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a month ago
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a month ago
Yes, you can deduct certain energy improvements on a second home for the 2025 tax year, but eligibility depends strictly on the type of improvement and whether you rent out the property.
Here's ...
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Yes, you can deduct certain energy improvements on a second home for the 2025 tax year, but eligibility depends strictly on the type of improvement and whether you rent out the property.
Here's more info from the IRS on Residential Clean Energy Credits.
@EdMC
a month ago
1 Cheer
For what it's worth, the tips ARE included in income. They're just not included in 1099s, either because the income doesn't reach the minimum required to generate the 1099, or say in the case of Ube...
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For what it's worth, the tips ARE included in income. They're just not included in 1099s, either because the income doesn't reach the minimum required to generate the 1099, or say in the case of Uber drivers the tips aren't included in the 1099-NEC they receive (it only includes incentives). In this case the income is entered as cash, and it triggers the exception that disallows taking the deduction on tip income earned but not reported on a 1099.
a month ago
... Or, 3) they entered the "Paid by check or Direct deposit" amount from the description box on the left side of the SSA-1099 instead of the amount from box 5.
a month ago
I've deleted it 3 times and then entered it again. That screen is not showing up. I had a rep cobrowse with me and he couldn't get it to work with the workarounds either.
a month ago
That's not how the PTC is calculated in TT, it applies a credit even if you weren't given an advance credit, and from my research in how the PTC works is correct. What is NOT correct is that anyo...
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That's not how the PTC is calculated in TT, it applies a credit even if you weren't given an advance credit, and from my research in how the PTC works is correct. What is NOT correct is that anyone using an HRA should get ANY PTC. TurboTax never asks about an HRA, AT ALL, it is calculating the PTC incorrectly for anyone using an HRA. Intuit really, REALLY needs to fix this in the program, it should not to be up to the user to catch this error, research the solution, and modify values on a government provided form to TRICK the program into calculating the PTC correctly ($0). I've called, chatted and even inquired in Facebook Messenger, spent hours trying to get a correct response (fix the program), but to no avail, I've gotten varying responses, the best response is below. I'm told that the IRS does get information about a taxpayer's HRA, even if the taxpayer does not get a form to report the information. FYI, in my case, I reduced the values reported on Form 1095-A, in Column B, by your average monthly HRA value, and it calculated the PTC to $0. I was told the "keep my paperwork in case the IRS audits". Per the IRS..... Individual coverage HRAs. Starting in 2020, employers can offer individual coverage HRAs to help employees and their families with their medical expenses. Under an individual coverage HRA, employers can reimburse eligible employees for medical expenses, including premiums for Marketplace health insurance. If you were covered under an individual coverage HRA for 2024, you are not allowed a PTC for your 2024 Marketplace health insurance. Also, if another member of your tax family was covered under an individual coverage HRA for 2024, you are not allowed a PTC for the family member's 2024 Marketplace health insurance. If you or a family member could have been covered by an individual coverage HRA for 2024, but you opted out of receiving reimbursements under the individual coverage HRA, you may be allowed a PTC for your, and your family member's, Marketplace health insurance if the individual coverage HRA is considered unaffordable.
a month ago
You enter that the same way you would enter interest reported on Form 1099-INT. To do so:
Enter "1099-INT" into Search
Click on the jump-to link.
Select Yes to "Did you have any int...
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You enter that the same way you would enter interest reported on Form 1099-INT. To do so:
Enter "1099-INT" into Search
Click on the jump-to link.
Select Yes to "Did you have any interest income?".
On the screen with "Let's import your tax info", click on Enter a different way at the bottom.
Select Interest 1099-INT.
On the screen with "Type it in myself", enter the payer's name (e.g., bank name) and the interest amount in Box 1.
a month ago
2 Cheers
Unfortunately the web version is still not fixed. But as suggested by some here, it is not necessary to input the 1099-Q if the 529 distribution was all for qualified expenses. In fact, I am al...
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Unfortunately the web version is still not fixed. But as suggested by some here, it is not necessary to input the 1099-Q if the 529 distribution was all for qualified expenses. In fact, I am also running my taxes through FreetaxUSA as well just for fun. In their 1099-Q section, the interview question is something like..'were all your 529 distributions used to pay for qualified education expenses...Y or N. If Y, next is 'Good news. you do not have report you 1099-Q, so can just skip it.'
a month ago
"5 days early" means you are supposed to receive your refund from one to five days sooner than the refund date shown on the IRS refund site. If it does not meet that "at least one day sooner" date,...
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"5 days early" means you are supposed to receive your refund from one to five days sooner than the refund date shown on the IRS refund site. If it does not meet that "at least one day sooner" date, they are supposed to refund the $35 fee.
You have to pay attention to the date on the IRS refund site.
You need your filing status, your Social Security number and the exact amount (line 35a of your 2025 Form 1040) of your federal refund to track your Federal refund:
https://www.irs.gov/refunds
a month ago
I did the information under the rental. I will remove the updates on that portion. The other is a second home. Does that count?
a month ago
1 Cheer
I don't think there was anything that needed to be added to the Worksheet, so you're saying there are new interview questions from an afternoon update that address other qualified expenses? We sh...
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I don't think there was anything that needed to be added to the Worksheet, so you're saying there are new interview questions from an afternoon update that address other qualified expenses? We should tell TT "Do or Do Not, there is no Try." when it comes to fixing this. If they Do Not, I'm going with Hal_AI's solution. I'm tired of wasting time on this - we're getting a refund and the IRS is understaffed so who knows how long a refund even with e-filing and direct deposit will take.
a month ago
Enter it in the Interest on 1099-INT section under Investments and savings located in the Wages and Income tab. You should still be able to efile your tax return without entering a FEIN. Ignore the...
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Enter it in the Interest on 1099-INT section under Investments and savings located in the Wages and Income tab. You should still be able to efile your tax return without entering a FEIN. Ignore the error and continue working through your tax return. If TurboTax doesn't allow you to continue to e-file because of this, the simplest workaround is going back to the Wages and Income section, and entering the interest income in the misc. income section under Less Common Income (if you do this, remember to remove the foreign interest income from the 1099-INT section).
a month ago
I did. It got to the point where it connected to Merrill. It appeared to get the data. It returned a screen below but there was no way to return to TurboTax.
a month ago
The Home Energy Credit is only for improvements to your main residence.
Any energy improvements made to rental homes can be entered as a Rental Asset, and either claimed in full as an expense (...
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The Home Energy Credit is only for improvements to your main residence.
Any energy improvements made to rental homes can be entered as a Rental Asset, and either claimed in full as an expense (depending the the cost) or depreciated over the years. You add the cost to the Basis of the property to reduce capital gain when you sell.
@EdMC
a month ago
I have the same problem, and have tried the desktop software updates from Dec til now and it doesn't fix it. One loan is a refinance but originally from 2009 (and entered as such) and other one is p...
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I have the same problem, and have tried the desktop software updates from Dec til now and it doesn't fix it. One loan is a refinance but originally from 2009 (and entered as such) and other one is post 2017, they total quite a bit over $1M. I've entered the 2 1099R same as the previous two years I've done in turbotax. the previous years properly limited the mortgage interest deduction, but the 2025 turbotax has not limited it. When I look at the Deductable home interest worksheet one of the home always has the data blanked out for beginning balance, principle paid etc, and it won't let me override it in the form. I've tried deleting and reentering each as well as both the 1099Rs, and it just keeps blanking out one of them and continues to say no limit. Hope someone can help. thanks
a month ago
Topics:
a month ago
I've logged into her turbo tax account, but it isn't clear how to proceed.
Topics:
a month ago
I gave up on TurboTax. I went out and bought H&R Block. It's really pretty good. It's what I will be using this year and most likely on into the future. It correctly imported all data from my Tur...
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I gave up on TurboTax. I went out and bought H&R Block. It's really pretty good. It's what I will be using this year and most likely on into the future. It correctly imported all data from my TurboTax return last year. Has a slightly different interface and interview process but like I wrote...it's pretty good. It has a built-in tool to help calculate the FMV of your donations to charity. Contacted Costco and told them my story. And invited them to discontinue carrying TurboTax since it is now no longer the best product on the market. H&R Block is. And they should now carry H&R Block.
a month ago
No. Medi-cal is not the same as the Marketplace.
a month ago
No. The license key is to be used for up to five computers that you own, and every download will be linked to your TT account; they cannot be linked to a different account.