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a month ago
This is not right, You trick me to the end, ALL Lies
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a month ago
Thanks for this , BUT, I did this and TT would not let me save the manual entry....
a month ago
Texas doesn't have a state income tax. If you are referring to a dropdown menu, that's why it may not show TX or other states with no state income tax. What exactly are you trying to enter? Wha...
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Texas doesn't have a state income tax. If you are referring to a dropdown menu, that's why it may not show TX or other states with no state income tax. What exactly are you trying to enter? What form or topic?
a month ago
I spent an hour on phone day before yesterday with a nice gal at TurboTax. She attempted to help me but was at a loss. Wasn't until I found the suggestion on here yesterday about allowing TurboTax to...
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I spent an hour on phone day before yesterday with a nice gal at TurboTax. She attempted to help me but was at a loss. Wasn't until I found the suggestion on here yesterday about allowing TurboTax to access my data by changing my browser setting that I fixed the problem. I also made Chrome my default browser while doing my taxes. Don't know if that helped?
a month ago
What section are you in? When you start TurboTax, you will enter your resident state and then TurboTax will ask you if you lived or worked in any other states. Can you provide more details (wha...
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What section are you in? When you start TurboTax, you will enter your resident state and then TurboTax will ask you if you lived or worked in any other states. Can you provide more details (what state, what section, or form, etc.) as to where you see this box
a month ago
error on the state tax section
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a month ago
Deductions and credits section of the program is the right area.. You may need to select see more or click an arrow to see more rather than just scroll. Somewhere on the deductions page you have the ...
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Deductions and credits section of the program is the right area.. You may need to select see more or click an arrow to see more rather than just scroll. Somewhere on the deductions page you have the ability to see more than what is listed. You want the category Estimates and Other Taxes Paid. Locate Estimates.
@willietom3804
a month ago
It depends. New York called it a “refund,” but the IRS calls this a stimulus payment.. What matters is what the payment represents under federal tax law.
And here’s the key: This NY “inflation...
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It depends. New York called it a “refund,” but the IRS calls this a stimulus payment.. What matters is what the payment represents under federal tax law.
And here’s the key: This NY “inflation refund check” is not a refund of sales tax you personally paid. It’s a state benefit payment, and that’s why the IRS can treat it as taxable.
The IRS only excludes state payments from income when they are:
1. A refund of tax you actually paid, AND
2. You claimed that tax as a deduction on your federal return
The New York inflation check doesn't represent either of these. This is a stimulus check. and stimulus‑type payments are taxable unless Congress says otherwise. Congress didn’t exempt this.
a month ago
I used these instructions, but skipped the checkpointing stuff: https://windowsforum.com/threads/set-up-hyper-v-on-windows-10-11-and-create-a-checkpointed-test-vm-safe-sandbox.400304/ I downl...
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I used these instructions, but skipped the checkpointing stuff: https://windowsforum.com/threads/set-up-hyper-v-on-windows-10-11-and-create-a-checkpointed-test-vm-safe-sandbox.400304/ I downloaded the Win11 iso from Microsoft. To successfully install Win11, you need to go into the VM setup on Hyper-V to enable TIPM under 'security' and give it at least two processors. Use Win 11 Pro when asked which to load. Find instructions online about how to start Win 11 Pro with a local user. At the point where its asking for your Microsoft account, you'll want to get the VM to see a 'Shift-F10' to get a command line. To get that key-pair into the VM, go into Powershell (Start it as an administrator, or the VM won't be addressable), then paste the below into the Powershell(Noting that the 'Win11' on the first line was the VM name I created above): $ComputerSystem = Get-WmiObject -Query "select * from Msvm_ComputerSystem where ElementName = 'Win11'" -Namespace "root\virtualization\v2" $Keyboard = Get-WmiObject -Query "ASSOCIATORS OF {$($ComputerSystem.path.path)} WHERE resultClass = Msvm_Keyboard" -Namespace "root\virtualization\v2" $Keyboard.PressKey(16) $Keyboard.PressKey(121) $Keyboard.ReleaseKey(121) $Keyboard.ReleaseKey(16) Press return on an empty line after the above is pasted, and you should magically get a command prompt in the VM. The '16's in there are the 'shift' key, while the '121's are F10. If you want(as I did) wifi access from inside the VM, eventually change the network adapter for the VM from 'external' to 'default' at the Hyper-V console. Prior to this(during install) I was using a wired ethernet adapter for the VM. Finally, the instructions for a network share to a VM are trivial and can be found on the interweb.
a month ago
Thanks. I will wait till Turbotax is able to handle QTP to Roth IRA (hopefully fixed in the next few weeks) as right now, the AOTC is reduced due to the $7000 also being considered taxable.
a month ago
Does anyone have any further information on this? So, I switched over to the FORMS view and entered the additional education expenses, namely, room and board. I then saved the form and exited TT. ...
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Does anyone have any further information on this? So, I switched over to the FORMS view and entered the additional education expenses, namely, room and board. I then saved the form and exited TT. When I re-opened TT, the previous entries were GONE! I then called TT customer support, which turned out to be a complete waste of time; no real answers. So, does anyone have any advice? Much appreciated!
a month ago
Thank you @DaveF1006 , much appreciated.
a month ago
Thanks. I guess my only weird thing is; why did it download seamlessly (right or wrong) to TT Online but wouldn't do so to TT Desktop. But I'll wait a few days and check back. Appreciate the replies.
a month ago
Why is my Qualified Roth distribution being taxed?
Topics:
a month ago
Have you gone through the retirement section on the OK return?
a month ago
Yes! Went into browser yesterday and undid the block i had done the day before when permission was requested for third party access. Fixed the problem, thankfully.
a month ago
State Tax Return locks up at "Idaho Other Substraction", and "Idaho Other Addition" and I can't get past these screens to finalize the return. HELP!!!!!!!!!
Topics:
a month ago
If im not mistaken its on pg 15
a month ago
You can't enter those room and board expenses yet. This is a known glitch in TurboTax (TT). They are working on it. The 2025 education and 529 sections appear totally redesigned, from last year...
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You can't enter those room and board expenses yet. This is a known glitch in TurboTax (TT). They are working on it. The 2025 education and 529 sections appear totally redesigned, from last year.
Post from an Employee Tax Expert, Tuesday Feb 10, at another thread, on this same topic: "This is currently being investigated and we are informed that the issue should be fixed during the upcoming update this Friday, February 13. Please check back after February 13 to confirm whether or not you are still having issues with this."
At the screen "Did (student's name) have any of these common situations in 2025", check the box "had education expenses other than tuition". That will get you a screen, later, "Time to enter (student's name) educational expenses". Enter those other expenses at "Optional books and materials from the school".
_______________________________________________________________________________________________
Here's a post on the five main points on the 1098-T:
https://ttlc.intuit.com/community/college-education/discussion/re-what-do-i-do-with-form-1098t/01/3760212#M63114
___________________________________________________________________________________________
Qualified Tuition Plans (QTP 529 Plans) Distributions
General Discussion
It’s complicated.
For 529 plans, there is an “owner” (usually the parent), and a “beneficiary” (usually the student dependent). The "recipient" of the distribution can be either the owner or the beneficiary depending on who the money was sent to. When the money goes directly from the Qualified Tuition Plan (QTP) to the school, the student is the "recipient". The distribution will be reported on IRS form 1099-Q. The 1099-Q gets reported on the recipient's return.** The recipient's name & SS# will be on the 1099-Q. Even though the 1099-Q is going on the student's return, the 1098-T should go on the parent's return, so you can claim the education credit. You can do this because he is your dependent.
You can and should claim the tuition credit before claiming the 529 plan earnings exclusion. The American Opportunity Credit (AOC or AOTC) is 100% of the first $2000 of tuition and 25% of the next $2000 ($2500 maximum credit). The educational expenses he claims for the 1099-Q should be reduced by the amount of educational expenses you claim for the credit. Room and board (R&B) are also qualified expenses for the 529 distribution, but not the AOC (R&B are also not qualified expenses for a scholarship to be tax free). But be aware, you can not double dip. You cannot count the same tuition money, for the tuition credit, that gets him an exclusion from the taxability of the earnings (interest) on the 529 plan. Since the credit is more generous; use as much of the tuition as is needed for the credit and the rest for the interest exclusion. Another special rule allows you to claim the tuition credit regardless of whose money was used to pay the tuition. In addition, there is another rule that says the 10% penalty is waived if he was unable to cover the 529 plan withdrawal with educational expenses either because he got scholarships or the expenses were used (by him or the parents) to claim the credits. He'll have to pay tax on the earnings, at his lower tax rate (subject to the “kiddie tax”), but not the penalty.
Total qualified expenses (including room & board) less amounts paid by scholarship less amounts used to claim the Tuition credit equals the amount you can use to claim the earnings exclusion on the 1099-Q. Example: $10,000 in educational expenses (including room & board)
-$3000 paid by tax free scholarship***
-$4000 used to claim the American Opportunity credit
=$3000 Can be used against the 1099-Q (on the recipient’s return)
Box 1 of the 1099-Q is $5000
Box 2 is $2800
3000/5000=60% of the earnings are tax free; 40% are taxable
40% x 2800= $1120
There is $1120 of taxable income (on the recipient’s return)
**Alternatively; you can just not report the 1099-Q, at all, if your student-beneficiary has sufficient educational expenses, including room & board (even if he lives at home) to cover the distribution. You would still have to do the math to see if there were enough expenses left over for you to claim the tuition credit. Again, you cannot double dip! When the box 1 amount on form 1099-Q is fully covered by expenses, TurboTax will enter nothing about the 1099-Q on the actual tax forms. But, it will prepare a 1099-Q worksheet for your records, in case of an IRS inquiry.
On form 1099-Q, instructions to the recipient reads: "Nontaxable distributions from CESAs and QTPs are not required to be reported on your income tax return. You must determine the taxability of any distribution."
***Another alternative is have the student report some of his scholarship as taxable income, to free up some expenses for the 1099-Q and/or tuition credit. Most people come out better having the scholarship taxable before the 529 earnings. A student, with no other income, can have up to $14,600 of taxable scholarship (in 2024) and still pay no income tax.
a month ago
Did you start an Online Premium return and need to find it? Or want to start a Premium return https://turbotax.intuit.com/personal-taxes/online/premium/