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4 weeks ago
@mvalluri , Namaste ji
While I am not familiar with the exact screens for the on-line product, it should be pretty much the same as the desktop version --- I use Windows " Home & Business".
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@mvalluri , Namaste ji
While I am not familiar with the exact screens for the on-line product, it should be pretty much the same as the desktop version --- I use Windows " Home & Business".
1. Under the deductions and credits tab, select I will choose what I work on
2. From the list of deductions/credits, go all the way down to "Miscellaneous deductions/credits" group. Look for Foreign Tax Credit, select the button on the right hand of the screen.
3. Proceed with entries -- this will allow you to fill out the form 1116.
Note that --- (a) it is not advisable to use the TDS figure , use the final figure from the ITR-- else you may have to file an amended return if the TDS figure is different from the final figure; (b) the gain computation for US return is per US tax laws and therefore the US gain figure may be different from that on your ITR--- so for form 1116 foreign source income is the same as the gain computed per the US return; while US will recognize the full amount of Foreign Taxes paid, the allowable amount for the tax year is the LESSER of that paid to Foreign Taxing Authority and that imposed by US on the SAME doubly taxed income, the rest is available for carry back and/or carry forward.
Is there more I can do for you ?
Namaste ji
4 weeks ago
2 Cheers
Today is Monday, January 26, 2026, and form 5695 is still not available. Today is also the day that the IRS begins receiving tax returns for the calendar year 2025. This form SHOULD HAVE BEEN AVAIL...
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Today is Monday, January 26, 2026, and form 5695 is still not available. Today is also the day that the IRS begins receiving tax returns for the calendar year 2025. This form SHOULD HAVE BEEN AVAILABLE by today. Not only is the absence of this form preventing me from filing my tax return, it is also the difference between me owing the IRS and receiving a refund. Please advise a realistic availability date.
4 weeks ago
Wait---he filed married filing separately? And it was accepted? Did he put your SSN on his return? Did he click that you can be claimed as someone else's dependent? If that is how he filed, th...
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Wait---he filed married filing separately? And it was accepted? Did he put your SSN on his return? Did he click that you can be claimed as someone else's dependent? If that is how he filed, then you also have to file married filing separately, and you will have to enter his SSN etc on your tax return.
4 weeks ago
1 Cheer
You would likely answer that you did not make non-deductible IRA Contributions.
Non-deductible IRA contributions would be contributions to an IRA that you designated as non-deductible. Similar ...
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You would likely answer that you did not make non-deductible IRA Contributions.
Non-deductible IRA contributions would be contributions to an IRA that you designated as non-deductible. Similar to a contribution to a ROTH IRA, the distributions from such an account would not be taxable. Since you rolled money into the IRA from a 401-K, it would not typically involve non-deductible contributions. The only way it would factor in is if the 401-K account was a ROTH 401-K, which is not typical.
4 weeks ago
1 Cheer
Thanks for the research. Looks like going the Smart Check path also fixed the flag not being set correctly for digital assets on form 8949 (setting box C/F instead of box I/L). Still, it's a pre...
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Thanks for the research. Looks like going the Smart Check path also fixed the flag not being set correctly for digital assets on form 8949 (setting box C/F instead of box I/L). Still, it's a pretty painful workaround when you have a decent number of sales since it is three corrective steps per transaction entered. Seems like a code fix would be in order to fix the initial data entry.
4 weeks ago
QMID I7Q6 still does not work in the document and you're stuck in an endless fix the error before efile as of 01/26/26.
4 weeks ago
The tax tool is not yet updated for 2025. You'll need to check back from time to time.
The SLCSP premium is incorrect if:
Part III, Column B has a “0” or is blank for any month someone...
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The tax tool is not yet updated for 2025. You'll need to check back from time to time.
The SLCSP premium is incorrect if:
Part III, Column B has a “0” or is blank for any month someone in your household had the Marketplace plan
You had changes in your household that you didn’t tell the Marketplace about — like having a baby, moving, getting married or divorced, or losing a dependent
4 weeks ago
I claimed her last year but for some reason it will not let me claim her this year
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4 weeks ago
Just bought the Home & Business fromStaples 3 days ago. Licence code not working. How to fix it
4 weeks ago
line 15 is showing $33762. My qualified dividend income was $10k, but way under taxable amount.
4 weeks ago
As I heard that I can file return though TurboTax with 50 dollar is that true
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4 weeks ago
Depending on how your W-2 was issued and whether you want the excluded income to count for the Earned Income Credit, here's detailed info on How to Enter Exempt Medicaid Waiver Payments.
@think...
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Depending on how your W-2 was issued and whether you want the excluded income to count for the Earned Income Credit, here's detailed info on How to Enter Exempt Medicaid Waiver Payments.
@thinkoflaura
4 weeks ago
I've amended my 2024 and would like to efile it. I'm confused on whether this is possible. If not possible, what pages do I need to mail in the filing? I'm just deleting an inappropriate schedule...
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I've amended my 2024 and would like to efile it. I'm confused on whether this is possible. If not possible, what pages do I need to mail in the filing? I'm just deleting an inappropriate schedule - only the 1040 and 1040X and not the many other pages in the original submission?
4 weeks ago
Picture of a truck on there
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4 weeks ago
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4 weeks ago
The 5695 Residential Energy Credit is complete.
It is being rolled out and may be currently available.
4 weeks ago
It is the 26th and the error is still there
4 weeks ago
The 5695 Residential Energy Credit is complete.
It is being rolled out and may be currently available.
4 weeks ago
Did you have any income reported to you on a 1099-NEC? Because, if so, you do have a business. You are a self-employed contractor doing whatever job generated that 1099-NEC. And being a self-emplo...
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Did you have any income reported to you on a 1099-NEC? Because, if so, you do have a business. You are a self-employed contractor doing whatever job generated that 1099-NEC. And being a self-employed contractor means you have to pay self-employment tax but it also means that you get deductions from income. Including the deduction represented by form 8995.
If you did not have any self-employment income this year then you should not need form 8995 and you can delete it.