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The OBBA has introduced a new deduction for overtime pay from tax year 2025. You may deduct up to $12,500 of qualified overtime premium on your Federal tax return (up to $25,000 for MFJ). The deduction is gradually phased out if your MAGI exceeds $150,000 ($300,000 for MFJ). The deduction is for the overtime premium, which is the portion over your regular pay.   For tax year 2025, your employer may list non-taxable overtime in box 14 with a specific label like "FLSA OT Prem". You might also receive a separate year-end statement giving you the amount. Otherwise, you have to calculate the overtime premium to enter on your tax return.   For tax year 2026 onwards, a specific Box 12 code will be used. This amount is an above-the-line deduction, meaning it will be subtracted from your gross income on form 1040.   In TurboTax Online, this is how you enter the qualified overtime premium: After entering your form W-2, you'll see a screen titled Let's Check for Other Situations Put a checkmark on Overtime and click Continue Follow the TurboTax questionnaire to enter your qualified overtime premium This deduction will transfer to Schedule 1-A of your form 1040, then to line 13b of your form 1040.

The S-Corp can reimburse you and your spouse for any health care expenses that you have.  These expenses reduce taxable income for the S-Corp.  But they must be reported on the W2 issued to you and your spouse in box 1 although they are not taxable for social security and medicare purposes.  So they would be reported as income on the W2 and the 941 although they would not be reported as FUTA wages and their treatment in PA should be the same as the federal.

Notice of Form 5695, Residential Energy Credits availability was mailed out Friday, Jan. 23. The Form is still not actually showing up as an update to forms when opening the desktop app, nor when selecting Check for Updates.

I'm not sure if you're Online or using Desktop.   I will focus Online. If you start at Wages & Income  IRA, 401(k), Pension Plan Withdrawals (1099-R) [Add/Edit] Use the pencil on the right to Edit your postings On Desktop  Under Federal Wages& Income [I'll choose what I work on] Scroll to Retirement plans and Social Security Select IRA, 401-K ... [Update] Click the pencil to Edit a record        

You can try going out of your TurboTax program and going back in and clearing your cache and cookies to clear the message.  If you were able to e-file your tax return, then everything should be fine.   Your TurboTax return should  show as "Pending" immediately after e-filing. This indicates that it is in transit to the IRS or your state agency, but hasn't been accepted or rejected yet. This status usually lasts 24–48 hours.   Your TurboTax return will usually show as "Accepted" within 24 to 48 hours after e-filing.  This indicates that the IRS has received it and it has passed some initial checks.    Your tax return will show as "Approved" within 21 days of e-filing your return. This status can be confirmed by using the IRS Tool Where's My Refund?   For further instructions on how to clear cache and delete cookies, please see the links below: Clear Cache Delete Cookies   You can click here for How to Troubleshoot a Payment Error.  If you have additional information or questions regarding this, please return to Community and we would be glad to help.  

ItsDeductible helps keep all my donations organized.  Why would you discontinue a tool that people find works for them?  If it is just upgrading the software, sounds like you are not supporting the customers' needs.  This can't be that hard to upgrade a tool like this that can keep track of our charitable organizations and donations.  Please upgrade and bring back!

You may be running into a situation where you have ordinary income associated with the sale of incentive stock options because you didn't hold the stock for at least one year from the date you purchased it and two years from the date you where granted the option to acquire it. If so, ordinary income applies and is typically reported on your W-2 form for the discount associated with the stock purchase. This may be duplicated when you report the sale of the stock, since the Form 1099-B reporting the sale may not report the correct cost basis. If so, you need to adjust the cost basis when you report the Form 1099-B.   You will receive a Form 1099-B which will report the sale of your employee stock. Most likely, the cost basis on that form will be wrong as it may not include the discount you received associated with you receiving the stock for less than fair value. That discount will be reflected on your W-2 form as wages in box 1. There may be  an entry in line 14 telling you what the amount the discount is.    If you divide the discount amount by the number of shares you received you know what the discount amount per share is. If you multiply that by the number of shares sold you will know what the discount amount is that you may need to add to the cost basis of the stock sale reported on your Form 1099-B.   When you enter the Form 1099-B in TurboTax, there will be a screen where you enter the sales proceeds and cost basis and you will see an option to indicate that the cost basis is incorrect or missing on the Form 1099-B. Check that box and on another screen, you can enter the correct cost basis or request that TurboTax assist you in determining what the correct cost basis is.       

There are screens in the HSA interview which are supposed to be about 2024. These screens are triggered by (1) you did not have HSA coverage in every month of 2025, and (2) you answered the question "What type of HDHP coverage did [name] have on December 1, 2024?" with "Self" or "Family".   This causes TurboTax to investigate if you used the last-month rule in 2024, in which case, you are required to maintain HDHP coverage in every month of 2025. In this case, TurboTax has to ask about HDHP coverage in 2024 as well as your contributions in 2024.   Your descriptions sounds like one of the screens in the last-month review process; We can be sure if you would do a screenshot of this particular screen (having removed any personally identifiable information) and post it here in your response.

Not sure who you think is going to track your refund for you.   TurboTax does not track it.   TurboTax gets no information from the IRS after you file your tax return.   Now only the IRS is in control and it is your job to track the refund yourself on the IRS refund site---as already explained in earlier replies you have received.

No. Your GI benefits should not be entered as they are not taxable. Your 1098-T should have your GI payments in box 5.    About Publication 970, Tax Benefits for Education states:  Example. You have returned to college and are receiving two education benefits under the latest GI Bill: (1) a $1,534 monthly basic housing allowance (BHA) that is directly deposited to your checking account, and (2) $3,840 paid directly to your college for tuition. Neither of these benefits is taxable and you don't report them on your tax return. You also want to claim an American opportunity credit on your return. Your total tuition charges are $5,000. To figure the amount of credit, you must first subtract the $3,840 from your qualified education expenses because this payment under the GI Bill was required to be used for education expenses. You don't subtract any amount of the BHA because it was paid to you and its use wasn't restricted.

I have the same issue.  I manually filled out the 5695 form on my TT desktop version.  The walk through is not populated with the result of the completed form.  When I indicate that I want to be notified when the form is ready, I receive an email that the forms are available.  Though the walk-through portion of the software still says available soon.  Today is Monday 1/26/2025.  When will the desktop version of TT walk through software be updated?  

If your e-file has been sitting on the servers with the other millions of e-files that have been there since early January it may take several days for your e-file to be accepted by the IRS.   You did not file with TurboTax---you used do-it-yourself- tax software to prepare a tax return and it was filed to the IRS.  The IRS---- and only the IRS-- is in control of accepting/rejecting and processing your return now.  You do not seem to want to hear the words "Be patient" but that is reality.   Give it a day or two....the IRS just opened hours ago to start accepting/rejecting 2025 e-files.    As for your sister's quick acceptance----sometimes that happens---- it is not first in first accepted---sometimes the way the IRS accepts returns is random and you just have to wait.