Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax
This answer was rated:

Im using TurboTax for my MN tax return. Its returning $0

I'm using TurboTax for my...
I'm using TurboTax for my MN tax return. It's returning $0 as taxable income. That can't be right!?!?
Show More
Show Less
Ask Your Own Tax Question
Answered in 22 minutes by:
3/30/2011
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,211
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Robin D :

Hello and thank you for using Just Answer

Robin D :

We are not with TurboTax but I would be happy to try and assist you with your problem

Robin D :

Are you filing a resident or a nonresident return?

Customer:

Resident

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,211
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
Robin D. and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 6 years ago

Again, Resident.

Ok One minute let me look at the forms.

Ask Your Own Tax Question
We have left the chat so this is going to be a little more difficult to communicate. Can you see the actual MN form and not just the summary? If so what is listed as your Federal Taxable Income (line 1) on the M1 Form?
Ask Your Own Tax Question
Customer reply replied 6 years ago
80103
Ok, how about the lines from 5 - 9? These would subtract from the amount and then compute the MN taxable. Anything on them?
Ask Your Own Tax Question
Customer reply replied 6 years ago
Yes, that's the crux of the issue. Line 8 (Other Subtractions) shows $80103, our entire taxable income from M1M via M1NC.
Ok then all you have to do is go back into the return and get that out of there.
Ask Your Own Tax Question
Customer reply replied 6 years ago
Really? Come on. Look at form M1NC. I have no entries for lines 1-11. Line 15 is 0 because I didn't have to do a recomputed 1040. Line 16 is 80103, my federal taxable income. Line 18 subtracts line 15 from line 16 for my subtraction amount, which would be my entire taxable income. That can't be right.

Turbo Tax is having a HUGE problem with this portion of their program.

Here is what TurboTax has to say about it.

"We have determined that this is caused by a 0 (zero) entry on the Federal taxable Income for Minnesota Tax Purposes screen. Please go back through the interview section and ensure that information entered is correct.

A product update was released on 3/05/2011 that provides additional information regarding Federal Taxable Income."

Ask Your Own Tax Question
Customer reply replied 6 years ago
Okay, I understand Turbo Tax is having an issue. Let's pretend I'm filling it out myself. I still have the same situation. If I don't have a recomputed 1040, what should the amount on Form M1NC line 15 be? It can't be 0.

The Turbo TAx program is using a Line that does not exist any longer. If you follow the instructions you are to enter $0 on Line 15 and the the true amount of Fed on Line 16. This then would result in your carrying the amount (basically the entire Fed Taxable over to Line 36 of the M1M and subtracting it out of MN income.

"Update: A bill signed into law on March 21, 2011 eliminates the need for line 36.Skip line 36 and continue with line 37"
Try to work around by entering the Fed Taxable on Line 15 and 0 on line 16 the program may then read as addition.

If line 15 is more than line 16, subtract line 16 from line 15. Enter the result as an addition on line 17 of Schedule M1M

 

 

Ask Your Own Tax Question
This is not an approved work around from Turbo Tax but they just keep advising user is not do something correct.
Ask Your Own Tax Question
Customer reply replied 6 years ago
Ah, at last it becomes clear. Please send me the link of the update, so I can get my money back from Turbo Tax for my MN return. Thanks.
Ask Your Own Tax Question
Customer reply replied 6 years ago
Thanks. I think I already paid my $30?

You did ,and I sincerely hope you will be able to deal with Turbo Tax on your problems.

Thank you again,

Ask Your Own Tax Question
Ask Robin D. Your Own Question
Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,211
16,211 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

Robin D. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,338 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

16,211 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I am disabled, i have no taxable income but i was told that
hi, i am disabled, i have no taxable income but i was told that i could get the proff of all the medication i had to buy this and get money back … read more
Robin D.
Robin D.
Senior Tax Advisor 4
16,211 satisfied customers
I just prrhced the Business turbo tax I it is the wrong one
I just prrhced the Business turbo tax I it is the wrong one for me. I see you have a 60 return policy … read more
Robin D.
Robin D.
Senior Tax Advisor 4
16,211 satisfied customers
If you are a single member S-Corp and taxable income is over
If you are a single member S-Corp and taxable income is over $315K and business is a service industry so would not get the 20% deduction under new tax reform, would changing to a C-Corp help pay less … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Is Gift Tax form 709 filed like a return by April 15th? Or,
is Gift Tax form 709 filed like a return by April 15th ? Or, is it filed the year the gift was given? thank you … read more
abci168
abci168
Principal
27 satisfied customers
Is there a form to file with the IRS for tax periods that
Is there a form to file with the IRS for tax periods that have ran past the statute of limitations from the date of assessment … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Have a tax question about what is considered taxable income.
Have a tax question about what is considered taxable income. What is your fee? … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,067 satisfied customers
FOR GUILLERMO: What line on the 1040 income tax return is
FOR GUILLERMO: What line on the 1040 income tax return is used to determine the sponsor's income for Form I-864? Is it line 22: TOTAL INCOME? Or, line 37, ADJUSTED GROSS INCOME?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Suppose my taxable income in 220,000 this year and the tax
Suppose my taxable income in 220,000 this year and the tax rate is X up to 200K, but Y for 200and over, do I pay Y on the full 220K or just that above 200K? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Are you familiar with income tax laws on business and
Are you familiar with income tax laws on business and personal returns? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Under current law a 100,000 taxable income pays $10,365 plus
Under current law a 100,000 taxable income pays $10,365 plus 25% of the amount exceeding $79,400 i.e. about $16,000. Under tax reform will the tax be $25,000? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I'm on Turbo Tax now going through the steps for filing
Barbara, I'm on Turbo Tax now going through the steps for filing Schedule E. Is my basement apartment in my single family residence considered a single family rental or a multi-family rental ? Thanks… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,785 satisfied customers
I filed for an extension to file my 2017 income tax return.
I filed for an extension to file my 2017 income tax return. I recently suffered a stroke - 6 weeks ago - and have been unable to finalize my return. I should be able to file it within the next 30 days… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,785 satisfied customers
If your taxable income is $0 (actually negative) is there a
If your taxable income is $0 (actually negative) is there a penalty for late filing? Do you need to file at all? What is the 2016 filing deadline with an extension?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,785 satisfied customers
I successfully filed my 2016 return with Turbo Tax. Now the
I successfully filed my 2016 return with Turbo Tax. Now the only file references that I find are " Usaved Turbo Tax document" which does not open. Anyway I can get to this doc for use or view? … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I filed my tax return in March 2017 using turbo tax through
I filed my tax return in March 2017 using turbo tax through T.D.Ameritrade. I expected a return of over $2000.00. I filed electronically, but have heard nothing since. I checked Turbo Tax and they say there is no refund due. This also includes my state tax. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
16,211 satisfied customers
Undistributed taxable income previously taxed. Have 3
Undistributed taxable income previously taxed. Have 3 shareholders with balances due to them from previous years. Can it be paid all in one year to bring their amounts owing to zero until the next pro… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,275 satisfied customers
I filed my taxes with Turbo Tax and submitted the forms with
I filed my taxes with Turbo Tax and submitted the forms with E-File on April 11. A few days later I received an e-mail saying that my file was rejected due to a Turbo Tax problem, so following instruc… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,275 satisfied customers
I filed a joint return through TurboTax. My taxable income
I filed a joint return through TurboTax. My taxable income was $87,829. Using the IRS's published tax rate schedule, the tax I owe should be $13,499.25. TurboTax calculated I owe $17,787 (this compare… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x