All Posts

Thank you!  TurboTax has always taken my Schedule C income and subtracted 1/2 of my self employment tax to get the base for calculating my max SEP IRA contribution @ 20%.  I recently saw on ChatGPT that you also need to subtract your deductible SEHI premiums from the Schedule C income to get the SEP IRA base.  That didn’t seem right to me and it’s not the way TurboTax does it.

Her mother and you each qualify to claim the child. The tax laws say that if the parents can't agree on who will claim the child, then it's the one with the higher AGI.  So if you claim her, you get HOH filing status but her mother can do a policy allocation that would require you to file form 8962 and report the allocation. ******************  For purposes of the PTC, your tax family consists of the following individuals. 1) You, if you file a tax return for the year and you can’t be claimed as a dependent on someone else’s 2025 tax return. 2) Your dependents whom you claim on your 2025 tax return.  Your family size equals the number of qualifying individuals in your tax family (including yourself).   This is a link to Form 8962 instructions. Allocation Situation 4, starting on page 19, covers the situation where a policy is shared between two families (the other 3 situations don't apply). https://www.irs.gov/pub/irs-pdf/i8962.pdf  This covers the situations where you agree to an allocation or when you can't agree I would suggest neither file their return until the policy allocation is settled because the allocation, which can range from 0% to 100%, can significantly affect your tax liability. That is the total tax liability for each of you and for both of you in total can vary based on the allocation. 

To go back to a lower version or the Free Edition you can try to clear and start over https://ttlc.intuit.com/community/using-turbotax/help/how-do-i-clear-and-start-over-in-turbotax-online/00/26444

If that is all  he gets it is not taxable and nobody reports it.  And you can still claim him as a dependent.     FYI -  By the way,  what does he get?   ssi stands for Supplemental Security Income not Social Security.   You do not get a SSA-1099 for ssi.   You do not report ssi at all.  

@danaegoldengirl71 wrote: The IRS website explicitly says that self employoed do not need a 1099 for tips if you keep records of them.     No, it does NOT say that.  It says the 1099 does not separate out the tips, so the person can calculate the amount of tips by their own records.  It still needs to be on a 1099.   The 1040 Instructions have that same example, and immediately below it the Instructions say:   "Only amounts that appear in the aggregate on Forms 1099 can be considered qualified tips. Any “cash tips” received by the tour guide in actual cash that don’t appear on Form 1099-K cannot be included in the deduction."   https://www.irs.gov/pub/irs-pdf/i1040gi.pdf#page=104  

If BofA considers this as Other Income rather than interest, the threshold for reporting in box 3 of Form 1099-MISC is indeed $600 and the amount being under $600 would mean no Form 1099-MISC would be issued.

In answer to your question, yes, I filed the original 1040 and IT-201 with Turbotax. Doesn't seem to make a difference re e-filing amended 1040X and It-201X, so I've given up on that and will mail both.   My only question remains: TT shows an updated 1040 and IT-201 (with original taxes owed minus the amended refund) in addition to the amended 1040X and IT-201X, and I submitted these with the amended fed and state returns for 2022. Is there a reason why I should not submit the updated 1040 and IT-201 with the amended 1040X and IT-201X for 2024? I don't want the amended forms (with refunds) to be rejected because I didn't submit the updated original forms but if they're not expecting them, maybe I shouldn't? Thanks.

We cannot see your tax return.    The software does not care how many months you worked.  The income you entered is all for 2025, no matter what months you received it in.     And for the Earned Income Credit—-   https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/qualifications-earned-income-credit-eic-eitc/L7w4BFP32_US_en_US?uid=m62rmz09   https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/use-the-eitc-assistant   https://www.irs.gov/pub/irs-pdf/p596.pdf