All Posts

It's impossible to tell without seeing your return, but it does take a few moments sometimes for the refund meter to react to something you entered into it. Do you have an underpayment penalty?   You can preview your tax return to make sure everything is accurate. You can do this by following the instructions below.   Try previewing your actual return as it is a more accurate reflection of your refund amount or tax-due amount.    You can get to your tax return in TurboTax desktop as follows: Switch to Forms Mode, and then  (see screenshots below for additional guidance) Scroll through your forms in the left panel and  Click on the form you want to preview (Example Form 1040)   You can get to your Tax Return in TurboTax Online as follows:  Go to "Tax Tools" in your left panel, Select "Tools" and then  Select "View Tax Summary" and  Select "Preview Form 1040"   Click here for "How do I update and print a new W-4?"   Click here for "Why do I owe taxes?"   Click here for "Video: Why Would I Owe Federal Taxes?

If you are referring to the personal income tax return for WI line 13 is for the total of certain federal itemized deductions exceeds your Wisconsin standard deduction, you may be able to claim the itemized deduction credit.  If you did not itemize or if it is lower than the Wisconsin standard deduction the amount would be $0.

If you want to calculate cost of goods sold using inventory, in TurboTax Home & Business, enter your beginning and ending inventory using these steps:   Click the Business tab Click Business Income and Expenses at the top Click I'll choose what I work on The screen "Let's gather your business info" appears. Click Start or Update next to Profit or Loss from Business Click Edit next to the name of your business Click Start or Update next to Inventory and Cost of Goods Sold Click Yes for Do you have inventory to report? Click Yes for Cost method or check the box for another valuation method The next screen is where you enter your inventory. See screenshot below:     If you are not using inventory, you would just enter the cost items as expenses.    

f4562 is Depreciation and Amoritization.  Its located in the menu just under Schedule E. line 11 is the Business Income Limitation. While in 'Forms' and not 'Step-by-Step', if you mouse click on this line, then click the magnifying glass that pops up, then the worksheet that feeds this line opens up. That worksheet is called Depr Options.  Line 3 of that worksheet has the business income, or should have.  My point being that TurboTax incorrectly excludes business rental income on this line.

I'm in the same situation! I don't owe any money in back taxes, child support, etc. and I got $0. It even said in Turbo Tax something to the effect of this doesn't happen often then told me I get $0 back. The odds of me getting the exact amount as what I paid during the year to the penny seems odd. Good thing I didn't hire someone to do my taxes since I'd then be out that amount. Now since I chose to pay gor e-filing with my refund amount do I have to pay for that $25? 

Sometimes it takes a few seconds for the refund to react to something you may have entered.   You can also preview your tax return to make sure everything is accurate. You can do this by following the instructions below.   You can preview your actual return as it is a more accurate reflection of your refund amount.   You can get to your tax return in TurboTax desktop as follows: Switch to Forms Mode, and then  (see screenshots below for additional guidance) Scroll through your forms in the left panel and  Click on the form you want to preview (Example Form 1040)   You can get to your Tax Return in TurboTax Online as follows:  Go to "Tax Tools" in your left panel, Select "Tools" and then  Select "View Tax Summary" and  Select "Preview Form 1040" or "Preview Entire Return"   Click here for "How do I update and print a new W-4?"   Click here for "Why do I owe taxes?"   Click here for "Video: Why Would I Owe Federal Taxes?

There is no question asking about whether I want to applycarryovers.  The tool does ask if I _have_ carryovers and when I say yes, I can see them on the schedule e regular tax carryovers, schedule e  alt min carryovers, and the schedule QBI carryovers.  Did the tool import them to the wrong line?  They seem to be there yet are not being applied so I am not sure what I need to do to over ride this bug?

Hi @pk , here are the details (a) When did you enter the US and with which visa ? Exact dates please .       September 30 2024, on H1B (b) How many days did you spend during 2022, 2023 and 204 ( before entering with the new visa ) ? Or was this an adjustment of status in 2024. What I need to understand is whether you are a Resident or Non-Resident for the Tax year 2024. 2022 - almost full year, vacation to India for 40 days 2023 - 153 days 2024 - New Visa (H1B extension)   As per SPT, I am a resident for 2024. (c) Are you an employee of an US entity or as a visiting / temporary visit employee of an Indian entity ? Yes, Employee of US entity. (d) Did you employer issue a W-2 ? Did the employer withhold FIC A/Federal/State Taxes ? Yes, I have a W2 with all the deductions.