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April 14, 2025
11:50 PM
the proration is 500/830 which is the 60% however, if you been paying down the principal you deduction could actually be 500 divided by the average balance for the year.
April 14, 2025
11:47 PM
the contributions should be code 12W on your w-2 which carries automatically to form 8889 line 9. issues that can cause problems is not be covered by a HDHP for every month or entering the contribut...
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the contributions should be code 12W on your w-2 which carries automatically to form 8889 line 9. issues that can cause problems is not be covered by a HDHP for every month or entering the contributions, so they appear on line 2 of the tax form. this would result in doubling your contributions. also being covered by Medicare disqualifies a pro-rata contribution for the part of the year you're covered
April 14, 2025
11:45 PM
Thx for the fast reply, on Apr 14 nearing midnight west coast, no less, one day to go. Yeah changing it to zero was obviously just an edge case to see how the thing was working. I forgot about how (...
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Thx for the fast reply, on Apr 14 nearing midnight west coast, no less, one day to go. Yeah changing it to zero was obviously just an edge case to see how the thing was working. I forgot about how (of course) the MFS would split-allocate principal balance and therefore the interest so that mostly explains. Though, now here's what's weird, it seems to be "giving" me about 60% (not 50%) of the mortgage interest. ($16K of $26.7K) when I look at the interest on Sched A vs the interest worksheet. (Sounds like I'll be buying audit defense.)
April 14, 2025
11:44 PM
More info is needed. TurboTax has 2 products with "Premium" in the name. I'll ask some questions to see which one you mean. Are you using Online TurboTax? If so, are you using the Premium E...
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More info is needed. TurboTax has 2 products with "Premium" in the name. I'll ask some questions to see which one you mean. Are you using Online TurboTax? If so, are you using the Premium Edition to prepare your taxes, and are you trying to downgrade to Deluxe? Or are you referring to Premium Services bundle, which is an extra $45 fee California filers can encounter when they try to pay their product fees out of the Federal refund? If so, we can tell you how to remove that and pay upfront by credit/debit card.
April 14, 2025
11:42 PM
Topics:
April 14, 2025
11:42 PM
can you please help me export my .tax2024 file or transfer my tax return to the desktop version?
April 14, 2025
11:42 PM
shareholder distributions are not taxable income unless they exceed your tax basis in the S-corp. however, you do need to complete form 7203
April 14, 2025
11:42 PM
April 14, 2025
11:39 PM
what seems to be the issue? there are multiple things that can cause issues. if your AGI is over $500K MFJ $250K all other filing status, the credit is not allowed. see these two threads
https://ac...
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what seems to be the issue? there are multiple things that can cause issues. if your AGI is over $500K MFJ $250K all other filing status, the credit is not allowed. see these two threads
https://accountinginsights.org/why-am-i-not-receiving-the-illinois-property-tax-credit/#:~:text=The%20credit%20equals%205%25%20of%20the%20property%20taxes,certain%20nonprofits%20or%20government%20entities%2C%20do%20not%20qualify.
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https://tax.illinois.gov/content/dam/soi/en/web/tax/research/publications/pubs/documents/pub-108.pdf
April 14, 2025
11:39 PM
@BillM223 Thank you. Yes sorry only part of 2024. Okay so I tried adding other kid expense and see this (below). So IIUC this only avoids me from paying tax on 6k - 5k i.e. 1k and credit rate on...
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@BillM223 Thank you. Yes sorry only part of 2024. Okay so I tried adding other kid expense and see this (below). So IIUC this only avoids me from paying tax on 6k - 5k i.e. 1k and credit rate on it? Is this correct?
April 14, 2025
11:37 PM
@hughj3ffn3r wrote: I'm trying to use the free version of TurboTax. I used the standard deduction and have one job and a very simple filing situation. I'm unsure why the Deluxe product is being en...
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@hughj3ffn3r wrote: I'm trying to use the free version of TurboTax. I used the standard deduction and have one job and a very simple filing situation. I'm unsure why the Deluxe product is being enabled. You appear to be using Deluxe--at least that is what is displayed underneath your question. Deluxe has a fee for both the Federal and state return, if applicable. Either you ended up there by mistake or some situation in your return caused it to upgrade. If it made you upgrade, it should have said why. The Free Edition is for very simple 1040 returns with no additional schedules except for Earned Income Tax Credit, Child Tax Credit, and student loan interest. You can try to downgrade, but if it encounters a situation Free Edition can't handle, it would ask you again to upgrade. FAQ: How do I downgrade to a different Online TurboTax product? https://ttlc.intuit.com/turbotax-support/en-us/help-article/change-service-level/downgrade-lower-pri... If it turns out that you can't use Free Edition, another option is to look at the various free products offered at the IRS website, some of which also include a free state return. https://www.irs.gov/file-your-taxes-for-free
April 14, 2025
11:37 PM
April 14, 2025
11:34 PM
April 14, 2025
11:34 PM
Topics:
April 14, 2025
11:33 PM
Agree this bug there after four years. We pay Intuit good money. Lots of answers in this forum by community which intuit gets for free. The price for TT Premier is higher this year (no discount at ...
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Agree this bug there after four years. We pay Intuit good money. Lots of answers in this forum by community which intuit gets for free. The price for TT Premier is higher this year (no discount at costco). Saying delete the state and reenter is a really sad for TT customers as we are scrambing to finish the taxes before the deadline Yes i can correct the values in the worksheet directly but then why bother with the interview. Community - thanks - i tried going through the state part multiple times hoping the RRSP prompts will arrive but no. wont try anymore. Here is more of a tax question wrt to RRSP I did a RRSP withdrawal. Q1. For federal do you have to manually enter the Foreign tax credit for 1116 for the RRSP? -During the RRSP federal interview it does not ask if you paid tax in canada (like on 1099 forms which is picked up automatically by the 1116 interview.) Q2. FOr CA, the withdrawal is not a taxable event since we have been entering interest and dividens each year as CA income. WHat about the gain from selling a mutual fund that is in the RRSP in order generare cash to withdraw? Ine once of the TT community threads it said that RRSP withdraal incurrs no tax for CA.
April 14, 2025
11:33 PM
April 14, 2025
11:32 PM
TT has started form 8615 for this reason and I can't delete it, what do I do?
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April 14, 2025
11:31 PM
we can't see your return but you may be subject to the passive loss limitation. see if your return has Form 8582 and if so, review it
April 14, 2025
11:30 PM
cost of goods sold is high. but total sales is zero. so my gross profit is negative. It should be in the positive, but my sales is zero - where do I enter in my total sales for the year?