Daughter on my TT makes under $50 K can she file her State for Free and how to notate on TT while mine will come with the program? Same with Sons what is the minimum amount?
Selling vacation home loss
Moving loss
Work lunches not reimbursed
Work mileage not reimbursed
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You have not told us if you are using online TurboTax or desktop download--which affects some of the replies you need. What software are you using?
If your daughter makes under 50K and all she has is a W2 she shouldn't have any problem filing federal and state returns for free. The online program starts with the free version and only increases to a higher cost version if additional forms need to be added. Be aware - sometimes there are things deducted on a W2 that add forms to the return and can cause her to lose the free version. The program will announce if it needs to upgrade.
The minimum amount to file in 2024 is $14,600.
Your program comes with the ability to file five returns. But they all need to be on your account.
You enter the sale of a home at the bottom of the wages and income section of your federal return under "Less Common Income". Because this is a vacation home and not your primary residence you're going to pay taxes on any profit.
Moving expenses are no longer deductible on the federal return. They may be for your state.
Employee expenses are no longer deductible on the federal return. They may be for your state.
Purchased Turbo tax downloaded online to my laptop. Thank you.
Can I deduct the loss I incurred with the vacation home when selling and if so, how?
No, a loss on the sale or exchange of personal use property, including a capital loss on the sale of your vacation home is not deductible. @Steve LS
If you are using the desktop download then you can prepare and e-file up to five federal returns and the state returns that go with them. Each state return incurs a $25 state e-file fee which you can avoid if you print and mail the state return instead of e-filing the state. You mentioned having sons. If you have more than five returns to prepare, the additional ones can be printed and filed by mail. The five federal e-file limit is an IRS limit.
W-2 employees cannot deduct job-related expenses on a federal return. Job-related expenses were eliminated as a federal deduction for W-2 employees by the tax laws that changed for 2018 and beyond. Your state tax laws might be different in AL, AR, CA, HI, MN, NY or PA.
If you live in a state that lets you deduct job-related expenses, the information will flow from your federal return to the state return, so enter it in Federal>Deductions and Credits>Employment Expenses>Job-Related Expenses
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