Tax law changes

Single member LLC, by default, it reported on the Schedule C of 1040.  But my LLC is owned by one Corporation. What tax form do i need to use? Thank you

If i elect to use "De Minimis Safe Harbor"  1) Should i write off these assets as expense under Other Expenses Section ? 2) Can i choose which asset to use "De Minimis Safe Harbor" ? 3) Without AFS, What if some asset less than $2500, and other over $2500. I should write off those under 2500 as expense, and over 2500 as deprecation? right? 4) Can i still use 179 for those over 2500, if i use "De Minimis Safe Harbor" for those under 2500?

Hi, I use cash method and calendar year, i have a sales on 12/29/2023 on Amazon. Amazon holds the funds for 2 weeks before transferring it to us. Does this transaction counts as 2023 income, or 2024?

Hi, I am in the process of refinancing my home but was told I have a 2015 tax lien for a federal civil penalty or tax owed. I logged into the IRS portal and it shows that debt is from 2012 and the lien happened 2 and half years later. Now, It is my understanding they can no longer pursue collection because the tax date was 2012 but the lien can be renewed therefor they continue to charge me interest and it effectively overrides the statute of limitations. I can no longer see a transcript because those are only accessible for 10 years. The IRS did present my lender with a lien payoff but I guess I am wondering if I should pay it. I mean it wasn't for actual income tax it was an Individual Responsibility assessment that was attached to my account when a business I partnered in folded and owed taxes. Crazy because I had nothing to do with the money but somehow got assessed and was told I signed this IR. I do not remember doing that either.. Any advice.

If i elect to use "De Minimis Safe Harbor"  1) Should i write off these assets as expense under Other Expenses Section ? 2) Can i choose which asset to use "De Minimis Safe Harbor" ? 3) Without AFS, What if some asset less than $2500, and other over $2500. I should write off those under 2500 as expense, and over 2500 as deprecation? right? 4) Can i still use 179 for those over 2500, if i use "De Minimis Safe Harbor" for those under 2500?

Did the 1099 B data entry or download from institution change for 2023 taxes.  I've been using Turbotax for years and the 1099B's from last year do not show up.  Do I have to enter every sale separately, up till this year I could just import - Don't see the same screens with the institutions that have been there previously.

TurboTax says the 1120s K-1 would be available Feb 14 and now says Feb 21, but if you go to IRS.gov the 2023 form is there with no restrictions. What is the holdup?

Since the IRS provide tax relief for California Storm victims that among other moves deadline for payment of 2022 4th installment of estimated underpayment tax from 1/17/23 to 10/16/2023, the penalty for not paying the 4th installment by 1/17/2023 should be removed. Is my assumption correct? If so, will 2022 TurboTax program be revised to account for this IRS tax relief?

Did the 2023 1099/1098 TurboTax Import Partners change from previous years?  I have been able to import my 1099 information from Securities America in previous years, but I don't see Securities America in the list when I try to import! Thanks,Rory

Turbo Tax seems to have caused error in adding all the Tax Withheld shown in my uploaded 1099-R Tax Forms. I am sure that my total Tax Withholding shown in all my 1099-R adds up $360 more than what the Turbo Tax shows as Total Payments/Credits.  I tired several attempts to correct the totals,  but the TurboTax system would not allow me to.  I deleted the particular 1099-R and uploaded again with no success to correct the total withheld taxes!  The Turbotax shows the Total Payments/Credits (Tax withheld) as lower amount than what actually withheld per all 1099-R.  No resolution with all my efforts (even after paying for the e-file Intuit product payments) is feasible with the on-line tax filing through Turbo Tax.  Looking for how to fix this issue.

I sold a few hundred vinyl records in 2023 that I had in my collection. Some I had for years and others for a short time. I purchased some individually from stores, garage sales, etc. and other times I would buy another person's collection. I do not have many receipts for the albums and most transactions were in cash. So how do I determine if I made a profit or loss and how much? I assume this would go on the 1099-K form?

I am unable to file my tax because of a form 5695 energy etc. I would like to move forward without this form but Turbotax won't allow me to move forward. I am stuck for two weeks in this same position and is getting frustrated.

How can I alert TurboTax that their 2023 Form 5695 is not current? There is no longer a $500 limit, and there is no longer a lifetime lookback.

I live in Maryland.  won $1600 gambling in Delaware. On my MD tax return I entered $1600 winnings and $1600 losses.  Why do I have to pay for Delaware State tax as another state to file plus money that it says I owe.  I do not live in Delaware.  I have had winnings there before and never had to file Delaware return.  Did Turbo Tax screw up?  Why did I have to pay another $40 for a state when it won't allow me to take losses in Delaware.  this is very confusing. Thank you 

I am just baffled that the government has put this off and delayed millions of families from filing their tax return because they can't get anything done in a timely manner. When will they vote on the Tax Relief for American Families and Workers Act and I can file my taxes?

How can I file my taxes without this form 5695?

Turbotax is engaged in deceptive business practit is true that until 2 days ago the I. R. S did not clarify the energy credit form for 2023.  However, this form is been available for 3 days and there has been no changes from last year. Turbotax has yet to file my return. Or no if this was this close to me. In the beginning I would have filed a paper return. I have filed with my state Attorney General's office.Under deceptive business practices I suggest others who are in this situation file suit as well with there attorney General 

I purchased a property in India in 2009. I lived in it from Aug2009-Oct2011. After this, the property was rented out off and on for the next decade. I sold it in 2023, and also paid some capital gains taxes in India for the sale. How do i put all this in turbotax premier 2023?How do I show the depreciation, maintenance costs, property tax paid over the years, etc. Also how to I make sure I am not double taxed.

I own a house (primary residence) in Minnesota, however I travel to GA and I stay there at least 7~10 days, sometimes longer but not that often (in Hotels and Airbnb) and I was wondering, if signed an apartment lease how would that affect my state tax.my Payroll and everything else is from Minnesota.

What happens if you didn’t take the minimum required distribution from your qualified retirement plan for the year 2023 but complete distribution on January 30, 2024, with 25% Federal Tax withheld.

I have come back and set up the alert to make sure I don't miss it and updating every day but nothing yet on the software but on the IRS page has been ready for awhile f1120s.pdf (irs.gov)  also still shows that it will be ready soon on my software after updating every day. My question is When is it going to be ready? 

I am looking at getting an EV this year. In 2023 I was not eligible for the credit as my income was too high, and still would be in 2024. However, I am getting married later this year, and together we would be under the cap for the EV tax credit. I wasn’t sure if I would be able to take advantage before the wedding (though I don’t see why not we will file jointly for the whole year) and the IRS themselves says “You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your modified AGI is below the threshold in 1 of the two years, you can claim the credit.” My income will be higher in 2024 (filing jointly), but it’s because the way we are filing taxes is changing. Are we eligible?

Today I spoke with Fidelity to remind them to withhold state and federal taxes from my 401K savings plan RMD this year. (Last year they forgot to, so I had to make estimated tax payments to cover that.) Fidelity said I can no longer tell them to withhold 10% or a set dollar amount but must fill out the new W-4P per the IRS. And failing that, they will withhold the default amount (married, 3 deductions). I am single, no deductions. I next spoke with Morgan Stanley who issues my IRA RMD, and they said they were not aware of any new "law or rule" and that they plan to withhold 15% for state and 15% for federal as before.  I read the IRS W-4P form instructions, and it seems to say that form is used for periodic pension payments or annuities. Are those the same as RMD's? I am thinking the W-4P is for my pension payments not my annual RMDs. Thanks. 

When I transferred my 2022 return into my 2023 return it immediately showed a federal tax due. I am not sure why. Did this happen to anyone else?

In January of 2024, I began employment in Minnesota, but I am an Iowa resident, where I currently live and reside.  Mid year of 2024, I will be working from home 2 days per week. Does my employer need to withhold Iowa and Minnesota state taxes from my paycheck? Thank you!