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April 12, 2025
6:43 PM
After you enter the first one, you will see a button that says +Add Another 1099-INT or +Add Investments Where do I enter Form 1099-INT?
April 12, 2025
6:43 PM
Enter a SSA-1099, SSA-1099-SM or RRB-1099 under Federal Taxes on the left side or top Wages and Income Then scroll down to Retirement Plans and Social Security Then the second line - Social Se...
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Enter a SSA-1099, SSA-1099-SM or RRB-1099 under Federal Taxes on the left side or top Wages and Income Then scroll down to Retirement Plans and Social Security Then the second line - Social Security (SSA-1099. RRB-1099) - click the Start or Revisit button Up to 85% of Social Security becomes taxable when all your other income plus 1/2 your social security, reaches: Married Filing Jointly: $32,000 Single or head of household: $25,000 Married Filing Separately: 0 Social Security is on line 6a and any taxable amount on 6b. Any withholding will show up on 1040 line 25b.
April 12, 2025
6:43 PM
The tax you owe on April 15 is the prior year's tax used in the calculation I put forward. With no withholding, and a larger than usual income expected in the current year, then divided by 4 it is th...
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The tax you owe on April 15 is the prior year's tax used in the calculation I put forward. With no withholding, and a larger than usual income expected in the current year, then divided by 4 it is the first Estimated Tax Payment which is also due on April 15th,
April 12, 2025
6:42 PM
I did not make any income on stocks, bonds, interest, dividends, capital gains or self employment. We earned our income like we did every year- through our employers and I had a small amount (aroun...
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I did not make any income on stocks, bonds, interest, dividends, capital gains or self employment. We earned our income like we did every year- through our employers and I had a small amount (around $5k) of income that our vendors give me when I sell their product that comes in the form of a spiff. This was also the case last year. Our income went up from last year by maybe under $2,000 and we only owed federal $24. Now it is saying we owe nearly half our combined income! How is that even possible? You don't make jointly $140,000 and have to owe $65,000 of it to federal taxes. Esp when you have 3 kids. Something is off and I can't figure out what it is. Not sure if starting over will fix it, but I may do that using a different email address.
April 12, 2025
6:42 PM
Here's how you can edit the information:
Navigate to Federal > Deductions & Credits > Dependent Care Credit > Add/Edit
Answer Yes to the question "Do you want to review your child and dep...
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Here's how you can edit the information:
Navigate to Federal > Deductions & Credits > Dependent Care Credit > Add/Edit
Answer Yes to the question "Do you want to review your child and dependent care credit information?"
Continue through the questions about parent's work or school
You will see "Here's what we have so far" with the child's name and total expenses. Choose Done
Next, there is a screen that says "Here's what you spent on care providers" with the name of the daycare. Choose Edit, the icon with the pencil to the right of the expense.
Update as needed
April 12, 2025
6:41 PM
For 2023 last year or this year’s AGI? The AGI is on 1040 line 11. You need your 2023 AGI to efile 2024. The AGI is on 2023 1040 or 1040SR line 11. If you filed a Joint return you use the same ...
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For 2023 last year or this year’s AGI? The AGI is on 1040 line 11. You need your 2023 AGI to efile 2024. The AGI is on 2023 1040 or 1040SR line 11. If you filed a Joint return you use the same AGI for each spouse. How to find the AGI. https://ttlc.intuit.com/community/agi/help/how-do-i-find-last-year-s-agi/01/25947 If you didn't file 2023 or filed it later in the year or mailed it, then try entering 0 for the AGI. If that doesn't work you will have to print and mail your return. Or request a transcript from the IRS https://www.irs.gov/individuals/get-transcript
April 12, 2025
6:41 PM
No foreign taxes will be withheld. The only taxes will be with the US. In plain English. When do I need to report those interests? All in 2025? Only the 12 month CD should be reported in 2025? The ...
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No foreign taxes will be withheld. The only taxes will be with the US. In plain English. When do I need to report those interests? All in 2025? Only the 12 month CD should be reported in 2025? The 18 month CD should be apportioned (2024 and 2025). Or even the 12 month CD should be apportioned because they overlap two fiscal years? What is your opinion? @pk Thank you for your help with this matter
April 12, 2025
6:40 PM
Instructions for California State taxes say that information from 1095-B is required.
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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