All Posts

Did you get a 1095-A form for it?   You only need to enter the 1095A and Turbo Tax will fill out the proper places like insurance premiums on Schedule A.   Or are you filing Schedule C for self employment?   To enter your Form 1095-A - Federal Taxes (Personal using Home and Business) Deductions and Credits Scroll down to Medical On Affordable Care Act (Form 1095-A), click the start or update button

@edhunter9629 wrote: Where do I  enter  my pin Are you referring to a 6-digit IP PIN (Identity Protection PIN) provided by the IRS?   If so, then I'll assume you have your current 6-digit IP PIN to be used this year in calendar year 2025 as you prepare your 2024 return.   I don't know if you are using Online TurboTax or desktop TurboTax.  If using Online TurboTax here are 3 ways to get to the right place to enter the IP PIN.  You only need to use one method.   You can choose which method works for the best for you.   Log in, and once you've opened the interview back up, click in the top right corner on the search icon (magnifying glass). Enter the term IP PIN without quotes.  When entering, ignore the dropdown menu, and instead click the small magnifying glass on that same line. Then click on Jump to IP PIN. Or here's a second way: With your return open, click in the left menu column on TAX TOOLS, then choose subtab TOOLS. In the Tools window choose TOPIC SEARCH. Enter the term IP PIN without quotes. In the selection list highlight IP PIN and click GO. Or here's a third navigation method: With your return open, in the left menu column, click Federal. Then choose subtab  Other Tax Situations. If you've been in that section before, you may see the IP PIN section listed, and you can EDIT.  If  this is your first time in that section, answer the preliminary questions, and it may ask you if you have an IP PIN.  If so, indicate "yes", and keep following the screens as it guides you to enter it. If it doesn't, in the "Uncommon tax situations" list, scroll down to Other Return Info, and expand to see the subtopics, one of which is Identity Protection PIN.

Q. Are there tax consequences on transferring 529 education savings plan to ex wife? A. No.   If you were the beneficiary, and she became the new beneficiary, that is just a beneficiary change with no tax consequences.    If you were the owner, and she became the new owner, that is just an owner change with no tax consequences. 

Q. If line 5 on the 1098T is greater than line 1, does the student need to file a separate tax return? A. Simple answer: No, unless the difference between line 5 and line 1 is more than $14,600 (2024 threshold).    A student, with no other income, can have up to $14,600 of taxable scholarship (in 2024) and still pay no income tax (therefore not have to file a return). If he has other income, whether he has to file depends on the source and the amount of the other income.    You do not report his/her income on your return. If it has to be reported, at all, it goes on his own return. If your dependent child is under age 19 (or under 24 if a full time student), he or she must file a tax return for 2024 if he had any of the following: Total income (wages, salaries, taxable scholarship etc.) of more than $14,600.  Unearned income (interest, dividends, capital gains, unemployment, taxable portion of 529 distribution) of more than $1300.  Unearned income over $450 and gross income of more than $1300.  Household employee income (e.g. baby sitting, lawn mowing) over $2600 ($14,600 if under age 18)  Other self employment income over $432, including money on a form 1099-NEC Scholarships are a hybrid between earned and unearned income. It is earned income for purposes of the $14,600 filing requirement (2024) and the dependent standard deduction calculation (earned income + $450).  It is not earned income for the kiddie tax and other purposes (e.g. EIC).  For grad students and post grad fellows, scholarship, stipend and fellowship income is earned income ("compensation") for IRA contributions.  

You have not mentioned your income.   https://turbotax.intuit.com/tax-tools/calculators/w4/  https://www.irs.gov/individuals/tax-withholding-estimator https://www.irs.gov/pub/irs-pdf/fw4.pdf  

Yeah, you're NOT a dealer (at least not without more than you posted).   Real estate dealers are in the trade or business of buying and selling properties to customers and hold the property primarily for resale; dealers treat the property as inventory.   One single, solitary buy and sell will not be considered a flip and won't elevate you to the status of "dealer" without more. In fact, reporting it in that manner has the possibility of ramifications with the IRS, particularly since you have a net loss.

OK we will need to know how you entered the unemployment.  It should be on a 1099G.  What line did it show up on your tax return?  Did you enter it like a W2?     Did the IRS send you a letter about it?  Why did you reach out to the IRS?  Did you call them?     Be sure to save a copy of your original return before you start the amended return. The Amended return will overwrite the original return.  How to Amend the current year https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-federal-tax-return-current-year/L7eS6o1qh_US_en_US?uid=lfunevhk   Then to fix it you first delete the unemployment you entered in the wrong place.  Then Enter a 1099G for unemployment under Federal on left Wages & Income at top Unemployment - Click the Start or Update Button Your unemployment compensation will be on Schedule 1 line 7 and  flows to Form 1040 Line 8.  You get credit for any withholding on 1040 line 25b.  

If you received a 1099G for unemployment benefits it must be entered here:   Enter your 1099G in Federal>Wages & Income>Unemployment Go through the screens very carefully, making sure  to enter any federal/state tax you had withheld from the unemployment. https://ttlc.intuit.com/community/entering-importing/help/where-do-i-report-a-1099-g-for-unemployment-or-paid-family-leave/00/26530   Wait until your original return has been fully processed before you amend, and make sure you have saved a pdf of the original return before you amend. (If you do not save it as a pdf, the amended return will overwrite the original, and the original will be lost forever)     See this TurboTax support FAQ for amending a tax return -   CURRENT YEAR https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-federal-tax-return-current-year/L7eS6o1qh_US_en_US?uid=lfunevhk     Do not expect quick results from amending. It can take four months or more for the IRS to process an amended return.     You can watch for information here: https://www.irs.gov/Filing/Individuals/Amended-Returns-(Form-1040-X)/Wheres-My-Amended-Return-1  

No, the extra hours are not overtime that qualify for the deduction under the new tax law. The deduction for overtime applies only to the amount over your regular pay rate. If your regular pay is $30/hour and you get $45/hour for overtime, you would get a deduction for the extra $15/hour. But you still pay tax on all the pay at the regular $30/hour rate. The number of hours that you work doesn't really matter. It's the time and a half that gives you a deduction. An exempt employee is usually not going to qualify for the deduction for overtime.  

Sorry not using Turbo Tax.    It's  too late to start a 2023 or prior online return or use the mobile app, either on Turbo Tax or the IRS.   And too late to efile 2023. To do a prior year return you have to buy the Desktop program here, https://turbotax.intuit.com/personal-taxes/past-years-products You will need a full Windows or Mac to install it on.   If you have a simple return and want to file for free you can fill out the forms by hand.  Here are some basic forms..... Here is the 2023 1040 return https://www.irs.gov/pub/irs-prior/f1040--2023.pdf or if you want bigger type use 1040SR for Seniors, https://www.irs.gov/pub/irs-prior/f1040s--2023.pdf 2023 1040 Instructions https://www.irs.gov/pub/irs-prior/i1040gi--2023.pdf 2023 EIC and Tax Tables https://www.irs.gov/pub/irs-prior/i1040tt--2023.pdf Schedules 1-3 https://www.irs.gov/pub/irs-prior/f1040s1--2023.pdf https://www.irs.gov/pub/irs-prior/f1040s2--2023.pdf https://www.irs.gov/pub/irs-prior/f1040s3--2023.pdf Don’t forget your state. And you will have to print and mail your returns.  So be sure to attach copies of your W2s and any 1099s that have withholding on them.  You have to mail federal and state in separate envelopes because they go to different places.  Get a tracking number from the post office when you mail them for proof of filing. Then when you file for 2024 you need to enter 0 for the 2023 AGI since you are filing 2023 late.