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a month ago
Did my return and finished, try to open new return on same account.
Topics:
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.
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
There seems to be a bug with form 5695 Part 1, box 17 D. It automatically deletes the address you enter. Keeps failing review because data is deleted.
a month ago
1 Cheer
No, there isn't a de minimis rule for income reporting. From IRS Taxable Income: "Most income is taxable unless it's specifically exempted by law. Income can be money, property, goods or services. ...
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No, there isn't a de minimis rule for income reporting. From IRS Taxable Income: "Most income is taxable unless it's specifically exempted by law. Income can be money, property, goods or services. Even if you don't receive a form reporting income, you should report it on your tax return". Because of this, you should report this income on your return - it will have minimal to no impact on your tax liability and reporting it will keep you compliant.
a month ago
2 Cheers
TurboTax uses Average Sale Price if you indicate that the stock was inherited. If not, Comparative Sale Price is used as per IRS regulations. I agree this is confusing when entering your stock dona...
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TurboTax uses Average Sale Price if you indicate that the stock was inherited. If not, Comparative Sale Price is used as per IRS regulations. I agree this is confusing when entering your stock donation and choosing 'Average Sale Price' and seeing the default to 'Comparative Sales'.
Key Reasons for Using Comparative Sales Prices:
IRS Compliance: The IRS requires that stocks, bonds, and donated items be valued at their Fair Market Value (FMV) on the applicable date, which often translates to using specific, comparative selling prices rather than averages.
Accuracy in Reporting: For non-cash charitable contributions (Form 8283), for instance, the valuation is based on what a willing buyer would pay for a similar item (comparative sales/FMV), not the average price of all items sold, to ensure precise, individualized valuation.
Transaction-Level Detail: TurboTax has adopted stricter, transaction-level reporting on forms like Form 8949 to align with the IRS's emphasis on tracking individual, accurate transactions rather than averaged data, which is considered a more accurate representation of the taxable event.
@phstephan
a month ago
Thank-you for your help & guidance. Very much appreciated.
a month ago
Do you have any other tax on your Indiana return on the income, such as City or Local tax?
a month ago
Schwab sent a 1099-composite but it is not a loss due to sale, its a loss due to bankruptcy of an individual stock. The page is titles Realized Gain ( or Loss) and there is a note next to the amount...
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Schwab sent a 1099-composite but it is not a loss due to sale, its a loss due to bankruptcy of an individual stock. The page is titles Realized Gain ( or Loss) and there is a note next to the amount that says (Transactions are not reported on From 1099-B or to the IRS).
a month ago
On the desktop version:
Edit the W-2.
At the screen Let's check for other situations, select Tips Not Reported on my W2.- just below Overtime.
Continue.
You will be asked several questions ...
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On the desktop version:
Edit the W-2.
At the screen Let's check for other situations, select Tips Not Reported on my W2.- just below Overtime.
Continue.
You will be asked several questions about your tip income and your job.
a month ago
Topics:
a month ago
It is Feb 13th and this is STILL not working.
a month ago
Thank you so much! I don't know how that box got checked. I wonder if that had any bearing on any of my previous years tax filings.
a month ago
Using the TurboTax online editions you will need to create a new account with a new User ID and a new email address.
Go to this TurboTax website and click on Sign up to start a new account - https:...
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Using the TurboTax online editions you will need to create a new account with a new User ID and a new email address.
Go to this TurboTax website and click on Sign up to start a new account - https://turbotax.intuit.com/personal-taxes/online/file-your-own-taxes/
a month ago
1 Cheer
I'm going to log-in on Monday and give it a try. If anyone discovers over the weekend that the new update (after 2/13) changed anything, please let us know! Thanks!
a month ago
@mahamaher wrote: It is not a matter of supporting it. It is a matter of intentionally switching the support OFF. That is potentially illegal. Nope, not even close.
a month ago
Yes! That worked!! Thank you. I don't even know why, or even how, that box was checked?
a month ago
@mahamaher wrote: We need to stand up against mega corps. And this could be a relatively easy project for some law student out there. Trust me on this; law students are not licensed to practi...
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@mahamaher wrote: We need to stand up against mega corps. And this could be a relatively easy project for some law student out there. Trust me on this; law students are not licensed to practice law and licensed attorneys in their right minds wouldn't touch this. It's not actionable and, even if it were, it's a loser.