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a month ago
SteamTrain is correct. "New York State and City Education" has been combined with other retirement plans with a single radio button (circle) to select that source of retirement benefits. See the sc...
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SteamTrain is correct. "New York State and City Education" has been combined with other retirement plans with a single radio button (circle) to select that source of retirement benefits. See the screen shot below:
a month ago
I am using the Apple desktop version of TurboTax deluxe. I have found that using farm 8606 to determine how much of my IRA distribution is not taxable because of non-deductible contributions. fa...
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I am using the Apple desktop version of TurboTax deluxe. I have found that using farm 8606 to determine how much of my IRA distribution is not taxable because of non-deductible contributions. farm 8606 correctly calculates the amount that is taxable but it does not transfer that amount to the appropriate line on farm 1040. Instead it transverse the total amount of the IRA distribution without taking into consideration than not deductible portion. BEWARE
a month ago
I meant to say my husband’s, but it auto corrected and I just didn’t notice.
a month ago
Thanks---started to wonder if pets or robots were posting now.
a month ago
How do I remove tax-exempt interest from the filing of my taxes?
Topics:
a month ago
I am using the Apple desktop version of TurboTax deluxe. I have found that using farm 8606 to determine how much of my IRA distribution is not taxable because of non-deductible contributions. fa...
See more...
I am using the Apple desktop version of TurboTax deluxe. I have found that using farm 8606 to determine how much of my IRA distribution is not taxable because of non-deductible contributions. farm 8606 correctly calculates the amount that is taxable but it does not transfer that amount to the appropriate line on farm 1040. Instead it transverse the total amount of the IRA distribution without taking into consideration than not deductible portion. BEWARE
a month ago
Topics:
a month ago
It’s supposed to say just got another one of my husbands W2s***
a month ago
I don't see any information on my W2 - Box 12 J. I will include 55% of PML benefit as the other reportable income when I work on my income tax. Thanks so much & you took away a huge headache fo...
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I don't see any information on my W2 - Box 12 J. I will include 55% of PML benefit as the other reportable income when I work on my income tax. Thanks so much & you took away a huge headache for me. Have a great day!
a month ago
@Markith wrote: I think you are incorrect. You said you are using the Session Method. The way I described is for how to report the correct Session income. Your picture shows how to cla...
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@Markith wrote: I think you are incorrect. You said you are using the Session Method. The way I described is for how to report the correct Session income. Your picture shows how to claim losses, which is very different than Session income.
a month ago
The property tax bill for your condominium should show a tax assessment that breaks down your property value between land and improvements (building). You can enter these figures for land and improve...
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The property tax bill for your condominium should show a tax assessment that breaks down your property value between land and improvements (building). You can enter these figures for land and improvements in TurboTax when prompted, and the program will use this information to calculate the depreciable basis for your property.
If you do not see the land/improvements breakdown on your property tax bill, you can find the information by looking up your property on the website for your county tax assessor.
Here is a TurboTax article on rental property depreciation for more information:
Tax Deductions for Rental Property Depreciation
a month ago
Go back through the HSA section under Deductions once you have answered the HDHP questions. After '1099-SA Summary' the next screen should be 'Let's Enter xxxx's HSA Contributions'.
@tcooper37...
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Go back through the HSA section under Deductions once you have answered the HDHP questions. After '1099-SA Summary' the next screen should be 'Let's Enter xxxx's HSA Contributions'.
@tcooper37
a month ago
Form 8962 reports your premium tax credit, which is associated with your health care coverage through the government healthcare exchange. It is associated with your Form 1095-A entry in the Medical s...
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Form 8962 reports your premium tax credit, which is associated with your health care coverage through the government healthcare exchange. It is associated with your Form 1095-A entry in the Medical section and then Affordable Care Act. You'll find those entries in the Deductions and Credits section of TurboTax. You will need to go back through that section to insure you answered all of the questions accurately.
a month ago
I entered all my data into Turbo Tax Premier including my cost basis for my IRAs. I am just reviewing my data but cannot find it in Turbo Tax. I just want to review all the data is correct. When i...
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I entered all my data into Turbo Tax Premier including my cost basis for my IRAs. I am just reviewing my data but cannot find it in Turbo Tax. I just want to review all the data is correct. When in the tool, what do I click on to find the cost basis for IRA that I entered? Thank you.
a month ago
Amend the return.
Turbotax-support/en-us/help-article/tax-return/amend-change-correct-return-already-filed/L4VjJ9BA2_US_en_US?uid=m76mq6z2
Use a mailing service like certified mail to tr...
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Amend the return.
Turbotax-support/en-us/help-article/tax-return/amend-change-correct-return-already-filed/L4VjJ9BA2_US_en_US?uid=m76mq6z2
Use a mailing service like certified mail to track so you will know it was received since you will have a long wait.
Do not expect quick results from amending. It can take four months or more for the IRS to process an amended return.
You can watch for information here:
https://www.irs.gov/filing/wheres-my-amended-return
a month ago
Thank you for your response. I will delete the 1099-Q. Just fyi, Turbo Tax had already calculated and provided a deduction of $2.5K for the American Opportunity Tax Credit. From what I understand...
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Thank you for your response. I will delete the 1099-Q. Just fyi, Turbo Tax had already calculated and provided a deduction of $2.5K for the American Opportunity Tax Credit. From what I understand you can not also receive the Learning Lifetime Credit, so I am uncertain why the software would deduct $10k for the Learning Lifetime Credit. Thanks again.
a month ago
So sorry for your loss. No---if your spouse passed in 2025, do not do any of that.
For the year that your spouse died, you can still file a joint return. That way, you will get the married...
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So sorry for your loss. No---if your spouse passed in 2025, do not do any of that.
For the year that your spouse died, you can still file a joint return. That way, you will get the married filing jointly standard deduction of $31,500 (+ $1600 for each spouse 65 or older) which will lower the amount of income you are taxed on.
In My Info, you will need to indicate that your spouse died. When his name is in My Info, there is a screen early in the interview that asks "Do any of these apply to [name] ?’” where you will do that, and then a drop down will appear where you can enter the date he passed.
If you have qualifying dependent children you will be able to file as a qualifying surviving spouse (QSS) for the next two years after this tax return. Post back if you need further help.
https://accountants.intuit.com/support/en-us/help-article/tax-filing-status/claiming-qualified-surviving-spouse-filing-status/L7al83jU1_US_en_US
a month ago
Do you mean the senior deduction?
The “senior deduction” is added automatically by the software based on the date of birth and filing status you entered into MY INFO. You do not need to take a...
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Do you mean the senior deduction?
The “senior deduction” is added automatically by the software based on the date of birth and filing status you entered into MY INFO. You do not need to take any extra steps to enter it. (And…the new senior deduction has nothing to do with whether you are getting Social Security)
The deduction is not on the same line as your standard deduction. It is shown separately.
2025 STANDARD DEDUCTION AMOUNTS
SINGLE $15,750 (65 or older/legally blind + $2000)
MARRIED FILING SEPARATELY $15,750 (65 or older/legally blind +1600)
MARRIED FILING JOINTLY $31,500 (65 or older/legally blind + $1600)
HEAD OF HOUSEHOLD $23,625 (65 or older/legally blind + $2000)
For 2025 through 2028 there is an extra deduction amount of up to $6000 per individual 65 or older filing Single, MFJ, or HOH which is phased out for taxpayers with modified adjusted gross income over $75,000 for single filers and $150,000 for joint filers.
(The deduction phases out completely at $175.000 Single or HOH, or $250,000 joint)
The $6,000 senior deduction will be calculated on 1040 Schedule 1-A page 2 Part V Enhanced Deduction for Seniors which goes to 1040 line 13b. It is separate and in addition to the Standard Deduction or your Itemized Deductions on 1040 line 12e. Turbo Tax automatically includes it.
IRS Schedule 1-A https://www.irs.gov/pub/irs-dft/f1040s1a--dft.pdf
Need to see it?
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/preview-turbotax-online-return-filing/L77WCkvnu_US_en_US?uid=m681fkhr
If you are not getting the senior deduction it is because
Your date of birth in MY INFO shows that you were not 65 by the end of 2025
Your income is too high
You are filing married filing separately
a month ago
"...Judy got another one of my humans W2’s..."
Odd wording----what did "my humans W-2" mean?