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This sweepstakes has ended Thank you so much to everyone that participated! It was so great to hear all of your goals and find the different ways we can all connect when it comes to our finances.  A winner was randomly selected and has been contacted to claim their prize. ++++++++++++++++++   Hello community members! Welcome back to our returning members! For first-time visitors, welcome to the TurboTax + Mint Community. We’re so glad to have you here! In the last few years Americans have started many side hustles or gig jobs to either supplement income, save for their future or even get an idea off the ground. It could be a dream of yours to start a food truck or even get a pet grooming business off the ground. Now companies such as Uber, Doordash, and Instacart have provided people with ways to make quick cash on the side. As magical as it can be to start your side hustle you should also be prepared for any and all tax situations that come with a side business. Many people don’t know the ins and outs of taxes right off the bat, including tracking your income for your 1099-K. We want to hear from you! Tell us about your side gig! Reply to this post telling us something you know now that will change your 1099-K next year. Sharing this with the Community could earn you a gift card! Simply reply to this post with something you know now that will change your 1099-K next year. On August 31st, 2022, a winner will be randomly selected from this thread.  **If you have questions about your 1099K you can also refer to this form for information: Form 1099-K Decoded for the Self-Employed  +++++++++ We will be hosting the What I Wish I Knew About Starting a Side Business sweepstakes to give you, and others, the opportunity to share your plans. One lucky winner will be chosen randomly to receive a $100 gift card. WHAT: Sweepstakes for a $100 gift card WHEN: Entries will be accepted from August 17th, 2022 through August 31st, 2022 at 5:00 pm Pacific Time HOW: Enter by adding a comment to this post telling us something you know now that will change your 1099K next year. If you are the winner, we will send you a private message. The winner will be selected at random on August 31st, 2022. Refer to the attached document for the complete rules.
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Today the President signed the Inflation Reduction Act of 2022 into law, which includes new tax provisions, extensions, and expansions of tax benefits related to energy efficiency and healthcare. Here’s what’s included in the Inflation Reduction Act and what it can mean for you and your taxes. Energy Efficient Tax Benefits To help address climate change, a portion of the tax bill will go to consumer home energy rebate programs and include the Clean Vehicle Credit, the Alternative Fuel Vehicle Credit, and energy credits for your home. Clean Vehicle Credit Before the Inflation Reduction Act people were able to claim a credit of up to $7,500 for the purchase of a new electric vehicle.  Under the new law people still may be eligible for the renamed Clean Vehicle Credit, up to a $7,500 tax credit for purchasing a new electric vehicle and for the first time, people may be eligible for a tax credit up to the lesser of  $4,000 or 30% of the sales price  for buying a used electric vehicle, depending on their income.  Since credits are a dollar for dollar reduction of taxes you owe, you can lower your taxes by up to $7,500 and save the environment and the money you would spend on gas. Some of the changes related to the Clean Vehicle Credit include: The manufacturer limitation is eliminated for cars sold after December 31, 2022 Requires final assembly in North America Manufacturer must be a qualified manufacturer Manufacturer’s suggested retail price for vans, sport utility vehicles, and pick ups is limited to $80,000 and other cars are limited to $50,000 For new cars, modified adjusted gross income cannot exceed $300,000 married filing jointly, $225,000 Head of Household, $150,000 single For used cars, modified adjusted gross income cannot exceed $150,000 married filing jointly, $112,500 head of household, $75,000 single The Clean Vehicle Act will apply to electric vehicles purchased by December 31, 2032. People who purchased an electric vehicle before the Inflation Reduction Act passed can follow the previous rules in place. For business owners, the Inflation Reduction Act also adds a tax credit of up to $7,500 for new commercial clean vehicles placed in service after December 31, 2022. Credit for Electric Chargers Installed at Your Home or Business Prior  to the Inflation Reduction Act a tax credit was available for electric charging stations put in place by businesses and main homes prior to January 1, 2022.  The new law extends the credit for charging stations put in service before January 1, 2033. Energy Credits Available for Your Home Before the Inflation Reduction Act people were allowed a credit up to 10% of the amount paid for nonbusiness energy property like windows, doors, and skylights and the amount of residential energy property placed in service before January 1, 2022.  Now you may take the credit at an increased amount up to 30% if you place the property in service before January 1, 2033. The provision also eliminates the lifetime credit limit that was previously in place and limits the credit per taxpayer per year. Credits for Solar Energy Before the Inflation Reduction Act, if you purchased residential energy efficient property like solar panels and solar water heaters for your home, the tax credit was 26% of your purchase.  Under the new law the credit increased to 30% if you purchase the energy efficient equipment January 1, 2022 through December 31, 2032. Healthcare Tax Benefits The tax law extends healthcare subsidies if health insurance is purchased in the Health Insurance Marketplace, further extending benefits that were expanded for 2021 and 2022 under the American Rescue Plan. Healthcare subsidies can help lower the health insurance premiums you pay and can also show up as a premium tax credit when you file your taxes if you don’t receive enough subsidy based on your income when you purchase health insurance in the Health Insurance Marketplace.  The Premium Tax Credit is generally available to people with households between 100% and 400% of the Federal Poverty Level, but under the American Rescue Plan individuals with income above 400% of the Federal Poverty Level were eligible for the Premium Tax Credit for tax year 2021 and 2022 only.  Under  the Inflation Reduction Act these benefits will continue. The law also caps Medicare beneficiaries out-of-pocket medical expenses at $2,000 per year and will allow Medicare to negotiate some of the more expensive drugs on the market. Corporate Tax Changes Corporations making 1 billion dollars or more will see 15% minimum tax and a tax of 1% of the fair market value on repurchased stock. Please check back with the TurboTax Blog to find out more information about the Inflation Reduction Act and the most up to date information on the details of what’s included in the bill and what it means to you. Don’t worry about knowing tax law changes.  TurboTax will be up to date and, if you'd like, you can hand your taxes over to our TurboTax Live tax experts who can fully do your taxes from start to finish. If you have any questions, you can ask them in our Tax Law Changes forum, where our Experts will be on hand to help.
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This sweepstakes has ended Thank you so much to everyone that participated! It was so great to hear all of your goals and find the different ways we can all connect when it comes to our finances.  A winner was randomly selected and has been contacted to claim their prize. ++++++++++++++++++ Hello community members! For first-time visitors, welcome to the TurboTax + Mint Community. For returning members, welcome back! We’re so glad to "see" you again! We have another opportunity to win a $100 gift card.  We want to hear from you! If you’re getting a tax refund let us know how you are planning on using it. Whether you are looking to build your savings, purchase your first home, or finally take that dream vacation, we want to hear about it! Sharing your plans with the Community could earn you a gift card to help put you even closer to setting those plans in motion. To enter simply reply to this post with how you are planning on using your tax refund. On May 19th, 2022, a winner will be randomly selected from this thread.   +++++++++   We will be hosting the How I Plan To Spend My Refund sweepstakes to give you, and others, the opportunity to share your plans. One lucky winner will be chosen at random to receive a $100 gift card.   WHAT: Sweepstakes for a $100 gift card WHEN: Entries will be accepted from May 5th, 2022 through May 19th, 2022 at 12:00pm Pacific Time HOW: Enter by adding a comment to this post telling us how you plan to spend your refund. If you are the winner, we will send you a private message. The winner will be selected at random on May 19th, 2022.   Refer to the attached document for the complete rules.
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This sweepstakes has ended Thank you so much to everyone that participated! It was so great to hear about all of your experiences.  A winner was randomly selected and has been contacted to claim their prize.   Hello community members! For first-time visitors, welcome to the TurboTax + Mint Community. For returning members, welcome back! We’re so glad to "see" you again! As we are nearing the end of our tax season let's take a moment and look back.  We want to hear from you! Let us know how you felt as you were getting ready to file your taxes. Were you nervous? What was the difference between then and now? Let us know, and you will have a chance to win a gift card to help you achieve your financial goals. To enter simply reply to this post with your feelings and tips about filing taxes. On April19th, 2022, a winner will be randomly selected from this thread.   +++++++++   We will be hosting the How Do You Feel Now That You Have Filed sweepstakes to give you, and others, the opportunity to share your tips. One lucky winner will be chosen at random to receive a $100 gift card.   WHAT: Sweepstakes for a $100 gift card WHEN: Entries will be accepted from April 6th, 2022 through April19th, 2022 at 12:00pm Pacific Time HOW: Enter by adding a comment to this post telling us how you feel now that you've filed your taxes. If you are the winner, we will send you a private message. The winner will be selected at random on April 19th, 2022.   Refer to the attached document for the complete rules.
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Let’s face it, taxes can be pretty overwhelming at times. Especially when it comes to changes in your life like getting a new job, starting a new family, moving to a new home, starting a new business, or starting retirement.  TurboTax can help take some of the stress out of filing your taxes with our collection of life event hubs tailored to your changing needs. Each hub contains helpful articles, discussions, and videos that put the information you need most right at your fingertips.    First time filers You couldn’t wait to grow up; the taxman couldn’t wait either. Now the fun begins.  We can help walk you through one of the scary parts of adulthood like you’ve been doing it for years. Check out our resources for first time filers. Getting married … for richer, for poorer, in sickness and in health, to love and to cherish, till death do us part… Yes, it seems like just yesterday when you both stood up there, proclaiming your everlasting love.  You’ve had wonderful times, and seemed like it would never end.  But now, the honeymoon's over, because… (CUE THE OMINOUS MUSIC:  dun, dun duuun!) IT’S TAX SEASON!!! Not to worry, though.  Your pledge to stick with each other through richer or poorer won’t be tested in your first tax season as a married couple. Because, the fact is, whether it’s… Determining your filing status (SPOILER ALERT:  It’s almost surely jointly!), Updating the withholding on your salaries, or Deciding whether one of you needs to use a maiden name on their first joint return … TurboTax can help first-time married filers face their taxes head-on here.   Job and income changes New job, new you, new taxes! We’ve got you covered when your circumstances change. Take a look at the resources we have available for when life changes here.   Buying a home Buying a new home can be exciting, but nerve-wracking.  First, there’s the hunt.  Touring different listings, hoping you’ll find one that works for you.       I think Goblins are living in that jungle they call a backyard! Or you may have had a home built.  It was exciting, choosing a neighborhood, looking at different house elevations, going through a myriad of options.        Could you believe the kitchen?  That linoleum was soooo ‘60s… Then there’s the home inspection and final walkthrough, and you’re hoping against hope that you haven’t missed something.        It needs a Radon detector?  That doesn’t sound bad.  What’s that? And finally, the day comes and you’re signing the closing documents, knowing that you’re making an enormous commitment for the near future.       What in the name of all that’s holy have we done? It’s all just overwhelming. Luckily, TurboTax is a breeze to use for new homeowners and we’ve curated some of our top resources for you here.  Moving The boxes, the yard sales, the trips to the dumpster. The packing, the unpacking, the inevitable injuries and damage to your prized possessions.  Let’s not sugarcoat it. Moving is tough! Fortunately, TurboTax is here to make one element as easy as possible. Need help decoding your new state’s taxes, what forms to fill out, or whether you can write off all the fuel you put in that gas-guzzling van? TurboTax has you covered with our hub on everything related to your move. Starting a business or getting a side gig Maybe the 9-5 just isn’t for you and you need the flexibility of creating your own schedule. Or, you’ve finally decided to take the plunge and you’re ready to turn your hobby into a money-printing machine.  Whatever the case, being your own boss doesn’t stop at tax time. Fortunately, TurboTax has all the tools you need to get your new venture’s taxes filed easily and accurately. Check out the helpful resources here.   New child/dependent  Your new bundle of joy just earned you a bundle of tax benefits. We’ve gathered all the information that new parents need to know here.  Receiving social security/ retirement income We’re here to help you spend more time enjoying your retirement and less time worrying about taxes. We’ve gathered many resources that will help you here.
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Today President Biden, Vice President Harris, and the U.S. Department of Education announced a three part student loan debt relief plan to help federal student loan borrowers following the pandemic.  The three part plan includes an extension of the pause on student loan payments, debt cancellation, and proposal to create an income-driven repayment plan to help lower future monthly payments. You may be asking “What does the new student loan relief mean to me?” and “How do I get the student loan relief?”.  Don’t worry, we have you covered.  Here is a breakdown of what is in the plan and how you can get student loan debt relief. What is in the Biden-Harris Student Debt Relief Plan? Student Loan Payment Pause The student loan payment pause that was set to expire 8/31/2022 has been extended to Dec 31, 2022 for federal student loans. Note the pause includes suspension of loan payments, 0% interest, and stopped collections on defaulted loans.  You may also see a lower student loan interest deduction when you file your taxes if you have been taking advantage of the student loan payment pause this year. Debt Cancellation Up to $10,000 in debt cancellation for federal student loans and  Up to $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education if individual income is less than $125,000 and less than $250,000 for households Borrowers employed by non-profits, the military, or federal, state, tribal or local government may be eligible to have all of their student loan debt forgiven through the Public Service Loan Forgiveness Program. Proposal to Create New Income-Driven Repayment Plan The Biden-Harris Administration is also proposing a rule to create a new income-driven repayment plan that will substantially reduce future monthly payments for lower-and middle-income borrowers. The new proposed plan: Would require the borrower to pay no more than 5% of discretionary income on undergraduate loans instead of 10% under most current income-driven repayment plans Would raise the income requirement for repayment guaranteeing that borrowers making under 225% of the Federal Poverty Level (about the annual equivalent of $15 minimum wage) will not have to make a monthly payment. Would forgive balances of $12,000 or less after 10 years of payments instead of 20 years Would cover borrowers unpaid monthly interest so that unlike existing income-driven repayment plans, borrowers loan balances will not grow as long as they are making monthly payments. Do I Need to Do Anything to Receive the Pause on Student Loan Payments? No you don’t need to do anything.  The extension will be automatic. How Do I Know If I’m Eligible for Student Loan Debt Cancellation and How Do I Get It? If you meet the income thresholds you may receive relief automatically because of relevant income data already available to the U.S. Department of Education.  If you think the U.S. Department of Education doesn’t have your income data or if you don’t know if the U.S. Department of Education has your income data, the Administration will launch an application in the coming weeks, which will be available before the pause on federal student loan repayments ends on December 31st. If you would like to be notified by the U.S. Department of Education when the application is open, please sign up at the Department of Education subscription page. Check back with the blog for more up to date information and details as additional guidance is issued. If you have any questions, you can ask them in our Education forum, where our Experts will be on hand to help.
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This sweepstake has ended Thank you so much to everyone that participated! It was so great to hear about all of your experiences.  A winner was randomly selected and has been contacted to claim their prize.   +++++++++   Hello community members! Welcome back to our returning members! For first-time visitors, welcome to the TurboTax + Mint Community. We’re so glad to have you here! When you get your first job you are provided with a form to fill out. The infamous W-4! Did you automatically know how to fill it out? Was it confusing? Is there something you know now that you would have liked to know then? If so, we have another opportunity to win a $100 gift card. We want to hear from you! Reply to this post telling us what thing you wish you knew about starting your W-4 paperwork. Sharing this with the Community could earn you a gift card! Simply reply to this post with something you wish you knew about filling out your first W-4. On July 27th, 2022, a winner will be randomly selected from this thread.   +++++++++   We will be hosting the What I Wish I Knew The First time I Filled Out A W-4 sweepstakes to give you, and others, the opportunity to share your plans. One lucky winner will be chosen randomly to receive a $100 gift card.   WHAT: Sweepstakes for a $100 gift card WHEN: Entries will be accepted from July 13th, 2022 through July 27th, 2022 at 5:00 pm Pacific Time HOW: Enter by adding a comment to this post telling us how you plan to spend your return. If you are the winner, we will send you a private message. The winner will be selected at random on July 27th, 2022.
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Last reply July 28, 2022 by ErickaY
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It is helpful to get organized before you start preparing your tax return. Let’s review some of the information that you can gather now to save time when working on your taxes. First, make sure that you have the Social Security numbers and dates of birth for you, your spouse, and your dependents. Next, gather all documents related to your income from wages, investments, state and local tax refunds, unemployment, alimony (if the divorce was finalized prior to January 1, 2019), business or farming, retirement distributions, rental properties, Social Security benefits, the sale of property, and any other miscellaneous sources.  It is also important to gather information regarding adjustments to your income such as contributions to retirement and pension plans, student loan interest payments, contributions to Medical Savings Accounts (MSA), moving expenses, self-employed health insurance premium payments, alimony payments (if the divorce was finalized prior to January 1, 2019), and educator expenses. Then you’ll want to collect your information for itemized deductions and credits. This includes child care costs, education costs, adoption costs, energy-efficient home improvement costs, home mortgage interest payments, investment interest expenses, charitable donations, casualty and theft losses, medical and dental expenses, and other miscellaneous tax deductions. You should also get together any information about the taxes that you’ve already paid. This includes state and local income taxes, real estate taxes, estimated taxes, and personal property taxes. Lastly, you will need your direct deposit information and any foreign bank account information.  For more details on everything that you will need to quickly and accurately prepare your tax return this year please check out our article, Tax Preparation Checklist.
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Last reply May 12, 2022 by dvorakrw
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Do you know that we have Experts who can help you with your personal finance questions?  Have you ever wondered: What can I do to increase my credit score? What is the best way to manage my credit cards? How do I navigate the home loan process? What methods can I use to lower my debts? How do I apply for a car loan? What are some good ways to plan for retirement? Is a ROTH or a Traditional IRA better? What do I need to think about when creating a budget? If so, then Intuit’s TurboTax Mint Community can help!  To get the conversation started, just select your personal finance topic here, then select Ask a Question.  We look forward to talking with you soon!
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This sweepstakes has ended Thank you so much to everyone that participated! It was so great to hear about all of your experiences.  A winner was randomly selected and has been contacted to claim their prize. ++++++++++++++++++ Hello community members!   For first-time visitors, welcome to the TurboTax + Mint Community. For returning members, welcome back! We’re so glad to "see" you again!   As we gain life experience, our perspective on finances and taxes changes. We spend a lot of our young adult life trying to get this thing called taxes right. Sometimes life throws us curveballs, and finances can get a little hectic. Eventually, we realize it’s not the end of the world. As we learn more about managing finances, it gets easier to handle the challenges.   Now that you’re a tax filing "pro," what is something that you wish you would have known the first time you filed your taxes? For this month's sweepstakes, we are going to focus on tips that you wish you knew before starting your tax journey.   Sharing your opinions with our community could earn you a gift card to help you achieve your financial goals. To enter simply reply to this thread with your most helpful tax filing tips. On March 16th, 2022, a winner will be selected from this thread at random.   +++++++++   We will be hosting the What You Wish You Knew About Taxes 2022 Sweepstakes to give you, and others, the opportunity to share your tips. One lucky winner will be chosen at random to receive a $100 gift card. WHAT: Sweepstakes for a $100 gift card WHEN: Entries will be accepted from March 1st, 2022 through March 16th, 2022 at 12:00pm Pacific Time HOW: Enter by adding a comment to this post telling us what you wish you knew about taxes when you first filed. If you are the winner, we will send you a private message. The winner will be selected at random on March 16th, 2022. Refer to the attached document for the complete rules.
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Last reply March 16, 2022 by godiva
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