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Not counting Social Security, were your retirement withdrawals and royalties over $7000?  If so, your Schedule C loss would have offset that income and none of it would be carried to 2025.   If tha... See more...
Not counting Social Security, were your retirement withdrawals and royalties over $7000?  If so, your Schedule C loss would have offset that income and none of it would be carried to 2025.   If that other income was less than $7000, you may have a "Net Operating Loss" (NOL).  TurboTax does NOT calculate an NOL, so you would need to manually calculate that to manually carry over to 2025 (or go to a tax professional).
does this deduction still hold true for 2024 taxes? If the cost is over the $2500, can you expense the 2500 and add the remainder to the basis?
The cost of adding the logo is deductible.  The cost of the clothing itself it not.
The Minnesota Renter's Refund is now part of the 'regular' Minnesota income tax return.  It is no longer a separate return on Form M1PR.   Yes, you can file your Minnesota income tax return (which ... See more...
The Minnesota Renter's Refund is now part of the 'regular' Minnesota income tax return.  It is no longer a separate return on Form M1PR.   Yes, you can file your Minnesota income tax return (which included the Renter's Refund on Form M1RENT) with TurboTax.
I'm not exactly sure what you are saying.  I don't use ID any more, partly for the reasons I will mention.  But when I was using it, it was always the case that the values imported to the tax return ... See more...
I'm not exactly sure what you are saying.  I don't use ID any more, partly for the reasons I will mention.  But when I was using it, it was always the case that the values imported to the tax return were different (and usually lower) than the values shown during the year.  If you look at the fine print, the values shown during the year are "estimates", and the final values are determined when you import the data into Turbotax.  Supposedly there is a person or persons whose job it is to monitor thrift stores and internet sales to come up with reasonable average prices, and update the results as needed.  The updates are only applied at tax time, to the imported figures, and are not applied continuously throughout the year to the "estimates".   This is just how they decided it will work.  If you don't like it, use your own values.   In fact, there was at least one taxpayer who reported on this forum several years ago that their donations were audited, and the ItsDeductible values were denied by the IRS because the taxpayer couldn't show that the values were applicable to the particular items donated, in the condition donated, and taking into account regional geographic and economic variations.   In other words, if the ID system values a used purse at $10, is that what someone would pay on eBay, or a thrift store in Manhattan, or a garage sale in Springfield MO?  What level of wear and tear?  What was the original cost?     In short, there is no guarantee that ID values will be accepted by an auditor, because they are not particular to the time, place, and value of the item.   For my donations, I keep a handwritten inventory, and I make specific notes about value, based on the prices charged by the Goodwill store where I make most of my donations.  For some items (furniture, electronic equipment) I get values for comparable items from eBay (completed sales, not listings) or Facebook Marketplace.  Sometimes I print out those records and staple them to my handwritten notes.  Then, I group all the donations on one day together and enter the total value, rather than listing every specific item (e.g. 5/4/2025--Goodwill--clothing and household items--$XX).  If needed, I have the written inventory to show the details to the IRS.     If you use ItsDeductible as a convenience, be aware of the limitations, and one of the limitations is that the "final" values are always different, and usually lower, than the "estimates" you get during the year.  
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 giv... See more...
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     https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/irs-refund-taking-longer-21-days/L2vRAJbdU_US_en_US?uid=lexe7lst
The student has $18,550 in scholarships. I'm using Home & Business--but it's 2023. I didn't realize I would have to check TurboTax moving the amount on line 9 to Schedule 1, line 8r and then to line ... See more...
The student has $18,550 in scholarships. I'm using Home & Business--but it's 2023. I didn't realize I would have to check TurboTax moving the amount on line 9 to Schedule 1, line 8r and then to line 8 on the 1040.
Why are you trying to scan an ID?  For what purpose?
Wait until your original return has been fully processed before you amend, and make sure you have saved a pdf of the original return before you amend. (If you do not save it as a pdf, the amended ret... See more...
Wait until your original return has been fully processed before you amend, and make sure you have saved a pdf of the original return before you amend. (If you do not save it as a pdf, the amended return will overwrite the original, and the original will be lost forever)     See this TurboTax support FAQ for amending a tax return -   CURRENT YEAR https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-federal-tax-return-current-year/L7eS6o1qh_US_en_US?uid=lfunevhk     Do not expect quick results from amending. It can take four months or more for the IRS to process an amended return.     You can watch for information here: https://www.irs.gov/Filing/Individuals/Amended-Returns-(Form-1040-X)/Wheres-My-Amended-Return-1    
Also, when the property is converyed out of the trust in kind, then you (and other beneficiaries, if any) will take the trust's basis at the time the property is transferred.
To give info to my CPA, I shared my Its Deductible charity donations PDF but when I imported them into Turbo Tax, the PDF numbers are WRONG and less than the the actual number. This seems like bug wi... See more...
To give info to my CPA, I shared my Its Deductible charity donations PDF but when I imported them into Turbo Tax, the PDF numbers are WRONG and less than the the actual number. This seems like bug with It's Deductible PDF generation and unfortunately I filed it with the incorrect PDF numbers.    I can't find a way to contact Its Deductible to investigate so I am reporting it here. 
The rental is in her trust, NOT her estate. There is a difference.   Anyway, assuming the trust was a grantor trust while she was alive and became irrevocable (nongrantor) when she passed, the trus... See more...
The rental is in her trust, NOT her estate. There is a difference.   Anyway, assuming the trust was a grantor trust while she was alive and became irrevocable (nongrantor) when she passed, the trust will get a stepped up basis and there will be no depreciation recapature at that point.   If the trust continues to use the property for rental use, depreciation will start over on the date of death at a new recovery period and basis (FMV on the date of death).   The trust would deduct any selling costs from the sales price first. If the property is being used for business/rental purposes at the time of the sale, any net loss on that sale could be used to offset other trust income.
My mom has a rental property in her trust, she passed away in 2024. The rental is still in her estate, not yet transferred to me yet. The rental was appraised at $500,000.  1. If we keep it in the e... See more...
My mom has a rental property in her trust, she passed away in 2024. The rental is still in her estate, not yet transferred to me yet. The rental was appraised at $500,000.  1. If we keep it in the estate and sell for $500,000, will there be any capital gains? not sure if the cost basis will be the FMV of $500K or the original purchase price since the ownership hasn't changed yet. 2. Can we deduct the selling costs against other income like rental income and IRA distributions? 3. Is there going to be any depreciation recapture? since it's still owned by the estate  
https://www.irs.gov/wheres-my-refund
I ran into the same issue.  While the error message was on the screen, I opened task manager and ended the IntuitUpdateServiceV5 task.  Then went back to error message popup and said Retry.  The inst... See more...
I ran into the same issue.  While the error message was on the screen, I opened task manager and ended the IntuitUpdateServiceV5 task.  Then went back to error message popup and said Retry.  The installation then continued and completed successfully.  It is installed and working.
The reason it got rejected I think was because 0 was put initially. But I do have the actually AGI value. I’ll try to get the Pin, and hopefully that fixes it. But the second link you sent about fixi... See more...
The reason it got rejected I think was because 0 was put initially. But I do have the actually AGI value. I’ll try to get the Pin, and hopefully that fixes it. But the second link you sent about fixing the AGI online, following the instructions, it never gives the option to fix the error and input an AGI. 
Yes, if you qualified for the De Minimis Safe Harbor Election and followed the instructions here  to report it, then the Reg. 1.263(a)-1(f) statement is automatically included with your return.    ... See more...
Yes, if you qualified for the De Minimis Safe Harbor Election and followed the instructions here  to report it, then the Reg. 1.263(a)-1(f) statement is automatically included with your return.    You can print/view a copy of all forms and worksheets in your return and look for the page titled: "Section 1.263 (a) 1(f), De Minimis Safe Harbor Election" to confirm.  How do I view, download, or print a prior-year tax return? Can I print a copy of my return in TurboTax Online before I file it?
It's not a matter of turbotax having no way of knowing how I want to calculate the penalty.  It's that it seems to me that turbotax would have picked up on the fact that I was in a potential penalty ... See more...
It's not a matter of turbotax having no way of knowing how I want to calculate the penalty.  It's that it seems to me that turbotax would have picked up on the fact that I was in a potential penalty situation at all, especially given that I also used turbotax for the previous tax year such that it would have had the data necessary to determine if I'd paid in 100% of the tax liability from the previous tax year. I don't have a problem with having to pay the penalty. It just seems very odd that turbotax would not have picked up on the fact that I was in a penalty situation and prompted me accordingly, so that I could have simply paid the penalty when I filed. Doesn't that seem odd to you too?
I desperately need help