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IRS interview to help determine who can be claimed: https://www.irs.gov/help/ita/who-can-i-claim-as-a-dependent
You do not enter anything on a tax return about paying child support.  Paying child support does not entitle you to claim the child as a dependent.    The IRS cares about physical custody.   You say ... See more...
You do not enter anything on a tax return about paying child support.  Paying child support does not entitle you to claim the child as a dependent.    The IRS cares about physical custody.   You say your child lives abroad.  You do not mention whether your child's other parent is a U.S. citizen who is claiming the child on a tax return.   You have not mentioned whether your child has a Social Security number.   Provide more information.
MY SPOUSE LIVES ABROAD AND/OR DOES NOT HAVE A SSN https://ttlc.intuit.com/turbotax-support/en-us/help-article/taxation/married-person-claim-head-household-filing-status/L078u1RSW_US_en_US?uid=lmtc1... See more...
MY SPOUSE LIVES ABROAD AND/OR DOES NOT HAVE A SSN https://ttlc.intuit.com/turbotax-support/en-us/help-article/taxation/married-person-claim-head-household-filing-status/L078u1RSW_US_en_US?uid=lmtc1ov4 https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/file-taxes-spouse-nonresident-alien/L4AuRKrMd_US_en_US?uid=m5r1a77j https://www.irs.gov/individuals/international-taxpayers/nonresident-spouse
If the non-resident alien has no SSN, why are you asking if their Social Security is taxable?   They cannot get SS benefits in the U.S. without a SSN.    OR do you mean they get benefits from a diffe... See more...
If the non-resident alien has no SSN, why are you asking if their Social Security is taxable?   They cannot get SS benefits in the U.S. without a SSN.    OR do you mean they get benefits from a different country?
Hello topgun80, KEEP IN MIND THAT I AM AN AMATEUR, NOT A TAX SAVVY PROFESSIONAL. SUGGEST DOING YOUR OWN 'DUE-DILIGANCE' BEFORE FILING. The following is how I proceeded, for what it is worth: I fi... See more...
Hello topgun80, KEEP IN MIND THAT I AM AN AMATEUR, NOT A TAX SAVVY PROFESSIONAL. SUGGEST DOING YOUR OWN 'DUE-DILIGANCE' BEFORE FILING. The following is how I proceeded, for what it is worth: I filed entire 2024 return, including partnership income, electronically. I prepared a paper return containing: *form 7217, Part 1, aggregated basis, and Part 2, allocation of basis * Cover letter (my own document, not an IRS form) with the following:        "US Individual Income Tax Transmittal for an IRS e-file Return, for Year 2024"        names                                                     Social Security numbers        (listed)                                                     (listed)   Address (listed)   "Enclosed Form: IRS form 7217, Partner's Report of Property Distributed by a partnership       The above mailed to: INTERNAL REVENUE SERVICE ATTN:   SHIPPING AND RECEIVING 0254 RECEIPT AND CONTROL BRANCH AUSTIN, TX [removed]   (Note:  Not sure if this address is regional or national.   I happen to reside in the Carolinas.)    
Box 1 of the 1099-Q RESPONSE: her grandparents received this, they were the ones who funded the account Even though the grandparents 529 money was used, the family is still allowed to allocate ... See more...
Box 1 of the 1099-Q RESPONSE: her grandparents received this, they were the ones who funded the account Even though the grandparents 529 money was used, the family is still allowed to allocate educational expenses, for the best effect . So you get to decide whether the tuition will be allocated to the grandparent tax return or the student's. So, we still need the numbers (boxes 1 &2) from the 1099-Q.  What is the grandparent's tax rate?   . RESPONSE: this is a local university, where the vast majority of students live off campus You still need the school's "allowance" for room & board .  You are allowed to "count" that for tax purposes.    Other qualified expenses not included in box 1 of the 1098-T, e.g. books & computers RESPONSE: negligible With your other numbers, the amount for books could result in a  100% credit.   How much taxable income does the student have, from what sources RESPONSE: she worked part time We need to know her actual income to help decide where to allocate the tuition (and books) expense and whether to include some of the scholarship as taxable (to free up tuition for the credit or 529 distribution)   Is the  student  the parent's dependent. RESPONSE: no Why not? There is a rule that says IF somebody else CAN claim her as a dependent, she is not allowed to claim herself. If she has sufficient income (usually more than $14,600), she can & should still file taxes. In TurboTax, she indicates that somebody else can claim her as a dependent, at the personal information section.  TT will check that box on form 1040.  You cannot forego claiming a dependent to allow her to get the $1000 refundable education credit (see more below).    Are you trying to claim the tuition credit (are you eligible, your income is not too high)? RESPONSE: she would like to claim it That's usually not allowed.  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. You (the student) cannot be supporting yourself on parental support, 529 plans or student loans & grants. It is usually best if the parent claims that credit.  You cannot claim the (up to) $1000 refundable credit if you are, or can be, claimed as a dependent by someone else. If the student 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 (AOC shifts to all non refundable)    
@kimba_b20050 Great!   Glad you got it figured out and will be using the desktop download software for 2023.    Your 2023 return will have to be filed by mail; e-filing is permanently closed for 2023... See more...
@kimba_b20050 Great!   Glad you got it figured out and will be using the desktop download software for 2023.    Your 2023 return will have to be filed by mail; e-filing is permanently closed for 2023 returns.  So when you get to the FILE section, choose that you will file by mail.   When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s.  Use a mailing service that will track it, such as UPS or certified mail so you will know the IRS/state received the return.   Federal and state returns must be in separate envelopes and they are mailed to different addresses.  Read the mailing instructions that print with your tax return carefully so you mail them to the right addresses.  
hey yes good morning, it was for 2023, i didnt file that year and now I am playing catch up. I finally figured out where to access the download... that is what i could not figure out was how to acces... See more...
hey yes good morning, it was for 2023, i didnt file that year and now I am playing catch up. I finally figured out where to access the download... that is what i could not figure out was how to access it thank and you for replying
hey yes good morning, it was for 2023, i didnt file that year and now playing catch up. I finally figured out where to access the download, thank you for replying
For an S-Corp. When I do change the name to the owner's name, then it says I need to correct it to the LLC name. I'm in an endless circle of correction.
I have found there is mixed information when the sell to cover is from the same lot as the RSU vesting. I cannot confirm if this is a wash sale. Note: I hold other shares of company stock prior to t... See more...
I have found there is mixed information when the sell to cover is from the same lot as the RSU vesting. I cannot confirm if this is a wash sale. Note: I hold other shares of company stock prior to the RSU vest & sell to cover if that matters at all.
I was looking over this form and had an observation that seemed appropriate as an extension to this discussion...   If I understand the computations correctly, it seems once a lump sum with no capi... See more...
I was looking over this form and had an observation that seemed appropriate as an extension to this discussion...   If I understand the computations correctly, it seems once a lump sum with no capital gains nears $1M the form no longer provides any benefit.  This is not the intended effect from what I understand.  Which leads me to suspect the chart/brackets within the form's instructions have not been (or not adequately been) adjusted for inflation. And probably weren't adjusted for the drop from 40% to 37% top income bracket about 10 years ago.  This is a real shame, especially in light of the harsh 10-year rule now being imposed on non-spouse beneficiaries who are being forced into taking large distributions.  The entire purpose of the 4972 form now seems disjoint from the benefits it was originally designed for.   Any CPA's or other tax experts on the forum have thoughts on this.....am I seeing things correctly?   SE
How did you prepare a 2023 return?    The current online software is only for 2024 returns, so if you used online for 2023, your return is all wrong and you will need our help with how to fix this.  ... See more...
How did you prepare a 2023 return?    The current online software is only for 2024 returns, so if you used online for 2023, your return is all wrong and you will need our help with how to fix this.      Or....did you use the desktop download to prepare your 2023 return?   That is the only correct way to use TT at this time to prepare a 2023 return.   Please explain clearly what you paid for and what you did so we can help.
I have been receiving the 1042-S since 2019 but this is the first time I have had this problem with TurboTax. Why they changed I have no idea.  Even checking the box to pull the address from the main... See more...
I have been receiving the 1042-S since 2019 but this is the first time I have had this problem with TurboTax. Why they changed I have no idea.  Even checking the box to pull the address from the main page does not clear the error.