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22m ago
Each of my children earned scholarships in prior tax years (one is merit scholarship, and the other is financial aid but which is reported by the school as scholarship), but we did not do a distribut...
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Each of my children earned scholarships in prior tax years (one is merit scholarship, and the other is financial aid but which is reported by the school as scholarship), but we did not do a distribution from their 529 accounts for those amounts in the years the scholarships were earned. Can we still do distributions of those amounts (to either us or the beneficiaries) without penalty in the future? My understanding is that there is no express IRS guidance on the issue of timing on scholarship-related 529 withdrawals.
43m ago
Thanks again @AmeliesUncle . What I don't get is how can depreciation be calculated and added to accountable plan within a 60 day window? And what does Form 4562 mean in this case?
an hour ago
Turbo Tax is up to date with the Enhanced Senior Deduction. It is automatic if you or spouse is 65+. You don’t need to do anything. It is calculated on 1040 Schedule 1-A. Which goes to 1040 ...
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Turbo Tax is up to date with the Enhanced Senior Deduction. It is automatic if you or spouse is 65+. You don’t need to do anything. It is calculated on 1040 Schedule 1-A. Which goes to 1040 line 13b. This is in addition to the Standard Deduction or Itemized Deductions on 1040 line 12e. The maximum deduction is $6,000 for each spouse 65. The phaseout is 6% of the amount by which MAGI exceeds $75,000 for single or $150,000 for married filing jointly (MFJ). The MAGI is normally the same as your AGI but with some Foreign items added back in. On a joint return the phaseout is calculated separately for each person, so the 6% phases out for each spouse. This deduction is intended to provide tax relief for seniors and is in addition to the existing standard deduction or your itemized deductions. Expires December 31, 2028.
an hour ago
Glad to hear but where will we find that tax professional to confirm? In the meanwhile, Romper, for my example, can you clarify which numbers you would enter where in TurboTax, please including whet...
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Glad to hear but where will we find that tax professional to confirm? In the meanwhile, Romper, for my example, can you clarify which numbers you would enter where in TurboTax, please including whether you would need to check any boxes that indicate you are not using the information on forms from the broker which some might consider an audit risk? Thanks much!
an hour ago
Thanks for the website. I couple of others ones I checked wasn't right (eg. They didn't have the 12k deduction for old folks like me).
2 hours ago
All the functionality existed except the E-file option. My 1099-NEC for 2025 have already been printed and mailed. Will my data be restored when 'Turbotax is ready'?
2 hours ago
i believe the offer from fidelity is only for federal file, where as the desktop software comes with federal + state. this could be a reason why the checkout fails, but with a bad error message. ...
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i believe the offer from fidelity is only for federal file, where as the desktop software comes with federal + state. this could be a reason why the checkout fails, but with a bad error message. this is the only potential reason i could find. turbotax support could atleast show a usable error message. :(
2 hours ago
@SPLITRIMZ wrote: Intuit is not listening, I''m hoping for an alternate solution to Turbo Tax "Hoping for an alternate solution"? There are only two DIY, consumer-level, desktop income tax ...
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@SPLITRIMZ wrote: Intuit is not listening, I''m hoping for an alternate solution to Turbo Tax "Hoping for an alternate solution"? There are only two DIY, consumer-level, desktop income tax prep software developers; H&R Block and TaxAct. Take your pick. I'm sure each has its pros and cons. BTW, don't think for one minute that either of those companies are going to be "listening" to you (i.e., don't be delusional; they don't care about you any more than does Intuit).
2 hours ago
Have the same problem. Tried different devices, different browsers, went as far as creating a new Intuit Account thinking it might have been an issue with my existing account but met the same error c...
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Have the same problem. Tried different devices, different browsers, went as far as creating a new Intuit Account thinking it might have been an issue with my existing account but met the same error code. Please update if you receive a fix.
2 hours ago
They are gifts and are not reported on your return.
3 hours ago
2 Cheers
Accountable plans usually need to be submitted within 60 days of the expense, so whatever office expenses qualify during that time period can go under an Accountable Plan. Depreciation can be par...
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Accountable plans usually need to be submitted within 60 days of the expense, so whatever office expenses qualify during that time period can go under an Accountable Plan. Depreciation can be part of an Accountable Plan. As a side note, it is my strong opinion the people should do corporate returns by themselves. There are too many things to mess up, and DIY programs like TurboTax only cover the basics. It can be expensive, but in my opinion the corporate tax return should be prepared by a tax professional.
3 hours ago
Scenerio - I am married filing jointly - We currently live in separate homes - One home was upgraded with energy efficient improvements which qualify for credits (high efficiency AC, add...
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Scenerio - I am married filing jointly - We currently live in separate homes - One home was upgraded with energy efficient improvements which qualify for credits (high efficiency AC, added insulation, etc.) - I open form 5695 - I didn't check the box at the top for allocating credits to others - I skip down to part II - I do the quickzoom to create copy 2 for my spouse - Return to the original form to continue - I cannot uncheck any of the boxes at the top of section II nor check any of the boxes in 17a-c. There's a lot of posts around this area, but I can't find this exact scenario. Suggestions ?
3 hours ago
Thanks @AmeliesUncle for your reply. In this case, I should not claim any home office expenses except the month of December including utilities, cell phone, internet expenses. Is this accurate? Fo...
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Thanks @AmeliesUncle for your reply. In this case, I should not claim any home office expenses except the month of December including utilities, cell phone, internet expenses. Is this accurate? For vehicle deprecation, I am still not clear if that needs to be part of accountable plan or should that be directly filed at tax time.
3 hours ago
Intuit is not listening, I''m hoping for an alternate solution to Turbo Tax
4 hours ago
2 Cheers
1) No, it must be done in a "reasonable period of time". See link below for that definition. https://www.irs.gov/publications/p463#en_US_2024_publink100034114 2) Yes. However, even though yo...
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1) No, it must be done in a "reasonable period of time". See link below for that definition. https://www.irs.gov/publications/p463#en_US_2024_publink100034114 2) Yes. However, even though your first year deduction will be larger using Actual Expenses, you'll want to analyze if that is your best option for the long-term (if you start off using Actual Expenses, you can never switch to the Standard Mileage Rate for that vehicle). In many cases, the Standard Mileage Rate ends up with a better long-term deduction over the years. But of course things vary from person to person depending on their specific circumstances. As a side note, be sure you check if your vehicle insurance properly covers your vehicle. In many cases, you may need a commercial insurance policy to cover your vehicle. 3) That is a bit more tricky. Somewhere in the program is a worksheet that projects your future depreciation, or you could use an online calculator. Then take that full-year, full-business depreciation amount and each month factor in your business percentage and using 1/12 of the year. 4) Yes.
4 hours ago
1 Cheer
Is this the 2025 software? Have you double-checked that you entered it as a vehicle UNDER 6000 pounds? If so, at first glance it appears to be a 'bug' that you might need to wait for an update. ...
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Is this the 2025 software? Have you double-checked that you entered it as a vehicle UNDER 6000 pounds? If so, at first glance it appears to be a 'bug' that you might need to wait for an update. You could go into the "Forms" mode to the worksheet to override it, but it may be easier to wait for the update.
5 hours ago
Did the replies above answer your question? If so, select “Mark as Best Answer” to help others find this thread. Respond below with any follow-up questions so we can point you in the right direction....
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Did the replies above answer your question? If so, select “Mark as Best Answer” to help others find this thread. Respond below with any follow-up questions so we can point you in the right direction. If you’d like to change subjects, Select a Topic and find the button to Post your Question. Thanks for joining the Community, @sgipson2023 **Say “Thanks” by clicking the thumb icon in a post **Mark the post that answers your question by clicking on “Mark as Best Answer”
5 hours ago
Did the replies above answer your question? If so, select “Mark as Best Answer” to help others find this thread. Respond below with any follow-up questions so we can point you in the right direction....
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Did the replies above answer your question? If so, select “Mark as Best Answer” to help others find this thread. Respond below with any follow-up questions so we can point you in the right direction. If you’d like to change subjects, Select a Topic and find the button to Post your Question. Thanks for joining the Community, @Jefehav **Say “Thanks” by clicking the thumb icon in a post **Mark the post that answers your question by clicking on “Mark as Best Answer”
5 hours ago
After selecting vehicle under 6000 pounds, and then yes for bonus depreciation, the TT Business software is giving it 100% bonus depreciation rather the the $20,200 limit for that asset class. Is the...
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After selecting vehicle under 6000 pounds, and then yes for bonus depreciation, the TT Business software is giving it 100% bonus depreciation rather the the $20,200 limit for that asset class. Is there a way to correct this?
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5 hours ago
Q. Could I still qualify for this year's (2025) AOC or no?
A. No.
A full time unmarried student, under age 24, even if you don't qualify as a dependent, is only eligible for the refundable por...
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Q. Could I still qualify for this year's (2025) AOC or no?
A. No.
A full time unmarried student, under age 24, even if you don't qualify as a dependent, is only eligible for the refundable portion of the American Opportunity Credit (AOC) if he supports himself by working (your earned income must be more than half your support. "Support" includes the cost of school). You cannot be supporting yourself on parental support, 529 plans or student loans & grants. It is usually best if the parent claims that credit.
Q. Could I claim it for 2026 since I'd be 24?
A. Maybe. The earned income rule will no longer apply to the refundable portion f the AOC. But the dependency test may still apply. You cannot claim the (up to) $1000 refundable credit if you are, or can be, claimed as a dependent by someone else. The fact that you will not be working, in 2026, probably means you will not meet the support test for being a non dependent.*
If the student-dependent actually has a tax liability, there is a provision to allow him to claim a non-refundable tuition credit. But then the parent must forgo claiming the student as a dependent, and the $500 other dependent credit. The student must still indicate that he can be claimed as a dependent, on his return. This is worth up to $2500 (AOTC shifts to all non refundable).
*There are two types of dependents, "Qualifying Children"(QC) and Other ("Qualifying Relative" [QR] in IRS parlance even though they don't have to actually be related). There is no income limit for a QC but there is an age limit, student status, a relationship test and residence test.
The support test is different for each type. The support test, for a QC, is only that the child didn't provide more than half his own support. The support test for a Qualifying Relative is that the taxpayer provided more than half the student's support. At age 24, you can no longer qualify as a QC. Your parents can only claim you under the QR rules. So, a common example is: a 24 y.o., supporting himself on student loans, can claim the refundable AOC (if his parents didn't co-sign the loan). But, a 24 y.o., supported by his parents, cannot.
Note: the refundable portion of the AOC is $1000 max. You must have a tax liability to offset to get the other $1500 ($2500 total max).