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Yes, you can use a capital gains loss with the Standard Deduction. Here's a summary: Capital gains losses can be used to offset capital gains. If your losses exceed your gains, you can deduct up to $3,000 of the excess loss against your ordinary income each year. f your capital losses exceed your capital gains, the amount of the excess loss that you can claim to lower your income is the lesser of $3,000 ($1,500 if married filing separately) or your total net loss shown on line 16 of Schedule D (Form 1040), Capital Gains and Losses.  This deduction is separate from the Standard Deduction, meaning you can claim both on your tax return. For more detailed information, you can refer to the IRS guidelines on capital gains and losses.   [Edited 04/02/2025|6:46 pm, PST]@Glenn-engle75

Having similar issue as others.  I am doing taxes for my deceased father.  He has two 1099-R's from accounts that he took the required distributions from until his death.  I have entered the amounts as they are on the form but I am getting the Penalty notice upon review.  Can you help?  My token # is 1299099.

Make sure your address on your return matches that on your credit card.  Enter your name and address as shown on your credit card statement.   Also clear your cache and cookies.  ‌Please click here for instructions on how to clear your cache. Please click here for instructions on clearing your cookies.   You can try contacting TurboTax Customer service using this link: Turbo Tax Customer Service.     Click here for Error: "We are having trouble validating your credit card, please try again"    

I do have a thought... report the interest income on Sch C - Line 6 as you should, as that is  how it is being reported to the IRS on the 1099-INT and probably where they will be looking for it, VS a "note to self" to explain you put it on Sch B - if (when) it is questioned.  Now, hear me out, assuming the Sch C is profit, and you are subject to 15.3% SE tax ... well Sch C Line 23 is "Taxes Expense"  So, 1099-INT amount  X 15.3% Tax Expense deduction would windup you're paying income tax on the interest, but not SE Tax, and would be a better argument to IRS if questioned.  I know, maybe I shouldn't be thinking out loud here.  Please, be gentle.  That is what I do, and have never been called out on it by the IRS.  

Yes, interest from high-yield saving accounts is taxable.     It seems unusual that tax would increase $20k on $23k additional income if you have no deductions.  There are some deductions that are phased out at a certain income, as well as credits.  For example, the Child Tax Credit is not available for a joint return if your income is over $400,000 or a single with income over $200,000.    I'd suggest printing a pdf of the return and double checking the figures you entered are correct.

Thank you so much after so much trial and error and back and forth it finally worked.    Don't you agree the directions were not at all clearcut and caused this to be way more time consuming than it should have been? Are you able to share the feedback with Turbotax on that?   Thanks for your patience and helpful guidance to resolve this!   I also am paying more money now that the March 31 deadline has passed because of the confusion.    Do you know if there is any chance Turbotax would refund me the incremental cost or no?   Either way, thanks again for all your help, really appreciate it.   

The IRS issues an Identity Protection PIN (IP PIN) to taxpayers who are confirmed victims of tax-related identity theft or those who opt-in to receive one as a proactive measure. If you have been assigned an IP PIN, the IRS will mail you a CP01A Notice with your new IP PIN each year   Steps to Generate an IP PIN: Online Request: The fastest way to get an IP PIN is through your online IRS account. If you don't already have an account, you'll need to create one and validate your identity - Get an IP PIN.   Alternative Methods: If you can't establish an online account, you can request an IP PIN by filing an application or through in-person authentication: Retrieve your IP PIN.  

It depends. Each state has its own rules as to how income for part-year residents and nonresidents is calculated and taxed. Many states start with the Federal adjusted gross income for the year and then provide entries to make adjustments for the state return.   Answer all of the questions in both the My Info / Personal Info section of the Federal return, and in your State returns, carefully so that the return will be accurate. In most cases you should prepare the return for the state you no longer reside in first; then, you may be able to receive a credit on your current resident state return for tax paid to the other state.   Please also see this TurboTax tips article for more information on filing returns with multiple states.  

  If you used the wrong AGI, your e-file  be rejected.  When you get the rejection notice, correct it and re-file. https://ttlc.intuit.com/community/agi/help/where-do-i-correct-my-agi-in-turbotax-online/00/26311

"  in the second highest income tax bracket " Multiply $23k by that bracket to see the most income tax you would pay on that interest. delete all 1099-INT to see your tax without bank interest.   @yatoshura 

If TurboTax is asking you to enter a five-digit pin on your signature page to file your taxes, you can just make up a five digit number and write it down. You can create a new 5-digit PIN every year, if you like. If you are talking about an IP-PIN, this is an Identity Protection PIN (IP PIN). It is a 6-digit number that the IRS gives taxpayers who were victims of tax-related identity theft.   If you got an IP PIN or CP01A notice from the IRS in the past (or you opted in to the pilot program), you must use your 2024 IP PIN to prove your identity when you file your 2024 return. TurboTax can not issue IP PINs and you won't find them on your tax paperwork. You can only get IP PINs from the IRS. Click here for What is an IP-PIN?