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You can get to the place to change this question in the self-employment section of TurboTax.  If you are in Desktop, you can go right to the actual document by choosing "Forms" in the top right of yo... See more...
You can get to the place to change this question in the self-employment section of TurboTax.  If you are in Desktop, you can go right to the actual document by choosing "Forms" in the top right of your screen.  If you are using TurboTax Online, you can go back to the interview.   Schedule C (Form 1040) Line 32 addresses whether your investment in a business is "at risk" when reporting a loss, which determines if you can deduct the full loss. Go to the self-employed section, and review the info about the business.  Under Uncommon situations at the bottom of the screen that shows your Expenses and Income.  In the interview, you'll be asked How much of your investment in this activity is at risk? Here, you can change your answer.
No, you did not miss anything.  All you have to do is enter your birthday(s).   If you are over 65, the deduction is automatic.   What's the new tax law for the senior deduction?   You must meet th... See more...
No, you did not miss anything.  All you have to do is enter your birthday(s).   If you are over 65, the deduction is automatic.   What's the new tax law for the senior deduction?   You must meet the following requirements: Age:  You must be 65 or older by December 31 of the tax year. Filing status:  Single, Head of Household, Qualifying Surviving Spouse, or Married Filing Jointly. (Married Filing Separately is not eligible.) Social Security number:  You must have a valid Social Security number and include it on your tax return.   Individual:  Get up to $6,000 for each qualifying individual. The deduction begins to phase out when your income reaches $75,000. If your income is $175,000 or higher, you won’t qualify. Married Filing Jointly: Get up to $12,000 if both spouses are age 65 or older. The deduction begins to phase out when your income reaches $150,000. If your income is $250,000 or higher, you won’t qualify.   You can look at Form 1040 >> line 12e is your regular standard deduction and line 13b is the enhanced deduction (extra 6k).   You can see the details of the enhanced deduction on Schedule 1A - Part V.
how do I find my 2023 tax return on turbo tax website? '
It doesn’t work. The b issue sees to be that the system allows correct filling of form 8960 with itemized deductions but not standard deductions  token number 121402549-66171869
The gift tax return, Form 709, is not part of your income tax return. It's a separate return and has to be filed separately. You cannot file Form 709 with TurboTax.  
state id numberw
Can you explain why it doesn't cause any fx gain or loss?
You should not amend your return to change your address, you can complete a Form 8822 to change your address with the IRS.  If you need to amend your return for other reasons, you should wait until y... See more...
You should not amend your return to change your address, you can complete a Form 8822 to change your address with the IRS.  If you need to amend your return for other reasons, you should wait until your original return gets processed.     How do I change my address with the IRS? How to File an Amended Tax Return with the IRS
 No.  Paying off your mortgage on your foreign rental property won't cause a foreign exchange gain/loss.  You would only ‌deduct the mortgage interest that was paid during the year, and you would use... See more...
 No.  Paying off your mortgage on your foreign rental property won't cause a foreign exchange gain/loss.  You would only ‌deduct the mortgage interest that was paid during the year, and you would use the IRS average currency exchange rates for the applicable year to convert the foreign interest paid to USD.   Here's the link to the IRS' Average currency exchange rates: Yearly average currency exchange rates
Have you tried deleting both Form 8960 and Schedule A and stepping through the deductions interview again?  This will repopulate Schedule A and may resolve your issue with Form 8960.     Form 896... See more...
Have you tried deleting both Form 8960 and Schedule A and stepping through the deductions interview again?  This will repopulate Schedule A and may resolve your issue with Form 8960.     Form 8960 shows as ready, and I'm not aware of any problems with this form.  If you're willing to share a sanitized copy of your return (personal info removed), go to ONLINE at the top and choose 'Send Tax File to Agent'.  Post the Token Number you receive as a screen shot here.     @junosmom 
In the Rental section, Property Profile, you can indicate that you sold the property.  When asked if the property was 'rented all year' say Yes (which means up to sale date).     In the Asset/Dep... See more...
In the Rental section, Property Profile, you can indicate that you sold the property.  When asked if the property was 'rented all year' say Yes (which means up to sale date).     In the Asset/Depreciation section, enter the Date Sold and Sale Price.  TurboTax asks if you lived in the property since 1997, and if so, gives an 'Allowable Depreciation' amount to note. The next screen gives calculated depreciation for the year.   TurboTax calculates depreciation from January 1st to the date sold for 2025.  No where do you enter the number of days you owned the rental.  In the Property Profile, the date placed in service starts depreciation calculations.    @janetann95492             
The fact that the plan withholds PA tax doesn't mean the distribution is taxable by the state.   Pennsylvania does not tax distributions from Pennsylvania Eligible Retirement Plans.  Below is the cri... See more...
The fact that the plan withholds PA tax doesn't mean the distribution is taxable by the state.   Pennsylvania does not tax distributions from Pennsylvania Eligible Retirement Plans.  Below is the criteria for a plan to qualify, according to the PA Personal Income Tax Guide - Gross Compensation (DSM-12)   PENNSYLVANIA ELIGIBLE RETIREMENT PLANS    Criteria for A Plan to Qualify as an Eligible Pennsylvania Retirement Plan   A plan is considered an eligible Pennsylvania retirement plan if, at a minimum, the plan has the following four characteristics:    The plan is reduced to writing and has been communicated to the participants;  The plan establishes eligibility requirements for separation of service or a combination of old age or infirmity, and long-continued service;  The plan provides for payments to be made at regularly recurring intervals after their separation from service by retirement which continues at least until death. An option for a lump sum payments or payments does not disqualify the retirement nature of the plan as long as the other provisions are provided; and  The plan does not permit the distribution of program benefits to any employee until termination of employment except for incidental disability benefits or the return of the employee’s previously taxed contributions and income or gains if the employee is required to contribute to the pension plan.    Generally, eligible Pennsylvania retirement plans include qualified pension plans under Section 401(a) of the Internal Revenue Code (defined benefit plans and defined contributions plans), IRAs (individual retirement accounts and annuities), Roth IRAs, Simplified Employee Pension Plans (SEPs), and Keogh plans.    For a plan that is not an employer provided plan and has no specific retirement criteria, such as an IRA, the qualifying retirement age is the period after which a distribution will not be subject to penalty for early withdrawal for Federal Income tax purposes (such as age 59½, death, disability). If you are still unsure, perhaps you should call the pension administrator and ask them if they are an eligible plan.  Or you can mark it as a taxable plan and pay tax on the distribution.
It shows up on your return as a subtraction(deduction) (IL-1040 Line 7 "Other subtractions"), but you input the information in TurboTax on a screen called Here's the income that Illinois handles diff... See more...
It shows up on your return as a subtraction(deduction) (IL-1040 Line 7 "Other subtractions"), but you input the information in TurboTax on a screen called Here's the income that Illinois handles differently. Here is how you can enter your Illinois 529 contributions.   Navigate to the Illinois section of TurboTax (State Taxes > Illinois) Continue through the interview until you arrive at the screen Here's the income that Illinois handles differently Expand Education Start or Revisit College savings and prepaid tuition plan contributions Enter the information from the 529 contribution Here is some more information on deducting 529 contributions: 529 Plans and Taxes: Deductions, Tax-Free Withdrawals & More
Since this was probably a one-time medical study (not your primary "trade or business"), make sure you report this as "Miscellaneous Income" NOT Self-Employment Income (so you don't have to pay the 1... See more...
Since this was probably a one-time medical study (not your primary "trade or business"), make sure you report this as "Miscellaneous Income" NOT Self-Employment Income (so you don't have to pay the 15.3% Self-Employment (Social Security/Medicare) tax).   Enter Medical Study Income (no 1099): Open or continue your return. Under Federal tab, Click on Wages & Income, and Scroll down to Less Common Income. Click on Start/Revisit next to Miscellaneous Income, 1099-A, 1099-C. Choose Other reportable income. When asked "Any Other Reportable Income?"', Click "Yes". Enter something like "Medical Research Study" or "Clinical Trial Participation" as the description. Enter the total amount you received. The program may ask if you intended to make a profit or if this is something you do regularly.   If you answer "Yes" (you do this regularly for work), it will move you to Schedule C, which triggers that extra 15.3% tax.   If you answer "No" (it was a one-off study), it stays as "Other Income" on Schedule 1, Line 8z, and you only pay standard income tax on it.
Aggregation changes?
Hello TT Pros!   New to using TurboTax and getting a little confused on the NJ part. Hoping someone is able to help. I work in New York, paid New York taxes, and live in New Jersey and didn't pay N... See more...
Hello TT Pros!   New to using TurboTax and getting a little confused on the NJ part. Hoping someone is able to help. I work in New York, paid New York taxes, and live in New Jersey and didn't pay New Jersey tax. I finished the IT-203 for New York and now doing the NJ one. I'm on the part for "Summary of Taxes Paid to Other States" and it lists New York and the credit. Where did this credit come from or how was it calculated?   When I click on edit, it goes to "Tell us about the money you earned in New York". It lists the New York amount for Double-tax income (which is the correct amount shown on my W-2 Box 1) and the Tax paid to New York which has an amount I'm not sure where it pulled from. Is this calculated by TT or it should've been pulled from a Box from my W-2?   Also, on the further NJ parts for Estimate Income, I'm not certain how to answer because my income varies throughout the year so it'll be difficult to estimate, i.e. I may have the same income as 2025 or more. Because of this, I'm not sure how to go about "Choose Your Payment Option" to calculate my NJ 2026 estimated taxes: 100% of my actual 2025 tax, 100% of my 2026 estimated tax, 80% of my 2026 estimated tax or no estimates.    Please let me know if I can provide any additional information and any guidance is much appreciate
To contact TurboTax go to the link below:   Contact TurboTax   @gavinborger2005