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5 hours ago
The new tax laws had no effect on Social Security or its taxability.
Did you have federal tax withheld from your SS benefits? Did you have any other income besides SS?
TAX ON SOCIAL...
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The new tax laws had no effect on Social Security or its taxability.
Did you have federal tax withheld from your SS benefits? Did you have any other income besides SS?
TAX ON SOCIAL SECURITY
Up to 85% of your Social Security benefits can be taxable on your federal tax return. There is no age limit for having to pay taxes on Social Security benefits if you have other sources of income along with the SS benefits. When you have other income such as earnings from continuing to work, investment income, pensions, etc. up to 85% of your SS can be taxable.
What confuses people about this is that before you reach full retirement age, if you continue working while drawing SS, your benefits can be reduced if you earn over a certain limit. (For 2021 it was $18,960. For 2022 it was $19,560 — for 2023 $21,240) For 2024, $22,320. For 2025 it will be $23,400; 2026 $24,480
After full retirement age, no matter how much you continue to earn, your benefits are not reduced by your earnings; your employer will still have to withhold for Social Security and Medicare. If you work as an independent contractor then you will pay self-employment tax for Social Security and Medicare.
To see how much of your Social Security was taxable, look at lines 6a and 6b of your 2024 Form 1040
https://www.irs.gov/help/ita/are-my-social-security-or-railroad-retirement-tier-i-benefits-taxable
You need to file a federal return if half your Social Security plus your other income is
Single or Head of Household $25,000
Married Filing Jointly $32,000
Married Filing Separately $0
Some additional information: There are 9 states that tax Social Security—Colorado, Connecticut,, Minnesota, Montana, New Mexico, Rhode Island, Utah, Vermont and West Virginia These states offer varying degrees of income exemptions, but two mirror the federal tax schedule: MN and VT.
5 hours ago
i get straight time overtime.
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5 hours ago
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5 hours ago
@MarilynG1 This is what I was looking for https://ttlc.intuit.com/community/taxes/discussion/1099r-section-for-2025-income-says-available-soon-any-estimated-date/00/3722065
5 hours ago
1. Doubtful. Your rental house loss must exceed your federal AGI to have an NOL in GA (since the GA return starts with your federal AGI). Based on your comments, I believe your federal income exceeds...
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1. Doubtful. Your rental house loss must exceed your federal AGI to have an NOL in GA (since the GA return starts with your federal AGI). Based on your comments, I believe your federal income exceeds your loss.
2. No since you probably don't have an NOL. f you have suspended losses, they are carried over on your federal tax return. Form 8582 tracks losses suspended due to income. You may not have any suspended losses, depending on your income.
Depreciation plays a big part in losses. Since your rent is low, I wonder if your house may not be a rental. It could be a second home with rental income. If your home is rented at fair rental value and the income exceeds 2% of the lower of FMV or basis, it probably is a rental property.
See About Form 8582, Passive Activity Loss Limitations which states:
An activity is not a rental activity if any of the following apply.
The average period of customer use is:
7 days or less, or
30 days or less and significant personal services were provided in making the rental property available for customer use.
Figure the average period of customer use for a class of property by dividing the total number of days in all rental periods by the number of rentals during the tax year. If the activity involves renting more than one class of property, multiply the average period of customer use of each class by the ratio of the gross rental income from that class to the activity's total gross rental income. The activity's average period of customer use equals the sum of these class-by-class average periods weighted by gross income. See Regulations section 1.469-1(e)(3)(iii). Significant personal services include only services performed by individuals. To determine if personal services are significant, all relevant facts and circumstances are taken into consideration, including the frequency of the services, the type and amount of labor required to perform the services, and the value of the services relative to the amount charged for use of the property.
Extraordinary personal services were provided in making the rental property available for customer use. This applies only if the services are performed by individuals and the customers' use of the property is incidental to their receipt of the services.
Rental of the property is incidental to a nonrental activity. The rental of property is incidental to an activity of holding property for investment if the main purpose of holding the property is to realize a gain from its appreciation and the gross rental income is less than 2% of the smaller of the unadjusted basis or the fair market value (FMV) of the property. Unadjusted basis is the cost of the property without regard to depreciation deductions or any other basis adjustment described in section 1016. The rental of property is incidental to a trade or business activity if:
You own an interest in the trade or business activity during the tax year,
The rental property was mainly used in the trade or business activity during the tax year or during at least 2 of the 5 preceding tax years, and
The gross rental income from the property is less than 2% of the smaller of the unadjusted basis or the FMV of the property.
Lodging provided for the employer's convenience to an employee or the employee's spouse or dependents is incidental to the activity or activities in which the employee performs services.
You customarily make the rental property available during defined business hours for nonexclusive use by various customers.
5 hours ago
Where is this form ? Why it is not available yet ?
5 hours ago
I entered all my social security into turbo tax. When i completed the information all federal taxes paid showed up in the Federal Refund window. Is this correct and have anything to do with the bill ...
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I entered all my social security into turbo tax. When i completed the information all federal taxes paid showed up in the Federal Refund window. Is this correct and have anything to do with the bill passed by Congress.
5 hours ago
You should probably just contact Support: https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/turbotax-phone-number/L0Od33nMQ_US_en_US
5 hours ago
The IRS will not be accepting a 2025 federal tax return until January 26, 2026.
5 hours ago
IRS filing season doesn't open until Monday (1/26/2026).
5 hours ago
Any idea when this is going to be released???
5 hours ago
@Vanyelashke You are seeing this because the amount of Medicare taxes withheld in box 6 is Not exactly 1.45% of the Medicare wages in box 5. Remove any cents for the Medicare wages and see if the up...
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@Vanyelashke You are seeing this because the amount of Medicare taxes withheld in box 6 is Not exactly 1.45% of the Medicare wages in box 5. Remove any cents for the Medicare wages and see if the upgrade message goes away.
5 hours ago
https://turbotax.intuit.com/personal-taxes/online/free-edition.jsp
Or—-Use this IRS site for other ways to file for free. There are 8 free software versions available from the IRS Free Fi...
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https://turbotax.intuit.com/personal-taxes/online/free-edition.jsp
Or—-Use this IRS site for other ways to file for free. There are 8 free software versions available from the IRS Free File site
https://apps.irs.gov/app/freeFile/
5 hours ago
The 1099R section was updated/issued today. However, form 8606 has not been released yet. This is getting absolutely ridiculous TT. When will it be released? I can manually infill the information...
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The 1099R section was updated/issued today. However, form 8606 has not been released yet. This is getting absolutely ridiculous TT. When will it be released? I can manually infill the information under forms but it will still not update my overall tax return.
5 hours ago
Click here for Do It Yourself Free.
How to File Your Taxes for Free
5 hours ago
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5 hours ago
Did you e-file your tax return and was it accepted? Only the IRS and your State control when and if a Federal or State tax refund is Approved and Issued.
You complete your tax return by finish...
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Did you e-file your tax return and was it accepted? Only the IRS and your State control when and if a Federal or State tax refund is Approved and Issued.
You complete your tax return by finishing all 3 Steps in the File section. In Step 3, to e-file your tax return, you must click on the large button labeled "Transmit my returns now".
After completing the File section and e-filing your tax return you will receive two emails from TurboTax. The first email when your tax return was transmitted and the second email when the tax return has either been accepted or rejected.
Note - Once a tax return has been Accepted by the IRS or a State, TurboTax receives no further information concerning the tax return or the status of any tax refund. Only the taxpayer listed on the tax return can obtain the status of a tax refund or a tax return.
To check the status of an e-filed return, open up your desktop product or log into your TurboTax Online Account. You can find your status within the TurboTax product. If accepted by the IRS use the federal tax refund website to check the refund status - https://www.irs.gov/refunds
If accepted by the state use this TurboTax support FAQ to check the state tax refund status - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/track-state-refund/L3jgO8PGs_...
After the tax return has been Accepted by the IRS (meaning only that they received the return) it will be in the Processing mode until the tax refund has been Approved and then an Issue Date will be available on the IRS website.
Call the IRS: 1-800-829-1040 hours 7 AM - 7 PM local time Monday-Friday
5 hours ago
Some forms have a sign-up link where you can be notified of availability. Here's more info on State Forms Availability for TurboTax Business.
@SerottaD
5 hours ago
The retirement income section is now available in both TurboTax Online and TurboTax Desktop.
5 hours ago
You must have a qualified person entered as a dependent on your tax return before you are eligible for Head of Household. See this - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-f...
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You must have a qualified person entered as a dependent on your tax return before you are eligible for Head of Household. See this - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-filing-status/qualify-head-household-2021/L0NxUtVc2_US_en_US