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a month ago
Are you really asking about the worksheet from tax year 2005 or do you mean 2025?
Line 1 on the 2025 Capital Loss Carryover Worksheet is your income listed on your 2024 1040 line 15.
Are yo...
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Are you really asking about the worksheet from tax year 2005 or do you mean 2025?
Line 1 on the 2025 Capital Loss Carryover Worksheet is your income listed on your 2024 1040 line 15.
Are you asking about this worksheet?
a month ago
@rich_zuch wrote: I believe that enough people have standing that a class action suit is certainly feasible. Damages have been inflicted by this company. You have NO damages whatsoever nor do...
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@rich_zuch wrote: I believe that enough people have standing that a class action suit is certainly feasible. Damages have been inflicted by this company. You have NO damages whatsoever nor does anyone else. No one is forcing you to use TurboTax and there are alternatives that are actually less expensive than TurboTax that support Windows 10 (in case, you may actually owe Intuit money).
a month ago
1 Cheer
@boliver3 wrote:
Opus 17
Level 15
If you would take the time to read what I wrote it might make more sense to you. An Uber driver gets tips, just like a cab driver. ...
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@boliver3 wrote:
Opus 17
Level 15
If you would take the time to read what I wrote it might make more sense to you. An Uber driver gets tips, just like a cab driver. Unlike the cab driver, the Uber doesn't get a W-2. They might get a 1099-NEC if they received incentives and they would get a 1099-K if their regular pay and tips exceed $20K. In the absence of a 1099, they still report their income, including tips. They just report it as cash income.
If a tip is paid through Uber, then it would be reported on the 1099-K, 1099-NEC or other tax reporting document as part of their pay. That is eligible for the tip deduction. The IRS procedure clarifies that tips are deductible even though they are not reported in a special box on the 1099 or W-2, as long as they are reported as income.
However, cash tips not included on a reporting document are not deductible. If your customer gives you cash and it does not end up on your 1099 or other tax statement, it is not deductible.
a month ago
Yeah, I don't think this is a close call, not by a long stretch, and there's an absolutely definitive answer. If you're married and filing a joint return (and meet the qualifications of course), ...
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Yeah, I don't think this is a close call, not by a long stretch, and there's an absolutely definitive answer. If you're married and filing a joint return (and meet the qualifications of course), then you're entitled to the $500,000 exclusion of gain (despite how the 1099-S reports it). See https://www.law.cornell.edu/uscode/text/26/121 (2) Special rules for joint returns In the case of a husband and wife who make a joint return for the taxable year of the sale or exchange of the property— A) $500,000 Limitation for certain joint returns Paragraph (1) shall be applied by substituting “$500,000” for “$250,000” if— (i) either spouse meets the ownership requirements of subsection (a) with respect to such property; (ii) both spouses meet the use requirements of subsection (a) with respect to such property; and (iii) neither spouse is ineligible for the benefits of subsection (a) with respect to such property by reason of paragraph (3).
a month ago
No, you don't need to be concerned about allocating days to each state. Assuming your W-2 is properly allocated, that will be all that is needed to determine your tax liability to each state. Nj wi...
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No, you don't need to be concerned about allocating days to each state. Assuming your W-2 is properly allocated, that will be all that is needed to determine your tax liability to each state. Nj will only tax the income attributed to that state, while NY will tax all of you income, but give you credit for the tax liability that you have for NJ.
a month ago
Should I alert the IRS, by writing on my first estimated tax payment voucher, that I am underpaying by the amount of my 2025 refund (I elected to use the refund to reduce my 2026 income tax, by filli...
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Should I alert the IRS, by writing on my first estimated tax payment voucher, that I am underpaying by the amount of my 2025 refund (I elected to use the refund to reduce my 2026 income tax, by filling in the appropriate step-by-step box, in TurboTax Deluxe 2025)
a month ago
If you were assessed a penalty you would get a letter from the IRS. If Turbotax calculated an estimated penalty, that will be on form 2210 in your tax return package from 2024.
The general for...
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If you were assessed a penalty you would get a letter from the IRS. If Turbotax calculated an estimated penalty, that will be on form 2210 in your tax return package from 2024.
The general formula has not changed, although it uses a variable interest rate. The penalty is, roughly speaking, 1/2% per month of the amount owed, calculated from the date it was owed, plus about 1/2% per month interest on the entire amount owed, not just the penalty.
a month ago
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...
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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.on line 13b.
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
My box 1, qualified expense is less than box 5 scholarship or grant. Can I buy IRA to offset the income? When I try to contribute money in IRA, my federal tax go up. Is this working? Even if I t...
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My box 1, qualified expense is less than box 5 scholarship or grant. Can I buy IRA to offset the income? When I try to contribute money in IRA, my federal tax go up. Is this working? Even if I try to contribute Roth IRA. I am doing this on-line.
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a month ago
I need to e-file my taxes. I need to complete this step.
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a month ago
@user17701358437 wrote: read the FIRST PARAGRAPH on the IRS publication “No Tax on Tips. Self Employed professionals in the named professions can take the tax exemption. Can you provide ...
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@user17701358437 wrote: read the FIRST PARAGRAPH on the IRS publication “No Tax on Tips. Self Employed professionals in the named professions can take the tax exemption. Can you provide a link to that? As I cited before, the IRS clearly say it must be on a 1099 (the legal authority is Notice 2025-69). For example, below is a link to "Tax Tip 2026-6" that says: "Taxpayers may be able to claim a deduction for qualified tips paid to them in 2025 that are included on Form W-2, Form 1099-NEC, Form 1099-MISC, Form 1099-K, or reported directly by them on Form 4137". https://www.irs.gov/newsroom/one-big-beautiful-bill-how-to-take-advantage-of-no-tax-on-tips-and-overtime https://www.irs.gov/pub/irs-drop/n-25-69.pdf#page=16
a month ago
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a month ago
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a month ago
I put wrong numbers in 2024 tax information on state tax
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a month ago
Federal y Colorado los calculos que recibire
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a month ago
2 Cheers
I believe that enough people have standing that a class action suit is certainly feasible. Damages have been inflicted by this company. IMHO.
a month ago
What is the routing number you entered?