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Monday
Over that threshold long term capital gains is usually taxed at 15%.
Monday
Yes, I realized that but I've exceeded that threshold.
Monday
You will owe no capital gains tax if you are filing single and your taxable income is less than $48,350.
Monday
Agree... just worried if I put nothing in 8949, if coinbase one day report to the IRS SS# and gains, i will be flagged as someone who did not pay the tax, even though the partnership did, of course,...
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Agree... just worried if I put nothing in 8949, if coinbase one day report to the IRS SS# and gains, i will be flagged as someone who did not pay the tax, even though the partnership did, of course, maybe best way is just to handle it then, all records are crystal clear... also you are right the IRS needs to know who the gains belong to. ? Maybe can just put that in transaction description box? "gains reported by EIN XX-XXXX ?
Monday
It might not be an issue at all, BUT if you do report the full amount received as nominee, the IRS is going to want to know the responsible party(ies) (i.e., who should have received all, or part of,...
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It might not be an issue at all, BUT if you do report the full amount received as nominee, the IRS is going to want to know the responsible party(ies) (i.e., who should have received all, or part of, the income reported).
Monday
1 Cheer
You are posting from desktop Home and Business. If that is what you used when you prepared your 2024 return, you need to use your desktop software to amend instead of trying to log in to an online ...
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You are posting from desktop Home and Business. If that is what you used when you prepared your 2024 return, you need to use your desktop software to amend instead of trying to log in to an online account.
Go to Federal>Other Tax Situations>Other Tax Forms>Amend a return
Monday
If you are still having trouble with your log in issues then contact support.
To call TurboTax customer support
https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/...
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If you are still having trouble with your log in issues then contact support.
To call TurboTax customer support
https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/contact-turbotax/L2y9ZKpQB_US_en_US?uid=m5s9l2vh
Monday
@user17549315027 Please stop attempting to post phone numbers, etc. in this public user forum. Anyone using the internet can see your posts, and scammers and identity thieves love to troll here so ...
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@user17549315027 Please stop attempting to post phone numbers, etc. in this public user forum. Anyone using the internet can see your posts, and scammers and identity thieves love to troll here so that they can pretend to call you from TurboTax. Luckily the filter removed most of it except for your name. You can edit out your name by going to the three blue dots on the upper right.
UPDATE MY ACCOUNT
https://ttlc.intuit.com/community/account-updates/help/how-do-i-update-my-turbotax-account-information/00/25927
Wait until your original return has been fully processed before you amend, and make sure you have saved a pdf of the original return before you amend. (If you do not save it as a pdf, the amended return will overwrite the original, and the original will be lost forever)
See this TurboTax support FAQ for amending a tax return -
CURRENT YEAR
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-federal-tax-return-current-year/L7eS6o1qh_US_en_US?uid=lfunevhk
Monday
need to amend 2024 tax. been using TT for years but going in circles trying to login. Keeps bringing up quicken which i don't use anymore. Ralph Bredahl 1369 [phone number removed] [email addres...
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need to amend 2024 tax. been using TT for years but going in circles trying to login. Keeps bringing up quicken which i don't use anymore. Ralph Bredahl 1369 [phone number removed] [email address removed] When it sends out the 6 digits it sends to [phone number removed] correct is ******73 last 4 is 5369
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Monday
AMERICAN OPPORTUNITY TAX CREDIT
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/eligible-take-american-opportunity-tax-credit/L8ZQFKvLe_US_en_US?uid=m6efibfz
...
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AMERICAN OPPORTUNITY TAX CREDIT
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/eligible-take-american-opportunity-tax-credit/L8ZQFKvLe_US_en_US?uid=m6efibfz
AOC will be shown on line 29 of your Form 1040
https://www.irs.gov/help/ita/am-i-eligible-to-claim-an-education-credit
Monday
Oh---wait-----you are about to make a mistake. At age 20, she is a qualified child dependent. There is not a "choice" about saying she cannot be claimed on her own return. The rules is that if ...
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Oh---wait-----you are about to make a mistake. At age 20, she is a qualified child dependent. There is not a "choice" about saying she cannot be claimed on her own return. The rules is that if she CAN be claimed, she must say on her own return that someone else can claim her. If she already filed that way, then leave her return alone. If she has not yet filed, then in MY INFO she must say that someone else can claim her as a dependent.
The education credit goes on YOUR return---not on the dependent student's return. If you filed without using the education credit, then that is what you should be changing if you amend--not changing to remove your daughter as a dependent. Dependents cannot claim education credits.
WHO CAN I CLAIM AS A DEPENDENT?
You can claim a child, relative, friend, or fiancé (etc.) as a dependent on your 2024 taxes as long as they meet the following requirements:
Qualifying child
They're related to you.
They aren't claimed as a dependent by someone else.
They're a U.S. citizen, resident alien, national, or a Canadian or Mexican resident.
They aren’t filing a joint return with their spouse.
They're under the age of 19 (or 24 for full-time students).
No age limit for permanently and totally disabled children.
They lived with you for more than half the year (exceptions apply).
They didn't provide more than half of their own support for the year.
Qualifying relative
They don't have to be related to you (despite the name).
They aren't claimed as a dependent by someone else.
They're a U.S. citizen, resident alien, national, or a Canadian or Mexican resident.
They aren’t filing a joint return with their spouse.
They lived with you the entire year (exceptions apply).
They made less than $5050 in 2024 (not counting Social Security)
You provided more than half of their financial support.
When you add someone as a dependent, we'll ask a series of questions to make sure you can claim them. There may be other tax benefits you can get when you claim a dependent.
Related Information:
What does "financially support another person" mean?
Monday
need to amend 2024 tax. been using TT for years but going in circles trying to login. Keeps bringing up quicken which i don't use anymore. Ralph Bredahl 1369 [phone number removed] [email addres...
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need to amend 2024 tax. been using TT for years but going in circles trying to login. Keeps bringing up quicken which i don't use anymore. Ralph Bredahl 1369 [phone number removed] [email address removed] When it sends out the 6 digits it sends to [phone number removed] correct is ******73 last 4 is 5369
Monday
Need to estimate 2025 capitals gains tax
Monday
Sorry, she qualifies as your dependent. You can leave her on your return and only need to fix (not amend) her rerturn. On her return she needs to check the box under My Info that she can be claime...
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Sorry, she qualifies as your dependent. You can leave her on your return and only need to fix (not amend) her rerturn. On her return she needs to check the box under My Info that she can be claimed as a dependent. Then she can efile. Oh, she fixed that and efiled ok? Then you don't have to do anything on your return or her return. I don't know about the AOTC. @xmasbaby0
Monday
She is a full tme college student age 20. My return was accepted. Her's rejected code F1040-516-01 "PrimaryClaimAsDependent is not checked, then 'PrimarySSN' must not be the same as a Dependent SSN o...
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She is a full tme college student age 20. My return was accepted. Her's rejected code F1040-516-01 "PrimaryClaimAsDependent is not checked, then 'PrimarySSN' must not be the same as a Dependent SSN on another return filed for the same tax year". Return was then resubmitted acknowledging her as a dependent on my return and accepted. She was as a result not able to claim the AOTC tax credit. I should not have listed her as my dependent , thus I believe I would have to correct my return to avoid the same reject again. Why wouldn't I have a choice as you stated? Thank you
Monday
Hello, this is in regard to the 2023 tax year. I am a US citizen who worked part of the year (approx 6 months) in Spain as part of the Spanish government's NALCAP program. I reported the living expen...
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Hello, this is in regard to the 2023 tax year. I am a US citizen who worked part of the year (approx 6 months) in Spain as part of the Spanish government's NALCAP program. I reported the living expense stipend amount (equal to approx $3300 total over the period of time I worked there) on our Schedule 1 form as "other income." We are married filing jointly, and my husband has a substantial income from his employment with a hospital. We've now received a letter from the IRS saying that the amount on line 8z (the $3300), appears to be subject to self-employment tax. Does this sound right? Was I "self-employed" during this period of cultural exchange/language assistance in Spain? If so, how should I calculate that? Many thanks!
Monday
We have a whole life insurance policy that has been paid into since 2009. We took small loans out and based on the advice of our insurance salesman we have not made repayments of the loans. Now wit...
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We have a whole life insurance policy that has been paid into since 2009. We took small loans out and based on the advice of our insurance salesman we have not made repayments of the loans. Now with interest the loan balance has grown to $70k and our Cash value is $85k. The insurance company has told us we could surrender the policy and received the remaining cash value after the loan is paid off approximately $11K after fees. Will we be taxed on the full $85K or only on the $11K payout?
Monday
likely didn't answer the 1099-R input follow-up interview questions correctly to make sure it's classified as a IRA conversion, suggest going back over those interview questions. Here are the instru...
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likely didn't answer the 1099-R input follow-up interview questions correctly to make sure it's classified as a IRA conversion, suggest going back over those interview questions. Here are the instructions to follow on how to input a backdoor Roth https://ttlc.intuit.com/turbotax-support/en-us/help-article/retirement-benefits/enter-backdoor-roth-ira-conversion/L7gGPjKVY_US_en_US?uid=me7bdm9t
Monday
1 Cheer
these are from the instruction so sometimes the form must be filed even if the AMT tax is zero. see if any apply.
I wouldn't worry even if not required.
Who Must File Attach Form 6251 to your r...
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these are from the instruction so sometimes the form must be filed even if the AMT tax is zero. see if any apply.
I wouldn't worry even if not required.
Who Must File Attach Form 6251 to your return if any of the following statements are true. 1. Form 6251, line 7, is greater than line 10. 2. You claim any general business credit, and either line 6 (in Part I) of Form 3800 or line 25 of Form 3800 is more than zero. 3. You claim the qualified electric vehicle credit (Form 8834), the personal-use part of the alternative fuel vehicle refueling property credit (Form 8911), or the credit for prior year minimum tax (Form 8801). 4. The total of Form 6251, lines 2c through 3, is negative and line 7 would be greater than line 10 if you didn’t take into account lines 2c through 3
Monday
Hello, this is in regard to the 2023 tax year. I am a US citizen who worked part of the year (approx 6 months) in Spain as part of the Spanish government's NALCAP program. I reported the living expen...
See more...
Hello, this is in regard to the 2023 tax year. I am a US citizen who worked part of the year (approx 6 months) in Spain as part of the Spanish government's NALCAP program. I reported the living expense stipend amount (equal to approx $3300 total over the period of time I worked there) on our Schedule 1 form as "other income." We are married filing jointly, and my husband has a substantial income from his employment with a hospital. We've now received a letter from the IRS saying that the amount on line 8z (the $3300), appears to be subject to self-employment tax. Does this sound right? Was I "self-employed" during this period of cultural exchange/language assistance in Spain? If so, how should I calculate that? Many thanks!
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