I bought USO (United States Oil Fund LP) in 2018 and received a K-1 Form 1065, requiring me to mark-to-market my gains/losses each year. I sold USO in 2022, and my 1099-B shows a loss based on the original purchase price. However, using the 2021 ending mark-to-market value, I would have to show a gain for 2022. How should I adjust my tax return to account for the mark-to-market adjustments?

November 9th, 2024

I filed my taxes and claimed my daughter for the 6 months she was with me, but the TurboTax app mistakenly entered it as the full year. The relative she was staying with also tried to claim her. I need to amend my taxes, but I'm unsure of what to do since the relative has already filed. Should I wait to amend and wait to hear from the IRS?

August 19th, 2024

I lost my IP PIN number for tax filing. How can I retrieve it, and will I receive it by mail or phone?

April 6th, 2023

My Dad passed away in February 2022 and my mom inherited his municipal retirement fund. It was fully cashed out in July and the customary 20% was withheld. It looks like she may owe $56,000 - $82,000 in taxes additionally. How can we bring that number down or eliminate it altogether? She has a Schedule C and can contribute her maximum amount of $61,000 to a SEP IRA before her return is filed. Even though my dad passed earlier in 2022, would his contribution be able to be made?

April 17th, 2024

How should I report the sale of inherited property on my tax return, specifically regarding the use of K-1 forms and 1099-S forms in TurboTax, given that I have already reported a loss from a previous sale and now have a new K-1 with a net capital loss?

May 2nd, 2024