All Posts
a month ago
Best action is to attach your log or other document showing your buys and sells with Form 8453, since you likely made summary totals on your return. Check Form 8949 on the form.
If you are e-fi...
See more...
Best action is to attach your log or other document showing your buys and sells with Form 8453, since you likely made summary totals on your return. Check Form 8949 on the form.
If you are e-filing your tax return, then mail your statements along with Form 8453 to:
Internal Revenue Service
Attn: Shipping and Receiving, 0254
Receipt and Control Branch
Austin, TX 73344-0254
If you need a blank Form 8453, you can download this pdf, enter your address information and check the box for Form 8949 (this form is really just a cover sheet). How do I mail Form 8453?
@Aminy
a month ago
Yes, your Form 8606 is filled out correctly. The worksheet referenced with the * is found in IRS Publication 590-B on page 17. Using that worksheet determines the amounts on lines 15a and 18 of For...
See more...
Yes, your Form 8606 is filled out correctly. The worksheet referenced with the * is found in IRS Publication 590-B on page 17. Using that worksheet determines the amounts on lines 15a and 18 of Form 8606.
Line 13 shows the non-taxable amount of the distribution, which is correct at $7,000. The taxable amount of line 15c is also correct at $0.
The taxable amount of the conversion from Traditional to Roth IRA on line 18 is also correct.
a month ago
If you filed your 2024 tax return as Married Filing Jointly, then the 2024 AGI is the same for the both of you, Form 1040 Line 11.
If your tax return is being rejected for the AGI, then enter a...
See more...
If you filed your 2024 tax return as Married Filing Jointly, then the 2024 AGI is the same for the both of you, Form 1040 Line 11.
If your tax return is being rejected for the AGI, then enter a 0 (zero) for the 2024 AGI and e-file again.
a month ago
I admit I posted this elsewhere but there was a mistake so this is much clearer. I loaned some $ to someone whose return I am preparing (a friend so not being paid). They are never going to be able...
See more...
I admit I posted this elsewhere but there was a mistake so this is much clearer. I loaned some $ to someone whose return I am preparing (a friend so not being paid). They are never going to be able to pay me back and they are insolvent but they do have enough basis between 2 or 3 assets for basis to be reversed to $0. They are being depreciated as last quarter straight line. I consider the cancelation to have occurred the end of the 2nd quarter of 25. I'm not seeing how this can be done in TT. I do know how in QB. I suppose worst case I can consider it to be the end of the year and then in 26 just delete the asset and reinput with $0 basis. Any help would be greatly appreciated.
Topics:
a month ago
Are you referring to Underpayment of estimated tax on the Form 1040 Line 38? If so, you can get this penalty even if you are receiving a tax refund.
Go to this IRS website for this type of pen...
See more...
Are you referring to Underpayment of estimated tax on the Form 1040 Line 38? If so, you can get this penalty even if you are receiving a tax refund.
Go to this IRS website for this type of penalty - https://www.irs.gov/payments/underpayment-of-estimated-tax-by-individuals-penalty
a month ago
2 Cheers
It's my understanding the 1099-Q needs to be reported because one of the eligibility requirements for the rollover is earned income, which must be reported. Am I mistaken?
a month ago
when running the program, it asks me if I want to include an explanation but does not take me to any form to add it
Topics:
a month ago
It seems like there is still no fix to this.
a month ago
As of this morning February 17th, while trying to complete Schedule E section for a rental property, I'm still getting TurboTax message that says "Depreciation and Amortization will be available by F...
See more...
As of this morning February 17th, while trying to complete Schedule E section for a rental property, I'm still getting TurboTax message that says "Depreciation and Amortization will be available by February, but likely sooner". TurboTax says my updates are current. Can someone tell me when this will be available?
a month ago
is 20 Feb still looking good to have sale of rental property ready? Depreciation of basis is killing me making me sell other investments to just pay taxes when I only made a small profit from owning...
See more...
is 20 Feb still looking good to have sale of rental property ready? Depreciation of basis is killing me making me sell other investments to just pay taxes when I only made a small profit from owning rental property. I know, preaching to the choir on IRS tax code.
a month ago
The amount of your refund depends on how much tax was withheld from your pay. You get a refund because the amount of tax that you had withheld is more than the amount of tax you have to pay for the y...
See more...
The amount of your refund depends on how much tax was withheld from your pay. You get a refund because the amount of tax that you had withheld is more than the amount of tax you have to pay for the year. You get a refund of the excess withholding. At this point the best way to find out how much your refund will be is to go ahead and prepare your tax return.
a month ago
Thank you for the answer. This is the same as what the app told me was incorrect and it would "fix". However there is still no option to put in the middle name for Illinois DL. #6 in your list is wh...
See more...
Thank you for the answer. This is the same as what the app told me was incorrect and it would "fix". However there is still no option to put in the middle name for Illinois DL. #6 in your list is what is not possible to actually DO. How or where can you get to a place to enter it? Next thing would be to just print it out or using the Illinois Revenue website.
a month ago
Topics:
a month ago
Topics:
a month ago
I need to speak with someone about how I can go to a different website to get a verification code number.
Topics:
a month ago
If you are filing as Married Filing Separately you are not eligible for the deduction. If you are Single and your AGI is over $150,000 or Married Filing Jointly and your AGI is over $250,000 you are...
See more...
If you are filing as Married Filing Separately you are not eligible for the deduction. If you are Single and your AGI is over $150,000 or Married Filing Jointly and your AGI is over $250,000 you are not eligible for the deduction.
If you are age 65 or older and meet the requirement, the additional deduction is automatically added on your federal tax return.
Standard deductions for 2025
Single - $15.750 add $2,000 if age 65 or older Married Filing Separately - $15,750 add $1,600 if age 65 or older Married Filing Jointly - $31,500 add $1,600 for each spouse age 65 or older Head of Household - $23,625 add $2,000 if age 65 or older
New Bonus Standard Deduction (OBBB): An additional $6,000 deduction for taxpayers 65 and older. This is per eligible individual, meaning a married couple both over 65 could get $12,000. Important: This bonus deduction is temporary, lasting from 2025 through 2028. Income limitations: It phases out for taxpayers with modified adjusted gross income over $75,000 for single filers and $150,000 for joint filers.
The amount is calculated on Schedule 1-A, Part V, with that amount flowing to Form 1040 Line 13b
Look at your Form 1040 -
You can view your Form 1040 plus Schedules 1, 2 and 3 at any time using the online editions. Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.
a month ago
Why am I being penalized for overpayment of my federal income tax?
a month ago
If you are filing as Married Filing Separately you are not eligible for the deduction. If you are Single and your AGI is over $150,000 or Married Filing Jointly and your AGI is over $250,000 you are...
See more...
If you are filing as Married Filing Separately you are not eligible for the deduction. If you are Single and your AGI is over $150,000 or Married Filing Jointly and your AGI is over $250,000 you are not eligible for the deduction.
If you are age 65 or older and meet the requirement, the additional deduction is automatically added on your federal tax return.
Standard deductions for 2025
Single - $15.750 add $2,000 if age 65 or older Married Filing Separately - $15,750 add $1,600 if age 65 or older Married Filing Jointly - $31,500 add $1,600 for each spouse age 65 or older Head of Household - $23,625 add $2,000 if age 65 or older
New Bonus Standard Deduction (OBBB): An additional $6,000 deduction for taxpayers 65 and older. This is per eligible individual, meaning a married couple both over 65 could get $12,000. Important: This bonus deduction is temporary, lasting from 2025 through 2028. Income limitations: It phases out for taxpayers with modified adjusted gross income over $75,000 for single filers and $150,000 for joint filers.
The amount is calculated on Schedule 1-A, Part V, with that amount flowing to Form 1040 Line 13b
Look at your Form 1040 -
You can view your Form 1040 plus Schedules 1, 2 and 3 at any time using the online editions. Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.
a month ago
senior bonus deduction
Topics: