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I'm a NY State resident (unfortunately) and my W2 has in box 14 for IRC125 $5034 listed.  But I only contributed $3300 in my 2025 employer FSA account (used it all by the way in year 2025).   What ... See more...
I'm a NY State resident (unfortunately) and my W2 has in box 14 for IRC125 $5034 listed.  But I only contributed $3300 in my 2025 employer FSA account (used it all by the way in year 2025).   What could the additional difference of $1734 be for?   If FSA is supposed to be tax free for medical expenses (Feds not taxing apparently), why does NY tax it?   I want to make sure that I don't submit an amount for IRC125 that will tax me, when maybe I shouldn't be taxed for some or all of it?   Thank you.   Frank S. Avayatech
as long as you can't or don't claim the FEIE, the compensation counts for purposes of a ROTH contribution.  You can also claim any foreign tax credit.  
leave the state ID blank, but you do need to report any income, even if you did not receive a 1099 or W-2. 
Check your IRS transcript. You'll create a nightmare for yourself using that $500 per since it seems wrong or may include FICA taxes, which are not the same as Federal/ State withholding taxes. There... See more...
Check your IRS transcript. You'll create a nightmare for yourself using that $500 per since it seems wrong or may include FICA taxes, which are not the same as Federal/ State withholding taxes. There shouldn't have been any withholding if you were an independent contractor, while if you were an employee, you should have received a W-2, which should have included the commissions. You could have been a special category - statutory employee. They get a W-2  The IRS statutory employee definition is limited to the following categories: Drivers who are an agent of the employer or paid on commission to distribute beverages other than milk, or meat, vegetables, fruit or bakery products. This category also includes drivers who pick up and deliver laundry or dry cleaning. Full-time life insurance sales agents who work primarily for one life insurance company selling life insurance or annuity contracts. Individuals who work from home on materials or goods supplied by the employer that must be returned to the employer or a person named by the employer. The employer also provides specifications for the work to be done. Full-time traveling or city sales people whose principal business activity is working on one employer’s behalf turning in orders from wholesalers, retailers, contractors, or operators of hotels, restaurants and other similar establishments. The goods sold must be merchandise for resale or supplies for use in the buyer’s business operation.   For such an employee, FICA taxes are withheld, but generally not income taxes Consider seeking professional help. As an employee, your employee expenses are not deductible. As an Independent contractor or statutory employee, your business expenses are deductible. Also, if your company did not file a W-2 or 1099 with the government, then the IRS will likely deny you credit for any withholding taxes you claim.   You'll need to create an account to access your IRS transcripts and other records. https://www.irs.gov/ 
Thank you analogue, this was a helpful set of steps. I found with your recommendation a step I had missed and now the worksheet is calculating correctly and it is included in the PDF file you get whe... See more...
Thank you analogue, this was a helpful set of steps. I found with your recommendation a step I had missed and now the worksheet is calculating correctly and it is included in the PDF file you get when printing for records right before executing the efile process. Thank you for sharing this workflow detail!
i live in Florida
I'm filing jointly with my spouse. When I import Spouse' 1099-B, Turbo Tax would not ask if it is for me or for my spouse.  After I import it, if I look at the Capital Asset Sales Worksheet, it's u... See more...
I'm filing jointly with my spouse. When I import Spouse' 1099-B, Turbo Tax would not ask if it is for me or for my spouse.  After I import it, if I look at the Capital Asset Sales Worksheet, it's under my SS# and both of our names. How do I separate it? There is option to change the ownership for DIV & INT, but not for 1099-B. Only way to update seems to be going to Forms and directly update Capital Asset Sales Worksheet.  This is odd. and seems like Turbo Tax needs to correct this.  
Tracking my refund
When real or personal property is converted from personal use (grandma) to rental use, the depreciable basis is the lower of cost and FMV as of the conversion date. However, you can include the cost ... See more...
When real or personal property is converted from personal use (grandma) to rental use, the depreciable basis is the lower of cost and FMV as of the conversion date. However, you can include the cost of any capital improvements made during the period you owned it, also following this rule. If you paid in a foreign currency, it must be converted to US dollars. Can't help with land cost.    https://www.irs.gov/individuals/international-taxpayers/yearly-average-currency-exchange-rates   . 
YES Yes YES  I have used TurboTax for the past t 6 years BUT this year's version is terrible.  I purchased the Premier package at Costco, downloaded the SW, launched it and it defaulted to the Onlin... See more...
YES Yes YES  I have used TurboTax for the past t 6 years BUT this year's version is terrible.  I purchased the Premier package at Costco, downloaded the SW, launched it and it defaulted to the Online version vs the traditional Desktop version.   It's hard to understand how they screwed it up so badly. I will work on it again tomorrow to see if the difficulty is all operator error.  My advice to a new first time user  is  look at other Tax SW.  
I have a question 
for a gift, the donor's holding period tacks on so technically, you need this info from the donor. You were supposed to be provided with this by the donor because it would be needed if you sold the s... See more...
for a gift, the donor's holding period tacks on so technically, you need this info from the donor. You were supposed to be provided with this by the donor because it would be needed if you sold the stock There is also this special rule that could apply to your situation. Entering bad data could result in an IRS inquiry because it's easy for the IRS to find or know the value on the date you enter. There is a unique exception, known as the dual basis rule, that applies if the stock’s FMV is less than the donor’s basis at the time of the gift. The donor’s basis is used
You qualify for the NJ pension exclusion if:   You (and/or your spouse/civil union partner, if filing jointly) were 62 or older or disabled as defined by Social Security guidelines on the last day... See more...
You qualify for the NJ pension exclusion if:   You (and/or your spouse/civil union partner, if filing jointly) were 62 or older or disabled as defined by Social Security guidelines on the last day of the tax year (December 31 for calendar year filers); and Your total income for the entire year was $150,000 or less. @gcrossleycpa 
Enhanced Deduction for Seniors requires Schedule 1-A of Form 1040 for 2025
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