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If she earned $70,000, how old is she, was she a student for 5 months of the year?  Did she provide over half of her own support for the year?    It is unlikely having earned that much that she... See more...
If she earned $70,000, how old is she, was she a student for 5 months of the year?  Did she provide over half of her own support for the year?    It is unlikely having earned that much that she qualifies as a dependent on her parents return.   The person who earns the income is always the person who pays the taxes on that income.   Yes, you can file jointly, however, if you do, and her family already claimed her then you will need to print and mail your return or request an IP PIN to e-file.
If the taxpayer is the borrower or the co-signor on the loan and makes the loan payments, he can deduct the student loan interest on form 1098-E.   Please read this IRS document on the student lo... See more...
If the taxpayer is the borrower or the co-signor on the loan and makes the loan payments, he can deduct the student loan interest on form 1098-E.   Please read this IRS document on the student loan interest deduction.
That should have been reported on Form 1099-R (Not CSA-1099-R) so please select  "Form 1099-R, withdrawal of money from 401(k) retirement plans, pensions, IRAs, etc."
Are dividends from ETFs that US govt bonds and treasuries exempt from MA taxes?  The percentage of these securities in the ETFs is > 99.9%. Thanks
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You can use the IRS website ID.me to request it. This IRS issued PIN is 6 digits long. Your signature ID (also called a self-select PIN) is a random 5-digit number you entered last year, righ... See more...
You can use the IRS website ID.me to request it. This IRS issued PIN is 6 digits long. Your signature ID (also called a self-select PIN) is a random 5-digit number you entered last year, right before you submitted your return.
Q, Do I need to report excess financial aid if I never received a 1098-T from my college? A. Yes.   Q.  In 2024, I made over 30k in income. Am I still required to file taxes to report my excess... See more...
Q, Do I need to report excess financial aid if I never received a 1098-T from my college? A. Yes.   Q.  In 2024, I made over 30k in income. Am I still required to file taxes to report my excess financial aid?  A. Yes. At $30K income, you are already required to file. You are now required to add the taxable portion of the scholarship to your tax return.    Q.  If so, how would I even input this into TurboTax without a 1098-T form?  A. Enter at Educational Expenses and Scholarships, under Deductions and credits (not the income section). After answering no to having a 1098-T, answer yes to qualifying for an exception (that gets you to the entry screens). Then follow the interview*.  Enter the scholarship amount and all your off setting expenses (tuition, fees, books and a computer, if you bought one).  Room & board are not qualified expenses. This will put the taxable scholarship amount  on line 8r of Schedule 1 (this line was added in 2022).   *Alternatively, there is a short cut. If you already know the taxable amount, enter a 1098-T with the taxable amount in box 5 and box 1 blank. Enter no other numbers. The "fake" 1098-T is not sent to the IRS.     
Once you submit your return in TurboTax Online, you'll see its status on the Tax Home screen of your account.    We'll also send you emails letting you know when your e-file status changes.    ... See more...
Once you submit your return in TurboTax Online, you'll see its status on the Tax Home screen of your account.    We'll also send you emails letting you know when your e-file status changes.    If your taxes are Accepted it is a good thing.   It means that their were no technical errors like Social Security Numbers that were wrong. It also means that TurboTax does not have any control of your  return. If you are being told that it's still in process, the IRS has not finished checking it out. The IRS has stated that the typical time to process a tax return is 21 days, but there may be delays for many reasons. TurboTax can only project the time to get your refund.  The IRS has the real control.   You can check the status of your tax return.  You will need: Social Security Number. Tax return year. Hilling Status. Exact refund amount Please click here to enter your information  Check Your Refund . If you wish to contact the IRS, you can call toll-free at 800-829-1040    You can also Check your State Refund.    
It depends on a number of factors.  TurboTax basis the estimate using the safe harbor guidelines.   The underpayment penalty will be assessed if any of these apply: "If you don’t pay enough ... See more...
It depends on a number of factors.  TurboTax basis the estimate using the safe harbor guidelines.   The underpayment penalty will be assessed if any of these apply: "If you don’t pay enough tax through withholding and estimated tax payments, you may have to pay a penalty." "You also may have to pay a penalty if your estimated tax payments are late, even if you are due a refund when you file your tax return." To avoid the under payment penalty: The amount you owe is less than $1,000, after subtracting withholding and refundable credits. You paid 90% of the tax that you owed for the current year. You paid 100% of the previous year tax, (110% for higher incomes). If your previous year's adjusted gross income was more than $150,000 you will have to pay in 110% of your previous year's taxes to satisfy the "safe-harbor" requirement. "Typically, underpayment penalties are 5% of the underpaid amount, and they're capped at 25%.  Underpaid taxes also accrue interest at a rate that the IRS sets annually."   To avoid this situation it is recommended that you adjust your W-4 with your employer or pay estimated taxes. Underpayment of Estimated Tax by Individuals Penalty
Taxpayer has a dependent who is in college.  He set up a qualified student loan in his sons name.  Taxpayer (not son) has been making all interest payments for 2024.  The 1099-E was issued in his son... See more...
Taxpayer has a dependent who is in college.  He set up a qualified student loan in his sons name.  Taxpayer (not son) has been making all interest payments for 2024.  The 1099-E was issued in his sons name.  Can the taxpayer deduct the interest on his tax filing?
My wife and I got married in '24 but my wife was claimed as a dependent by her family. She made 70k in the year. 1) Can I file as married jointly? 2) Who pays taxes on her income if she was a depende... See more...
My wife and I got married in '24 but my wife was claimed as a dependent by her family. She made 70k in the year. 1) Can I file as married jointly? 2) Who pays taxes on her income if she was a dependent that year?
@Vanessa A    Thank you so much for the prompt reply.  Much appreciated.    
Our accountant provided a 2024 Form 502 Schedule VK-1 for Virginia Pass-Through Entity Owners share of Income and Virginia Modification and Credits. This doesn't match the form in TurboTax. In particu... See more...
Our accountant provided a 2024 Form 502 Schedule VK-1 for Virginia Pass-Through Entity Owners share of Income and Virginia Modification and Credits. This doesn't match the form in TurboTax. In particular, I have an entry on line 10 which there is no place to enter in TurboTax. What should I do?
You can request an installment payment agreement by clicking here. 
Since you are the only one with the Health Savings Account (HSA), you would only check HSA under your name.     Then, when answering the question about what kind of coverage your wife had, you sh... See more...
Since you are the only one with the Health Savings Account (HSA), you would only check HSA under your name.     Then, when answering the question about what kind of coverage your wife had, you should answer None because she is covered under your plan and does not have coverage in her own name.  Answering None should not give you the 'lapse in coverage' error.
They send me a control number
For CA form 3514, you can use the business code used in Federal Schedule C or Schedule F.   The principal business or professional activity code is a six digit number that represents the field of... See more...
For CA form 3514, you can use the business code used in Federal Schedule C or Schedule F.   The principal business or professional activity code is a six digit number that represents the field of work you are in. This code is entered on your Schedule C. The complete list of codes can be found on pages 19 to 21 of this IRS document.   This code is for statistical purposes only and does not affect your tax. If you do not find a code corresponding to your activity, you can enter 999999.
Other income is reported on line 8 of your tax return. It come from Schedule 1. You can view Schedule 1. You can preview your tax return by going to:   On the menu bar on the left... See more...
Other income is reported on line 8 of your tax return. It come from Schedule 1. You can view Schedule 1. You can preview your tax return by going to:   On the menu bar on the left that shows. Select Tax Tools On the drop-down select Tools Tip: If you don't see the dropdown for Tools, Minimize the federal and state options using the down arrow. On the popup menu Select View Tax Summary On the left sidebar Select Preview my 1040. Schedules 1,2 & 3 are included if you scroll down past your 1040. To return to the entry screens press Back on the sidebar. Some key numbers on your 1040 tax return are: Line 9 - Total Income Line 11 - AGI Line 15 - Taxable Income Line 24 - Total Tax. Line 25 d - Withholdings. Line 26 - Estimated tax payments Line 27 - Earned Income Credit Line 33 - Payments including Credits. Line 34 - Overpayments. Line 37 - Tax owed.
No, you do not have to file an extension if you are in a qualified disaster area from a hurricane.  This is an automatic extension.