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I am so confused. I am under the standard deduction but I saw another post that said you could go into the steps below to offset the losses. This is insane that I have to be pay taxes on money I never made and actually lost in the end.  Please provide insight on below from another article I found on here:   "you will enter the gambling winnings so that you can also enter the losses. You will enter the 1099-MISC so that it matches what the the IRS has on file. You will enter a NEGATIVE 1099-MISC to negate the double reporting.   Go to  Wage & Income Less Common Income Prizes, Awards, and Gambling Winnings    It first asks if you have a W-2G, select No. Next, enter the amount won from the 1099-MISC Continue and enter the amount of losses on the following screen.  Click Done   Enter the 1099-MISC as it is reported.  Wages & Income 1099-MISC and Other Common Income Income from 1099-MISC    START  or  UPDATE   Next, enter a negative adjustment Wages & Income Less Common Income Miscellaneous Income, 1099-A, 1099-C     START Scroll down to "Other reportable income"    START Type "Gambling reported twice" or something similar that will let the IRS know what you are doing  Enter the same total amount of the 1099-MISC to zero it our (enter as a negative number)  Click DONE   The total winnings will be on Schedule 1 line b2 and carried to line b4 The 1099-MISC will be on line z2b The adjustment is on line z12   The amount from Schedule 1 flows to Form 1040 line 8"

While the IRS states these types of refunds will not be released until March 3rd, verified users have received returns early per the TT database. These results are not guaranteed, just as our 5 day early deposit is not guaranteed. i fixed it for you 🏄‍♀️

In order to claim the credit for 2025, you will need the QMID from the manufacturer and they must meet energy star criteria and ONLY the cost of the windows is considered for the credit, not the cost of installation.   One thing you can do is use a "reasonable estimate" to determine the price of the windows versus the cost of labor.  The credit is limited to $600 total for your windows.  This means, anything you allocate over $1,800 is not going to affect your credit.  Make sure you meet the necessary criteria as a buyer and the exterior doors, windows, skylights and insulation materials you plan to buy are eligible for the credit. Step 1: Check eligibility The manufacturer, retailer or installer should be able to help you validate eligibility. Check on the Energy Star webpage for residential windows, doors, and skylights eligible products for where you live. Step 3: Get documentation While documentation is not required to be filed with your tax return, it may be required if your tax return is audited. The IRS strongly recommends you retain your purchase receipts and installation records as well as any Energy Star and/or National Fenestration Rating Council labels affixed to the windows, skylights, and doors. These documents will also be needed to substantiate your adjusted basis if the property is eventually sold.

If you have two or more IRAs, rather than entering a partial RMD from two separate institutions, you can take the entire combined RMD out of just one (which is fine).    To enter all of the information about your RMDs from one distribution, do the following:   Go to Wages & Income and click on the IRA, 401(k), Pension Plan Withdrawals (1099-R) On the "Review your 1099-R Summary", click on the pencil to the right of your Form 1099-R information Select the 1099-R box that applies to you (first is most common) and Continue  Select Continue until you reach, "Let's get more information about your RMD" to ensure the amount is correct On the next screen, you will be asked "How much of this distribution applied to your December 31, 2025 RMD?" Here you can enter the entire amount of your RMD, then Continue through the questions When you have reached "Let's go over any required minimum distributions (RMD)", select Continue By entering all of your RMD in the first 1099-R entry, you can then skip the RMD entries for subsequent 1099-R entries.   In subsequent Form 1099-R entries, when you reach, "Let's get more information about your RMD", you may then input a zero (0), then press Continue.    When you reach the, "Let's go over any required minimum distributions (RMD)", you may skip this by clicking on Continue.

To enter, edit or delete Gambling Winnings and Losses - Click on Federal Taxes (Personal using Home and Business) Click on Wages and Income (Personal Income using Home and Business) Click on I'll choose what I work on (if shown) Scroll down to Less Common Income On Prizes, Awards, and Gambling Winnings, click the start or update button

Thank you for that guidance.  I have a question.  When I complete the MD 502 Part-Year, my entire year business income flows from the federal to the state return.  I can't see where I would reduce or adjust my Maryland income to reflect the that earned over the two month period during which I was a resident of Maryland.  Can you please point me in the right direction?

If you used TurboTax Online for your 2024 return, just Sign In to your account from any computer using the same credentials that you did for your 2024 return.  You can then download your 2024 tax file to your computer, if you plan to use TurboTax Desktop this year.    You can transfer a PDF file into TurboTax Desktop, but you won't get all your info.  Here's more details on Transferring a PDF File.   @santamaria415     

Gambling losses can only be deducted up to the amount of the gambling winnings. Gambling winnings are reported on Form 1040 Schedule 1 on Line 8b. The amount from Part I of Schedule 1 Line 10 flows to Form 1040 Line 8. Gambling Losses are reported on Form 1040 Schedule A as a Other Itemized Deductions. Gambling losses are not a one-for-one reduction in winnings. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.   Standard deductions for 2025 Single - $15.750 add $2,000 if age 65 or older Married Filing Separately - $15,750 add $1,600 if age 65 or older Married Filing Jointly - $31,500 add $1,600 for each spouse age 65 or older Head of Household - $23,625 add $2,000 if age 65 or older