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You will check the Overtime box after you enter the W-2 and TurboTax will prompt you to enter the amounts of your OT.   How do I enter my overtime pay in TurboTax?  This FAQ has instructions for all the different scenarios of overtime pay.     How do I manually enter my W-2?    

TurboTax is asking me whether this post resolved my question. The answer is no, it did not. Per my subsequent post, line 24 remains stuck on 25% despite the fact that an estimated tax paid and withheld on line B of the penalty calculation smart worksheet shows payment for every quarter.  Thank you for looking for a solution to this error.

Go back to the section where you entered the sale (usually under Investment Income → Stocks, Cryptocurrency, Mutual Funds, etc.).   Open Transaction #1 and look for:  A checkbox labeled “This is an ordinary gain/loss” A dropdown for type of gain A field related to foreign currency A field related to market discount or accrued interest Uncheck or change that field — that is what removes the “ordinary” designation. Since you can’t edit the worksheet, the adjustment is usually entered in the transaction details: Look for a field like:   “Adjustment amount” “Code O – Other adjustment” “Enter adjustment to gain/loss” “Reason for adjustment” This is where you enter the amount that should be treated as ordinary income elsewhere on your return.    Some versions of tax software lock down imported brokerage transactions. If that’s the case:   Delete the transaction Re‑enter it manually This forces the program to regenerate the worksheet with editable fields. This may seem like a burden, but it does work.

Is the form giving you a credit?  If it is giving you a credit that you are eligible for you may not be able to remove it.  The system is designed to get the best possible tax situation that you qualify for with the information that you enter.  So removing credits is not part of what the tool is for.

Thanks Tom, makes sense. However, Turbo Tax is not applying the credit for paying Illinois taxes. On the NY State summary page, it takes the total income from both states, applies std deduction, then subtracts only the NY portion of taxes paid. What do I need to update to include the credit?

That is your choice to make. If you run your rental properties as a business and have documentation to support that belief, you could say the income is QBI. But you must be prepared to defend your position. If QBI has no material effect on your taxable income, it's probably safer to skip QBI for your rental.

To enter, edit or delete Property Taxes - Click on Federal Taxes Click on Deductions and Credits Click on I'll choose what I work on (if shown) Under Your Home If paid through your lender On Mortgage Interest, Refinancing, and Insurance, click on the start or update button If paid directly On Property Taxes, click on the start or update button

At this time, you would need to print, sign and mail your return in order to report a W-2 that is mostly overtime pay. TurboTax is currently not set up for that situation. See How do I file my return by mail?   @user17744489123 

To enter rental income, expenses and rental asset depreciation - Click on Federal Taxes (Business using Home & Business) Click on Wages and Income (Business Income and Expenses using Home & Business) Click on I'll choose what I work on Scroll down to Rental Properties and Royalties On Rental Properties and Royalties (Sch E) , click on the start or update button

If your foreign income is over the de minimis threshold ($300/$600, or the $5,000 gross limit you mentioned), you are required to "apportion" expenses. The formula generally looks like this.    Expense allocated to foreign source = total expenses X (Gross foreign gross income/ total Gross income).  The investment income is calculated and reported as a total in the total gross income. Total gross income is ALL INCOME reported and used in the calculation of the foreign tax credit as well as the apportioned expense. @dzimmer10                         

I am trying to Open my 2023 Turbo Tax Application, and it now says I have used all five of my licenses. I only have it on my laptop and my computer. The computer is where I did the taxes that year and now it says I have used all of my licenses how is that possible I think last year I had to enter the code again as well but last year I wasn't out of licenses. I don't want to have to do this every year how can I just get it to work on my computer?