TurboTax is asking me this question as I am filling in the K-1:

Is ********* a working interest in an oil or gas property that does not limit your liability?

If so, we won’t treat this as a passive activity.

Under explain this it says:

Oil or Gas Property

If any of the following apply, then the property is not treated as a passive activity, whether or not you materially participate in the activity:

•Own a working interest in a gas or oil property
•Interest does not limit your liability

The part of the form which it affects is the box which says: check if “materially” participated in the business activities.

The previous Turbo Tax question also affects this box which says:

Did You Participate?
Did you materially participate in this partnership’s business activities during 2007?

If so, you may be able to avoid passive activity rules (and increase this year’s deduction).
I choose No on this question which I think is the right answer, which left the box (check if “materially” participated in the business activities) unchecked. However, if I answer yes to the oil or gas property question it checks that box.
The LLC this form is for own mineral rights in different states and recieves royality payments for the oil pumped out of the ground. I am one of the partners in the LLC however, I don’t do anything except recieve the check as this was a trust setup by my grandma to all the grandkids.

Thank you for the help.

It states on their site:

We have received IRS notification that your refund in the amount of… will be deposited with MetaBank on Friday, 2/5/2010. As soon as we receive your refund, we will make all authorized deductions and deposit the balance of the refund to your account. Please allow 1-2 business days for your bank to post the deposit to your account.

but on the IRS WMR it states:

Your tax refund is scheduled to be direct deposited on February 3, 2010. If your refund is not credited to your account by February 8, 2010, check with your bank to find out if it has been received. Please wait until February 8, 2010 before you contact us again because we are unable to take any action until then.

Well today is the 3rd. Should i get it today or do i have to wait?
Yes, i will let you know. My money is going onto the turbo tax card not my bank so hopefully it will be sooner than later. My parents got theirs dd on the 1st just like irs said but couldnt use it till 2nd.
Ok it is 7:24 pm here in wyoming and the status is still the same.
UPDATE:
i checked the WMR again and now it says:
Your tax refund was direct deposited on February 3, 2010. If your refund is not credited to your account by February 8, 2010, check with your bank to find out if it has been received. Please wait until February 8, 2010 before you contact us again because we are unable to take any action until then.

Meta bank still says the same. i hope i get it tomorrow the 4th.

I don’t have any license yet, but will get one next week. I’m unemployed so I started selling things around my apartment since a few months ago. And I have also pick up a hobby of crafting, and sell sell the things I made. I was told that I have to file schedule C on internet incomes. I sell my things on ebay and etsy and have all my transaction on paypal. I buy everything and sell everything mainly online. And I also print shipping postage on paypal so I have no paper receipts to keep at all. I upload all my transaction from paypal to outright (Bookkeeping Program) and trying to sort out my expense. I put Shipping fee, paypal, ebay, etsy fees under "Cost of Goods Sold and I also put things that I buy then resell on ebay under "Cost of Goods Sold."

After all the sorting, it shows I have 00 income on the first line. But after all the fees and deductions, I have -0 loss on "Net profit or (loss)"

What’s the point of me filing it when I’m not even making money? Is it really necessary for me file this income? The schedule C s very complicated, but plan to file it with my husband’s tax return.

Turbo tax fee version don’t have Schedule C, so I plan to get the home and business edition. It cost ,95, do you think it’s worth it?

Hi there. I am going through Turbo Tax and am getting more confused. I had three jobs last year: two with standard W2’s and one with 1099 Misc income as I am an Independent contractor for them. I have a good amount of business expenses related to the 1099 income (k out of 12,500 income) Do I need to fill out a schedule C? I don’t have an LLC or anything of that nature. Not sure where to put these deductions. I originally put them with personal but maybe they should go directly with the business income? They keep asking me what basis. Cash, actual, etc. I am out of my league here! Sorry if this seems confusing; I remember why I hated accounting in college. thanks to anyone in advance!

Turbo Tax tells me "We don’t see a health insurance deduction in your return for 2009. Since you own a business, you can write off your health insurance premiums as long as you don’t have coverage available through an employer."

We have retiree health insurance through my FORMER employer. Does that count? Do I get a separate write-off for health insurance premiums since I have some self-employment income (which exceeds my premiums), or do I add it on Schedule A to other medical deductions, which must exceed 7.5% of AGI before I get any deduction?
The former employer pays around 45% of the total cost of health coverage (not taxable to me), and I pay the other 55%. I want to know if my out of pocket share is fully deductible, or only on Sch. A when combined with other medical expenses.

Hi everyone! Thanks in advance for even reading my question. And if you have any input it would be much appreciated!

So I have already filed my taxes! Yeah! But…I just received another 1099Misc in the mail (Isn’t it way too late for that, legally?) representing about 5 in income. What to do!?

I am an actor and so receive, like many other professions, both W2s and 1099s. While doing my taxes this year I had all of my 1099s entered and I realized that that 5 was not accounted for. So I entered that income, without having received the 1099misc yet, in some field (I used Turbo Tax) called "other income" or "additional income" that applied it towards my profit from business/business income (where the other 1099misc were applied to). Then a week later I receive the 1099misc!! So annoying!

SO….I did report the income. But do I need to amend my taxes and report it under the 1099misc and take it out of the "other income" column? It will change absolutely nothing on the bottom line.

As mentioned I am an actor. I don’t make much money so I am using the Qualified Performing Artist deductions and other work related deductions. I assume that that makes me a larger target for audit and I dread that like everyone does. So I don’t want to become a larger target!

Thanks everyone!!
c.e.h.
Thanks guys for all the info…heres the thing. I DID include the income in question on my schedule C-EZ. It was added to line 1 (Gross receipts) with the totals from the 1099misc i did enter. And so it was included in the net profit on my schedule SE when determining my self employment tax. I did not add it to line 21 of my 1040.

So the question stands, knowing this. Since I did pay taxes on it, do I still need to amend my taxes putting that income with the 1099misc even though the totals/bottom line would not change?

You guys are great! Thank you!
Thanks JVTM! That would be very helpful!!

Yes we are in the same boat. Everything was claimed in the right place, just less the 1099 form itself. Anyone else have any input?

Please help !!
I manage apartments and in lui of rent (1100.00) I receive a free apt, but am 1099. I also had a part time job which was paid by W-2.
Im single, no dependents, wa state.
Am I considered a Business?
I don’t pay for office supplies,thus no deductions.
I was wondering if i could use the home office deduction since the office is downstairs.
Other income Line 3: 13,200.00
Line 7 2137.00
W-2 2196.00
And also can i do this on turbo tax ?
Everybody thanks so much …..

I had 00 in total ebay sales last year. It was for my own private art hobby / business. Due to startups and what not, I had expenses of ,000, so a net loss of 00. Turbo tax states that my risk for an uadit is HIGH, due to my deductions.

Since this was not an income, can or should I just not report it at all?

I earned about 0 from various employers for extra gigs this year. I have not received 1099’s from them and I’m ready to do my taxes. Where/how do I report this income?
Also, I have a regular singing gig with an agency. The others I work as an independent contractor. In using Turbo Tax, do I use myself and my address as my business name and business address or just include it in my deductions as a performer?

How should I file my 2009 taxes in order to have the greatest chance of being approved for a home loan? I have been self-employed since 2004 but I was also employed full-time for another company until 10/07. My 2004-2005 taxes were filed under an LLC S-Corp. 2006 taxes under sole-proprietorship and W2 for my full-time employer. 2007 & 2008 I used Turbo Tax Home & Business as a sole proprietor. I’m going to a reputable accountant, tax consultant, and mortgage broker next week for more advice but would like to prepare myself with any other questions before doing so. My business has made a profit since I started it in 2007 but as many business owners do, I’ve had enough deductions to show very little profit. I’m concerned the banks won’t like this. I can show a great profit for 2009 if I need to in order to get a loan as my company really does make a good profit. I hope this makes sense. Does anyone have any answers that might help. I currently do my taxes myself but will a lender want a professional office to have completed my taxes? Thanks