All Posts

Q.  I asked a friend and he said there is absolutely nothing I could do to maximize the LLC because I hit the $2,000 limit at $1,400 + $600. Is that correct? A. Yes. The LLC is  $2000 max per tax return, unlike the AOC which is $2500 max per student.  The LLC is a non refundable credit, so you would have to have a $2000 tax liability to get the max.    Q.  How to maximize Lifetime Learning Credit (LLC)? A. The LLC is 20% of qualified educational expenses (QEE) paid. For the LLC, QEE is tuition and fees only.  Books and computers don't count.  If you have less than $10K of QEE, you can't get the maximum LLC.    See my post on the 5 main points about the 1098-T for  the scholarship  loop hole to get more education credit. It's not as lucrative for the LLC as it is for the AOC (it's 20% for you vs whatever the student's tax rate is, which could be 0% or as much as 22%, but typically 10% -12%. The "kiddie tax" could apply).  https://ttlc.intuit.com/community/college-education/discussion/i-need-help-with-1098t-section-college-expenses/00/3451036 See 2nd reply   {Edited 5-27-2512:15PM PST}

You will have to contact TurboTax support for assistance with this problem. Use the key words Billing Issue See this TurboTax support FAQ for contacting support - https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/turbotax-phone-number/L0Od33nMQ_US_en_US?uid=lfgviwbm

If you have not filed your tax return the amount of your refund or the amount of taxes owed will be shown in the File section of the program on Step 2.   If you have filed your tax return, the amount of your refund or the amount of taxes owed will be shown on the Tax Home webpage for both the federal and state returns.   You can also look at your federal tax return, Form 1040.  The amount of the federal tax refund will be on Line 35a.  The amount of the federal taxes owed will be on Line 37.   To access your current or prior year online tax returns sign onto the TurboTax website with the User ID you used to create the account - https://myturbotax.intuit.com/ Scroll down to the bottom of the screen and on the section Your tax returns & documents.  Click on the Year and Click on Download/print return (PDF) Or - When you sign onto your online account and land on the Tax Home web page, scroll down and click on Add a state.  This will take you back to the 2024 online tax return. Click on Tax Tools on the left side of the online program screen.  Then click on Print Center.  Then click on Print, save or preview this year's return.  Choose the option Include government and TurboTax worksheets   If you used the desktop CD/Download editions installed on your computer, the only copy of your tax data file and any PDF's will be on the computer where the return was created.  TurboTax does not store online any returns completed using the desktop editions.

You will have to contact TurboTax support for assistance with this problem. Use the key words Billing Issue See this TurboTax support FAQ for contacting support - https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/turbotax-phone-number/L0Od33nMQ_US_en_US?uid=lfgviwbm

Hello Vanessa,  thank you for the reply.  I checked my stubs and it shows MD tax was taken out.   Everywhere I have worked in the past, I always indicate "0" as my declared exemption so I don't know why I am considered 502UP.   After my 2024 filing,   it printed the another set of 502UP with expected  quarter of  about 3x as much tax to be expected.  2023 and 2024 is the first time I have ever seen such.   

Banks/cards typically only process electronic deposits on business days, and this was a 3-day holiday weekend.   If you're going by a date provided by TurboTax, that is only an estimate based on a common 21-day target.  It could be shorter or longer than that.   Go by what is displayed at the IRS website.   What is displayed at the IRS "Where's My Refund" tool at the link below?   Does it say your refund has been sent and provide a date?   If so, the IRS also says to allow up to 5 days due to variations in different banks processing times. https://www.irs.gov/wheres-my-refund   Also did you have any TurboTax fees that you chose to pay out of your Federal refund?   If so, that's another link in the chain.   With that option the IRS sends the refund first to an intermediary bank where the fees are subtracted.   Then that intermediary bank sends the rest to your bank account or card in a second direct deposit.   If you did NOT choose that option, then this won't apply to you.      If you DID choose that method to pay TurboTax fees, then the third-party company that handles that is SBTPG, and they have a refund lookup tool on their website.  If that's your situation, use  the "For Taxpayers" portal at: https://www.sbtpg.com/

Also, if you are using a paid product, in order to choose a paper check for a Federal refund you cannot choose to pay any TurboTax fees out of your Federal refund.   To get a paper check for the refund you have to pay the TurboTax fees upfront with credit/debit card or a prepaid debit card you can buy in a store..

Hi Alumni,  Thanks for your information and the form link. I was able to fill out the form to the final Part III but not knowing the meaning of the last line:  This is a personal rental property. I sold a California condo and exchanged a house in Las Vegas.   How to get the number of percentages? or just leave it blank? Thank you!

Thank you for replying. Inaccuracies (penalty vs no penalty) aside, Turbo Tax users (including me) are perplexed when the program says a penalty is due, but there is no way to find out why or how it was calculated.

it is not an adjustment to your tax liability. so for purposes of avoiding an underpayment penalty you ignore the refund and look at your tax liability excluding the penalty.    there have been many threads about the IRS and Turbotax computing different amounts for the underpayment penalties - even 100% differences - and I don't think anyone knows why this is occurring.  If I had to guess at one possibility it would be that at least some of these taxpayers qualified for natural disaster relief and could pay their estimates later than normal but Turbotax doesn't know or programmed this.