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How do you calculate MAGI? To calculate your modified adjusted gross income, take your AGI and "add-back" certain deductions. Many of these deductions can be rare, so it's possible your AGI and MAGI... See more...
How do you calculate MAGI? To calculate your modified adjusted gross income, take your AGI and "add-back" certain deductions. Many of these deductions can be rare, so it's possible your AGI and MAGI can be identical. Different credit and deductions can have differing add-backs for your MAGI calculation. According to the IRS, your MAGI is your AGI with the addition of the appropriate deductions, potentially including: student loan interest one-half of self-employment tax qualified tuition expenses tuition and fees deduction passive loss or passive income IRA contributions non-taxable social security payments the exclusion for income from U.S. savings bonds foreign earned income exclusion foreign housing exclusion or deduction the exclusion under 137 for adoption expenses rental losses any overall loss from a publicly traded partnership IRS Instructions for Calculating MAGI   @SLYKTAX 
If you were filing a tax return to seek a refund of tax that was withheld from your paychecks, you can do that whether you are claimed as a dependent or not.   If you need to change the way you answe... See more...
If you were filing a tax return to seek a refund of tax that was withheld from your paychecks, you can do that whether you are claimed as a dependent or not.   If you need to change the way you answered the question in MY INFO about being claimed as someone else's dependent, then click your name in MY INFO, go back through the screens and correct your answer.  Then e-file it again.
The Hawaii Department of Revenue provides that you can use Hawaii Tax Online to make a payment (1) from your checking or saving account (free) or (2) using a credit or debit card payment (fees apply)... See more...
The Hawaii Department of Revenue provides that you can use Hawaii Tax Online to make a payment (1) from your checking or saving account (free) or (2) using a credit or debit card payment (fees apply). You may also pay by Automated Clearing House (ACH) credit by following these instructions to work with your bank.   Some individual states had prevented direct debits through tax software, even though they were accepted at their websites, which was why TurboTax had left the voucher in the program.  I am raising the issue regarding Hawaii for further review. Thank you for bringing this to our attention.   @eandltaxes    @rckksherm     
It could be that on the screen that says Did you take money out of your nonqualified pension plan? You didn't check the answer that says Yes, I took this money out of my nonqualified or Section 457 p... See more...
It could be that on the screen that says Did you take money out of your nonqualified pension plan? You didn't check the answer that says Yes, I took this money out of my nonqualified or Section 457 plan. When you check that box, you will be asked to enter the state involved and the amount distributed. That amount will be subtracted from your wages in box one on your W-2 form and listed on line 8(t) of Schedule 1.  
I'm told I can deduct 50% of my self-employment tax, but Turbotax did not mention it, and searches aren't helping.
Yes, your remainder interest counts toward the ownership tests. Regulations under IRC section 12 clarify that the ownership requirement can include the period that you held a remainder interest.
I cannot find it anywhere on turbotax.
Here is the website associated with Will Builder: ARAG Legal Insurance   For more information, please see this TurboTax Help Article: What's Will Builder by ARAG in TurboTax?  
The Working Family Tax Credit is not a federal credit.  It is a credit for the state of Washington.
The Interest Penalty calculation on Ohio form IT/SD 2210 pg1&2 shows that I owe $25 but that is not carried onto line 18 of Ohio form SD 100 or the tax payment form.   I already filed and Ohio caug... See more...
The Interest Penalty calculation on Ohio form IT/SD 2210 pg1&2 shows that I owe $25 but that is not carried onto line 18 of Ohio form SD 100 or the tax payment form.   I already filed and Ohio caught me on this.  You probably want to fix it for this year and the future.
I looked up the two school districts I've lived in this past year and it says that they are non taxing districts. So what do I do with those numbers?
did you pay estimated tax evenly and on time each quarter, or was some of it paid later in the year?  You can meet the safe harbor amount in total or exceed it, but still get underpayment penalty for... See more...
did you pay estimated tax evenly and on time each quarter, or was some of it paid later in the year?  You can meet the safe harbor amount in total or exceed it, but still get underpayment penalty for quarters earlier in the year if you didn't meet 1/4th of the safe harbor amount each quarter.
Drat! That didn't work. It will NOT let you restart the Earned Income Tax Credit section to exclude the Medicaid wages. 💩
need subraction code
This is apparently a recurring issue but I do not know how to get past it. I deleted an empty 1099-MISC but it didn't help. Should I delete any existoing 1099-MISC?   It is asking for an entry in B... See more...
This is apparently a recurring issue but I do not know how to get past it. I deleted an empty 1099-MISC but it didn't help. Should I delete any existoing 1099-MISC?   It is asking for an entry in Box 3 for other income:  "Required: double-click to select the form on which to report this income:" There is an empty box next to Schedule C. I am supposed to paste a link in this?   Frustrating. Also, the version is Turbo Tax "Premium 2004" but the drop down says "premier". Maybe that should tell me everything..      
Filed MW506NRS at time of sale and paid income tax Filing Nonresident income tax return 505 now, and can't find any way to report income from sale or earlier payment.
If you want to change your filing status to married filing separately, you have to go to MY INFO and change the way you answer the questions about being married and whether you want to file together ... See more...
If you want to change your filing status to married filing separately, you have to go to MY INFO and change the way you answer the questions about being married and whether you want to file together with your spouse.  You will still have to include information about your spouse; your spouse will have to prepare their own return that includes information about you.   You will have to file the same way---either you both use standard deduction or you both must itemize deductions.  If you are in a community property state    ( AZ, CA, ID, LA, NV, NM, TX, WA, WI )   it gets more complicated.     If I am filing a separate return why do I have to list my spouse’s information on my return? Even if you file separate returns (the worst way to file) you each have to list each other's SSN's and some other information on your own tax return.  The IRS can then cross check to make sure you are not "double dipping" for itemized deductions, dependents, etc.   If you are in a community property state, there is more information that will be needed. Community property states:  AZ, CA, ID, LA, NV, NM, TX, WA, WI   https://ttlc.intuit.com/questions/1901162-married-filing-separately-in-community-property-states   https://turbotax.intuit.com/tax-tips/marriage/five-tax-tips-for-community-property-states/L4jG7cq7Z       If you were legally married at the end of 2024 your filing choices are married filing jointly or married filing separately.   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 $29,200 (+ $1550 for each spouse 65 or older)  for 2024. 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 special rules for filing separately include: you cannot get earned income credit, education credits, adoption credits, or deductions for student loan interest. A higher percent of your Social Security benefits may be taxable. Your limit for SALT (state and local taxes and sales tax) will be only $5000 per spouse. In many cases you will not be able to take the child and dependent care credit. The amount you can contribute to a retirement account will be affected. 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)    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