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Hello experts, I was wondering if someone could help me understand how should investment interest expenses be treated on my tax return. In my current situation, I had a total of $19,000 of margin i... See more...
Hello experts, I was wondering if someone could help me understand how should investment interest expenses be treated on my tax return. In my current situation, I had a total of $19,000 of margin interest from 2023 return that was carry forwarded into 2024. After subtracting the Qualified dividends, I have a total of $22,000 of net investment income.   I understand that if I were to itemize my deductions - I would be able to itemize a total of $29,000 ( 10K SALT + 19K interest expenses). If I do not itemize on my 1040 - I still get standard deduction of $29,200.   My question is -> If I do NOT itemize my deductions -> Do I end up losing on the margin interest expenses completely? Given my dividends/interest INCOME exceeds the margin interest expenses: 1) Can I not subtract my interest expenses from the net investment income - and thereby reduce tax liability? OR 2) since I am okay with taking standard deduction, can I chose to carry forward my margin interest expenses into the next year?   Am I going to lose all the benefit of margin interest paid if I do not itemize my deductions this year?   I read about electing to chose the investment income as 'not capital gains' but treat it as an ordinary income - does that strategy help me in either or these two scenarios?   Your help is greatly appreciated!
Went to Federal Taxes/other tax situations and clicked Identity protection PIN. This is what I got  with Turbotax Premier 2024 (fully up to date on 10/9/2025):   "Hmm, looks like we've hit a snag" ... See more...
Went to Federal Taxes/other tax situations and clicked Identity protection PIN. This is what I got  with Turbotax Premier 2024 (fully up to date on 10/9/2025):   "Hmm, looks like we've hit a snag" "We recommend you revisit the last topic you were working on to make sure all of your info's correct."   That's nonsensical, since it was the first place I went after reopening the program and my completed return. Please help! Only 5 days until Oct 15.  Did you notice there isn't a Tech help line??
I agree with @xmasbaby0 we can't understand exactly what took place and therefore how to assist you.     It sounds like you are an employee that gets a w-2. so filing amended returns where the w-2s... See more...
I agree with @xmasbaby0 we can't understand exactly what took place and therefore how to assist you.     It sounds like you are an employee that gets a w-2. so filing amended returns where the w-2s will disagree with what's on file with the IRS will result in no action being taken on them. Your problem seems to be that before amending you need to get corrected W-2's from your employer assuming that they are incorrect. If your employer cheated you out of compensation, that's a legal matter for which you need a lawyer. if it's a case of the W-2 reported income you did not get. take it up with your employer or lawyer. We can't help and the IRS will not get involved in such a matter   
I wish this worked on Premier version for 2024. It doesn't "Hmm, looks like we hit a snag"
not really sure what's going on with your computer. This forum is primarily for help with Turbotax issues. Computer issues like insufficient memory are generally beyond the scope of help that this fo... See more...
not really sure what's going on with your computer. This forum is primarily for help with Turbotax issues. Computer issues like insufficient memory are generally beyond the scope of help that this forum can provide because every computer is different and no one knows anything about yours except that it apparently has only 2GB of RAM.  This may not be a solvable issue with the desktop version. It would take a computer tech with hands on to see if anything can be done.   
yes, i am eligible as long as i make a non deductible Traditional iRA and recharacterize to roth. the wrinkle is that i did not do it in calendar year 2024 which would have generated a 1099-R for the... See more...
yes, i am eligible as long as i make a non deductible Traditional iRA and recharacterize to roth. the wrinkle is that i did not do it in calendar year 2024 which would have generated a 1099-R for the 2024 tax return which I am now preparing.  I did the contribution by the deadline of 04/15/2025 but  I will not get 1099-R for it until next year. by not having the 1099-R it is creating a 6% penalty in turbotax because I have no place to state it is a non deductible and recharacterizstion as I would if i had to enter 1099-R
Hello experts, I was wondering if someone could help me understand how should investment interest expenses be treated on my tax return. In my current situation, I had a total of $19,000 of margin i... See more...
Hello experts, I was wondering if someone could help me understand how should investment interest expenses be treated on my tax return. In my current situation, I had a total of $19,000 of margin interest from 2023 return that was carry forwarded into 2024. After subtracting the Qualified dividends, I have a total of $22,000 of net investment income.   I understand that if I were to itemize my deductions - I would be able to itemize a total of $29,000 ( 10K SALT + 19K interest expenses). If I do not itemize on my 1040 - I still get standard deduction of $29,200.   My question is -> If I do NOT itemize my deductions -> Do I end up losing on the margin interest expenses completely? Given my dividends/interest INCOME exceeds the margin interest expenses: 1) Can I not subtract my interest expenses from the net investment income - and thereby reduce tax liability? OR 2) since I am okay with taking standard deduction, can I chose to carry forward my margin interest expenses into the next year?   I read about electing to chose the investment income as 'not capital gains' but treat it as an ordinary income - does that strategy help me in either or these two scenarios?   Your help is greatly appreciated!    
you can get a transcript from the iRS or a copy from the Social Security Adm for a fee. Turbotax does not have a copy of your spouse's W-2
strange. i have desktop deluxe. 2024 has been efiled.  opened the app and selected amend. I did not have to sign into my account.    Not sure this is the answer.  perhaps when you first installed the... See more...
strange. i have desktop deluxe. 2024 has been efiled.  opened the app and selected amend. I did not have to sign into my account.    Not sure this is the answer.  perhaps when you first installed the desktop you logged into your account and never logged out. I don't know if Turbotax automatically logs you out at some point. It makes no sense that a desktop user would need to log in. But then again this is Turbotax. 
Go to Federal Taxes > Other Tax Situations. Under Additional Tax Payments click the Start button for "Underpayment penalties." Proceed through the questions. If you have an underpayment penalty on yo... See more...
Go to Federal Taxes > Other Tax Situations. Under Additional Tax Payments click the Start button for "Underpayment penalties." Proceed through the questions. If you have an underpayment penalty on your tax return you will come to a screen with the heading "Annualized Income Method" that asks "Do you want to annualize your income?" If you click Yes it will lead you through preparing Form 2210 Schedule AI.  
Tried your solution on TurboTax Premier 2024. I keep getting "We recommend you revisit the last topic you were working on to make sure all of your info's correct."    Pressing OK sends me back to t... See more...
Tried your solution on TurboTax Premier 2024. I keep getting "We recommend you revisit the last topic you were working on to make sure all of your info's correct."    Pressing OK sends me back to the Other Tax Situations menu.   I cannot find a form with a field to manually add the IP pin.
@mesquitebean @user17600572091  Won't know for certain until the IRS accepts the return, but this appears to have worked. I had previously attempted to add it directly in forms mode, but was not on ... See more...
@mesquitebean @user17600572091  Won't know for certain until the IRS accepts the return, but this appears to have worked. I had previously attempted to add it directly in forms mode, but was not on the right worksheet. 1040 wouldn't accept the change directly. Thanks for the help!!!
I didn't realise I could put Win11 in a VM on a machine with an "old" CPU, so that's helpful information, thanks. I only ever fired up my Win10 VM to do taxes - I'd run it in January to make sure it ... See more...
I didn't realise I could put Win11 in a VM on a machine with an "old" CPU, so that's helpful information, thanks. I only ever fired up my Win10 VM to do taxes - I'd run it in January to make sure it had everything in order and do updates, then a second time a bit later to do the tax stuff. It appears to have successfully installed Win11 in a Virtualbox VM so perhaps I will use Turbotax until Microsoft figure out how to break the VM solution.
See the following.   What's the TurboTax phone number?  
Moreover, specialist on this site from TurboTax in there responses to me told me users would still be able to amend 2022-2024 taxes on the downloaded turbotax that they have been using. Well that may... See more...
Moreover, specialist on this site from TurboTax in there responses to me told me users would still be able to amend 2022-2024 taxes on the downloaded turbotax that they have been using. Well that may have been what you specialist thought until today, but I just went to open my 2024 taxes on my Win10 computer and turbotax box popped up asking me to update and now it wants me to sign in to Turbotax which I have never had to do in the past. Now if the IRS wants anything apparently users are stuck dealing with Turbotax where the right hand doesn't even now what the left hand is doing. Endless frustration and based  on past experience it is only going to get worse. 
By "protection" do you mean MAX or audit support?   That add-on feature does not help you get your refund any faster.   That is not the purpose of the "protection" ---which is intended as support if ... See more...
By "protection" do you mean MAX or audit support?   That add-on feature does not help you get your refund any faster.   That is not the purpose of the "protection" ---which is intended as support if you get audited after your return has been fully processed or to help you with issues related to identity theft.   WHAT IS MAX   https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-product-orders/max/L0Bc4Ve2l_US_en_US?uid=m76e6cmo       To check on regular tax refund status via automated phone, call 800-829-1954.   Federal and state refunds come from completely separate entities.  There is no rule as to which one will come in first or how long it will be between their arrival in your account.   TurboTax gives you an estimated date for receiving your refund based on a 21 day average from your date of acceptance, but it can take longer.  “21 days”  is not a promise from TurboTax or the IRS.      First, check your e-file status to see if your return was accepted:  https://turbotax.intuit.com/tax-tools/efile-status-lookup/   Once your federal return has been accepted by the IRS, only the IRS has any control.  TurboTax does not receive any updates from the IRS. Your ONLY source of information about your refund now is the IRS.     You need your filing status, your Social Security number and the exact amount  (line 35a of your 2024 Form 1040) of your federal refund to track your Federal refund:    https://www.irs.gov/refunds   To track your state refund:     https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/track-state-refund/L3jgO8PGs_US_en_US?uid=lt447ebr   If you chose to have your TurboTax fees deducted from your federal refund, that will take some extra time, while the third party bank handles the refund processing     https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/refunds-take-longer-others/L14YlqFrH_US_en_US?uid=lexdr7zh . https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/irs-refund-taking-longer-21-days/L2vRAJbdU_US_en_US?uid=lexe7lst    
Every time I've tried to post a links this system doesn't allow it.
My mortgage interest is not showing either. Have you been able to solve this problem?