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a month ago
@Hal_Al , I’m still not clear on whether taxable scholarships our student reports as income increase the qualified portion of our 529 distribution or reduce it – depending on whether we took a 529...
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@Hal_Al , I’m still not clear on whether taxable scholarships our student reports as income increase the qualified portion of our 529 distribution or reduce it – depending on whether we took a 529 reimbursement for some of the taxable scholarship total, or didn’t take a 529 refund. Tuition is 100% paid with a restricted scholarship (no impact). $766 in fees go to AOTC (< $4K fees & supplies), the rest aren’t required for attendance and count as 529 NQEE together with living expenses: $1,578 in 529 non-qualified expenses. R&B = $12,056 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)? So does that increase 529 QEE out of $14,693 total distribution? (Or reduce it?) 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? I assume both scholarships are fully taxable. Right now I have $11,946 as 529 QEE, and $2,747 as 529 NQEE, but I haven’t factored in the second scholarship. 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? Thanks for your help!!
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a month ago
Yes, you can enter your Self-Employed Health Insurance premiums for Schedule C in TurboTax Online following these steps:
Navigate to the Schedule C section:
TurboTax Online/Mobile: Go to t...
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Yes, you can enter your Self-Employed Health Insurance premiums for Schedule C in TurboTax Online following these steps:
Navigate to the Schedule C section:
TurboTax Online/Mobile: Go to the Schedule C screen under Wages & Income.
If this is your first time entering info about your self-employment work, you’ll be asked some initial questions.
If you previously entered info on your self-employment work, select Edit next to the type of work you entered previously.
On the Select the expense categories you have screen, select Less common to show all expense categories. Browse the options and select Health insurance premiums, then select Continue.
On the Expenses section, find the Health insurance premiums section and select Start.
On the Tell us about health insurance premiums for your [business] work screen, enter the total amount of health insurance premiums you paid.
If you received Form 1095A, see Where do I enter my 1095-A?
For more information, see Where do I enter my health insurance premiums if I'm self-employed?
a month ago
Did she itemize deductions last year? If she took the Standard Deduction the refund is not taxable so you can ignore it. Not sure what to do if she itemized. Probably enter the refund and answer ...
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Did she itemize deductions last year? If she took the Standard Deduction the refund is not taxable so you can ignore it. Not sure what to do if she itemized. Probably enter the refund and answer the questions just for her 2024 return. Did you start 2-025 by transferring one of the separate returns? Then for your tax paid enter it under Federal Taxes (or Personal for H&B) Deductions and Credits Then scroll way down to Estimates and Other Taxes Paid Other Income Taxes - Click the Start or Update button Next page scroll down to Other Income Taxes Paid in 2024 Balance due on your 2023 State taxes paid in 2024
a month ago
Interesting, I am wondering if that might have been the initial cause? I already did and activated twice already. I don't think I will need the full 5, but I will be cautious on next time I open it...
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Interesting, I am wondering if that might have been the initial cause? I already did and activated twice already. I don't think I will need the full 5, but I will be cautious on next time I open it. I tired calling TT support, but as I start talking to a rep, the call drops. I tried it twice, but the call just dropped during the conversation and they never called back. I assume they are having phone problems. Anyway, thanks for your note!
a month ago
The self-employment area of TurboTax Online 2025 has been recently updated and is now available. It can be found in the Wages & Income section under Self Employment on the left side of the screen.
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The self-employment area of TurboTax Online 2025 has been recently updated and is now available. It can be found in the Wages & Income section under Self Employment on the left side of the screen.
For steps on how to enter self employment income, see this TurboTax article. You may need to upgrade your version of TurboTax in order to file self employment income and expenses and related forms.
If you have additional questions feel free to reach out to the TurboTax Community.
a month ago
Perhaps. The TurboTax Cryptocurrency Guide states:
The disposal of the cryptocurrency as a purchase may generate a taxable event in the following situations:
Depending on the situation, ...
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Perhaps. The TurboTax Cryptocurrency Guide states:
The disposal of the cryptocurrency as a purchase may generate a taxable event in the following situations:
Depending on the situation, cryptocurrency is taxed as:
Ordinary income, if for example, it earns a return for the holder from an income stream (similar to interest) or
A capital gain or loss from a sale of property after its value has increased or decreased
If merely bought and held, it’s not taxed until something is done with it, such as disposal.
See The TurboTax Cryptocurrency Guide here.
a month ago
How do I fill out this years taxes in this scenario: 2024 Both filed Married Filing Separately 2024 State Tax refund for wife was $1782, but 2024 the husband paid $8637 in State taxes at filing. I...
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How do I fill out this years taxes in this scenario: 2024 Both filed Married Filing Separately 2024 State Tax refund for wife was $1782, but 2024 the husband paid $8637 in State taxes at filing. If I would have had to add two refunds together when reporting state tax refunds, do I consider this as zero refund, and net paid to state of $6855? How do I fill out the fields in turbo tax pertaining to last years tax refunds?
a month ago
Yes, you can amend your 2023 tax return to add your grandchild as a dependent. Generally you have three years from the original due date to file an amended return (Form 1040-X) and potentially get a ...
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Yes, you can amend your 2023 tax return to add your grandchild as a dependent. Generally you have three years from the original due date to file an amended return (Form 1040-X) and potentially get a refund.
If the SSN was not issued on or before the due date of the return (For tax year 2023, April 15, 2024 ), there might be some limitations on the tax benefits that you can claimed:
You cannot claim certain credits if the SSN was not issued on or before the due date (including extensions) such as the Child Tax Credit, other dependent credit, or EIC. If you amend, you will not get these specific credits retroactively.
Even if you cannot get the credits, adding the grandchild as a dependent may still provide other tax benefits, such as allowing you to file as Head of Household, which could lower your overall tax liability.
If you need instructions on how to file a prior year tax return follow the link below
How do I amend my federal tax return for a prior year?
a month ago
Don't know if this will help. But worked for last year. Make sure your computer is the same way when you originally installed it. Like with no flash drives plugged in or plugged in if one was. Eve...
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Don't know if this will help. But worked for last year. Make sure your computer is the same way when you originally installed it. Like with no flash drives plugged in or plugged in if one was. Even a printer plugged in or not. It asked me to activate again so I just closed the program and took out a flash drive that was plugged in and tried again. It worked.
a month ago
You will need your 2024 adjusted gross income (AGI) if you don't have your five-digit PIN from 2024. The five-digit PIN you create is not recorded anywhere in TurboTax. Your AGI can be found on you...
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You will need your 2024 adjusted gross income (AGI) if you don't have your five-digit PIN from 2024. The five-digit PIN you create is not recorded anywhere in TurboTax. Your AGI can be found on your Form 1040 page 1, line 11 of your 2024 tax return. For more information about the 5-digit signature PIN, please see the following links:
What is my signature ID?
What's the difference between the five-digit Self-Select PIN I created last year and my Self-Select PIN this year?
a month ago
I initially loaded TT2025 and activated the SW. This version includes loading to 5 devices. I recently opened up software again on same PC and it activated SW again and the message now says I have ...
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I initially loaded TT2025 and activated the SW. This version includes loading to 5 devices. I recently opened up software again on same PC and it activated SW again and the message now says I have used SW on 2 out of 5 activations? I have only opened up TT 3 times on the same PC. On the second opening, there was a very large update but seemed to be working fine, while some areas (1099R) were still pending. When opening up the 3rd time, the SW wanted to activate again, thus telling me that I have now used 2 activations which doesn't seem to be making sense. I have been using TT for many years, and this is the first encounter ever experienced. Not that I need it immediately, but how I can have the SW revert back to 1 activation and not 2?
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a month ago
Will TurboTax 2025 ever Handle IRA Distribution? I am so frustrated that I am ready to migrate to H&R Block
a month ago
Thank you for this. Turbo Tax asks if it's covered or non covered, which I am not clear about. The 1099b has box 5 checked, check if noncovered security. But, also has an X just before box 1A, and s...
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Thank you for this. Turbo Tax asks if it's covered or non covered, which I am not clear about. The 1099b has box 5 checked, check if noncovered security. But, also has an X just before box 1A, and says the info is being reported. Turbotax says covered and reported mean the same thing. I also do not see anywhere to tell the program this is inherited. Very confusing! Any help will be greatly appreciated. Thanks, Kathy
a month ago
1 Cheer
@ttkathyc wrote: What date did you see? 1/21/2026 for a couple of related forms, I believe, which should be finalized next week.
a month ago
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a month ago
I apologize but I went to that link and was not able to find information related to entering 1099-R income on Form 1040. What date did you see?
a month ago
To restart your tax return, you can erase your return and start over if you haven't already submitted a payment, or had your TurboTax fees deducted from your tax refund, or registered your product. ...
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To restart your tax return, you can erase your return and start over if you haven't already submitted a payment, or had your TurboTax fees deducted from your tax refund, or registered your product.
If you are using TurboTax Online you will:
Select "Tax Tools" from your left menu, then
Select "Tools".
Select "Clear & Start Over".
Select "Yes".
Note: You can also downgrade your product without erasing all your information.
If you are using TurboTax Mobile App you will:
Select "More" from your home screen,
Then you will select "Clear and Start Over".
And then select "I want to clear my tax data".
If you are using TurboTax Desktop, you will:
Go to "File New Tax Return" (this will create a new tax return and keep the old one).
You will be able to delete this old file from your computer's Documents folder if you have no need for it (Note: the file will end in .tax2025 or similar for your 2025 tax year)
For additional information, click here for How do I clear and start over?
If you have additional information or questions regarding this, please return to Community and we would be glad to help.
a month ago
The cost is a medical expense. If you itemize you can deduct the total medical expense greater than 7.5 percent of your AGI.
a month ago
Inherited stock is always long term. Tell the program that it was inherited.