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I own shares of a s corp and am paying back the value/debt of those shares over a time period. If a distribution of cash, do i owe income taxes if I still have debt?

pjenk1984 — Sat, 09 May 2026 01:40:28 GMT

I also get a bi-weekly salary from the s corp and the distribution of cash is in line with the same percentage basis of my share ownership.

Re: Inheritance in Roundabout Way

Hi Palms — Sat, 09 May 2026 01:30:10 GMT

I assumed they already had a lawyer since the property went through probate. They should probably contact that lawyer if they want to avoid filing the 709 and use part of the exemption. You're right in that it's probably not worth the time to contact another lawyer and pay for this.

Re: I would like to see a draft of my 1040 while I am preparing it. I cannot find it in turbo tax. Where can I find it?

VolvoGirl — Sat, 09 May 2026 01:22:01 GMT

And by the way, only the Desktop download program has a Forms mode where you can switch to the actual forms to look at them and you can enter directly into the form. And other features like a What-If worksheet to test out. Also the Desktop program has other features like can do more than 1 return.

Re: Sure! Here’s a refined version you can send:“Hi, I filed my taxes via TurboTax three months ago. I received the state refund, but I haven’t received the federal one yet

VolvoGirl — Sat, 09 May 2026 01:08:29 GMT

Are you trying to reply to a post? This is the only post under your username. Do you have a question? Federal and state are completely separate. Either refund can come first. After Turbo Tax transmits your returns then they are done with their part. Now only the IRS can tell you . Were you having the Turbo Tax fees deducted from your refund?

What does the IRS say? IRS Where's my refund

Where's My Refund? | Internal Revenue Service

Re: I never received my second and third stimulus payments. Is there anything I can do to redeem ...

Chaosdragon915 — Sat, 09 May 2026 01:01:58 GMT

My fiancee never received the original stimulus payment the irs claim they sent it. I filled the IRS form 3911 March 6th of 2024 as it never was showing the payment on her IRS portal. They have sent a letter saying how they need 60 more days every 60 days since the documents were submitted that they requested as they were going to trace the payment and nothing has been said since besides the letter every 60 days. Yet the 2nd and 3rd came straight to her bank account with no trouble at all. Any thought on how to proceed as she isn’t likely going to want to make any calls herself and I’m not sure if it’s possible to do it for her somehow. So there are some who are still having issues with the stimulus checks.

Re: IRS reference number 1581 freezes my refund; Live IRS Agent Claims my filing status was wrong - reason for freeze

retsgta — Sat, 09 May 2026 00:41:56 GMT

Volvogirl (15), thank you for your response. I've completed this activity already with my 2025 1040-SR. No prior issues for the 5 previous years of filing. Last year, filed my 2024 1040-SR with my deceased wife's date of death (21 March 2024 with explanation was added to the top of my return) and received my refund. This year, received a notice for additional information on my IRS account. A phone call to an IRS agent and their supervisor were both clueless as to why I received a notice for additional information for the 2025 1040-SR. Also, neither the agent or supervisor could explain why there was a 'freeze' on my IRS refund. Both the agent and the supervisor stated that I had completed everything correctly on both my 2024 and 2025 1040-SR federal income tax returns. A few days later in May '26, the 'notice' was removed from my IRS account. In closing, I guess that I must wait for further IRS correspondence.

How do I file for a prior year? I want to do 2024, it's now 2026?

sean-samson — Sat, 09 May 2026 00:35:41 GMT

I want to do 2024, it's now 2026.

Re: Basis of New Property in 1031 Exchange

Bilshaw1 — Sat, 09 May 2026 00:34:09 GMT

I like that answer because that is the way that I actually handled it back in 2004. That seems to be the way TurboTax is set up. The part that was confusing was where some references define 'excess basis' as the new purchase price minus the carryover basis, not the new purchase price minus the FMV of the old property.

How do I download 2023 TT for Business that I purchased from a reseller (Costco)

jmidi — Sat, 09 May 2026 00:26:41 GMT

I purchased TT for Business 2023 at Costco and initially downloaded it but that computer has died and now I need to re-install. Whatever website Costco uses to host downloads no longer has the file (apparently they only keep it for two years) and since I didn't buy it via Intuit it does not show up as downloadable software within my Intuit account.

How do I get a download link if I have already purchased and have a valid key but my reseller no longer hosts a copy of software? The only option I have figured out is to re-purchase the software on Intuit's site for $190 and I shouldn't have to do that.

ca me demande mes informations de travailleur autonome mais je le suis pas. J'arrive pas a modifier cela et maintenant je suis pas capable d'envoyer mon rapport d'impot

joaniemartineau — Sat, 09 May 2026 00:07:21 GMT

j'ai aussi déjà payé les frais. je ne sais pas quoi faire maintenant

Sure! Here’s a refined version you can send: “Hi, I filed my taxes via TurboTax three months ago. I received the state refund, but I haven’t received the federal one yet

mariolopez48 — Fri, 08 May 2026 23:56:01 GMT

Re: Inheritance in Roundabout Way

AmeliesUncle — Fri, 08 May 2026 23:49:28 GMT

It doesn't seem logical to me to incur the cost of hiring a lawyer to 'fight' the legal inheritance vs the cost of the uncle filing a Gift Tax return. It seems like the cost of the uncle filing a Gift Tax return would be far less than the lawyer fees that accomplish mostly nothing.

Re: Basis of New Property in 1031 Exchange

Hi Palms — Fri, 08 May 2026 23:36:12 GMT

Another way to put it is, the basis of the replacement property is the adjusted basis of the relinquished property and if you invest additional cash in the exchange, the basis of the replacement property will increase.

Re: Basis of New Property in 1031 Exchange

Hi Palms — Fri, 08 May 2026 23:34:52 GMT

You would have that "extra asset" to depreciate IF you paid MORE for the replacement property than the FMV of the relinquished property. As it is, your basis for future depreication is $23,000.

Re: Inheritance in Roundabout Way

Hi Palms — Fri, 08 May 2026 23:30:49 GMT

How would that change anything? Other than the uncle not needing to file a Gift Tax return

Well, that would be it. OP would still own the house but the Uncle wouldn't have to file and use part of his lifetime exemption, but that might not be an issue for him anyway.

Re: I would like to see a draft of my 1040 while I am preparing it. I cannot find it in turbo tax. Where can I find it?

mesquitebean — Fri, 08 May 2026 23:09:03 GMT

If you have not yet paid, you can still have free preview privileges of the Federal Form 1040 and Schedules 1-3 for free while working on your return as described below, or you can pay in advance for full viewing/printing privileges at will of all forms in your return. Here are the 2 options:

You can preview your Form 1040 and Schedules 1-3 at any time for free. Here's how:

Open your return, and in the left menu column, choose TAX TOOLS, then choose TOOLS.
In the Tools window, choose "View Tax Summary."
When the Tax Summary opens, look in the left menu column and choose Preview My 1040.
That will show you the Form 1040 and schedules 1-3.

Or if you wish to do so, you can pay in advance to view/print/save PDF the Form 1040 and all forms in your return at will. Here's how:

Open your return, and in the left menu column, choose Tax Tools, then Print Center.
Then choose "Print/save/preview this year's return."
On the next screen choose to "Pay now".
Note: It may try to upsell you on add-ons like MAX, which you can choose or decline.
The next screen should be an Order Summary. Review that, and if all is OK, click Continue.
It should then prompt you for payment by credit or debit card. The screen only says "credit card", but it will take a debit card. If it should offer you the option to "pay later" out of the Federal refund, that can't be used for this purpose. You will need to pay now by credit/debit card in order to download/print prior to filing.
Then you should have an option of which PDF to download/print/view. "Just my tax returns", or "include government worksheets (optional)", or "include government and TurboTax worksheets (optional.)"

NOTE: Remember all PDF tax documents and tax data files are very sensitive files, since they contain your personal ID info, financial data, and possibly bank account numbers, etc. Be sure to store them safely and securely to guard against computer theft, hacking, etc.

Re: The IRS has rejected my return this year, they are asking for my spouses AGI but my spouse and I filed jointly last year and I have the transcript showing our AGI

mesquitebean — Fri, 08 May 2026 23:23:53 GMT

@ cornsammi

If the 2024 return was a married joint return, both of you have the same total 2024 AGI from your 2024 Form 1040, Line 11. Use the original 2024 return--not an amended one (if any.) On your first efile attempt, you should have used the same total 2024 AGI for each of you. If the rejection code when using the same AGI for both says the Spouse's AGI rejected, then for the second attempt try using the total 2024 AGI for the primary taxpayer and AGI of 0 for the secondary taxpayer (Spouse.) If that also rejects, report back for a third option, and please provide the rejection error code/message.

The IRS has rejected my return this year, they are asking for my spouses AGI but my spouse and I filed jointly last year and I have the transcript showing our AGI

cornsammi — Fri, 08 May 2026 22:56:45 GMT

If I filed jointly with my spouse are our AGI the same number?

How to go back to filling up the Rental property questions I am not finished yet filling up like the property tax paid etc.?

senydharman — Fri, 08 May 2026 22:41:53 GMT

I am not finished filling up my rental property questionnaire how do I come back to Rental Prpoperty?

I would like to see a draft of my 1040 while I am preparing it. I cannot find it in turbo tax. Where can I find it?

keltonand — Fri, 08 May 2026 22:02:45 GMT