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You would likely not want to input repairs and maintenance on tractors and other equipment into this category, because there is an outstanding question of whether the cost of the repairs should be ad... See more...
You would likely not want to input repairs and maintenance on tractors and other equipment into this category, because there is an outstanding question of whether the cost of the repairs should be added to the tax cost of the equipment, and depreciated over the life of the asset (in years) as depreciation expense. This is assuming that you are depreciating the tractors and other equipment as fixed assets.  If the repairs and maintenance were less than $2,500 for each asset, then they likely qualify for the de minimis safe harbor treatment to be expensed in full immediately. If the repairs and maintenance on the assets was above this threshold, then they may need to be capitalized and depreciated as improvements.  Either way, make sure you are answering questions about the cost of fixed asset business equipment (such as tractors) in the Business Assets and Depreciation interview screens.    Learn more: IRS - Tangible property regulations – Frequently asked questions  
Yes, there is.  This additional deduction for seniors is calculated automatically based on the birthday you have entered in your tax return.   This deduction is located on Schedule 1-A Additional... See more...
Yes, there is.  This additional deduction for seniors is calculated automatically based on the birthday you have entered in your tax return.   This deduction is located on Schedule 1-A Additional Deductions, Part V. The total additional deductions will be summed and appear on your 1040, line 13b.   Note, this deduction has income limitations.  It begins phasing out at income of $75,000 for a single filer (or $150,000 married) and is completely phased out at income of $175,000 for a single filer (or $250,000 married).
I have a simple partnership return with two partners. When I print the tax return to PDF for review, schedule K-1s are missing, only the cover letters are printed. The schedule K-1 pages are blank. ... See more...
I have a simple partnership return with two partners. When I print the tax return to PDF for review, schedule K-1s are missing, only the cover letters are printed. The schedule K-1 pages are blank. I tried to re doit because I thought I made a mistake but is not that.   How do I do? Does the program need to be updated?  
This could happen if you are trying to import a pdf copy of your tax return instead of the tax file.  If you are using TurboTax Desktop, please see this link for instructions to transfer last ye... See more...
This could happen if you are trying to import a pdf copy of your tax return instead of the tax file.  If you are using TurboTax Desktop, please see this link for instructions to transfer last year's return to TurboTax Desktop for Windows.   If you are using TurboTax Online, see How do I transfer last year's return into TurboTax Online for guidance.
If you have a child that qualifies, you will initially see it mentioned after TurboTax says the child qualifies as a dependent, in a blue box. The information for the form isn't entered until you are... See more...
If you have a child that qualifies, you will initially see it mentioned after TurboTax says the child qualifies as a dependent, in a blue box. The information for the form isn't entered until you are ‌ready to file your return. You will be asked about this after you have entered your direct deposit information. This is because it isn't actually part of your return.    The Trump Account program doesn't officially begin until July 2026.   This TurboTax article will provide additional information.
You will need to contact us for assistance.  See how do I request a refund for my TurboTax product for guidance.
No, you cannot deduct those expenses on your tax return.   According to IRS Publication 970, you cannot deduct education expenses (including exams and prep courses) if they are part of a program ... See more...
No, you cannot deduct those expenses on your tax return.   According to IRS Publication 970, you cannot deduct education expenses (including exams and prep courses) if they are part of a program of study that will qualify you for a new trade or business.   Even if your wife has a degree in a related field, the IRS views the exam as the "minimum educational requirement" to become a licensed Occupational Therapist. Because she cannot practice as a licensed OT without passing the exam, the cost of getting it is considered a personal expense, and it is not deductible.
"Backdoor" is not an official term, so you won't be asked that directly, you'll just report the 2 transactions as you've done.    If you are not seeing the questions regarding rollovers or conversi... See more...
"Backdoor" is not an official term, so you won't be asked that directly, you'll just report the 2 transactions as you've done.    If you are not seeing the questions regarding rollovers or conversions, make sure you have checked the box on the 1099-R input that it is an IRA (Wages section).    As well, you should not see any penalties about your income being too high.  Make sure you have marked the contribution as a traditional IRA, not a ROTH (deduction section). If your income is too high and you contributed to a traditional IRA, the system makes it automatically nondeductible.  
i.e. Tractor repairs, misc. equipment repairs that are necessary for business function but not considered office equipment
Typically, when you import your prior year tax return, both the federal and state returns will be imported.  Make sure you are logging in using the same credentials that you used when you prepared yo... See more...
Typically, when you import your prior year tax return, both the federal and state returns will be imported.  Make sure you are logging in using the same credentials that you used when you prepared your 2024 tax return.  See how can I view all of my TurboTax accounts to verify your log in information.   Then depending upon the program you are using this year, follow these instructions to transfer your prior year return. If you are using TurboTax Online, see How do I transfer last year's return into TurboTax Online for guidance. If you are using TurboTax Desktop, please see this link for instructions to transfer last year's return to TurboTax Desktop for Windows.
We spent ~ $800 on the exam and exam prep from the NBCOT (National Board for Certification in Occupational Therapy).
Yes, you will need to report what you received for mileage reimbursement as income even if it was not reported on your 1099-NEC.  Include this income as a cash or other payment when you are entering ... See more...
Yes, you will need to report what you received for mileage reimbursement as income even if it was not reported on your 1099-NEC.  Include this income as a cash or other payment when you are entering your information in TurboTax.  You will also be able to deduct all of your vehicle expense as a business expense.    How do I report income from self-employment? How do I claim vehicle expenses for my business or rental? IRS Publication 334