All Forum Posts by: Tim Ivory

These are the forms that are included.

1. 1040
2. Schedule 1
3. Schedule 4
4. Schedule C-EZ
5. Schedule SE

I use paypal for just about everything so all income and expenses are accounted for.

For the most part, everything seems straightforward enough, mathwise, simple addition and subtraction with some multiplication here and there. The only thing I'm unclear of at this point is the dependency error so I'll give them a call tomorrow and see what its all about and try to clear it up. Then I'll go ahead and file the tax return myself and send in a check along with it. 

Would a CPA review paperwork before I send it in? I'd feel better having a second set of eyes on it. I can share what I have in pdf form, but I'll block out my SSN. Just let me know what fees beforhand.

Cheers!

Will respond more when I have more time, but, I'm simply following the instructions on the taxturbo site. It says to try to delete the dependents on the troubleshoot, but, there are none listed.

The other option it says is to simply mail the form in, which is what I might do. I'll see if any CPA can see me nearby, but this seems straightforward enough. I want to be careful so I'll take your guys advice and spend more time on this. I'll call the IRS and see what the problem is. if it sounds like I need a CPA, I'll do it without hesitation!

Cheers

I have a sound design business which I'm filing for 2018, which I thought I might need to also included a schedule C for the LLC I set up.

I set up an LLC for fix and flips that I'll need soon for a hard money loan.

I originally intended to jump in the the rehab business, but decided to go after a different strategy, which involves a lot of prospecting and sales. It's a real skill that takes time to learn! I've decided to stay away from loans to build income using lease options, without capital, hence the idle LLC!

The e-file didn't go through so I'm simply mailing it in. I'm not filing a schedule C for the LLC since I didn't make any income at all.

Not sure what else to say, except I'm trying not to half *** anything. I'm doing the best I can! People do file there own taxes, right? 

 I wish I could! It's actually a free e-file so I'm not paying anything! The only solution I found was to just mail it in, so that's what I'll do.

About the error, I'm stumped. The internet says to just mail the form in, so that is what I'll do! 

The irs will sort out the dependency status conflict themselves with the parties involved.

But, how is it possible for anyone at all to add my SSN as a dependent when I'm 33? Something weird is going on!

I just recently paid 300 dollars for business tax. Is this what you were referring to?

I got a letter asking for payment or the LLC won't be valid anymore, so I paid it. This will be good news and one less thing to worry about, if so.

On another note, my turbo tax e file was rejected and I don't understand why!

1. I did not claim any dependents.

2. I'm 33 so no one can claim me as a dependent.

I don't understand how to fix this, ideas?

Description of error:
If Form 1040, 'PrimaryClaimAsDependentInd' is not checked, then the Primary SSN must not be the same as a Dependent SSN on another return.

What needs to be done:

This return was rejected by the IRS, because an exemption has been claimed for the taxpayer, but the taxpayer's SSN has already been entered as a dependent on another return. The taxpayer's SSN cannot be used to claim an exemption on two separate tax returns. Verify that the taxpayer's SSN has been entered correctly. If the Taxpayer's information is correct and you want to file electronically, the personal exemption cannot be claimed for the taxpayer on this return. If you wish to claim the personal exemption for the taxpayer on this return, you must print and file by mail.

I don't know what else to label it as. I set it up so I can get hard money loans for fix and flips. The ones I've spoken with require an LLC.

I thought that because I have an LLC I need to file, however, it just now occured to me that I remember reading that if I didn't make 400 dollars, I don't need to file. Is this correct?

So, one can have an LLC, but only needs to file if one makes atleast 400 in profit? Is it a good idea to file anyway?

@Bill Hampton 

I used the code real estate (other). For the description, I simply used Real Estate Investing.

I made no money and spent no money under the LLC.

I filed a regular 1040 form and used a schedule C EZ form as an addendum mailed in. Is this okay? I used Turbo Tax, which also used the same schedule C EZ form, but used a different business which does not have an LLC. Because of this, I decided to also mail in an additional Schedule C EZ form which has my EIN number. Is this correct?

In essence, the 1040 form Turbo Tax sent online used "My Sound Design Business" as its business name.

However, I also have an LLC which I must file every year. That is why I'm planning on mailing an additional schedule c form. Is this good?

Ie, can there be multiple Schedule C EZ forms attached to a 1040 form? 

I filed using free file turbo tax but don't recall there being a schedule c form. Do I also need to send this for too? If it's unclear, should I send it anyway?

https://www.irs.gov/pub/irs-pdf/f1040sc.pdf