Turbotax ?

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  • MissAnn
    Preschool Teacher
    • Jan 2011
    • 2213

    Turbotax ?

    For instance...I am entering home repairs and maintenance. It tells me to enter in the entire amount and they will prorate the amount based on the percentage of your home you use as a home office. (TS %)

    But....what happens when some things are not based on TS but at 100% How does turbotax handle that?
  • TheGoodLife
    Home Daycare Provider
    • Feb 2012
    • 1372

    #2
    I'd like to add a question to your post- does TurboTax allow you to change the amount of hours in the year (I started in August so I do not need to claim X # of hours out of 8876, but the number of hours since I started... KWIM)? Thanks!

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    • TomCopeland
      Business Author/Trainer
      • Jun 2010
      • 3062

      #3
      Turbo tax

      Originally posted by MissAnn
      For instance...I am entering home repairs and maintenance. It tells me to enter in the entire amount and they will prorate the amount based on the percentage of your home you use as a home office. (TS %)

      But....what happens when some things are not based on TS but at 100% How does turbotax handle that?
      Turbo tax will only allocate the time-space % for those items that appear on Form 8829 (property tax, mortgage interest, utilities, house insurance, house repairs and house depreciation). For all other shared expenses you must multiply the cost by your time-space % and then enter the correct number.
      http://www.tomcopelandblog.com

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