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April 10, 2025
8:15 AM
@DaveF1006 that's not correct way to get the % and will significantly understate the state exemption in this case as it can be more than just T-Bills that qualify; prospectuses and other asset alloca...
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@DaveF1006 that's not correct way to get the % and will significantly understate the state exemption in this case as it can be more than just T-Bills that qualify; prospectuses and other asset allocation information provided on fund websites should not be used . The correct source is the tax supplement provided by the fund.
April 10, 2025
8:15 AM
IRS has adjusted my 1040 return saying taxable social security income for 2024 was understated. As this number is calculated by TurboTax I am unable to determine why this adjustment was made. Is th...
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IRS has adjusted my 1040 return saying taxable social security income for 2024 was understated. As this number is calculated by TurboTax I am unable to determine why this adjustment was made. Is there a glitch in the software that is causing widespread issues? in 2024 my SS income went up slightly but the taxable amount went down by about 25%. What is up with this?
April 10, 2025
8:15 AM
Rejection code IL1040-10000-1 - From the state of Illinois: "The Secondary Taxpayer Prior Year Adjusted Gross Income (AGI) did not match the Prior Year AGI on the Illinois Department of Revenue (IDOR...
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Rejection code IL1040-10000-1 - From the state of Illinois: "The Secondary Taxpayer Prior Year Adjusted Gross Income (AGI) did not match the Prior Year AGI on the Illinois Department of Revenue (IDOR) production file.
When you get to the screen that asks you if you filed a tax return in 2023, click the box that says "I don't have my AGI from those tax years." It will take you to a screen that will ask for either your IL PIN or your driver's license. You can find your IL PIN by going to this website: https://mytax.illinois.gov/_/#1
One common cause of the IL1040-8100-1 reject code is inaccurate personal information, such as misspelled names or incorrect Social Security numbers.
Revisit your Personal Info (or My Info) page and recheck that your information is correct.
April 10, 2025
8:15 AM
Using TT Home and Bus. 2024. Entered all of business expenses in Schedule C. Had a $14,000 business loss. Did not check the box " funds at risk" as instructed by TT, but check box "yes, my funds ar...
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Using TT Home and Bus. 2024. Entered all of business expenses in Schedule C. Had a $14,000 business loss. Did not check the box " funds at risk" as instructed by TT, but check box "yes, my funds are at risk". The more deductions I enter, NO change in the Due/refund. If I remove the deduction, then TT says I owe.
April 10, 2025
8:14 AM
HELP....noone at turbo tax seems to know why??? 2024 tax return I have completed the federal deductions and on filing of the return the standard is better - however for NY I want to file itemized an...
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HELP....noone at turbo tax seems to know why??? 2024 tax return I have completed the federal deductions and on filing of the return the standard is better - however for NY I want to file itemized and turbo tax is giving me the standard deduction - Is there a glitch in the system. ?? I have state taxes for itemized deductions of 15,000 although I am allowed 10,000 but on NY return I am only getting the standard deduction of 8,000 - I should get the itemize deduction of 10,000 ( maximum allowed in state taxes to deduct?
April 10, 2025
8:14 AM
where do I access my saved tax return to now efile my state. I paid for both
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April 10, 2025
8:14 AM
Exactly how do I get my completed form 6765 to the IRS? Is there a way to efile it with my turbotax return? If not do I A) Need to print and mail the entire return or B) can efile and only print an...
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Exactly how do I get my completed form 6765 to the IRS? Is there a way to efile it with my turbotax return? If not do I A) Need to print and mail the entire return or B) can efile and only print and send Form 3800 and Form 6765. Please specifically advise. Thank you!
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April 10, 2025
8:14 AM
If you enter enough itemized deductions to exceed your standard deduction, the software will choose itemized deductions for you.
Are you making the common mistake of just adding up all the ...
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If you enter enough itemized deductions to exceed your standard deduction, the software will choose itemized deductions for you.
Are you making the common mistake of just adding up all the amounts for your itemized deductions without considering the caps and thresholds that must be met?
STANDARD DEDUCTION
Many taxpayers are surprised because their itemized deductions are not having the same effect as they did on past tax returns. The new higher standard deduction and the elimination of certain deductions, as well as the cap on state and local taxes have had a major impact since the new tax laws went into effect beginning with 2018 returns.
Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund. The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach. (Only the amount that is MORE than 7.5% of your AGI counts) The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you. Under the tax laws that have been in effect since 2018, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.
The standard deduction makes some of your income “tax free.” It is not a refund. You will see your standard or itemized deduction amount on line 12 of your 2024 Form 1040.
2024 STANDARD DEDUCTION AMOUNTS
SINGLE $14,600 (65 or older/legally blind + $1950)
MARRIED FILING SEPARATELY $14,600 (65 or older/legally blind + $1550)
MARRIED FILING JOINTLY $29,200 (65 or older/legally blind + $1550)
HEAD OF HOUSEHOLD $21,900 (65 or older/legally blind + $1950)
CHANGE FROM STANDARD OR FORCE ITEMIZED DEDUCTIONS
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/change-standard-deduction-itemized-vice-versa/L7evWtHhv_US_en_US?uid=m6cpww6g
April 10, 2025
8:13 AM
Click the Live Help button at the top of the screen.
See TurboTax Help.
April 10, 2025
8:12 AM
April 10, 2025
8:12 AM
If you are using online TurboTax, there are separate fees for federal and state returns.
If you are using desktop software, you pay a $25 state e-file fee for each state return that you e-file....
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If you are using online TurboTax, there are separate fees for federal and state returns.
If you are using desktop software, you pay a $25 state e-file fee for each state return that you e-file. You can avoid that state e-file fee if you print and mail the state return instead.
April 10, 2025
8:11 AM
Individual taxpayers may deduct up to $10,000 in Oklahoma 529 contributions each year from their Oklahoma adjusted gross income, and taxpayers filing jointly may deduct up to $20,000. Carry forward l...
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Individual taxpayers may deduct up to $10,000 in Oklahoma 529 contributions each year from their Oklahoma adjusted gross income, and taxpayers filing jointly may deduct up to $20,000. Carry forward larger amounts up to five years.
Open your Oklahoma return:
Continue to the screen Additional Oklahoma Adjustments
Select Start next to Made contribution to Oklahoma 529 college savings plan and OklahomaDream 529 account.
April 10, 2025
8:10 AM
I thought one State Return was included in the price of Turbotax? I have filed four returns and had to pay for them all?
April 10, 2025
8:10 AM
Thank you, John!
April 10, 2025
8:10 AM
TT is going to determine the safe harbor amount which is 100% of your 2024 tax (110% if AGI > 150k) or 90% of your estimated 2025 tax, whichever is smaller. By default if you don't provide info on 2...
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TT is going to determine the safe harbor amount which is 100% of your 2024 tax (110% if AGI > 150k) or 90% of your estimated 2025 tax, whichever is smaller. By default if you don't provide info on 2025 income, it will use 100/110% of your 2024 tax, and assume your 2025 withholding is the same as 2024, and apply both of these evenly and quarterly, and if the withholding exceeds the safe harbor amount then you will not have any estimated tax. Did you have a high withholding for 2024 and a refund? I'm guessing that's why it thinks you don't need to pay ES for 2025. If it's material you may be able to reduce withholding and earn interest on that money. To adopt the 2025 method you can go thru the interview under "Other Tax Situations" / "W-4 and Estimated Taxes" and provide information for 2025. If you are on TT desktop you can go into Forms mode and look at "Est Tax Options" to see the calculation. Not sure equivalent of that for TT online, either way try the interview questions.
April 10, 2025
8:09 AM
Turbotax says that when I got to deductions and credits this page should pop up, but it doesn't. It also says I can cancel and start over by going to 'tax tools' on the left hand side of the page, bu...
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Turbotax says that when I got to deductions and credits this page should pop up, but it doesn't. It also says I can cancel and start over by going to 'tax tools' on the left hand side of the page, but I don't have a 'tax tools' tab
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April 10, 2025
8:09 AM
I don't think is Adobe's issue, l don't come with an excuse for the bad job TurboTax does to resolve problems. If that is the case why every time I click Print just from Turbotax not from Adobe PDF ...
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I don't think is Adobe's issue, l don't come with an excuse for the bad job TurboTax does to resolve problems. If that is the case why every time I click Print just from Turbotax not from Adobe PDF the window disappear?
April 10, 2025
8:09 AM
Income reported under the Social Security number of the child would be reported on the child's income tax return.
The Internal Revenue Service requires all taxpayers, regardless of age, to file...
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Income reported under the Social Security number of the child would be reported on the child's income tax return.
The Internal Revenue Service requires all taxpayers, regardless of age, to file an income tax return and pay the appropriate income tax in any year their gross income exceeds certain levels. This requirement extends to the children you claim as dependents.
See this TurboTax Help to see the filing requirements for a dependent child.
April 10, 2025
8:09 AM
Since the RMD has been neglected for so many years, you might use an Attorney or Tax Professional to handle your case.
Talk to the administrator of the account as well.
You can file Form 532...
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Since the RMD has been neglected for so many years, you might use an Attorney or Tax Professional to handle your case.
Talk to the administrator of the account as well.
You can file Form 5329 and request at least a partial waiver from the penalty.
Form 5329 and a statement of your situation should be attached to your tax return.
You still have a couple days to make the withdrawal before April 15th to apply the distribution to 2024 and you should try to do that. You can then add that taxable income for your 2024 tax year return.
The excise tax penalty has recently been reduced from 25% to 10% but I'm not clear if that will be for the late distributions prior to 2023.
HERE is a link to a similar question.