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I had $515 estimate taxes that carried over on state taxes.
I had $515 estimate taxes that carried over on state taxes. Initially it was not reported but state included on my state refund. Would I report $515.00 on my federal taxes? … read more
Barbara
Barbara
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I did my taxes via turbotax in 2018 the state refund was
I did my taxes via turbotax in 2018 the state refund was applied the next year taxes in 2019 and that was applied in 2020 . Unbeknownst to me the refund would carry over next year and appear as estima… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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I have doing my own taxes on turbotax. For state refund I
I have doing my own taxes on turbotax. For state refund I apply to next year taxes. However, I dont pay estimate taxes so if I have state refund for 200.00 it show up as estimate taxes for next year. … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
11,023 satisfied customers
What happens to deductions that carry over from 1 tax year
What happens to deductions that carry over from 1 tax year to the next? Do the deductions year to year just keep adding up or can they turn into a refund? … read more
Lev
Lev
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According to the instructions for form 8692 and for amending
Second opinion] According to the instructions for form 8692 and for amending returns, taxpayer must file by the due date of the return for amending filing status from MFJ to MFS. The reason the taxpay… read more
Lev
Lev
44,435 satisfied customers
I paid federal taxes in 2018 and I had no income in 2019 can
I paid federal taxes in 2018 and I had no income in 2019 can I get a refund … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,197 satisfied customers
Carry over questions 1. if I get a Federal Tax refund in
carry over questions 1. if I get a Federal Tax refund in 2019 2. If I get a State/city refund in 2019 3. If I owe Federal Taxes i 2019 4. If I owe State/City Taxes in 2019where would I report the abov… read more
Barbara
Barbara
Enrolled Agent, Paralegal
24,378 satisfied customers
What is the cost to have a tax question answered? I am
I am preparing a return for a full year resident Minnesota client, joint return, and they received a Final Year Schedule K-1(Form 1041) for a California located Trust. The K-1 shows a $45000 amount in line 11D,NOL carryover. This loss carried over as a negative to line 21 of the 1040 and substantially offset $70,000 W-2 income, so that after the Standard Deduction and Exemptions there was zero taxable income. This NOL carryover also offset all taxable income on the Minnesota return. The result is that there was no net tax due, either Federal or State, and a total of about $9,000 in Federal and $3,000 State withholding is refundable. Two questions are; (1) Is any tax return filing needed for California, as there was no net income, and the client is not a resident of California (2) The trust was closed, and the NOL carryover deduction was distributed to the beneficiaries. Is it allowed to take the entire NOL carryover in the current year? Are there any other considerations? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
24,361 satisfied customers
I've used Turbotax for many years but this year I think I
I've used Turbotax for many years but this year I think I have a problem with the state portion. I finished and was told I need to make quarterly payments much higher then last year and that I need to… read more
Barbara
Barbara
Enrolled Agent, Paralegal
24,378 satisfied customers
I am looking for a tax attorney to help with Federal appeal
I am looking for a tax attorney to help with Federal appeal for return of estimated payment money confiscated by IRS for my not having filed within three years. … read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
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! I made $98588.21 this year and no deductions really.
Hello! I made $98588.21 this year and no deductions really. When I calculate my tax return through TurboTax it gives me a ridiculously low number for federal tax return (~1.3K). Is this possible? I ma… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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I had a $37,159 capital loss in 2005 which was reported in 2005. My tax advisor failed to
I had a $37,159 capital loss in 2005 which was reported in 2005. My tax advisor failed to carry over this loss on my 2006 tax return. Since then I had capital losses in subsequent years after 2005 tha… read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,815 satisfied customers
My step daughter was a student in 2011 and made a little over
My step daughter was a student in 2011 and made a little over $6000 for the year. She did not file her taxes that year, knowing that she would more than likely get a refund, but she left for school an… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
24,361 satisfied customers
On 07-03-2003, my cousin - Coeta Fern Howell - transferred
On 07-03-2003, my cousin - Coeta Fern Howell - transferred the ownership of her stock, which is being handled by Scottrade, to Coeta Fern Howell and V. XXXXX XXXXXebman as Joint Tenants with the right… read more
Bill
Bill
Master's Degree
3,256 satisfied customers
TurboTax shows my imported 2007 state tax refund as 3639.00.
TurboTax shows my imported 2007 state tax refund as 3639.00. TT 2007 says this refund to be 3723.00. I did have a 150.00 credit in 2006 which I applied to state estimated. Why the difference, I,ve re-… read more
Merlo
Merlo
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560 satisfied customers
I was 48 yr old when I received my retirement check for 435k.
I was 48 yr old when I received my retirement check for 435k. I reinvested 235k and took 200k, after taxes I received a check for 138k. How much taxes will I have to pay for income tax on the 138k? Fo… read more
Lev
Lev
44,435 satisfied customers
I have a client that requested a large refund from 2005 be ...
I have a client that requested a large refund from 2005 be applied to 2006 1040. The refund remained in tact and was applied to 2007. In late 2007 it was determined he under reported income on the 200… read more
Anne
Anne
Master Tax Preparer
2,601 satisfied customers
My wife and I are both 64 and work federal civil service.
My wife and I are both 64 and work federal civil service. I wish to take about 120K from "my" 401K using the over 59 1/2 age rule. We both plan to continue working. The information provided to us from… read more
Lev
Lev
44,435 satisfied customers
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