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The 1099-Q may need to be filed with the student claiming the expenses - if there is a taxable amount. If the 1099-Q was entirely used for room and board and other qualified education expenses, it ... See more...
The 1099-Q may need to be filed with the student claiming the expenses - if there is a taxable amount. If the 1099-Q was entirely used for room and board and other qualified education expenses, it is not taxable. IRS Publication 970, Tax Benefits for Education states that nontaxable distributions should not be entered. The form 1099-Q and expenses covered should be kept in your tax folder, just in case the IRS asks.
Hello,   When doing my state taxes, I see $4,995 capital loss---is this the amount available to use towards their maximum amount? What is Wisconsin's capital loss maximum amount? Federal is $3,000,... See more...
Hello,   When doing my state taxes, I see $4,995 capital loss---is this the amount available to use towards their maximum amount? What is Wisconsin's capital loss maximum amount? Federal is $3,000, which I used when doing federal taxes. If Wisconsin's is also $3,000 then where did the extra $1,995 come from? Please advise.
You would need to pay in 110% of your tax liability (assuming you will earn over $150,000) in the previous year for estimated taxes, regardless of how much tax you will have in the current year. You ... See more...
You would need to pay in 110% of your tax liability (assuming you will earn over $150,000) in the previous year for estimated taxes, regardless of how much tax you will have in the current year. You can read more in this IRS article.   @sissybell 
Rentaproperty
Last year I had $5,338 in 1099-DIV income, but the "2025" Column in the Interest and Dividends section shows $7,123.  This number is a clickable link; when I click on it, I get a message telling me "... See more...
Last year I had $5,338 in 1099-DIV income, but the "2025" Column in the Interest and Dividends section shows $7,123.  This number is a clickable link; when I click on it, I get a message telling me "Here is the dividend income you've entered so far: 1099-DIV Dividends $5,338" When I switch to the Forms view I see all my 1099-DIVs listed, and the total adds up to $5,338 as expected.   I can't figure out where the extra $1,785 is coming from!
To remove the TurboTax Live service (and its associated costs) before filing, you must not have already used the live expert feature. In the File section, navigate to the "Just a few steps left..." s... See more...
To remove the TurboTax Live service (and its associated costs) before filing, you must not have already used the live expert feature. In the File section, navigate to the "Just a few steps left..." screen, select "Revisit" next to Review Your Order, and choose the Downgrade option.   @tonganguyen 
Rental property
Each year, expenses for my short-term rental exceed the income. I am not a real estate professional so the amount I can claim is limited. How can I carry over those expenses?
You may only claim an education credit if your student kids are your dependent.  If you failed to qualify them as dependents back in the personal info section, they will not be presented as a choice ... See more...
You may only claim an education credit if your student kids are your dependent.  If you failed to qualify them as dependents back in the personal info section, they will not be presented as a choice in the education (1088-T) section.
To enter Social Security benefits reported on form SSA-1099 Click on Federal Taxes (Personal using Home and Business) Click on Wages and Income (Personal Income using Home and Business) Click on ... See more...
To enter Social Security benefits reported on form SSA-1099 Click on Federal Taxes (Personal using Home and Business) Click on Wages and Income (Personal Income using Home and Business) Click on I'll choose what I work on (if shown) Scroll down to Retirement Plans and Social Security On Social Security (SSA-1099, RRB-1099), click the start or update button
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From TurboTax Online, to connect with an Expert, follow the instructions in in this TurboTax Help article.
Once your return is filed, TurboTax has no control over the processing or the timing when the IRS releases your refund.    The IRS states that most federal tax refunds are issued within 21 days o... See more...
Once your return is filed, TurboTax has no control over the processing or the timing when the IRS releases your refund.    The IRS states that most federal tax refunds are issued within 21 days of acceptance, however, some may take longer if they require additional review. Also, by law, the IRS cannot issue EITC or ACTC refunds before mid-February. This applies to your entire refund, not just the portion related to those specific credits.   Here are a few FAQs to help you track your refund: When will I get my federal tax refund? How do I track my state refund? Why does Where's My Refund say "approved" but TurboTax still says "accepted"? Why do some refunds take longer than others? What if my IRS refund is taking longer than 21 days?
A loan from a 401(k) account is not reported on a tax return and if you have not defaulted on the loan you will not receive a Form 1099-R.
Are there limits to the capital losses that can be claimed each year? If they are not used in a tax year, how many years can they be carried over?
Here is a link: How do I request a refund for my TurboTax product?
Here is a link: How do I request a refund for my TurboTax product?
I asked for a 401K Loan last year. Do I need to include that in my 2025 tax return? if yes, how do I declare/include it? Thanks