federal and California 2012 income tax returns. I used TurboTax for the purpose. I still hate it, but it was useful when one number had to be changed late in the process....
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11 years ago
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Cost basis of a remainder interest
Adam, a widower with a son, buys a house for $300k. Adam then marries Betty but retains sole ownership. When Adam dies, the house is worth $800k. Adam's will calls for Betty to have a life estate....
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11 years ago
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What Foreign Tax Credit can I carry forward, and how?
First, forget my last post about FTC; I was confused. Sorry. In 2012 I have a good income and am somewhat into AMT. I had $2345 in foreign taxes paid. The regular 1116 allows me $5894, and the AMT...
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11 years ago
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File tax forms with zero income?
I think you are confused. Your are mixing up gross income and taxable income and a few other things. Although there may be a slight change from 2011, the IRS spells out who must file. Look at...
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11 years ago
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Problem on filing extention
I will have to delay filing my taxes this year because I have to get a new computer and wait for my son to set everything up so I can load my turbo-tax(which this year requires a 64 bit computer and...
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11 years ago
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AMT due to NOL?
Personal return has w-2 income of $50,000 Schedule C income $10,000 Standard deduction Sch D gain $7500 4797 Gain 58,000 and NOL 78000. Apparently NOL sending us into AMT of 7000. Not used to NOL...
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11 years ago
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Entering My Bank Account Data in TurboTax
You're not supposed to enter any information in the PDF. You enter everything in either the interview or the forms. You should go through the "File" section of the interview, whether you are e-filing...
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11 years ago
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Can I not report some foreign taxes paid?
According to my brokerage statements I paid $2,700 in foreign taxes that I could get a credit for; but I am way into AMT and lose it all when I file a 1116. Can I not report $1,700 of the taxes paid?...
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11 years ago
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Conflicting 1099's
yep - best to ask more questions of friends who have a question based on their "facts". Happens all the time.
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11 years ago
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Social Taxes on BP claim buyout?
I had my taxes figured today. I got 2 BP checks, one for replacement of income and one as a Final Payment to end their liability. The tax preparer said, sense the Final Payment is not replacement of...
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11 years ago
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Changed states, how to handle schedule D?
I moved from Massachusetts to California last year. I also moved all my investments from one account to another, so it is clear what income goes where. But the states ask for copies of my federal...
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11 years ago
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