TurboTax question

[George K]

When I was working, our business manager's office did our income taxes for us. It was one of the perks of working there.

When I retired, I used them for about 3 years, but the fees they charged for a simple tax return simply weren't worth it for my situation, so I went with a local CPA.

She's done a reasonable job, I guess (can you ever really know?), but my taxes are really simple.

I have income from four sources (two retirement accounts for me, one for Mrs. George, and our Social Security.

So, I thought using Turbotax would be an easy way for me to file - but, there's one thing I'm not sure TT can handle. Mrs. George has an individual brokerage account, and in mid-February, they send out a "consolidated" 1099 form - 1099-INT, and 1099-DIV.

Turbotax was great at parsing my other 1099s but I wonder if it'll be able to do a 40-page form like this.

Sample of the info - with personal stuff redacted.

[89th]

Should handle it fine. I have something similar with an individual taxable investment account and while the tax statement is very long, it usually has bottom line (or front page) summary numbers to plug into Turbo Tax. I definitely think TurboTax is all you need with your income sources (including interest from your wife's brokerage account...at least the one she wants you to know about).

[George K]

Thanks, @89th ! I should be getting that statement in mid-February and I'll see what happens. I was able to import everything else with no issue, whatsoever. If you look at the first screenshot I posted, that should be all the information they need, right?

Another question: Estimated payments.

I expect my income to be similar to what it was in 2023 - just make the same estimated payments as I did last year? In the past the accountants have suggested the quarterly amount to pay. If I underpay, there are penalties, right?

[Mik]

I think if you use last year’s taxes as your guide you’ll be fine. See Avoid a Penalty.

https://www.irs.gov/payments/underpayment-of-estimated-tax-by-individuals-penalty

[George K]

That "consolidated form" also has a 1099-B section.

We'll see if Turbotax can import that stuff.

[89th]

@George-K said in TurboTax question:

Thanks, @89th ! I should be getting that statement in mid-February and I'll see what happens. I was able to import everything else with no issue, whatsoever. If you look at the first screenshot I posted, that should be all the information they need, right?

IIRC what I did last year, yes. I do my taxes manually (I enter information throughout the Income and Deduction sections, but I just remembered I think it did auto-import that data from my brokerage account, I used Merrill Lynch), so that made it easy.

You know, worth a shot in TurboTax, it doesn't take too long in that system and if you're not comfortable you don't have to submit. (I've used TurboTax for the past 15 years)

[jon-nyc]

I get a consolidated 1099 and put it in TurboTax just fine.

[George K]

@jon-nyc said in TurboTax question:

I get a consolidated 1099 and put it in TurboTax just fine.

Just drop the 40 page PDF into their window?

[Horace]

I don't really believe in taxes.

[LuFins Dad]

While we’re on the subject… One of the companies Karla subs too made them actual employees this year, but didn’t reimburse for things like mileage and other strictly job related expenses that comes with the job. How do you claim the mileage when you aren’t self employed for that portion?

[89th]

@George-K said in TurboTax question:

@jon-nyc said in TurboTax question:

I get a consolidated 1099 and put it in TurboTax just fine.

Just drop the 40 page PDF into their window?

I think they also offer the option of entering the brokerage's (you wife's) log-in credentials into the system and they'll automatically pull it for you.

[89th]

@LuFins-Dad said in TurboTax question:

While we’re on the subject… One of the companies Karla subs too made them actual employees this year, but didn’t reimburse for things like mileage and other strictly job related expenses that comes with the job. How do you claim the mileage when you aren’t self employed for that portion?

Don't think you can. For W-2 work, you can't deduct mileage expenses, etc.

[Jolly]

@89th said in TurboTax question:

@LuFins-Dad said in TurboTax question:

While we’re on the subject… One of the companies Karla subs too made them actual employees this year, but didn’t reimburse for things like mileage and other strictly job related expenses that comes with the job. How do you claim the mileage when you aren’t self employed for that portion?

Don't think you can. For W-2 work, you can't deduct mileage expenses, etc.

I'm not sure about that...

Correction...The law changed in 2020.

[Copper]

@George-K said in TurboTax question:

Turbotax was great at parsing my other 1099s but I wonder if it'll be able to do a 40-page form like this.

I put my 1099s from Charles Schwab directly into Turbo Tax, no paper involved. I have been using it for a number of years, I don't remember exactly what I did to set it up. Now it remembers what I did last year and asks if I want to do it again. Then TT has me log-in to Schwab and it downloads everything.

[Mik]

@Jolly said in TurboTax question:

@89th said in TurboTax question:

@LuFins-Dad said in TurboTax question:

While we’re on the subject… One of the companies Karla subs too made them actual employees this year, but didn’t reimburse for things like mileage and other strictly job related expenses that comes with the job. How do you claim the mileage when you aren’t self employed for that portion?

Don't think you can. For W-2 work, you can't deduct mileage expenses, etc.

I'm not sure about that...

Correction...The law changed in 2020.

Wouldn’t it be an unreimbursed business expense?

[89th]

Can't deduct it unless you're a "qualified" employee, in which most folks are not

[LuFins Dad]

What’s the definition of a qualified employee?

This is going to suck, because fully 1/3 of her business deductions are no longer allowed. Her home office expenses, computer, business phone, etc…

And do you have any idea how difficult tracking her mileage becomes now? This is a nightmare.

[Jolly]

Geez, this is confusing...some clarity?

https://www.irs.gov/publications/p463

[LuFins Dad]

I’m going to have to take this to the TurboTax help line.

[89th]

@Jolly said in TurboTax question:

Geez, this is confusing...some clarity?

https://www.irs.gov/publications/p463

This is a bit clearer:

https://www.irs.gov/newsroom/heres-who-qualifies-for-the-employee-business-expense-deduction