All Posts

To follow on to this question, if I have an Investment Expense deduction due to margin interest - line 8 of 4952 - but I don't use it as the standard deduction is greater, can I carry that amount of unused Investment Expense deduction to the following year?   I suspect the answer would be no, but have never encountered this until this year.   Thanks!   Tom

For “Parsonage or housing allowance received,” you want to enter the $13,500 and the $5,000 (total $18,500).  For the “Qualified expenses,”  you want to enter the $18,500.  This question is looking at the parsonage your received and used for housing- if you used less than your allowance it becomes taxable income.  In you case, because the amount was set based on your housing situation there is no taxable income.     For more information, see Is a parsonage or housing allowance deductible?

Did you receive an email from Schwab stating that a corrected 1099-B will be issued for you and the previous one will cause an error in form importing? If you do, you have the same issue as I and should be patiently waiting for a corrected 1099-B to be issued from Schwab!

I was finally able to download the data from Schwab. I deleted forms that were carried forward from last year and started again by linking to the Schwab site. Now I could download.  One of the differences from using the desktop version last year is that this year it appears that the account interest form is downloaded separately from the account's dividend form. Again, more downloads for each account at Schwab. It is much more confusing, to me, than it was last year.

The check box on the 1040 for your home being in the United States is specifically for the Earned Income Credit.   The box can only be checked if you qualify for the Earned Income Credit. There are significant age, income and‌ child requirements. If the box is not checked, it will not affect your tax return. See IRS guidance on The EIC checkbox   

TurboTax transfers data from your federal return to your state return. Before you begin troubleshooting your state return, go back through your federal return and make sure everything is correct.   After you review your self employment entries, select the State Taxes tab and review the state section. Pay close attention to the information, especially if you have made changes to your federal return. There might be new sections that need to be completed.    Troubleshooting common federal to state transfer issues Where do I enter Schedule C?

Please clarify your question. What are you trying to do? Do you have a business? Are you entering a 1099-B with stock sales? Are you entering a home sale? Is it any other kind of sale?

If you used TurboTax to prepare your 2024 tax return, then your carryover amount will be automatically reported as part of your 2025 tax return.  Otherwise, use the steps in the following TurboTax help article to navigate to the area where you will enter your amounts.  The information on the screen will tell you exactly which forms and lines from your 2024 tax return to enter for the carryover amounts.   How do I enter my capital loss carryover? The carryover amounts will be shown on Schedule D line 6 for short-term carryover losses, and line 14 for long-term carryover losses.

Thanks. So there a paid internship program sponsored and paid for under the Department of Energy's  Office of Science’s Office of Workforce Development for Teachers and Scientists (WDTS)  which works in collaboration with DOE laboratories/facilities across the country. While you must be a college student with a 3.0 or higher GPA to be considered, I have trouble characterizing it as a scholarship/fellowship under IRS guidelines. It didn't take place at a university, nor was it directly related to the college program. Having said that, I would like to be enter it as such, and do it the way you said (not under scholarships on schedule 1, line R?) because then it would in fact not be taxed as unearned income, and the kiddie tax would not be triggered I believe.