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3 hours ago
I already submitted my tax return. The steps above are not available when I log into turbo tax online. Below is a snippet from my Schedule H that was generated through turbo tax online. You can ...
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I already submitted my tax return. The steps above are not available when I log into turbo tax online. Below is a snippet from my Schedule H that was generated through turbo tax online. You can see the amount 1,698 in field 8 was misprinted outside of the form resulting in field 8 picking up zero amount and wrong subsequent calculations on form 1040.
3 hours ago
Here is how to report your Qualified Charitable Contribution QCD within TurboTax using your Form 1099-R:
Go to Wages & Income on the left panel within your TurboTax account
Click on the +...
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Here is how to report your Qualified Charitable Contribution QCD within TurboTax using your Form 1099-R:
Go to Wages & Income on the left panel within your TurboTax account
Click on the +Add more income box
Scroll down to Retirement Plans and Social Security and click the down arrow to expand
Click Start to the right of IRA, 401(k), Pension Plan Withdrawals (1099-R)
Click on +Add a 1099-R (Here, you may import or type in by selecting the Change how I enter my form box
On the next screen, you can select Type it in myself, or other options, then Continue
Select the box on the top left for Financial institution or other provider (1099-R), then Continue
Enter the provider's information, then Continue
Enter the details from your Form 1099-R, checking for which Distribution Code was used in Box 7 (or review if imported)
Next, check the, I have more than one value in Box 7 box and select Y from the drop down menu (to trigger the QCD questions)
Ensure the IRA/SIMPLE/SEP box is checked, then Continue
Continue answering the questions, pressing Continue to advance
When you reach, Do any of these situations apply to you?, check the box that reads, I transferred all or part of this money directly to charity, Continue
3 hours ago
We are filing seperatly
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3 hours ago
I spent more than 6000$ on childcare with FSA contribution 600$ (W2 box 10). TurboTax calculated childcare tax credit as (6000-600)*.2= 1080 $. If I put my FSA contribution to 0, my child tax credit b...
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I spent more than 6000$ on childcare with FSA contribution 600$ (W2 box 10). TurboTax calculated childcare tax credit as (6000-600)*.2= 1080 $. If I put my FSA contribution to 0, my child tax credit becomes 6000*.2= 1200$ and my total taxes drop by 120$ (600*.2). How come there is no any tax benefit from my FSA contribution?
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3 hours ago
Because of IRS regulations, you cannot deduct the sales tax paid on your purchase because it was calculated using a rate that does not match the general rate for your location. However, it is the exac...
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Because of IRS regulations, you cannot deduct the sales tax paid on your purchase because it was calculated using a rate that does not match the general rate for your location. However, it is the exact same rate.
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3 hours ago
If the "Sign into bank" button is missing, it's usually due to a lack of partnership with that specific institution or browser connection issues.
If your bank or financial institution isn't on t...
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If the "Sign into bank" button is missing, it's usually due to a lack of partnership with that specific institution or browser connection issues.
If your bank or financial institution isn't on the TurboTax Partner list, you might select “I’ll type it in myself” option and enter your information by hand.
Check out this Partner List to see if your financial institution in on here.
Another option to fix this is by clearing your Browser Data cache and cookies in your browser settings.
To do this, follow the instruction in the links below:
How do I delete cookies
How to clear your cache
3 hours ago
Right and it really depends on how the state handles LLC taxation in terms of tax forms to be filed.
3 hours ago
No, you generally cannot use the standard TurboTax Free Edition for foreign bond returns. While your income is low (less than $1,200 annually), TurboTax considers any income earned outside the U.S. t...
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No, you generally cannot use the standard TurboTax Free Edition for foreign bond returns. While your income is low (less than $1,200 annually), TurboTax considers any income earned outside the U.S. to be a "complex" tax situation that requires an upgrade to a paid version.
3 hours ago
can i talk to someone
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3 hours ago
1 Cheer
@bhmaroon , Namaste ji
(a) ref --- > Comparison of Form 8938 and FBAR requirements | Internal Revenue Service
(b) as I understand the situation for 2025 ---
1. you own/operat...
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@bhmaroon , Namaste ji
(a) ref --- > Comparison of Form 8938 and FBAR requirements | Internal Revenue Service
(b) as I understand the situation for 2025 ---
1. you own/operate an NRE bank account ( at xxxxx bank/institution) with a max value in the account of >> US$10,000. Highest value during 2025 was US$72,000.
2. during year 2025 you also transferred amounts to a builder ( payments towards acquisition of real-estate totaling US$160,000 ( including amounts directly transferred and those from the NRE account in #1 above ).
3. The excess i.e. the direct transfer amounts were to building/promoter direct ban account or what ?
4. What was the residual amount in your NRFE account as of 12/31/2025 ?
(b) I am assuming that you are a US person ( citizen/GreenCard/Resident for Tax Purposes )
(c) Assuming the above to be substantially correct:
1. FBAR reporting is definitely required --- this is done at BRA-efiling under www.FinCen.gov , ONLY on-line filing is allowed, form 114 and file as individual. Assuming that the NRE bank account is only in your name or is jointly owned by you and your spouse ( you have to file under the correct category). This is not a tax event.
2. FATC A filing form 8938 is for specified financial asset. The threshold for filing are as delineated in the ref. above --- generally US$150,000 ( liquid, semiliquid, trust etc.) , excluding real-estate. Because ( and correct my assumptions please) your actual cash/semiliquid holdings may not have crossed the threshold, you may not have to file the form 8938. My question here would be how the builder/developer/promoter held the "payments made" -- is it in a pool or was it held segregated i.e. in an "credit" account that belonged to you till the delivery of the property. If it is this latter ( an account with your name as beneficiary ) then you would need to file a form 8938 -- because it is like trust account that will be closed when delivery is complete.
Does this make sense ?
Is there more I can do for you ?
Namaste ji
3 hours ago
If the subsidy paid the entire bill, then you would answer No, since you can't deduct a cost you didn't actually incur.
However, to ensure you did in fact pay zero, review your Form 1095-A and...
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If the subsidy paid the entire bill, then you would answer No, since you can't deduct a cost you didn't actually incur.
However, to ensure you did in fact pay zero, review your Form 1095-A and look at Column A (Monthly Premium) and Column C (Monthly Subsidy).
If Column A is exactly the same as Column C for every month, your cost was truly zero, so answer No.
However, if Column A is more than Column C, you technically did pay a premium, in which case, you can answer Yes and TurboTax will help you calculate the deduction for that portion.
Note: Even if you paid zero, the IRS still requires that you enter your Form 1095-A in your tax return.
3 hours ago
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3 hours ago
You mentioned an irrevocable trust in your first post but only the Will for guidance in your latest post. Did the Will establish a trust or not? It doesn't make a huge difference in practical terms b...
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You mentioned an irrevocable trust in your first post but only the Will for guidance in your latest post. Did the Will establish a trust or not? It doesn't make a huge difference in practical terms but if there's no trust the estate should be closed at some time. The instrument you have should indicate whether you have the authority or discretion to treat capital gains as income and distribute them as such. If you do, then you can treat the gains as income and include them as income and for distribution. in the final year the gains are obviously distributed as is all principal.
3 hours ago
I am assuming because you mentioned that they have SSNs from the "time they lived in the USA", that they no longer live in the USA. Since they also are not citizens nor permanent residents (green ca...
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I am assuming because you mentioned that they have SSNs from the "time they lived in the USA", that they no longer live in the USA. Since they also are not citizens nor permanent residents (green card holders) then they do not have an obligation to file a US tax return, so you are not their tax dependent. While you are likely not "independent" in the eyes of your school for things like financial aid, you are likely independent for tax purposes and can state on your tax return that you are not a dependent of another. If you do file Form 8615 then you do list their SSNs and their income would be 0. There is a slight chance that their SSNs would not be active in the system causing a rejection and then the tax return would need to be filed by mail. However, if my assumption above is correct (and your parents were not in the US for more than 183 days in 2025) then you can file your US taxes as an "independent" individual. You do not need to report funds that your parents paid for your tuition, occasional meals or Amazon orders, or flight tickets as gifts or income. You will only file Form 3520 (the form to report gifts from noncitizens) when you receive more than $100,000 in gifts in a year.
3 hours ago
Since I moved to a new state, I kind of like the first solution since I think state taxes would be murky if I didn't separate the businesses? Not sure.
3 hours ago
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3 hours ago
To claim any credit, the foreign school must be an eligible educational institution recognized by the U.S. Department of Education. You can verify this on the Federal Student Aid website or check if ...
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To claim any credit, the foreign school must be an eligible educational institution recognized by the U.S. Department of Education. You can verify this on the Federal Student Aid website or check if they have an OPEID number. If you know they qualify, follow these steps in TurboTax:
Go to Deductions & Credits > Education > Expenses and Scholarships (Form 1098-T).
When asked "Did you get a 1098-T?", select No.
On the next screen, look for the question about exceptions. Select the box for "I qualify for an exception". The IRS allows an exception for students at eligible institutions that are not required to furnish a 1098-T.
Provide the name and address of the school. If it asks for a zip code, look for a checkbox or dropdown to indicate it is a foreign address to bypass the U.S. zip code format.
When prompted for the Federal ID, look for an option that says "I can't find the ID" or leave it blank if the program allows you to continue after selecting the exception.
3 hours ago
To enter alimony paid -
Click on Federal Taxes (Personal using Home and Business) Click on Deductions and Credits Click on I'll choose what I work on (if shown) Scroll down to Other Deductions a...
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To enter alimony paid -
Click on Federal Taxes (Personal using Home and Business) Click on Deductions and Credits Click on I'll choose what I work on (if shown) Scroll down to Other Deductions and Credits On Alimony Paid, click the start or update button
3 hours ago
If you were legally married at the end of 2025 your filing choices are married filing jointly or married filing separately when you prepare your 2025 return.
Married Filing Jointly is usually b...
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If you were legally married at the end of 2025 your filing choices are married filing jointly or married filing separately when you prepare your 2025 return.
Married Filing Jointly is usually better, even if one spouse had little or no income. When you file a joint return, you and your spouse will get the married filing jointly standard deduction of $31,500 (+ $1600 for each spouse 65 or older) for 2025. You are eligible for more credits including education credits, earned income credit, child and dependent care credit, and a larger income limit to receive the child tax credit.
If you choose to file married filing separately, both spouses have to file the same way—either you both itemize or you both use standard deduction. Your tax rate will be higher than on a joint return.
Some of the disadvantages of filing separately include:
You cannot get earned income credit,
You cannot get education credits or deductions for student loan interest.
You cannot get the childcare credit
You have a lower amount of income on which to base the refundable additional child tax credit
85% of your Social Security benefits will be taxable even with no other income
The amount you can contribute to a retirement account will be limited.
Capital loss deduction is less than if you file jointly
You cannot get the $6000 senior deduction
You cannot get the deductions for overtime or tips
If you live in a community property state, you will be required to provide additional information regarding your spouse’s income. ( Community property states: AZ, CA, ID, LA, NV, NM, TX, WA, WI) and your returns become very complicated.
If you are using online TurboTax to prepare your returns, you will need to prepare two separate returns and pay twice since with online, you get one return per fee.
https://turbotax.intuit.com/tax-tips/marriage/should-you-and-your-spouse-file-taxes-jointly-or-separately/L7gyjnqyM?srsltid=AfmBOopGqCNexowW0pYgvsf7ycIkrx4VjO_63UXv6vSnfu3UEGQiKQTh
https://ttlc.intuit.com/turbotax-support/en-us/help-article/income/getting-married-mean-taxes/L2RgmagpE_US_en_US?uid=m69on7t0
https://ttlc.intuit.com/turbotax-support/en-us/help-article/taxation/married-filing-separately-community-property/L11CeLUMs_US_en_US?uid=m69ousyh