All Posts
58m ago
@edithkerwin if you are low income, there shouldn't be a fee for filing.....how low is "low income" as you describe it? Simple returns are free. What qualifies as a Simple Form 1040 return? I...
See more...
@edithkerwin if you are low income, there shouldn't be a fee for filing.....how low is "low income" as you describe it? Simple returns are free. What qualifies as a Simple Form 1040 return? If you have a simple Form 1040 return only (no forms or schedules except as needed to claim the Earned Income Tax Credit, Child Tax Credit or student loan interest), you can file for free yourself with TurboTax Free Edition, or you can file with TurboTax Live Assisted Basic at the listed price. Roughly 37% of taxpayers are eligible. Examples of situations included in a simple Form 1040 return (assuming no added tax complexity): W-2 income Interest, dividends or original issue discounts (1099-INT/1099-DIV/1099-OID) that don’t require filing a Schedule B IRS standard deduction Earned Income Tax Credit (EITC) Child Tax Credit (CTC) Student loan interest deduction Taxable qualified retirement plan distributions Examples of situations not included in a simple Form 1040 return: Itemized deductions claimed on Schedule A, like charitable contributions, medical expenses, mortgage interest and state and local tax deductions Unemployment income reported on a 1099-G Business or 1099-NEC income (often reported by those who are self-employed, gig workers or freelancers) Stock sales (including crypto investments) Income from rental property or property sales Credits, deductions and income reported on other forms or schedules
3 hours ago
@michelle_duarte presumably you are filing Married- Filing Separate. You just need to mail in the return. You can not file Married - Filing Joint. Are you living with this spouse and are y...
See more...
@michelle_duarte presumably you are filing Married- Filing Separate. You just need to mail in the return. You can not file Married - Filing Joint. Are you living with this spouse and are you on Social Security? if yes to both, you must check the box to ensure that 85% of your social security is automatically subject to tax.
4 hours ago
Topics:
yesterday
So I have a unique question. I used a popular service called WireBarley to send Korean Won to US Dollars back to my US Account. When you sign up, you get a couple 3,000 Korean Won coupons for sig...
See more...
So I have a unique question. I used a popular service called WireBarley to send Korean Won to US Dollars back to my US Account. When you sign up, you get a couple 3,000 Korean Won coupons for signing up and if you had a referral code, you get a 10,000 Korean Won coupon. I assumed these would only be valid to cover the service's fees and thus not be taxable since it's a discount/rebate. BUT, interestingly enough, even if the fee is ZERO (which it is if you send 1,000,000 Korean Won or more), you can still use the coupon to reduce what you need to send to them for the transaction. So, I have example photos. The first shows if you want to send 1,000,000 Korean Won to US Dollars and select the coupon, you no longer need to even pay the full 1,000,000 Korean Won. It takes 10,000 Korean Won off of that as well meaning you only pay 990,000 Korean Won to send and then receive the SAME AMOUNT of US Dollars. The second screenshot shows an actual transaction I did. 2,500,000 Korean Won, Fee of 0 Korean Won, Coupon for 10,000 Korean Won, and the total I had to pay was 2,490,000 Korean Won for the same amount of USD 1,783.75 whether I used the coupon (and got 10,000 Korean Won off: 2,490,000) or not (and paid the full 2,500,000). Their currency conversion is shown also. 1. Is this coupon taxable since it lowered the amount I even needed to send to get the SAME USD amount (and the fee was ZERO?) And it was able to lower the actual payment amount and not just the fee (since it was 0)? 2. Are the other two 3,000 Korean Won sign-up coupons that I haven't used also taxable? 3. Or, are none of these taxable because even though I am being allowed to pay less, this is the company's own choice to sell the currency at a lower/discounted rate even lower than their currency conversion rate shown (since it's discounted after that rate is used to calculate it)? Not familiar with this, sorry. Thanks in advance! 1,000,000 Korean Won Example (0 Fee, Coupon Still Works) Transaction showing amount, 0 fee, coupon, and total payable for same USD
Topics:
yesterday
ordinary income. you probably should have gotten a 1099-R for the year of surrender
yesterday
See this IRS website. don't know if they have provision for filing state returns if needed
https://www.irs.gov/file-your-taxes-for-free
yesterday
If you can’t get it from a previous return you can mail your return and write “refused” in place of the social security number. Enclose a statement saying he refused to give it to you along with his ...
See more...
If you can’t get it from a previous return you can mail your return and write “refused” in place of the social security number. Enclose a statement saying he refused to give it to you along with his name, address and phone number if available.
yesterday
This answer assumes your past returns were prepared in Online TurboTax. Any return prepared in desktop TurboTax will not be in an Online account. Here's how one would normally find past-y...
See more...
This answer assumes your past returns were prepared in Online TurboTax. Any return prepared in desktop TurboTax will not be in an Online account. Here's how one would normally find past-year online returns and how to troubleshoot for multiple accounts (User IDs) if necessary. Many people end up with more than 1 account. The pathway to download the past PDF or tax data file depends on whether or not you have started an online 2024 return. I provide both scenarios below, so choose which one is appropriate for your situation. If you have not yet started a 2024 online return: Sign in to your account. What you see next depends on whether or not you have already started a 2024 return in that account. If your left column menu is minimal, and does not have a Tax Home tab displayed, that would imply you have not started preparing a 2024 return in that account. If you haven't yet started a return, it will start asking you some questions. Answer those preliminary questions (you don't actually have to prepare a return), and then when you are far enough into the process (several screens), the left menu column will change, and you'll then see a Tax Home option. Do not click the Documents tab. Instead, click on Tax Home. Then on the Tax Home screen, scroll way down to the bottom to "Your Tax Returns & Documents". Expand that section and choose the past year you want. If your past returns are not shown there, then you likely have multiple accounts and signed into the wrong one. I'll tell you below how to troubleshoot. If you have already started or finished a 2024 online return: Log in, and if you've already started or filed a 2024 return in that account, then it may already open at the Tax Home. If not, click the Tax Home tab in the left column menu. Do not use the Documents tab. At the Tax Home scroll down and expand "Your Tax Returns & Documents." If the past returns are not there, see the steps below. If you do all that and can't find the past return, here's how to look for multiple accounts: You can have up to 5 accounts that use the same email address for notification purposes. A User ID may be an email address, but it doesn't have to be. It might be only part of an email address, or it can be anything at all. To get a list of your User IDs, reset password, and recover account access, etc., you can use the tool at the link below. When using the Account Recovery tool, try using your phone number first if you can still access it. After that, if necessary, then run the tool on your email address(es) you can access. NOTE: Before running the account recovery tool below, log out of all Intuit accounts including this user forum, or you might end up in a loop. Then clear your browser Internet cache, close your browser, then reopen it, and go to the link below. You may wish to copy this link so you can paste it into the new browser session. https://myturbotax.intuit.com/account-recovery If still no luck after running that on your phone number you can still access and email address(es) that you can access, here's another method: Go back to the tool again, but this time leave the data field blank, scroll down a bit, then choose the small blue link that says "Try something else", and it will look you up by other parameters.
yesterday
Identifying number is same as social security number. If no will and court appointed you check b. Line 4, check e and f.
yesterday
He refuses to provide it
Topics:
yesterday
Upon filing the MI tax return, we received a letter stating they were disallowing the India deduction, followed by an invoice asking my father to pay like $7200, rather than a small refund he was ge...
See more...
Upon filing the MI tax return, we received a letter stating they were disallowing the India deduction, followed by an invoice asking my father to pay like $7200, rather than a small refund he was getting. My dad’s CPA wrote a letter to State of Michigan disputing the case. My dad ended up paying the invoice but then later received the full refund of the amount he paid.
yesterday
I need my 1040 not my w2.
Topics:
yesterday
I read that instructions still had questions
yesterday
Where on a 1040 is the full surrender proceeds of a non-tax qualified variable annuity reported. There is some basis (exclusion ratio) and some additional increase is value. Is this value capital g...
See more...
Where on a 1040 is the full surrender proceeds of a non-tax qualified variable annuity reported. There is some basis (exclusion ratio) and some additional increase is value. Is this value capital gains or is it taxed as ordinary income? I have not been able to see where to enter it on my 1040. This is not following a death but an early complete distribution of the annuity. No withdrawals have ever been taken on the annuity. Thank you.
yesterday
Thanks . She filed 2024 taxes already, passed away this June so this is all new to me.
yesterday
Topics:
yesterday
Triplicate
yesterday
Duplicate