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xmasbaby0 · ‎April 15, 2025

MY DEPENDENT HAD A JOB If your dependent has a W-2 for his after-school job, summer job, etc. you do not include the information on your own return. You can still claim your child as a dependent on...

MY DEPENDENT HAD A JOB If your dependent has a W-2 for his after-school job, summer job, etc. you do not include the information on your own return. You can still claim your child as a dependent on your own return. He/she can file his own return for a refund of some of his withheld wages from boxes 2 or 17 (he won’t get back anything for Social Security or Medicare), but MUST indicate on it that he can be claimed as a dependent on someone else’s return. (Supervise this closely or prepare it for him!) If your dependent’s earnings were over $400 and were reported on a 1099Misc or 1099NEC then he must file a return and pay self-employment tax for Social Security and Medicare. You might also want to use free software from the IRS Free File versions: https://apps.irs.gov/app/freeFile/

DoninGA · ‎April 15, 2025

For future reference - You can get an automatic extension from the IRS if you make an extension payment on the IRS website for Direct Pay on or before the due date of the federal tax return - https:/...

For future reference - You can get an automatic extension from the IRS if you make an extension payment on the IRS website for Direct Pay on or before the due date of the federal tax return - https://directpay.irs.gov/directpay/payment?execution=e1s1

cw082350 · ‎April 15, 2025

It’s not letting me continue even though everything you said is blank

xmasbaby0 · ‎April 15, 2025

When you use online TurboTax software you get one return per fee. Each return needs its own account and user ID. If you use the same account and user ID for a second return, the second one ov...

When you use online TurboTax software you get one return per fee. Each return needs its own account and user ID. If you use the same account and user ID for a second return, the second one overwrites the first return and it is lost forever. https://ttlc.intuit.com/community/using-turbotax/help/how-do-i-start-another-return-in-turbotax-online/00/25596

dmertz · ‎April 15, 2025

This is a user-entered value that is added to the net profit calculated on Schedule C. It seems the when asked for any adjustments that you entered your actual net profit. Delete the entry.

JohnB5677 · ‎April 15, 2025

I suggest you run Federal Review Located under Federal on the left sidebar. This will review what you've posted so far, and identify problem areas. You can enter corrections directly from...

I suggest you run Federal Review Located under Federal on the left sidebar. This will review what you've posted so far, and identify problem areas. You can enter corrections directly from fere.

jtax · ‎April 15, 2025

If you never issue stock, then check your Articles of Incorporation. I think corporations have to issue stock (like LLCs issue "units") when created. It may not change and may not really matter, but ...

If you never issue stock, then check your Articles of Incorporation. I think corporations have to issue stock (like LLCs issue "units") when created. It may not change and may not really matter, but the incorporators should own a share or a million shares or something.

keeferjonah · ‎April 15, 2025

The only delivery date that would be posted on turbo tax. Literally the end of the timeline where it shows the date for your funds to be delivered. There is no date but rather it just says “delivery ...

The only delivery date that would be posted on turbo tax. Literally the end of the timeline where it shows the date for your funds to be delivered. There is no date but rather it just says “delivery date” not an actual date like everyone else.

bagofchips · ‎April 15, 2025

Thx ok so I see now how 60% can arise. So what if the spouse filing separately enters the same numbers? Does that lead to another 60%, yielding 120% of mortgage interest getting used?

Christine K · ‎April 15, 2025

I found this video for you. https://ttlc.intuit.com/turbotax-support/en-us/help-article/internal-revenue-service/file-irs-extension-form-4868-turbotax-online/L2rDBZJtx_US_en_US?uid=m9ihu2xi

DianeW777 · ‎April 15, 2025

TurboTax Live can help you sort it out if you want to pay for preparation help. You may find you don't owe that much in tax. How do I get TurboTax Live?

maddie-wellbaum · ‎April 15, 2025

DoninGA · ‎April 15, 2025

@Lig Did you not READ the answers provided in the thread explaining what you see on the TurboTax Tax Home page is not accurate concerning the refund or the taxes owed?

jtax · ‎April 15, 2025

I cannot answer the CA questions. If the land tax is a property tax (unrelated to the sale) you cannot deduct it all all for a federal return. It might be different if you had rental income. S...

I cannot answer the CA questions. If the land tax is a property tax (unrelated to the sale) you cannot deduct it all all for a federal return. It might be different if you had rental income. See https://www.journalofaccountancy.com/issues/2018/dec/foreign-real-property-taxes/ For federal, you cannot remove the $200k foreign capital gain tax from the proceeds. Think of it as you got the $200k and then had to pay it. The net proceeds of the sale are $1M - $10k (only if related to the sale like a US stamp tax, foreign tax not based on income) - $90k broker fee = $900k. Your income is $900k - your basis. That is a capital gain. Call that $G. You will not get back the $200k in foreign tax. What you will get back is the US tax on the $G capital gain, sort of. The US tax may be much less than $200k because US capital gains rates are so low. Sometimes, they are zero. So you won't pay twice. You will pay once (usually), but you will pay the higher of the US or foreign income tax. 1. if you itemize you can claim an itemized deduction for income taxes paid. I am not sure if the $10k SALT limit applies. But it's only a deduction. 2. The foreign-tax credit FTC will give you a credit for approx the US capital gain tax on the property * [the foreign gain / your worldwide income) That might be $200k. It might be less.

AnnetteB6 · ‎April 15, 2025

No, Federal tax payments are not deductible on your Federal return. However, state tax payments are a possible tax deduction if you itemize.

Hal_Al · ‎April 15, 2025

Can the student be claimed as a dependent in the Graduation year? (answer written as if the parent asked the question) If he/she was a student (under 24) for at least 5 months and lived with...

Can the student be claimed as a dependent in the Graduation year? (answer written as if the parent asked the question) If he/she was a student (under 24) for at least 5 months and lived with you for more than half the year, and did not provide more than 1/2 his own support for the whole year, you can still claim him. Be sure he knows you're claiming him, so he doesn't claim himself. He can only be claimed once. But, he can "file taxes" without claiming his own exemption. The real question is who should be claiming him in this "transition" year to adulthood. You two have to agree on who is going to claim his exemption. Each should do their taxes both ways and see which way the family comes out best. Even then, you have to meet the rules. There are two types of dependents, "Qualifying Children"(QC) and Other ("Qualifying Relative" in IRS parlance even though they don't have to actually be related). There is no income limit for a QC but there is an age limit, student status, a relationship test and residence test. Only a QC qualifies a taxpayer for the Earned Income Credit. The rule is that a child of a taxpayer can still be a “Qualifying Child” dependent, regardless of his income, if: he is a full-time student under 24 for at least 5 calendar months of the year (graduating in May usually means you meet the 5 month rule) he did not provide more than 1/2 his own support (scholarships are considered 3rd party support and not support provided by the student). lived with the parent (including time away at school) for more than half the year So, it usually hinges on "Did he provide more than 1/2 his own support in 2024. The support value of the home you provided is the fair market rental value of the home plus utilities & other expenses divided by the number of occupants. IRS Publication 501 on page 20 has a worksheet that can be used to help with the support calculation. See: http://www.irs.gov/pub/irs-pdf/p501.pdf (page 15) If he has already filed one way, he can file an amended return, going the other way.

Vanessa A · ‎April 15, 2025

Those would be added to the cost basis of the home. So you would add it to the purchase price and then enter it as one amount in the box for the cost basis.

JohnB5677 · ‎April 15, 2025

If you have a W-2 from 2023 you would amend the 2023 tax return, not the 2024. TurboTax Desktop Open the TurboTax Desktop software for the year you're amending. For example, you must amend you...

If you have a W-2 from 2023 you would amend the 2023 tax return, not the 2024. TurboTax Desktop Open the TurboTax Desktop software for the year you're amending. For example, you must amend your 2023 return in the 2023 version of TurboTax. Under Need to Amend a Filed Return?, select Amend a Filed Return. Select Amend for the return you need to amend. If the return you need doesn’t appear as an option, select Find a Tax File to find and load the return. On the Do you need to change anything else screen, select Update next to the info you need to change. Continue through the screens, make the changes you need to make, and carefully answer the remaining questions to finish amending your return. Don’t forget to select Save As (or Duplicate on Mac) from the File menu when you save a copy of your amended return. This will preserve the tax return you originally filed. Give the file a different name from the original, like [tax year]_amended_tax_return_Smith.

LenaH · ‎April 15, 2025

For more information and instructions on filing an extension, click here.

MinhT1 · ‎April 15, 2025

Your single member LLC is a regarded entity for tax purposes. You should file your LLC on a Schedule C in your personal return. In 2024 if you have been active but had no income, you can ...

Your single member LLC is a regarded entity for tax purposes. You should file your LLC on a Schedule C in your personal return. In 2024 if you have been active but had no income, you can still report your expenses on a Schedule C. This would result in a loss which can be used to offset your other ordinary income, or be carried forward.

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