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yesterday
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Are you using the Online version or the Desktop program? If you are looking at a summary screen or review screen those show the full amounts (like from a 1099R or SS) as income not just the taxable ...
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Are you using the Online version or the Desktop program? If you are looking at a summary screen or review screen those show the full amounts (like from a 1099R or SS) as income not just the taxable amounts and lump a lot of stuff together. You need to check the actual 1040 form and make sure it's right. Before filing you can preview the 1040 or print the whole return https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-filing/00/26160
yesterday
You should have received a closing statement from the agent or your attorney. The only deductible items will be property taxes and mortgage interest. You should have paid 2 days of interest (or may...
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You should have received a closing statement from the agent or your attorney. The only deductible items will be property taxes and mortgage interest. You should have paid 2 days of interest (or maybe 1 day). You can enter that as interest and check the box for "I did not receive a 1098".
You paid the seller a credit for property taxes for the time you would be owning the house, if taxes are paid in advance in your area. For example, in some locations in New York State, county property taxes are due Feb 15 for a Jan 1-Dec 31 tax year, and school taxes are due in October for a September 1-August 31 tax year. So in that case, you would have paid the seller a credit for 1 day of county taxes and 8 months of school taxes. You can deduct those taxes as if you paid them directly to the taxing authority.
Some other closing costs can be added to your cost basis, which may reduce your capital gains when you sell, but are not immediately deductible. Other closing costs have no tax treatment at all, not adjustments and not deductible. This is discussed in publication 523.
https://www.irs.gov/forms-pubs/about-publication-523
yesterday
How to respond back to the question and i did not work in NY in 2020
yesterday
See my account for 2023. I bought Windows. At the top you can download the Mac software.
yesterday
Need customers service number
yesterday
@sidneyd37 << except for prepaid interest, prepaid property tax or loan origination fees>> you can use the amounts listed on the closing statement provided by the closing agent (attorney, et...
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@sidneyd37 << except for prepaid interest, prepaid property tax or loan origination fees>> you can use the amounts listed on the closing statement provided by the closing agent (attorney, etc.) ; it will not be provided on a 1099 by the loan servicer.
yesterday
1 Cheer
Do you need to buy and start the 2024 Mac Desktop program? You can buy the Mac Desktop program here. https://turbotax.intuit.com/personal-taxes/cd-download/ Or have you already bought the Win...
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Do you need to buy and start the 2024 Mac Desktop program? You can buy the Mac Desktop program here. https://turbotax.intuit.com/personal-taxes/cd-download/ Or have you already bought the Windows version? Since you now have to log into an Intuit Account when you first install it, all your downloads and licenses are listed there (even if you bought it from somewhere else) so if you need to install it again or install on another computer, even on the other operating system (Windows, Mac) you can download it again here, https://accounts.intuit.com/app/account-manager/productsBilling/turbotax Do you need to also move your tax returns to Mac? You only need the tax return data file ending in .tax2023 to transfer into 2024 or .tax2024 to transfer into next year. On Windows your tax return files should be in your Documents in a Turbo Tax folder. Copy all the files ending in .tax and pdf to the Mac. You can't transfer the programs. They have to be installed from the CD or Download. You don't need to install older programs unless you need to amend or you didn't save the pdf file. See this article on how to move your tax return to another computer……. https://ttlc.intuit.com/community/tax-data-file/help/how-do-i-move-my-tax-data-file-to-another-computer/00/26128 IMPORTANT After you get the program installed or reinstalled the first thing to do before you open your tax return is to update the program and install any state programs you had. Then open your file. So you first might need to start a fake return to be able to download the state program (go to FILE - NEW). Enter some basic information, then go to the state tab and download the state program. Then try to open your existing return, go to FILE - OPEN You might need to start a new fake return for your existing returns to show up.
yesterday
@gman98 << she lives away for school but comes home I am assuming thats considered a temporary absence even though we maintain her apartment all year for school purposes>> for a Qualifying Chi...
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@gman98 << she lives away for school but comes home I am assuming thats considered a temporary absence even though we maintain her apartment all year for school purposes>> for a Qualifying Child (which is someone under the age of 24 and a full time student, among other requirements), the question is whether she lives with you for at least 6 months of the year. Being away at school is considered temporarily living away from per permanent home. The IRS is not asking about the dwelling - whether that be an apartment, on campus housing, who owns it or who pays for it. For IRS purposes, in this situation, she lives with you more than 6 months of the year, and that is all that matters. On her tax return, she should use the address where she would want the IRS (or the State) to send any correspondenace. It's a mailing address; it's not ncessarily where she lives.
yesterday
Is the second home for your personal use? Sorry---closing costs on a home are not deductible.
Buying a home is not a guarantee of a big refund. Your deductions for homeownership combined...
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Is the second home for your personal use? Sorry---closing costs on a home are not deductible.
Buying a home is not a guarantee of a big refund. Your deductions for homeownership combined with your other deductions (if any) must exceed your standard deduction to change your tax due or refund. If you purchased your home late in the year, you do not even have a full year of home ownership deductions.
Your closing costs on your new home are not deductible except for prepaid interest, prepaid property tax or loan origination fees. There are no deductions for appraisal, inspections, title searches, settlement fees. etc.
Your down payment is not deductible.
Your homeowners insurance for fire, hazard, flood, etc. is not deductible for your own home.
Home improvements, repairs, maintenance, etc. for your own home are not deductible. (With possible exceptions for certain energy credits) (BUT——do make sure you keep careful written records/invoices, etc. of any improvements you make to the home for someday when you sell it.)
Homeowners Association (HOA) fees for your own home are not deductible.
yesterday
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yesterday
TYVM for the detailed answer.
yesterday
Thank you! Since she lives away for school but comes home I am assuming thats considered a temporary absence even though we maintain her apartment all year for school purposes. Also, what addre...
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Thank you! Since she lives away for school but comes home I am assuming thats considered a temporary absence even though we maintain her apartment all year for school purposes. Also, what address would she use on her NY tax return since she would be considered a full-time statutory NYC resident for NYC tax purposes even though she is still considered "living at home" on Long Island.
yesterday
Yes, Virginia allows for an unlimited carryforward of deductions for contributions to a Virginia 529 plan, including the Prepaid 529 plan.
yesterday
The tag below your question says that you are using TurboTax Online. If that's true it makes no difference whether you access it from Windows or a Mac.
If you are actually using the desktop Turbo...
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The tag below your question says that you are using TurboTax Online. If that's true it makes no difference whether you access it from Windows or a Mac.
If you are actually using the desktop TurboTax software installed on your Windows computer, the Windows and Mac software are separate products. If you purchased the desktop software for Windows, call TurboTax customer service during the week and ask them if they will give you a download of the desktop software for Mac at no charge.
yesterday
1 Cheer
The tax on Social Security income is not calculated separately on your tax return. Part of your Social Security income is included in your taxable income, and the tax is calculated on your total taxa...
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The tax on Social Security income is not calculated separately on your tax return. Part of your Social Security income is included in your taxable income, and the tax is calculated on your total taxable income, including a portion of your Social Security income.
The Total Tax in the TurboTax summary is the total tax from Form 1040 or 1040-SR line 24. It includes the tax on part of your Social Security income. On Form 1040 or 1040-SR your total Social Security income is on line 6a and the amount that is taxable is on line 6b.
yesterday
SAVE YOUR TAX RETURNS !
EVERY year before mid-October you should save a copy of your tax return as a pdf and print a copy of it for your records. That way you will not be searching online frantica...
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SAVE YOUR TAX RETURNS !
EVERY year before mid-October you should save a copy of your tax return as a pdf and print a copy of it for your records. That way you will not be searching online frantically when you need it for a lender, FAFSA forms, your next tax return, etc.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/save-2021-turbotax-online-return-pdf/L8dHfRkpT_US_en_US?uid=m6guj526
https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/save-2021-turbotax-online-return-pdf/L8dHfRkpT_US_en_US?uid=m78eb8pc
In order to transfer a past year return to the new return you need the tax file
https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/save-turbotax-online-return-tax-data-file/L4xwOG3LF_US_en_US?uid=m6guk3xl
NOTE: TurboTax and the IRS save returns for seven years. Returns older than seven years are purged.
yesterday
In 2007, I set up a Virginia Prepaid529 account for my son. I made a lump sum payment when the contract was setup. Let's say the lump sum was $20,000. My son is now 21 and about to start his senio...
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In 2007, I set up a Virginia Prepaid529 account for my son. I made a lump sum payment when the contract was setup. Let's say the lump sum was $20,000. My son is now 21 and about to start his senior year at a university in another state. We've been using the Prepaid529 for his tuition each year. I haven't deducted anything from my state taxes for this. Am I able to take a $4000 state tax deduction for each of the next 5 years to cover that initial lump sum payment?
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yesterday
1 Cheer
If you received Social Security benefits, then the amount of SS you received and the amount that was taxable are shown on lines 6a and 6b of your Form 1040.
yesterday
I'm trying to download my files from 2023 and 2024, but I need them as PDFs. How do I do this? Can I do this?
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