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yesterday
You cannot deduct your rent. It doesn't matter if you are a student or not. If you bought a new vehicle in 2025 that was assembled in the United States, you can deduct up to $10,000 in interest on ...
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You cannot deduct your rent. It doesn't matter if you are a student or not. If you bought a new vehicle in 2025 that was assembled in the United States, you can deduct up to $10,000 in interest on a loan for that vehicle. Otherwise, you cannot deduct interest on a car loan.
yesterday
1 Cheer
You wouldn't include the 48 days of vacancy in the "number of days rented out" field, or the "personal use" field. It will not be included in any of the fields.
Here's a direct link to the IRS...
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You wouldn't include the 48 days of vacancy in the "number of days rented out" field, or the "personal use" field. It will not be included in any of the fields.
Here's a direct link to the IRS instructions on this specific section:
Sch E (1040) instructions
yesterday
Ran into the same issue, even though I answered 100% for the percentage: https://ttlc.intuit.com/community/tax-credits-deductions/discussion/got-incorrect-the-net-profit-for-your-real-estate-work-was...
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Ran into the same issue, even though I answered 100% for the percentage: https://ttlc.intuit.com/community/tax-credits-deductions/discussion/got-incorrect-the-net-profit-for-your-real-estate-work-was-zero-or-[product key removed]-you-can-t-claim/01/3876741#M369421
yesterday
Whether or not you can deduct the property tax "paid" at closing depends. If some or all of the tax was to set up your escrow account, that is not deductible, as you didn't actually pay the tax, you...
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Whether or not you can deduct the property tax "paid" at closing depends. If some or all of the tax was to set up your escrow account, that is not deductible, as you didn't actually pay the tax, you just set money aside in your escrow account so the mortgage company could pay the tax when due. If you paid prorated tax as reimbursement to the seller for your share of the property tax they already paid, that is deductible. If you paid other taxes, like intangibles tax, real estate transfer tax, etc. those taxes are not deductible. Also, you may have received a credit for the sellers prorated tax if the taxes had not yet been paid at the time of the closing.
Once you determine the actual amount of property tax you paid, if they were not reported on, and entered with the 1098, you can enter the amount by going to:
Federal
Deductions & Credits
Property (Real Estate) Taxes
Enter you property tax paid
You might want to look up your property tax bill on your county tax assessor or tax commissioner's website and then reconcile what you paid or received at closing, and what you paid through your escrow account or out of pocket with the property tax bill.
yesterday
Will this article help? Where to enter waiver payments https://ttlc.intuit.com/turbotax-support/en-us/help-article/form-w-2/qualified-medicaid-waiver-payments-w-2-show-earned/L1XZa89dh_US_en_US
yesterday
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yesterday
I have the same problem. Don't select anything and just continue. After a few "continue" clicks, it will ask for box 12 code again and then they have option II for you to select.
yesterday
I am having the same problem - unable to e-file CA Form 541. The e-file is rejected but TurboTax says there is no error in the return. How does one proceed from here?
yesterday
@crkumar77 Yes I was able to resolve this, but it took me all of a weekend to figure out. TT does not make reporting for pro rata very easy until you understand a few things. I had replied ear...
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@crkumar77 Yes I was able to resolve this, but it took me all of a weekend to figure out. TT does not make reporting for pro rata very easy until you understand a few things. I had replied earlier but my reply is gone. I see someone else has answered your question, but I will reiterate how I did mine: 1. First step in the backdoor Roth is to enter the Traditional IRA. Do not checkmark that you recharacterized it if the wizard asks. This is NOT the same as a backdoor roth, which is called a conversion. You will report the conversion later. 2. Next, enter your 1099-R exactly as reported. This is how TT captures the conversion. If the wizard asks you can say this was a complete conversion from the Trad. This step will empty the Trad to zero at 12/31. 3. When asked for all 12/31 balances of any SEP, SIMPLE or other Trad IRA's, enter that dollar amount. This moves the needed amounts over to Form 8606 for pro rata calcs. If you had basis from the previous year, that will also be answered through the wizard. 4. Check Form 8606 now - you should have pro rata numbers on lines 13, 14 (basis that will roll into the next year), 16,17 and 18. The number on line 18 transfers to line 4b on the 1040 and is your taxable pro rata amount. That's how I did it and it was verified correct by my CPA. Hope that helps
yesterday
You should have a 1095-A for that. where to enter a 1095A https://ttlc.intuit.com/community/credits-and-deductions/help/where-do-i-enter-my-1095-a/00/26456
yesterday
I received a 1099-B from Edward Jones which has the section: "Unknown Transactions for Which Basis is not Reported to the IRS". This section has four sales listed with 0 quantity sold (Box 1a), "Unk...
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I received a 1099-B from Edward Jones which has the section: "Unknown Transactions for Which Basis is not Reported to the IRS". This section has four sales listed with 0 quantity sold (Box 1a), "Unknown" date acquired (Box 1b), an actual date sold (Box 1c), $0 Proceeds (Box 1d), "Unknown" cost or other basis (Box 1e), and "unknown" or 0 for all other boxes. Edward Jones said these are listed this way due to cancelled sells. TurboTax didn't import the unknown values for 1b and 1e and is giving me errors about them being blank. I can't enter unknown for either box, and 1e requires a dollar value. Since the quantity and proceeds are zero, can I just remove these items completely? Do I enter various for the date and $0 for the cost basis?
yesterday
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yesterday
When in doubt, use the 80/20 rule. 80% of the total sales price (and expenses) is allocated to the "Asset" (aka building), and the remaining 20% is allocated to the land. 80/20 is the general alloc...
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When in doubt, use the 80/20 rule. 80% of the total sales price (and expenses) is allocated to the "Asset" (aka building), and the remaining 20% is allocated to the land. 80/20 is the general allocation % between building and land that is commonly used in the tax prep world.
yesterday
Here we are in 2026 and this error STILL exists! I just spent HOURS trying to figure this out and finally found this thread. Imagine the many thousands of dollars people must have overpaid over the...
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Here we are in 2026 and this error STILL exists! I just spent HOURS trying to figure this out and finally found this thread. Imagine the many thousands of dollars people must have overpaid over the years due to this. Hey Intuit...are you getting a kickback from the IRS for this? Why else wouldn't you fix it by now???
yesterday
NO! You have to enter each 1099R separately.
yesterday
If you haven't filed, registered or paid you can try to clear and start over. This FAQ might be wrong, Clear and start over is now under Switch Products section. https://ttlc.intuit.com/community/us...
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If you haven't filed, registered or paid you can try to clear and start over. This FAQ might be wrong, Clear and start over is now under Switch Products section. https://ttlc.intuit.com/community/using-turbotax/help/how-do-i-clear-and-start-over-in-turbotax-online/00/26444
yesterday
Individuals and families are eligible for the Working Families Tax Credit if they meet all of the following requirements:
Have a valid Social Security Number (SSN) or Individual Taxpayer Ide...
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Individuals and families are eligible for the Working Families Tax Credit if they meet all of the following requirements:
Have a valid Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
Lived in Washington a minimum of 183 days in 2025 (over half the year). See our Frequently Asked Questions (FAQs) about residency to learn more.
Are at least 25 and under 65 years of age OR have a qualifying child in 2025.
Filed a 2025 federal tax return.
Eligible to claim the federal Earned Income Tax Credit (EITC) on their 2025 tax return (or would meet the requirements for EITC but are filing with an ITIN).
Check this chart to ensure you are within the income limits. The maximum credit amount ranges from $335 to $1,330, depending on the number of qualifying children. These amounts are then reduced based on income thresholds, similar to the federal program, EITC. The minimum credit amount is $50, regardless of the number of qualifying children.
yesterday
My CA Form 541 e-filings have been rejected twice for no apparent reason. TurboTax Business Desktop shows there are no errors in the return. How does one resolve this? The federal e-filing of form ...
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My CA Form 541 e-filings have been rejected twice for no apparent reason. TurboTax Business Desktop shows there are no errors in the return. How does one resolve this? The federal e-filing of form 1041 went through without issue.
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yesterday
Return worksheet
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