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April 15, 2025
5:46 AM
I found this video for you. https://ttlc.intuit.com/turbotax-support/en-us/help-article/internal-revenue-service/file-irs-extension-form-4868-turbotax-online/L2rDBZJtx_US_en_US?uid=m9ihu2xi
April 15, 2025
5:44 AM
TurboTax Live can help you sort it out if you want to pay for preparation help. You may find you don't owe that much in tax.
How do I get TurboTax Live?
April 15, 2025
5:43 AM
Topics:
April 15, 2025
5:43 AM
@Lig Did you not READ the answers provided in the thread explaining what you see on the TurboTax Tax Home page is not accurate concerning the refund or the taxes owed?
April 15, 2025
5:43 AM
1 Cheer
I cannot answer the CA questions.
If the land tax is a property tax (unrelated to the sale) you cannot deduct it all all for a federal return. It might be different if you had rental income. S...
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I cannot answer the CA questions.
If the land tax is a property tax (unrelated to the sale) you cannot deduct it all all for a federal return. It might be different if you had rental income. See https://www.journalofaccountancy.com/issues/2018/dec/foreign-real-property-taxes/
For federal, you cannot remove the $200k foreign capital gain tax from the proceeds. Think of it as you got the $200k and then had to pay it. The net proceeds of the sale are $1M - $10k (only if related to the sale like a US stamp tax, foreign tax not based on income) - $90k broker fee = $900k.
Your income is $900k - your basis. That is a capital gain. Call that $G.
You will not get back the $200k in foreign tax. What you will get back is the US tax on the $G capital gain, sort of. The US tax may be much less than $200k because US capital gains rates are so low. Sometimes, they are zero. So you won't pay twice. You will pay once (usually), but you will pay the higher of the US or foreign income tax.
1. if you itemize you can claim an itemized deduction for income taxes paid. I am not sure if the $10k SALT limit applies. But it's only a deduction.
2. The foreign-tax credit FTC will give you a credit for approx
the US capital gain tax on the property * [the foreign gain / your worldwide income)
That might be $200k. It might be less.
April 15, 2025
5:43 AM
No, Federal tax payments are not deductible on your Federal return. However, state tax payments are a possible tax deduction if you itemize.
Can the student be claimed as a dependent in the Graduation year?
(answer written as if the parent asked the question)
If he/she was a student (under 24) for at least 5 months and lived with...
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Can the student be claimed as a dependent in the Graduation year?
(answer written as if the parent asked the question)
If he/she was a student (under 24) for at least 5 months and lived with you for more than half the year, and did not provide more than 1/2 his own support for the whole year, you can still claim him. Be sure he knows you're claiming him, so he doesn't claim himself. He can only be claimed once. But, he can "file taxes" without claiming his own exemption.
The real question is who should be claiming him in this "transition" year to adulthood. You two have to agree on who is going to claim his exemption. Each should do their taxes both ways and see which way the family comes out best. Even then, you have to meet the rules.
There are two types of dependents, "Qualifying Children"(QC) and Other ("Qualifying Relative" in IRS parlance even though they don't have to actually be related). There is no income limit for a QC but there is an age limit, student status, a relationship test and residence test. Only a QC qualifies a taxpayer for the Earned Income Credit.
The rule is that a child of a taxpayer can still be a “Qualifying Child” dependent, regardless of his income, if:
he is a full-time student under 24 for at least 5 calendar months of the year (graduating in May usually means you meet the 5 month rule)
he did not provide more than 1/2 his own support (scholarships are considered 3rd party support and not support provided by the student).
lived with the parent (including time away at school) for more than half the year
So, it usually hinges on "Did he provide more than 1/2 his own support in 2024.
The support value of the home you provided is the fair market rental value of the home plus utilities & other expenses divided by the number of occupants. IRS Publication 501 on page 20 has a worksheet that can be used to help with the support calculation. See: http://www.irs.gov/pub/irs-pdf/p501.pdf (page 15)
If he has already filed one way, he can file an amended return, going the other way.
April 15, 2025
5:42 AM
Those would be added to the cost basis of the home. So you would add it to the purchase price and then enter it as one amount in the box for the cost basis.
April 15, 2025
5:42 AM
If you have a W-2 from 2023 you would amend the 2023 tax return, not the 2024.
TurboTax Desktop
Open the TurboTax Desktop software for the year you're amending. For example, you must amend you...
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If you have a W-2 from 2023 you would amend the 2023 tax return, not the 2024.
TurboTax Desktop
Open the TurboTax Desktop software for the year you're amending. For example, you must amend your 2023 return in the 2023 version of TurboTax.
Under Need to Amend a Filed Return?, select Amend a Filed Return.
Select Amend for the return you need to amend. If the return you need doesn’t appear as an option, select Find a Tax File to find and load the return.
On the Do you need to change anything else screen, select Update next to the info you need to change.
Continue through the screens, make the changes you need to make, and carefully answer the remaining questions to finish amending your return.
Don’t forget to select Save As (or Duplicate on Mac) from the File menu when you save a copy of your amended return. This will preserve the tax return you originally filed. Give the file a different name from the original, like [tax year]_amended_tax_return_Smith.
April 15, 2025
5:42 AM
For more information and instructions on filing an extension, click here.
April 15, 2025
5:42 AM
Your single member LLC is a regarded entity for tax purposes.
You should file your LLC on a Schedule C in your personal return.
In 2024 if you have been active but had no income, you can ...
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Your single member LLC is a regarded entity for tax purposes.
You should file your LLC on a Schedule C in your personal return.
In 2024 if you have been active but had no income, you can still report your expenses on a Schedule C.
This would result in a loss which can be used to offset your other ordinary income, or be carried forward.
April 15, 2025
5:41 AM
@ tuanasuguner wrote: On your site’s tax status page, it only says “ready to mail” for the refund I’m supposed to receive, even though it’s been well over 21 days. When I check my tax status thro...
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@ tuanasuguner wrote: On your site’s tax status page, it only says “ready to mail” for the refund I’m supposed to receive, even though it’s been well over 21 days. When I check my tax status through the IRS, there’s no record of a submission under my name. Could there be a problem with the system or with my submission? At the Tax Home a status of "ready to mail" means that TurboTax thinks you are planning to file the return by mail--by printing, signing, and physically mailing it at the post office. If you want to file by mail, TurboTax does not mail it for you; you have to do it. If you chose that method and didn't mail it, then your return has not been filed. Or do you want to change the filing method to try to efile? FAQ: How do I change from mail to efile in Online TurboTax? https://ttlc.intuit.com/community/e-file/help/how-do-i-change-from-mail-to-e-file-in-turbotax-online...
April 15, 2025
5:41 AM
Simply begin a new tax return on TurboTax Desktop for your parents. When you have your return open click File at the top, then select "New Return'. You are limited to five returns.
How many ret...
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Simply begin a new tax return on TurboTax Desktop for your parents. When you have your return open click File at the top, then select "New Return'. You are limited to five returns.
How many returns can I file with TurboTax?
April 15, 2025
5:41 AM
@LaDelfina2 wrote:
That's good, but the Desktop version does not have a "Print Center", so those suggestions don't work for us. Thanks, anyway.
With your 2024 tax return opened, click on t...
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@LaDelfina2 wrote:
That's good, but the Desktop version does not have a "Print Center", so those suggestions don't work for us. Thanks, anyway.
With your 2024 tax return opened, click on the File tab at the top of the desktop program screen. Then click on the link Print/Save for Your Records. On the next scree click on the box Save a PDF. The next screen will have the information for your tax return. You can choose any of the options to Save or View any form, schedule, information page or worksheet for your tax return.
April 15, 2025
5:39 AM
I need someone to help. I can't pay that much. I make just enough to barely support myself. Being robbed like this will bankrupt me. This is all I have.
April 15, 2025
5:39 AM
April 15, 2025
5:39 AM
My child resides in NJ (I claim them as a dependent and I live in NJ). They attend a college in NY full time. Their income on their W2 (from a job in the summer) was $5665 (no federal or state ta...
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My child resides in NJ (I claim them as a dependent and I live in NJ). They attend a college in NY full time. Their income on their W2 (from a job in the summer) was $5665 (no federal or state tax withholdings). They received scholarships that covered all of their tuition and also covered their room and board, which was $7990. On the 1098-T, Box 5 - Box 1 equals $9557. They have $814 in "other educational expenses". My questions are: Do they need to file a federal tax return if the amount is under the federal standard deduction? Do they need to file a NJ state tax return? Since I don't receive an education credit for them, would it make more sense for them to file separately (as a non-dependent)? Is seems like we would save around $250, if I removed them as a dependent and they filed separately. I just don't understand the implications of doing that (are they now a resident of NY, do they have to pay NY tax AND NJ tax then?) Thanks!
April 15, 2025
5:39 AM
Your messaging system does not allow for attachments only links. I am not able to provide a screen print of: "Print and Mail These Forms to the Government" "Even though you e-filed, you're still re...
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Your messaging system does not allow for attachments only links. I am not able to provide a screen print of: "Print and Mail These Forms to the Government" "Even though you e-filed, you're still required to print and mail these forms." "Don't skip this important step! Your return isn't complete without it." which appears "Filed" module of your application.