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The Fair Market Value would be the amount the house is expected to sell for on that date.   If you decided that 260,000 plus 65,000 was the value, then I assume you decided that 325,000 was the Fair Market Value. I don't know how you came up with those numbers, but I assume you got a market analysis or appraisal done.

 There is a tax “loop hole” available to claim an education credit, for the parents of students on scholarship. The student reports all his scholarship, up to the amount needed to claim the American Opportunity Credit (AOC), as income on his return. That way, the parents  (or himself, if he is not a dependent) can claim the tuition credit on their return. They can do this because that much tuition was no longer paid by "tax free" scholarship.  You cannot do this  if the conditions of the grant are that it be used to pay for qualified expenses. Pell grants are not restricted to qualified expenses.  I don't know about LIFE.  Using your numbers,  Student has $9333 in box 5 of the 1098-T and $8474 in box 1. At first glance he/she has $859 of taxable income and nobody can claim the American opportunity credit. But if she reports $4859 as income on her return, the parents can claim $4000 of qualified expenses on their return. Books and computers are also qualifying expenses for the AOC. So, extending the example, the student had another $1200 in expenses for those course materials, paid out of pocket. She would only need to report $3659of taxable scholarship income, instead of $4859.     Taxable Scholarships are a hybrid between earned and unearned income. It is earned income for purposes of the $15,750 filing requirement (2025) and the dependent standard deduction calculation (earned income + $450).  It is not earned income for the kiddie tax and other purposes (e.g. EIC).  For grad students and post grad fellows, scholarship, stipend and fellowship income is earned income ("compensation") for IRA contributions. Taxable scholarship goes on line 8r of Schedule 1, from which TT treats it as hybrid income.

Please clarify the question. What form are you trying to post? Is it a 1099-R? Is it a HSA, or other medical fund? Are you in the Income portion of the return? Are you trying to post Deductions and Credits?  

In general, using the 'backdoor' method of putting money in a Roth IRA is used when income limits prohibit making the Roth IRA contribution directly.  Similarly, income limits and retirement plan coverage will prohibit making a deductible Traditional IRA contribution.     If you are not allowed to make a deductible Traditional IRA contribution due to income limits, then you will never see a question about making your contribution non-deductible.  It is already a given that it will be non-deductible since a deductible contribution is not allowed for your circumstance.  If all or a portion of your Traditional IRA contribution can be deducted, then you are given the choice to make it non-deductible instead.   So if you are not allowed to make a deductible Traditional IRA contribution, the default is that it is automatically non-deductible.   @wxlst6 

In TurboTax Desktop Deluxe, enter the IRS form W-2.  At the screen Let's check for other situations, select the option Overtime.  Click Continue.   Follow the screens to calculate the deduction or simply enter the value.   Then you will see the screen Were you an exempt employee?    You will need to declare whether you earned the overtime pay as an employee:    exempt from the Fair Labor Standards Act or  non-exempt from the Fair Labor Standards Act.   You must select I was not an exempt employee to qualify for the deduction.   Click on the hyperlink What's an exempt employee for direction.  Exemptions from the minimum wage or overtime standards of the FSLA may also be found here. The deduction is reported on IRS Schedule 1-A Part V lines 14 through 21.  To view, select FORMS in the upper right hand corner of the screen. @user17701750410 

You many have a Form 1099-R in your program in error. That is the form on which a distribution from an annuity is reported. You can try to delete that form as follows:   1. Choose the Tax Tools option on your left menu bar while working on your return 2. Choose Tools 3. Choose the Delete a form option under Other Helpful links  4. Find the Form 1099-R in the list and delete it   If not, you can go through the section asking about the annuity and enter fictitious information and when you are done delete the Form 1099-R it will generate as per the above.  

Yes, the NYS Inflation Credit (inflation refund check) is potentially taxable at the federal level. While New York State doesn’t tax this payment, you may need to report it on your 2025 federal return.    The IRS follows the Tax Benefit Rule.   If you took the Standard Deduction in 2023: The check isn’t taxable, and you don’t need to include it on your federal return. If you itemized deductions in 2023: Part of the check may be taxable if you claimed state income taxes on last year’s Schedule A.  NYS considers this a return of your 2023 state income taxes.  It needs to be reported as a refund of your 2023 state income taxes. To report it properly:   In TurboTax, go to Federal > Wages & Income. Scroll down to Other Common Income. Select Refunds Received for State/Local Tax Returns (1099-G). Even if you didn't receive a physical 1099-G in the mail, you enter it here. New York considers these "inflation checks" to be an overpayment/refund of your 2023 taxes. When prompted for the "Payer," you can simply enter "New York State" or "NYS Dept of Taxation." If it asks for an EIN, use 14-6013200 as this is the official NYS Taxation EIN number. Remember, if you received the standard deduction in 2023, this is not reported on your federal return.        

You have to go to Step 2 in the FILE section.   HOW TO CHANGE OR ENTER BANKING INFORMATION FOR REFUND https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/change-transferred-direct-deposit-information/L77NCbU6D_US_en_US?uid=m6tuh572     You cannot  change banking information while your return is in pending, nor can you change it after the return is accepted.  The IRS does not allow it.

We do not arrange phone calls to users.   If you choose "Live" Assisted, then you set up a call with your expert yourself.   LIVE ASSISTED https://turbotax.intuit.com/personal-taxes/online/live/how-it-works.htm     FULL SERVICE https://turbotax.intuit.com/personal-taxes/online/live/full-service/  

If eligible, you will find this on Schedule 1-A Part V and line 13b of your form 1040. TurboTax will automatically calculate it based on your date of birth and your income.  There is not a special section or box to check.  Just enter your correct information and TurboTax will take it from there.     For Tax Year 2025 through 2028, seniors may claim an additional deduction of $6,000 per taxpayer over 65.  This is NOT a refundable credit.  This is a deduction of your income.  If your income is above $75,000 ($150,000 if Married filing jointly) the bonus deduction decreases by $.06 for every dollar over the relevant amount.  This deduction is available whether you itemize or take the standard deduction. If your filing status is married filing separately you are not eligible for this deduction. This bonus deduction is ONLY for those over 65, it does not apply to those who are blind and under 65 Here are the instructions for how to preview your Form 1040 in TurboTax: TurboTax Online Version Select Tools. Go to Tax Tools. Select Preview My 1040 (or go to the print center). TurboTax Desktop Version You can simply switch to forms mode.  

I understand to report only one quarter of the total of proceeds and the fair market value would be divided by 4.  My question is, we sold it to him for $260,000 and gifted him $65,000.  So would the fair market value be $325,000? Thank you.

You can amend a tax return after the initial tax return has been completely processed.   Take the following steps: You must first wait until the initial return is completely processed.  You will have to use the same TurboTax account that you used for the original tax return.  Once you begin your amendment, you'll see your original return.   The refund calculator will start new at $0 and only reflect the changes in the refund or tax due  Only make changes to the areas of your return that need to be corrected.  You have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment  Select your product below and follow the instructions.  Amend TurboTax Online  Amend TurboTax CD/Download 

If you claimed a child on your tax return when you should not have claimed that child, your use of the child's SSN will cause the e-file of the person who CAN claim the child to be rejected if yours was accepted first by the IRS.   Alert them immediately.    They can either file their return by mail instead of e-filing---since mailed returns are not rejected, or they can seek IP PIN's to help them e-file.     GET IP pin in order to e-file if your dependent’s SSN was claimed on another return   https://www.irs.gov/newsroom/irs-takes-steps-to-help-prevent-refund-delays-by-accepting-duplicate-dependent-returns-with-an-ip-pin-for-2025-filing-season-taxpayers-encouraged-to-sign-up-soon-for-ip-pin-online-account     https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin     They do NOT have to wait for you to amend.  Waiting will not help them at all.   Understand that you will face repayment of child-related credits you received for claiming the child.