All Posts

The cost basis is asking for the cost of the item you lost.  However, you will also need to enter the fair market value of the property immediately before and after the disaster, and this is how the deduction is determined (less a $500 exclusion).  So, if the fair market value of the property is $850,000 now and it was $858,000 prior to the event, you'll have an $8,000 loss.  Here is how to enter the expenses:   Open or continue your return in TurboTax Online  Navigate to Federal > Deductions & Credits > Disasters, theft, and other property loss or damage On the Casualties or Theft Event screen, select "This event qualifies as a Federally declared major qualified disaster loss"   For more information, see: Tax Credits for Those Affected by Natural Disasters

Hi dmertz, Thank you so much for the instruction on splitting the original 1099-R into two for entry into Turbotax. I'm going to e-file. So, how to attach the original 1099-R to the tax return?    Thanks.

Premier Turbo Tax for 2024 Filing (Desk Top Version) April 7, 2025    Once you have your tax return open. Go to View and choose form View. You will now see Form in My Return. Click on Info Wks (Federal Information Worksheet) Scroll down to the page to the section marked Identity Protection PIN (DO NOT CHOOSE Third Party Designee, Personal Identification Number).  This will only allow you to enter a 5-digit number After you have located Identity Protection PIN enter your Pin number in the box. Stay in forms view and then click on the 1040 Form. Scroll down the form to the signature area to see that your Pin Number was entered. Go back to View and choose Step-By-Step to resume printing and filing your taxes.   I hope this helps.  It should not be so difficult.

Did you indicate on your 2023 return that they withdrew the excess? If so, the amount should have been included in income on that return and it shouldn't have been penalized. You should be able to remove the excess contributions from 2023 return.  

Just found this FAQ, which may or may not apply to you.   If it does apply to you, the FAQ has a link at the bottom that takes you to a BOA tool to check the routing number for your area.   FAQ:   Bank of America routing number on check doesn't work for direct deposit or direct debit https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/bank-america-routing-number-check-work-direct/L4mu9ePbJ_US_en_US

@nguyennt   Are you saying that your GC was issued abroad and you entered with it -- if so what date in Dec 2024 ?    Did you have any income  in the USA  i.e.  from the entry date till the end of the year  ? Or are you saying that  you were all here prior  and the GC  was granted   ( change of status ) on that date in   Dec ? I am asking  because  under the GreenCard test, your residency start date for the year is the first day you were legally present . Which country are you from ( Vietnam ? )   I will circle back once I hear from you -- yes ?

Yes, you can access it here Intuit Free Edition Start Here for Free.   About 37% of taxpayers can use TurboTax Free Edition. TurboTax Free Edition is intended for taxpayers who file a simple Form 1040 only (no schedules except for Earned Income Tax Credit, Child Tax Credit and Student Loan Interest).   If TurboTax detects that your tax situation requires additional coverage, like deductions for owning a home, unemployment income, or self-employment income, you will be prompted to upgrade to a version that supports the forms you need so that you can maximize your tax deductions and file an accurate return.   Examples of situations included in a simple Form 1040 return (assuming no added tax complexity): W-2 income Interest, dividends or original issue discounts (1099-INT/1099-DIV/1099-OID) that don’t require filing a Schedule B IRS standard deduction Earned Income Tax Credit (EITC) Child Tax Credit (CTC) Student loan interest deduction Taxable qualified retirement plan distributions Examples of situations not included in a simple Form 1040 return: Itemized deductions claimed on Schedule A, like charitable contributions, medical expenses, mortgage interest and state and local tax deductions Unemployment income reported on a 1099-G Business or 1099-NEC income (often reported by those who are self-employed, gig workers or freelancers) Stock sales (including crypto investments) Income from rental property or property sales Credits, deductions and income reported on other forms or schedules Some things that are not covered in the free edition are as follows:   Unemployment income Retirement Savings Contribution Credit for 401(k) and IRA contributions Education credits Child Dependent Care Credit   Click here for Why do I have to upgrade from Free Edition?

Only if that tax payment would make your Itemized Deductions more than the Standard Deduction would that payment make a difference on your return.    Questions about Personal Property tax payments are asked in the  "Cars and Other Things You Own" section.