All Posts
September 25, 2025
12:10 PM
Amending your 2024 return would ensure a correct carry over going forward.
September 25, 2025
12:08 PM
Topics:
September 25, 2025
12:03 PM
A different thread acknowledged that foreign tax withheld in excess of the treaty limitation with the taxing country is not eligible for credit. My understanding is that if foreign tax is instead ta...
See more...
A different thread acknowledged that foreign tax withheld in excess of the treaty limitation with the taxing country is not eligible for credit. My understanding is that if foreign tax is instead taken as a deduction, this eligibility requirement does not apply so the entire foreign tax paid can be taken as a deduction instead of a credit even if it exceeded the treaty limitation. My question is: Can a credit can be taken for the eligible tax within the treaty limitation and also a deduction taken on schedule A line 6 (other taxes) for the amount taxed in excess of the treaty limitation?
September 25, 2025
12:02 PM
that said if you want to have your voice heard the best thing is to write to the President here, fwiw. You can also leave feedback within the product itself as someone in this forum suggested to the...
See more...
that said if you want to have your voice heard the best thing is to write to the President here, fwiw. You can also leave feedback within the product itself as someone in this forum suggested to the ItsDeductible people. https://www.intuit.com/company/contact/office-of-the-president/
September 25, 2025
11:55 AM
1 Cheer
desktop s/w is 1% of their revenues and declining 5% annually. $200mil and 4mil users is not nothing, but is now very much a legacy segment compared to their $20bn revenues elsewhere growing 10% or ...
See more...
desktop s/w is 1% of their revenues and declining 5% annually. $200mil and 4mil users is not nothing, but is now very much a legacy segment compared to their $20bn revenues elsewhere growing 10% or so. Unlike the Cracker Barrel logo, this stock moves on mailchimp not Win 10, neither investors nor Intuit cares about losing "low average revenue per return" users as long as online is growing. They have likely already figured some loss of users that either can't or won't upgrade for whatever reasons, some will convert to online, some to Mac, some to competitors, some of those will come back in 2026; but majority of folks will likely upgrade in the next 6 months and continue their tax process as usual. Intuit's online strategy is clear and they also seem to be cleaning house a bit - desktop Basic version, ItsDeductible, Mac OS 13 (as expected for unsupported OS), Windows 10, gone.
September 25, 2025
11:53 AM
Which is better depends on your financial goals, income, and tax situation. While nobody can predict future tax laws, we have a fairly good understanding that more income usually means higher tax r...
See more...
Which is better depends on your financial goals, income, and tax situation. While nobody can predict future tax laws, we have a fairly good understanding that more income usually means higher tax rates. For tax planning you should consider your current income and your expected income after you retire. Assuming you qualify, choose a ROTH IRA if you’re good with taking a known “tax hit” now for tax-free income later. Choose a Traditional IRA, if you think your income will be less at retirement as it could be a strategic tax planning option. Maybe the answer is to have both to better mitigate the unknown future!
ROTH IRA: Your contributions are made with after-tax dollars for the benefit of receiving tax-free growth (as long as you follow the “5-year rule” and are 59 ½ or older).
Traditional IRA: While you'll likely get a tax deduction for your contributions, if you're covered by an employer plan at work, you must fall within certain income ranges to do so. Taxes are deferred until you take a distribution, then you’re taxed on the growth (and the amount you were able to deduct, if any).
Should You Contribute to a Roth IRA, Traditional IRA or 401(k)? - A great place to start to understand the differences between common retirement plans!
What are IRA conversions and recharacterizations? - Terminology with a little tax strategy built-in.
Roth IRA Conversions (Converting IRA to Roth IRA) - Great explanation of how it works and potential benefits.
Where do I enter my traditional or Roth IRA contributions? - Guidance for entering contributions and distributions too!
How do I enter a backdoor Roth IRA conversion? - For higher income earners - a bit of an explanation and how to enter it into TurboTax.
BONUS: IRA Tax Benefits: Taxes on Retirement vs. Non-Retirement Accounts
If you need tax advice or have questions that aren't answered in the links above, please ask in our Taxes forum that best fits your needs!
September 25, 2025
11:52 AM
After I filed my 2023 Form 1040 in February 2024, I received a corrected Form 1099-B in April 2025 (yes, 2025), so I need to amend my 2023 return. This will change the Capital Loss Carryforward value...
See more...
After I filed my 2023 Form 1040 in February 2024, I received a corrected Form 1099-B in April 2025 (yes, 2025), so I need to amend my 2023 return. This will change the Capital Loss Carryforward values for 2023 to 2024. I filed my 2024 Form 1040 in April 2025, including the corrected Form 1099-B but with the Loss Carryforward for the original 2023 Form 1040. I've prepared my 2023 1040-X reflecting the corrected Capital Gains and Loss values and a corrected Carryforward Worksheet 2023 to 2024 and am ready to submit. There is no difference in the tax to pay or refund for 2023. As I have already submitted my 2024 1040 in April 2025 with the correct Capital Gains and Losses in Schedule D, the Capital Loss Carryover 2023 to 2024 amounts are now incorrect. Do I submit an amended 2024 return incorporating the amended Loss Carryforward 2023 to 2024 which will also affect the Loss Carryforward 2024 to 2025 so that there is a correct record of the Losses? It appears that there is no difference in the tax due or refund amounts for 2024.
Topics:
September 25, 2025
11:50 AM
yurigul, I found out the hard way that different country pension have different tax treatments depending sometimes on the treaty between the US and that country. If you're asking about German Pen...
See more...
yurigul, I found out the hard way that different country pension have different tax treatments depending sometimes on the treaty between the US and that country. If you're asking about German Pension entries. Maybe this would help - just do more research and double check the procedures below if it makes sense. ------------------ Here’s how to enter a German Social Security pension (gesetzliche Rente) in TurboTax. The U.S. generally taxes German statutory Social Security in the same way as U.S. Social Security, so you’ll enter it in the Social Security (SSA-1099) section, not as a 1099‑R. Before you start Gather your German pension statement (e.g., Rentenbezugsmitteilung/Leistungsmitteilung) showing total benefits and any repayments. Convert the total to U.S. dollars. Use either: If Germany withheld any tax, note the amount in USD. Because of the U.S.–Germany tax treaty, that tax often isn’t creditable in the U.S.; you may need to seek a refund from Germany instead. If you’re unsure, you can try the Foreign Tax Credit section and see if TurboTax allows it. Federal return steps Open your return and go to Federal. Wages & Income. Scroll to Retirement Plans and Social Security. Click Start or Revisit next to Social Security (SSA‑1099, RRB‑1099). When asked if you received Social Security benefits, select Yes. Add SSA‑1099. Payer’s name: Enter German Social Security or Deutsche Rentenversicherung. Box 5 (Net benefits): Enter your total German Social Security benefits in USD. Federal income tax withheld: Leave $0 (Germany isn’t U.S. withholding). Medicare premiums: Leave blank/zero (German health insurance is not U.S. Medicare). If you repaid benefits, enter the repayment in the appropriate box. Lump-sum catch-up: If you received a lump sum that includes prior-year benefits, check the box I received a lump-sum Social Security payment and enter the amounts by year. TurboTax will apply the special lump‑sum election to potentially reduce your tax. If filing jointly and your spouse received German or U.S. Social Security, add a separate SSA‑1099 entry for your spouse. Continue. TurboTax will compute the taxable portion (0–85%) based on your overall income. Foreign tax paid to Germany (only if applicable) If German income tax was actually withheld from the pension: Go to Deductions & Credits. Find Foreign Tax Credit and start it. Country: Germany. Category of income: Generally General category income for pensions. Enter the foreign taxes paid (USD) and the tax year. Follow the prompts. TurboTax will determine whether you can claim the credit or need Form 1116. Important: Due to the treaty, German tax on German Social Security paid to a U.S. resident often isn’t creditable; the correct remedy can be a refund from Germany. If TurboTax disallows the credit or you’re uncertain, consult a tax professional. State return steps After finishing Federal, go to State and start your resident state. TurboTax carries your Social Security amounts into the state return automatically and applies your state’s rules: Many states fully exclude Social Security; some allow partial exclusions or phaseouts. If your state asks to confirm Social Security amounts, the software usually fills them in for you. Complete any state-specific questions and finish the state interview. What not to do Don’t enter German statutory Social Security as a 1099‑R or “Other income.” Use the Social Security (SSA‑1099) section. Don’t enter German health insurance premiums as Medicare premiums. If you itemize and meet the medical expense threshold, you may include German health insurance under medical expenses instead. If it’s not German Social Security Occupational/company pensions (Betriebsrente) or private annuities (private Rente) are not Social Security. Enter those in the 1099‑R/pension section as a foreign pension (you’ll enter without a U.S. 1099‑R and provide the details manually). These are generally taxed differently from Social Security. Tips Keep your exchange-rate documentation and the German pension statement with your tax records. If you also receive U.S. Social Security, enter it as a separate SSA‑1099; TurboTax will combine them. If you got a German lump-sum that includes multiple prior years, use TurboTax’s lump-sum Social Security workflow to check for a lower tax result. That’s it—enter it in the SSA‑1099 area, finish Federal, then let TurboTax carry it to your state return and apply your state’s rules. Hope that helps. Just do more research to confirm the steps make sense. Good luck.
September 25, 2025
11:41 AM
See this TurboTax support FAQ for information on this error - https://ttlc.intuit.com/turbotax-support/en-us/help-article/product-delivery/troubleshoot-installation-running-turbotax-windows/L79TYvMhM...
See more...
See this TurboTax support FAQ for information on this error - https://ttlc.intuit.com/turbotax-support/en-us/help-article/product-delivery/troubleshoot-installation-running-turbotax-windows/L79TYvMhM_US_en_US?uid=mfzreeqj
September 25, 2025
11:39 AM
Yurigul, I entered my British equivalent of Social Security (The UK Old Age Government Pension) as additional income and back in this LONG thread there are discussions about how to do this. I have...
See more...
Yurigul, I entered my British equivalent of Social Security (The UK Old Age Government Pension) as additional income and back in this LONG thread there are discussions about how to do this. I have now done it for 3 years running and my UK Gov Pension is taxed as income. I do not get taxed at source for my UK Government Pension or my UK Private company pension as I set them up with the UK Income Tax Authorities to be non-taxable, so I have no foreign tax credits to account for. You might want to consider either reading the entire thread on this topic or just get with TT and pay the required support time charges to answer your questions. I did that the first time I had the question about where to input foreign pension income and unfortunately you have to screw around a bit with TT to enter the data. If I recall you actually have to enter a "made up" W9 number to get it to work, but it's in the thread somewhere. Unfortunately I just don't have the time to pull my files and go back into the input data. All the best to you as you hunt for the answer.
September 25, 2025
11:39 AM
Did you go to this website for the 2023 TurboTax Business edition? - https://turbotax.intuit.com/personal-taxes/past-years-products/
If so and you are unable to purchase the software then you w...
See more...
Did you go to this website for the 2023 TurboTax Business edition? - https://turbotax.intuit.com/personal-taxes/past-years-products/
If so and you are unable to purchase the software then you will need to contact TurboTax support. 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
September 25, 2025
11:28 AM
September 25, 2025
11:20 AM
I sold some minerals and can't find where to report the depletion that will offset my basis. I did not receive a 1099, so I can't make an adjustment to a 1099.
September 25, 2025
11:03 AM
TurboTax has no involvement whatsoever with your offset refund that was seized for child support. This is a matter for you to sort out with the IRS and the agency that enforces the child support ord...
See more...
TurboTax has no involvement whatsoever with your offset refund that was seized for child support. This is a matter for you to sort out with the IRS and the agency that enforces the child support order. TurboTax gets no information from the IRS after you file your tax return. No one at TurboTax knows that the refund was offset and cannot find out anything about it. Sorry.
https://ttlc.intuit.com/community/refunds/help/what-is-a-refund-offset/00/26301
Reduced Refund https://www.irs.gov/taxtopics/tc203
NOTE: You can contact the IRS Treasury Offset Program Call Center at 1-800-304-3107 to ask if they have an offset for you on file. TurboTax would not have that information.
https://turbotax.intuit.com/tax-tips/tax-payments/who-can-garnish-an-income-tax-refund/L7cPPzDyc
TurboTax does not receive feedback from the IRS regarding money that was offset from your refund. If you owed back taxes or child support, you will receive a letter of explanation from the IRS in several weeks. The WMR site will contain a message regarding your offset. It is also possible that the IRS caught a mistake you made and reduced your refund.
September 25, 2025
10:50 AM
You both need to enter it on your own returns, and allocate 50% to each. You will need to look up your correct SLCSP - the one on the 1095-A is almost certainly incorrect for your situation. htt...
See more...
You both need to enter it on your own returns, and allocate 50% to each. You will need to look up your correct SLCSP - the one on the 1095-A is almost certainly incorrect for your situation. https://www.healthcare.gov/tax-tool/#/ I don't know your situation, but you said you are filing Head of Household ... just verify that you qualify for that, such as living apart from your spouse for the last six months of the year. In most cases, filing as Married Filing Separately disqualifies the Premium Tax Credit for Marketplace insurance, so your spouse may need to repay some or all of her 50% of the 1095-A.
September 25, 2025
10:24 AM
This will not work correctly unfortunately. TT on its Social Security Benefits Worksheet does not allow to enter separately US and foreign Social Security-pensions (SS-pension). As a result, TT will ...
See more...
This will not work correctly unfortunately. TT on its Social Security Benefits Worksheet does not allow to enter separately US and foreign Social Security-pensions (SS-pension). As a result, TT will consider the total income from both US and foreign SS-pensions (in my case German) as 100% US Social Security payments. And therefore TT will apply incorrectly 0% tax rate to my German SS-pension - TT knows that US SS-pension is not taxed by the US for the US citizens leaving in Germany. Any ideas on how to solve this problem?
September 25, 2025
10:22 AM
I have an LLC taxed as a partnership. I’m preparing the partnership return (Form 1065) in other software. My K-1 shows Box 1 ordinary loss, no rentals or other amounts. I plan to use TurboTax Online ...
See more...
I have an LLC taxed as a partnership. I’m preparing the partnership return (Form 1065) in other software. My K-1 shows Box 1 ordinary loss, no rentals or other amounts. I plan to use TurboTax Online to complete my Form 1040. What exact steps should I use so TurboTax creates Schedule E and then carries the result to Schedule 1, line 5? Right now it seems to go straight to Schedule 1, line 5 without generating Schedule E, how do I fix that?
Topics:
September 25, 2025
10:09 AM
Topics:
September 25, 2025
10:02 AM
1 Cheer
You have to report all your income, including tips. The tax break for tips is entered separately. (You enter all your income including tips, then you will back out your tips later). Only the first...
See more...
You have to report all your income, including tips. The tax break for tips is entered separately. (You enter all your income including tips, then you will back out your tips later). Only the first $25,000 of tips are deductible and your total income has to be less than $150,000 to use this deduction.
https://www.irs.gov/newsroom/treasury-irs-issue-guidance-listing-occupations-where-workers-customarily-and-regularly-receive-tips-under-the-one-big-beautiful-bill
Estimated taxes depends on your overall income, deductions and credits. You will pay 15% self-employment tax on your net profit from business plus 12-22% income tax. But that word "net profit" is important. Your main expense is going to be mileage. The standard rate for 2025 is 70 cents per mile. You can also choose to use the actual expense method, but the standard mileage method is usually more beneficial for most people. Both methods, including the records you need to keep, are described in chapter 4 of IRS Publication 463.
https://www.irs.gov/forms-pubs/about-publication-463
Suppose your gross income is $5000, but you drove 1000 miles to earn that much. Your net profit would be $5000 minus (70 cents x 1000 miles) = $4300.
If you are single and have no other income and no dependents, you would set aside 15% of the first $15,000 and 30% of amounts over $15,000, of net profit. If you have other jobs, or are married and your spouse works, you may need to set aside more, because your tax rate will be higher, and if you have dependents and other deductions, you may be able to set aside less. 35% is not an unreasonable guess. But you can use various tax estimator tools to get an idea, and check with those tools over the year as things change so you can adjust if needed.
https://www.irs.gov/individuals/tax-withholding-estimator
https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
September 25, 2025
10:02 AM
I am a US citizen and leave un Germany. I receive Social Security pension (SS-pension) both from Germany and form the US. My understanding is that: (a) under the US-Germany tax treaty I shall not pay...
See more...
I am a US citizen and leave un Germany. I receive Social Security pension (SS-pension) both from Germany and form the US. My understanding is that: (a) under the US-Germany tax treaty I shall not pay any US tax on income from my US SS-pension (this is for sure); (b) however my German SS-pension is taxable by the US. Could you please confirm, if my understanding regarding German SS-pension is correct. Does the US, under the US-Germany tax treaty, shall tax the German SS-pension at a reduced rate similar to the taxation of US SS-pension? According to your recommendations, I shall add US and German SS-pensions and enter the amount in Box 5 and then answer "yes" for the next TT's question regarding leaving in one of the following countries (Germany in my case). However this seems does not work correctly. When I do this TT totally excludes my both pensions from taxation. Means TT calculates my US tax for both pensions as zero. It looks as TT considers both pensions as US Social Security (not a mix of US and foreign pensions). Therefore it calculates tax as zero, as US SS-pension is not taxed for US citizens leaving in Germany. Could you please comment. What do I do wrong and how to solve the problem. Thanks a lot for you kind help and advise.