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a month ago
Do the same thing you did last year. Report the sale on Form 8949. That's the correct place to report it.
In TurboTax enter it as investment income. On the screen that says "OK, let's start with ...
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Do the same thing you did last year. Report the sale on Form 8949. That's the correct place to report it.
In TurboTax enter it as investment income. On the screen that says "OK, let's start with one investment type," click Other. On the screen where you enter the details of the sale, for "What type of investment did you sell?" select "Personal items."
a month ago
Being disabled has very little benefit, in tax filing.
There is a credit for the elderly or disabled (you don't have to be both). But because it has not been adjusted for inflation since 1983, ver...
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Being disabled has very little benefit, in tax filing.
There is a credit for the elderly or disabled (you don't have to be both). But because it has not been adjusted for inflation since 1983, very very few people qualify. If you qualify, TurboTax (TT) will automatically calculate it. It goes on Schedule 3, line 6d (2024). It is not a refundable credit. That is, you must have a tax liability to offset to get the credit. Very few people, with that little income have an actual tax to offset.
Having any social security income at all works against you. Essentially your potential credit is reduced by any tax you "shoulda paid” on the untaxed Social security income. If you have more than $5000 social security ($7500 Married Filing Jointly and both are elderly or disabled) or VA benefits you will not qualify for the credit.
A child's disability doesn't affect tax filing until he turns 19 (24 if a full time student). Then his disability allows him to continue to be considered a "Qualifying Child" for tax purposes regardless of age. There are no credits or deductions, other than that some items, e.g. special schooling, can be considered medical expenses.
a month ago
2 Cheers
If you are already using TurboTax for Federal and Ohio state returns, there is no additional charge to use TT for the RITA return. But don't expect much, there are essentially no deductions or break...
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If you are already using TurboTax for Federal and Ohio state returns, there is no additional charge to use TT for the RITA return. But don't expect much, there are essentially no deductions or breaks for TT to find.
TurboTax (TT) does not automatically prepare a city return, you must initiate it. At the screen, in the Ohio program, titled "A few things before we wrap up your state taxes" scroll down to Ohio City taxes. Or, later "Your 2025 Ohio Taxes are ready for us to check" -Click Other situations -Scroll down to Ohio City taxes.
TT cannot e-file an Ohio City or RITA return. It must be printed and mailed.
I actually find it easier to fill out a city return by hand or at the city, CCA or RITA web site, than to use TT. Things don't happen automatically and you need to know what you’re doing. The actual RITA/city forms are easier to follow than the TT interview..
a month ago
I need to change my email address
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a month ago
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a month ago
Thank you, according to my expert seems like they delayed it to the Jan 27th thx
a month ago
Yes t hat area should be updated on Jan 21. See Expert Marilyn's post here for the 1/21 date and that they know about the form 3909 glitch https://ttlc.intuit.com/community/retirement/discussio...
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Yes t hat area should be updated on Jan 21. See Expert Marilyn's post here for the 1/21 date and that they know about the form 3909 glitch https://ttlc.intuit.com/community/retirement/discussion/when-will-the-ira-401-k-pension-plan-withdrawals-1099-r-form-1099-r-section-be-available-the-program/00/3718837
a month ago
It is January 18 and I still cannot enter my 1099-R income. The message says it needs updates from Intuit. Seems like we should have this by now.
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a month ago
Q. One $2K unrestricted scholarship we reclaimed from the 529 – after it was applied to R&B on direct bill. Can we still count this (if paying taxes on it) toward allowed 529 expenses (R&B)?
A. Yes...
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Q. One $2K unrestricted scholarship we reclaimed from the 529 – after it was applied to R&B on direct bill. Can we still count this (if paying taxes on it) toward allowed 529 expenses (R&B)?
A. Yes. Look at it this way: for QEE accounting, the taxable scholarship didn't pay for anything. It's just income. You're free to allocate $2000 R&B to the 529 distribution. It's a qualified expense for the 529 distribution.
Q. So does that increase 529 QEE out of $14,693 total distribution?
A. Increases it.
Q. Another ~ $2K unrestricted scholarship we took as a refund direct from the college and applied to living expenses. If taxed on it, does this increase or reduce our 529 QEE out of total distribution?
A. Increases it. Because the $2k is taxed, it's only income. It does not have to be allocated to any expenses at tax filing time.
Q. Also, since our kid has tax-free scholarship more than triple the amount of 529 NQEE, I assume there's no 10% tax penalty on 529 NQEE?
A. Yes. But, better yet, just allocate the expenses to the 529 distribution, not the scholarship taxable income.
a month ago
You can enter most things. If you have a 1099R for IRA or retirement that should be ready Jan 21. What deductions can't you enter?
a month ago
I was more hoping to see if there is any advantage to using Intuit/ TT for deductions or breaks in the filing with RITA. I've actually already filled out the return with RITA, I'm just hoping to ...
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I was more hoping to see if there is any advantage to using Intuit/ TT for deductions or breaks in the filing with RITA. I've actually already filled out the return with RITA, I'm just hoping to find a way of paying them less.
a month ago
When will the online Turbo Tax program be updated so I can enter my Federal income data? I know what the deductions are, but I am unable to enter them into the online program.
a month ago
How to downgrade to a lower version. https://ttlc.intuit.com/community/downgrading/help/can-i-downgrade-to-a-lower-priced-version-of-turbotax-online/00/25591 If you started your tax return in Tu...
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How to downgrade to a lower version. https://ttlc.intuit.com/community/downgrading/help/can-i-downgrade-to-a-lower-priced-version-of-turbotax-online/00/25591 If you started your tax return in TurboTax Free Edition (Form 1040 with limited credits; roughly 37% of taxpayers qualify), you won't need to clear and start over. You can select Switch to Free Edition instead. In the Turbo Tax Free Edition, information that you can enter is very limited now. Why do I have to upgrade from the Free Edition? https://ttlc.intuit.com/community/upgrading/help/why-do-i-have-to-upgrade-from-free-edition/00/26379 If the only reason you are getting upgraded to Deluxe is for the Retirement Savers Credit you can remove that. Go back to My Info and say you are a student. Then it won't give you the retirement savings credit.
a month ago
@jy-estrada I found 2 other articles on Divorced instead of that one for Alimony Getting Divorced article https://turbotax.intuit.com/tax-tips/marriage/getting-divorced/L20NC66cf Video tips fo...
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@jy-estrada I found 2 other articles on Divorced instead of that one for Alimony Getting Divorced article https://turbotax.intuit.com/tax-tips/marriage/getting-divorced/L20NC66cf Video tips for Divorced couples https://turbotax.intuit.com/tax-tips/marriage/video-tax-tips-for-divorced-couples/L8YqvF7p5
a month ago
There is a tax “loop hole” available to claim an education credit, for the parents of students on scholarship. The student reports all his scholarship, up to the amount needed to claim the American ...
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There is a tax “loop hole” available to claim an education credit, for the parents of students on scholarship. The student reports all his scholarship, up to the amount needed to claim the American Opportunity Credit (AOC), as income on his return. That way, the parents (or himself, if he is not a dependent) can claim the tuition credit on their return. They can do this because that much tuition was no longer paid by "tax free" scholarship. You cannot do this if the conditions of the grant are that it be used to pay for qualified expenses.
Using an example: Student has $10,000 in box 5 of the 1098-T and $8000 in box 1. At first glance he/she has $2000 of taxable income and nobody can claim the American opportunity credit. But if she reports $6000 as income on her return, the parents can claim $4000 of qualified expenses on their return.
Books and computers are also qualifying expenses for the AOC. So, extending the example, the student had another $1000 in expenses for those course materials, paid out of pocket. She would only need to report $5000 of taxable scholarship income, instead of $6000.
The IRS actually encourages use of this technique. From the form 1040 instructions: “You may be able to increase an education credit if the student chooses to include all or part of a Pell grant or certain other scholarships or fellowships in income. For more information, see Pub. 970, the instructions for Form 1040 and IRS.gov/EdCredit". PUB 970 even has examples of how to do the “loop hole”.
a month ago
Q. Would I be able to receive any of the education tax credit when I file?
A. No. The law was written this way to specifically prevent what you want to do (shift the AOTC to the student when the ...
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Q. Would I be able to receive any of the education tax credit when I file?
A. No. The law was written this way to specifically prevent what you want to do (shift the AOTC to the student when the parents are not eligible).
A full time unmarried student, under age 24, even if you don't qualify as a dependent, is only eligible for the refundable portion of the American Opportunity Credit (AOC or AOTC) if he supports himself by working. You cannot be supporting yourself on parental support, 529 plans or student loans & grants. It is usually best if the parent claims that credit.
Reference: Line 7 instructions for form 8863.
https://www.irs.gov/instructions/i8863#en_US_2024_publink53002gd0e674
https://www.irs.gov/instructions/i8863
If the $2000 taxable grant is your only income, it is not enough to require you to file a tax return. If you have enough other income, that you actually have a tax liability, then you may be eligible to claim an education credit to cover that liability, but it requires declaring more scholarship as taxable to free up tuition to claim the credit with. See separate reply.
a month ago
This service gets worse and worse every year. I am not happy at all.
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a month ago
See Expert Marilyn's post here for the 1/21 date https://ttlc.intuit.com/community/retirement/discussion/when-will-the-ira-401-k-pension-plan-withdrawals-1099-r-form-1099-r-section-be-available-the-...
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See Expert Marilyn's post here for the 1/21 date https://ttlc.intuit.com/community/retirement/discussion/when-will-the-ira-401-k-pension-plan-withdrawals-1099-r-form-1099-r-section-be-available-the-program/00/3718837
a month ago
How did you find that out. That retirement section of TurboTax will be available to input figures
a month ago
I entered the information for my 1099-G in TurboTax (Windows Desktop), but the "Wages & Income" screen still says that the form is "Available now". Since I entered the information, it should show the...
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I entered the information for my 1099-G in TurboTax (Windows Desktop), but the "Wages & Income" screen still says that the form is "Available now". Since I entered the information, it should show the amount of my state tax refund.