


Ask the community...
When I was stuck with my Stash 1099-B, I found an easier approach. Go to the "Search" feature in TurboTax and type "1099-B" directly. This will take you straight to the investment income section. Then select "I'll type in my investment information" rather than trying to import. For Stash specifically, look for any transactions marked with Code D in Box 2 - those are the ones where cost basis was reported to the IRS correctly. For any without that code, you'll need to calculate and enter the cost basis manually.
What about the "Covered/Uncovered" designation on the Stash form? Mine has both types of transactions and I'm not sure if that affects how I enter them.
The "Covered/Uncovered" designation is directly related to whether the cost basis was reported to the IRS. "Covered" securities (typically those purchased after 2011) have their cost basis reported to the IRS by Stash, and these usually correspond to the Code D transactions I mentioned. "Uncovered" securities don't have their cost basis reported to the IRS by the broker, so you're responsible for calculating and reporting the correct cost basis yourself. For these, you'll need to enter the purchase information manually and keep good records in case of an audit. TurboTax has separate entry sections for covered and uncovered securities, so make sure you're entering each transaction in the correct section.
Has anyone figured out how to handle the foreign tax paid section on the Stash 1099-B? Mine shows I paid like $4.32 in foreign taxes on some international ETF and idk where to put that in TurboTax?
Foreign tax paid usually goes in the Foreign Tax Credit section, not directly on the 1099-B entry screens. In TurboTax, after you finish entering all your 1099-B info, look for a section about foreign taxes or foreign tax credit. Even small amounts should be entered because they're directly creditable against your tax bill.
Don't forget you can also file Form 4868 through the IRS Direct Pay system if you're making a payment. Just select "extension" as the reason for payment, and you'll get confirmation that serves as your extension filing. I've done this the last 3 years and it's super simple.
Will this work if I'm not making a payment? I don't think I'll owe anything, but still need the extension to get my paperwork together.
If you don't need to make a payment, then Direct Pay won't work for your situation. In that case, you should use one of the free filing options mentioned above - IRS Free File or one of the tax software programs. Since you don't think you'll owe, just be absolutely certain about that. If you end up owing even a small amount and didn't pay by the regular deadline, you'll face penalties and interest. Many people accidentally underestimate what they owe and get hit with unexpected charges.
Be careful with estimating what you owe when filing the extension. Last year I thought I wouldn't owe anything, filed the extension without payment, and ended up with penalties when I finally filed and discovered I did owe money. The penalties added up to about $240 on a $1,800 tax bill!
This is really good advice. Is there a calculator or something to help estimate if you'll owe? I haven't really kept good records this year.
One option nobody's mentioned - you can adjust your W-4 for the rest of this year to withhold EXTRA to make up for what wasn't withheld before. Won't help with your current tax bill, but might prevent this from happening again next year. Also check if your state taxes were being withheld correctly. If federal wasn't happening, state might have been missed too, which could mean another bill coming.
Thanks for the suggestion about adjusting my withholding going forward. Do you know how I would calculate how much extra to withhold to make up for this year's shortfall? And you're right about the state taxes - I need to check those too. I was so shocked by the federal issue that I didn't even think about that.
You can use the IRS Tax Withholding Estimator on their website - it lets you input how much has been withheld so far and will calculate what you need for the remaining paychecks. Just select that you want a bigger refund and it'll tell you what number to put on your W-4. For your state taxes, each state has different rules, but if they weren't withholding federal, there's a good chance they missed state too, especially if you're in a state that bases its withholding on the federal W-4 form.
Are you paid as a W-2 employee or 1099 contractor? This makes a huge difference. If you're a contractor, they don't withhold taxes, and you're supposed to make quarterly estimated payments yourself.
This is a really good point! OP needs to check their employment status. My neighbor thought she was a regular employee but her company had her classified as a 1099 contractor (incorrectly) and wasn't withholding anything. Led to a huge tax bill and she had to file an SS-8 form with the IRS to get it sorted out.
did u check the IRS2Go app? sometimes it updates before the website. also try checking your transcript on the irs website not just the wheres my refund tool. the transcript might show codes that tell u whats happening even when wmr shows nothing. my brothers return was stuck for like a month and the transcript showed why but wmr just said "still processing".
The transcript trick is legit. Go to irs.gov and search for "Get Transcript Online." You'll need to create an account if you don't have one (they verify your identity with credit report info). Look for the Account Transcript for 2024 once you're in. Check for codes like 846 (refund issued) or 570/971 (hold/notice).
Anybody claiming EITC or Additional Child Tax Credit? Returns with those credits legally can't be issued before mid-February (Feb 15th this year), no matter when you filed. The IRS does this to prevent fraud, but they don't always make it clear when you file. Might explain why nothing is showing up yet.
Luca Russo
Don't forget about retirement savings! One of the biggest tax advantages of self-employment is access to a SEP IRA or Solo 401(k) with much higher contribution limits than regular employee accounts. For 2025, you can contribute up to 25% of your net self-employment income (with caps) to these accounts and deduct the full amount from your taxes. This is one of the most powerful ways to reduce your tax bill while also building your retirement savings. Get started now even if you can only contribute a small amount. Future you will thank present you!
0 coins
Ravi Malhotra
ā¢Thanks for mentioning this! I hadn't even thought about retirement accounts. Is one better than the other between SEP IRA and Solo 401(k)? And can I still contribute for 2024 or is it too late?
0 coins
Luca Russo
ā¢Solo 401(k) generally allows higher contributions when your income is lower because it has both an "employer" and "employee" contribution component. SEP IRAs are simpler to set up but only allow the "employer" contribution. For 2024 contributions, you can still open and fund both types until your tax filing deadline (including extensions). So if you file for an extension, you could potentially contribute all the way until October 15, 2025 for the 2024 tax year. That gives you plenty of time to figure out exactly how much you can afford to contribute once you know your full 2024 income.
0 coins
Nia Harris
Has anyone used the simplified home office deduction? Is it worth it or should I track all my actual expenses?
0 coins
GalaxyGazer
ā¢I've used both methods. For my small apartment office (about 100 sq ft), the simplified method gave me $500 deduction ($5 Ć 100). When I calculated actual expenses (rent percentage, utilities, etc.), it came to nearly $2,200! Definitely worth tracking real expenses if your rent/mortgage is high.
0 coins