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4 weeks ago
On the 1116 Comp Wks., they should either be blank or have a number that affects the calculations, no zeroes.
For data source: Line 4b1A, all columns:
If you are itemizing deductions and the tota...
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On the 1116 Comp Wks., they should either be blank or have a number that affects the calculations, no zeroes.
For data source: Line 4b1A, all columns:
If you are itemizing deductions and the total of all lines 3d on all copies and columns of Form 1116 exceeds $5,000, from Form 1040, Schedule A, line 9. Columns A, B, and C will equal this amount if there is income on line 1 of that column.
For more information about Line 4b1(A), all columns:
If the total gross foreign source income on all Forms 1116, line 3d is greater than $5,000, the deductible investment interest will be allocated per the government instructions. These amounts are the total deductible investment interest shown on Schedule A, line 14. If the total gross foreign source income on all Forms 1116 is not greater than $5,000, this allocation does not need to be made and these lines will be blank. You do not need to make any entries here.
4 weeks ago
Turbotax does not currently have the ability to recommend values for your items. Typical ways of determing the fair market value for your items would be to look prices charged by local thrift stores...
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Turbotax does not currently have the ability to recommend values for your items. Typical ways of determing the fair market value for your items would be to look prices charged by local thrift stores or looking at online marketplaces like eBay or Thredup, depending on what the items are.
4 weeks ago
Hi, Thanks for the response. So you would put the carryover in all the boxes I mentioned? the 2 "Unreimbursed Expenses" boxes AND the QBI section? Is "Unreimbursed Expenses" the same as "Ca...
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Hi, Thanks for the response. So you would put the carryover in all the boxes I mentioned? the 2 "Unreimbursed Expenses" boxes AND the QBI section? Is "Unreimbursed Expenses" the same as "Carryover of unallowed expenses to Next year" in Turbo Tax? Thanks
4 weeks ago
That’s my point, I did that and the amount doesn’t match.
4 weeks ago
Merrill was listed in my program as of two days ago. Make sure your program is fully up to date.
4 weeks ago
Hi, I’m seeking clarification on the Education Credit (AOTC/LLC) eligibility, dependency rules and filing requirements for my child for the 2025 tax year (filed in 2026). Additional background is...
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Hi, I’m seeking clarification on the Education Credit (AOTC/LLC) eligibility, dependency rules and filing requirements for my child for the 2025 tax year (filed in 2026). Additional background is provided below. Please advise. Thank you. Child's Information: 22 years old, single Full‑time college student for the Spring 2025 term (Jan–May); graduated May 2025 Began full‑time employment shortly after graduation. W‑2 wages exceed $15,750 Lived with parents for the entire year. Parents provided full support for the entire year. Received Form 1098‑T and Form 1099‑Q in the child’s name. - 1098‑T: Box 1 $8,250; Box 8 checked (at least half-time student); All other boxes blank - 1099‑Q: Box 1 $5,250 - Total Tuition: $8,250 ($5,250 from 529 distribution and $3,000 parent OOP) - Child is the beneficiary on the 529 plan. Parent claimed four years of the AOTC for 2021 thru 2024 Questions: Dependency status: Based on the above, can the child still be claimed as a qualifying child dependent for 2025 on parent tax return, given that they were a full‑time student only for part of the year and then became employed full‑time after graduating? Child’s filing requirement: Is the child required to file their own 2025 return based on their W‑2 income level? If so, how does the answer to Question 1 affect the child’s return - specifically with respect to filing status, dependency status, standard deduction, and eligibility for credits/deductions/refunds? Education Credits / Reporting: Since the parents are no longer eligible for the AOTC (having already claimed it for four years), does the 1098‑T and 1099‑Q information need to be reported at all - either on the parents’ return, or on the child’s return (if the child must file)? Additionally, are there any remaining education related benefits (like LLC) that can be claimed? Thank You!
4 weeks ago
how do I get out of the homestead form without filling it out?
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4 weeks ago
Can I do the returns for 3 different llc's using one desktop business software purchase?
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4 weeks ago
Helpful info, thank you - you say "if I decide to mail the 8453" - are you suggesting I just organize the info, put in my cost basis in the 8949, and see if IRS has questions it? There is no wa...
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Helpful info, thank you - you say "if I decide to mail the 8453" - are you suggesting I just organize the info, put in my cost basis in the 8949, and see if IRS has questions it? There is no way to efile and attach a pdf/screenshot and say "Dear IRS, check this out if you doubt me about the cost basis." ? I'm just wondering if voluntarily supplying more info about the forced liquidation etc just invites more scrutiny vs just listing the actual cost basis, and being prepared with the proof IF IRS wants more.
4 weeks ago
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4 weeks ago
After clicking the button on the page that lists the Forms 1099-R that you have entered, when you indicate to TurboTax that you made nondeductible traditional IRA contributions, TurboTax will ask you...
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After clicking the button on the page that lists the Forms 1099-R that you have entered, when you indicate to TurboTax that you made nondeductible traditional IRA contributions, TurboTax will ask you to provide your basis in such contributions. You would find this amount on the next-to-last line (usually line 14) of Part I of the most recent previous Form 8606 that you filed. (No Form 8606 could have been filed in the '70s. Form 8606 came into existence in 1987 when the tax code changed to permit nondeductible traditional IRA contributions.)
4 weeks ago
1 Cheer
Just ran across a similar post from last year. Delete the tax summary form and it regenerates without the error, SOFTWARE BUG
4 weeks ago
If you are using online TurboTax you should be able to access your return from any computer or device that has internet access, as long as you are using exactly the same account and user ID that you ...
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If you are using online TurboTax you should be able to access your return from any computer or device that has internet access, as long as you are using exactly the same account and user ID that you used to start the return.
Many people have multiple TT accounts and forget how to access them. Log out of the account you are in now.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/many-intuit-accounts-turbotax/L9aVfKS1Z_US_en_US?uid=ll5g6zcx
Account Recovery
If you are using desktop download software, you can only access your return from the computer you started it from; the tax return is only stored on your own hard drive. It is not in the cloud or anywhere online.
4 weeks ago
1 Cheer
Just ran across a similar post from last year. Delete the tax summary form and it regenerates without the error, SOFTWARE BUG
4 weeks ago
What are you trying to enter for Charitable Donations that you are not able to? This section is working, so if you can clarify, we'll try to help. Here's more info on How to Enter Charitable Donatio...
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What are you trying to enter for Charitable Donations that you are not able to? This section is working, so if you can clarify, we'll try to help. Here's more info on How to Enter Charitable Donations.
@user17708279145
4 weeks ago
Amended forms are generally not available until mid February to mid March. You can use this tool to check on form availability.
4 weeks ago
@terriheid I entered 180,000 into my spreadsheet for you. Is t his what you got?
4 weeks ago
THAT WORKED THANX
4 weeks ago
Yes
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4 weeks ago
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