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Transferring Bitcoin (BTC) from a hardware wallet to a decentralized exchange and wrapping it into Wrapped Bitcoin (xBTC) can be considered a taxable event.    Here are some key points to consider: Taxable Event: The conversion of BTC to xBTC may be treated as a taxable event because it involves exchanging one type of cryptocurrency for another. Capital Gains: If the value of BTC has increased since you acquired it, you may owe capital gains tax on the difference between the purchase price and the value at the time of conversion. For more detailed information, you can check out these links: IRS Cryptocurrency Tax Guide TurboTax Blog on Cryptocurrency Taxes

Generally, it is more advantageous to file jointly. Filing jointly almost always gives you a bigger tax refund than filing separate tax returns.    I am not sure what you are asking about filing a tax return. Did you miss filing a recent tax return? If so, what tax year? Do you know if you owed tax for the year you did not file?                                                                                                There are many advantages to filing a joint tax return with your spouse. Joint filers receive one of the largest Standard Deductions each year.   Couples who file together can often more easily qualify for various tax credits, like: Earned Income Tax Credit American Opportunity and Lifetime Learning Education Tax Credits Exclusion or credit for adoption expenses Child and Dependent Care Credit Couples who file separately typically get fewer tax benefits. Separate tax returns may result in more tax.   When It Makes Sense to File Separately: Medical expenses: If you or your spouse had a large amount of out-of-pocket medical bills, filing separately might help you surpass the IRS’s threshold to deduct these costs. That’s because the threshold is based on a percentage of your Adjusted Gross Income (AGI), which would be lower if only considering one income. Student loan payments: If your student loan repayment plan is determined by the income on your tax return, filing separately may help you keep your payments more manageable. Separated finances: In situations where couples prefer or need to keep their financial matters distinct—such as when preparing for a divorce — filing separately can provide that financial division. Filing separately can also limit your liability for your spouse’s tax matters.   Click here for How can I compare Married Filing Jointly with Married Filing Separately? Click here for How Should You and Your Spouse File Taxes? Married Filing Jointly vs Separately Click here for  When Married Filing Separately Will Save You Taxes  

The Foreign Earned Income Exclusion (FEIE) does not apply to pension or retirement wages or to any income received during a period of residence in the US.     However, depending on the country that paid it to you, it could be eligible for special treatment under a Totalization Agreement or Tax Treaty that addresses this type of income.  It also matters where you were living when it was paid to you.   From which country is the Social Security income and where did you live in 2024?  

When I got to the very last step before filing, it said I had an item to review. It said I needed to enter the EIN number, though the form that it showed below had EIN -or- SSN, and the SSN was displayed. It was stuck, I couldn't go anywhere or return to the wages section. All I could do was hit the continue button which just showed the same "error". I tried everything, putting the SSN in the blank, zeros, made up numbers. It wouldn't accept anything. I closed the browser and logged back in, went to the wages page and saw where it said to select EITHER EIN or SSN. I had SSN selected and entered and it still was red in the EIN blank. I ended up deleting the whole thing and entered it as self employed/other income. I got the same numbers within a dollar or 2 so hopefully I won't get audited. $203 for basically nothing. I'm not happy.

Turbotax 2024 is doing the exact same thing. Error 42016 Can not update unexpected content received. I installed it on 04/04/2025 and checked it from time to time. Support doesn't exist, wasted money, it can not file because it can not update or download state files.  Due to the time, I want with H&R Block software and was done in 20 min. It was a download, it checked for updates, none needed and imported your tax files. I used you for six years, but good by and hello H&R.

Typically, TurboTax (TT), allocates some of the tuition to the education credit.  In addition to entering numbers, you must complete the “Education Information” sub-section. In particular, be on the lookout for a screen “education expenses used for a tax credit”. It will usually be prepopulated (sometimes with $10K instead of the more appropriate $4K). You can change it for the amount you want to allocate to the ed credit, including changing it to 0.  If your parents claim you as a dependent, they can claim the credit, even though you're on scholarship.  In that case, you put $4000 in that box.   Using the short cut described by AmyC ("You can really simplify it by having box 1 blank and box 5 the taxable scholarship then skip the rest of the questions for other expenses, room and board, and so"), you would add $4000 to the box 5 amount you previously calculated.  _____________________________________________________________________________________________ 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. Using an example: Student has $10,000 in box 5 of the 1098-T and $8000 in box 1. At first glance he/she has $2000 of taxable income and nobody can claim the American opportunity credit. But if she reports $6000 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 $1000 in expenses for those course materials, paid out of pocket. She would only need to report $5000 of taxable scholarship income, instead of $6000. The IRS actually encourages use of this technique. From the form 1040 instructions: “You may be able to increase an education credit if the student chooses to include all or part of a Pell grant or certain other scholarships or fellowships in income. For more information, see Pub. 970, the instructions for Form 1040 and IRS.gov/EdCredit".  PUB 970 even has examples of how to do the “loop hole”.    

OMG!   Are you serious? And I could not get that answer sooner! Well thank you from the bottom of my heart.  And check book. That turns into a nice little $3k credit if I choose deductible. Or is there an upside to leaving it non-deductible in this situation?  

 you can use the same code if you want.  The 5-digit PIN is a code that you select to electronically sign your tax return.   For more information, review the IRS article Self-select PIN method for Forms 1040.

Yes, if you saved your tax file to a cloud type drive, then download it to work with it, it can become corrupted.   Check your computer; you should have a backup file in the TurboTax > Documents folder. You can't Amend a return you don't have; if you can't locate a back-up copy, you'll have to start over to prepare a 2023 return, or you can get an IRS Transcript if you filed a 2023 return.    MAX benefits are for help with Audits or identity Protection.  Here's more info on MAX Benefits.   @Palhalwa1 

Medical expenses need to be entered, did you pay a large amount in health insurance premiums?    Please check under Deductions & Credits Medical  Medical Expenses    Look to see what has been entered in that section