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Per the IRS, below are the items allowed to be reported on line 16 of Schedule A: Gambling losses (gambling losses include, but aren't limited to, the cost of non-winning bingo, lottery, and raffle tickets), but only to the extent of gambling winnings reported on Schedule 1 (Form 1040), line 21. Casualty and theft losses of income-producing ...
Bookmark Icon. dmertz. Level 15. Form 1040, Schedule 1, Line 16 - cannot make an entry. The fact that entering a SEP contribution does not result in it propagating to Schedule 1 suggests that you don't have any net profit from self employment on Schedule C. February 18, 20224:44 PM.
On Form 1040 Schedule 1 Line 16, TurboTax has generated a value that doesn't seem to come from anywhere. To make the discussion easier, let's say the value listed here is $200. If I right-click the value->About, it says to see the "Self-Employed Health and Long-Term Care Insurance Deduction Worksheet."
The following are the expenses you can deduct on Line 16 (if it's not in the list, it's not deductible on Line 16: Gambling losses (gambling losses include, but aren't limited to, the cost of non-winning bingo, lottery, and raffle tickets), but only to the extent of gambling winnings reported on Schedule 1 (Form 1040), line 21.
Exceeded maximum noncovered sales. Hello, I am getting the error: Schedule D: Line 16 does not include capital asset sales because you have exceeded the maximum number of noncovered sales. Since you have more than 4000 noncovered sales, you wil need to remove some of the noncovered sales. They can be replaced by entering a summary and attaching ...
Yes. If you have capital gain income (qualified dividends or sales on Schedule D) then you should see either the Qualified Dividends and Capital Gains Tax Worksheet (page 36) or the Schedule D Tax Worksheet in your file to show the tax liability calculation.
July 11, 2020 2:10 PM. If you are trying to enter a valid deduction for Schedule A, line 16, then try going to Federal > Deductions & Credits > Other Deductions and Credits > Other Deductible Expenses and click Start or Update. Going through this section will place a valid deduction on line 16. @Andrew J.
Go to the K-1 line 16 worksheet (right under where you checked (K-3 attached), and right click on line B (Gross income from all sources). The pop up will tell you for each line B through R exactly where on the K-3 to find the information. If your sources are all US, most likely all you will need is line B entered to make the red box on Line 16 ...
This is the issue: "Schedule Line 16 does not include capital asset sales because you have exceeded the maximum number of noncovered sales. Since you have more than 4000 noncovered sales, you will need to remove some of the noncovered sales. They can be replaced by entering a summary and attaching ...
Potential issue between TurboTax 1040, line 16 tax calculation and Publication 17, 2023 Tax Computation Worksheet—Line 16, Section B, Married Filing Jointly, Line 15, At least $100,000 but not over $190,750 (22%) calculation. TurboTax calculates one tax amount, but when manually calculate using Publication 17 formula, I get a different tax ...