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April 12, 2025
6:39 PM
April 12, 2025
6:38 PM
i do not want to pay for tax premium
April 12, 2025
6:38 PM
1 Cheer
One reason, By increasing your deductions and expenses it will decease your income and you may not be getting as many credits as before like the EIC credit. You can't go by the refund monitor until y...
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One reason, By increasing your deductions and expenses it will decease your income and you may not be getting as many credits as before like the EIC credit. You can't go by the refund monitor until you have entered everything in. Also after you reduce your income to zero there is no more refund to get back. But even though your taxable income goes down and you owe less income tax on it, you may owe for other things like self employment tax (if you have a Net Profit) or the 10% early withdrawal penalty from 401k or IRA accounts. Be aware, if you have self employment income you can get in trouble for not reporting all your expenses to qualify for the EIC.
April 12, 2025
6:37 PM
Medical Insurance Premiums are deductible net of any reimbursement for payment from the employer or third party. Medical and dental expenses that exceed 7.5% of Adjusted Gross Income can be deducted...
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Medical Insurance Premiums are deductible net of any reimbursement for payment from the employer or third party. Medical and dental expenses that exceed 7.5% of Adjusted Gross Income can be deducted if you itemize your deductions.
Can I deduct medical expenses - and where do I deduct them?
April 12, 2025
6:37 PM
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April 12, 2025
6:36 PM
Where do I find my adjusted gross income ?
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April 12, 2025
6:36 PM
@lnk-fr https://www.irs.gov/filing/time-you-can-claim-a-credit-or-refund#:~:text=You%20can't%20get%20a,time%20to%20file%20a%20claim. "When you didn't file a claim within the 3-year or 2-year...
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@lnk-fr https://www.irs.gov/filing/time-you-can-claim-a-credit-or-refund#:~:text=You%20can't%20get%20a,time%20to%20file%20a%20claim. "When you didn't file a claim within the 3-year or 2-year expiration dates You can't get a credit or refund if you don't file the claim within 3 years of filing your original return, or 2 years after paying the tax, whichever is later, unless you meet an exception that allows you more time to file a claim." Agree with the IRS in writing to extend the time limit to assess tax: The time limit is specified in your agreement, plus 6 months, to claim a credit or refund.
April 12, 2025
6:36 PM
Hi, Please help me with the following. - I am studying medicine and currently doing 1st year of residency. - My residency started in July 2024 and earned about 25K as an employee of the hosp...
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Hi, Please help me with the following. - I am studying medicine and currently doing 1st year of residency. - My residency started in July 2024 and earned about 25K as an employee of the hospital. - However for the period Jan to June 2024, I was a full time student and have no income while completing the final year of the medicine. - I am studying medicine almost fully with Federal loan and some minor amounts of schlorships. - For the period of Jan to June 2024, I paid about 30K towards school fee and received 1099-T. Here are my questions, kindly pl. clarify. 1) School fee is sure more than what I earned in the later half of the year through residency. I could pay school fee only because of loan though my income is nother sufficient, and nor did it start till July 2024 anyway. Can I claim the school fee ipertaining to Jan to Jun 2024 mentioned in 1099-T for any kind of deduction? 2) I started paying little bit of my residency income to start paying off student loan. My payments have both loan and interest components. Can I claim that interest in my return? Of course I will see if turbo tax premium recommends standard deduction. But pl. let me know. Due to heavy work, I put off my taxes till now, and I am on a short leash. Pl. help asap. regards -
April 12, 2025
6:36 PM
The Life time Learning Credit (LLC) is non refundable, it cab only be used to offset a tax liability. Otherwise,
If you are eligible, you have answered something wrong, in the interview. But, a...
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The Life time Learning Credit (LLC) is non refundable, it cab only be used to offset a tax liability. Otherwise,
If you are eligible, you have answered something wrong, in the interview. But, a lot of people are just not eligible.
I assume you are a grad and that is why you are not claiming the more generous AOTC.
See Also see this TT support article https://turbotax.intuit.com/tax-tips/college-and-education/what-are-education-tax-credits/L7TuLrVqZ
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/education-tax-credits-available/L691dvlGB_US_en_US shorter
https://www.irs.gov/credits-deductions/individuals/education-credits-questions-and-answers
https://www.irs.gov/individuals/llc
April 12, 2025
6:35 PM
April 12, 2025
6:35 PM
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April 12, 2025
6:33 PM
April 12, 2025
6:33 PM
My 1099-B doesn't look like any other example of a 1099-B that I can find. It's a different format, but it indicates that it's a 1099-B
April 12, 2025
6:32 PM
Enter interest from the IRS like a 1099Int and put the amount in box 1. Enter it manually and just enter IRS for the payer. Don't enter any other info like the address or a EIN. Enter a 1099-In...
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Enter interest from the IRS like a 1099Int and put the amount in box 1. Enter it manually and just enter IRS for the payer. Don't enter any other info like the address or a EIN. Enter a 1099-Int under Federal on left Wages & Income Interest and Dividends Interest on 1099INT - Click the Start or Revisit button
April 12, 2025
6:31 PM
When I go back to check my income page, the form I'm being asked to review is not there.
April 12, 2025
6:30 PM
I have already added my Traditional IRA contributions. I can't find the place to add the SEP and I read that you do not add it under the "retirement savings contribution credit" tab. Any info helps- t...
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I have already added my Traditional IRA contributions. I can't find the place to add the SEP and I read that you do not add it under the "retirement savings contribution credit" tab. Any info helps- thanks!
April 12, 2025
6:30 PM
No other instructions came with the letter. I understand that I need to list it in the Income Area but where???
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April 12, 2025
6:30 PM
No. Keep the form with your tax records for the year.