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Tuesday
yes. if not connected with business use of property they would go on schedule A in the tax section. The cap on is $40K for 2025. you must have itemized deductions that exceed your standard deduction...
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yes. if not connected with business use of property they would go on schedule A in the tax section. The cap on is $40K for 2025. you must have itemized deductions that exceed your standard deduction to benefit from the PP taxes. Turbotax should optimize between itemization and the standard deduction.
Tuesday
Could you clarify this for me? I have two 1098 from the mortgage being sold to a different bank. We aquired the mortgage for $714,900 and it was sold a few months later for $712,650. I have enter...
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Could you clarify this for me? I have two 1098 from the mortgage being sold to a different bank. We aquired the mortgage for $714,900 and it was sold a few months later for $712,650. I have entered both 1098 as the instructions led me and went throught the screenshot above. However, now at the end of the year I received a letter from the IRS that we claimed to large of a deduction, which I guess is because the two amount equal more than the capped $750k. I dont know how I need to amend my return.
Tuesday
1 Cheer
all the dividends are taxable at the federal level. assuming all the US interest qualifies for state subtraction purposes you would get a deduction on your state income tax return for the amount. whe...
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all the dividends are taxable at the federal level. assuming all the US interest qualifies for state subtraction purposes you would get a deduction on your state income tax return for the amount. when you go through Turtbotax's entries for the dividend amount you should be asked about US Gov't interest. if you have no state income taxes the number is meaningless.
Tuesday
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Tuesday
The total dividends listed on line 1a include both U.S government obligations and ordinary dividends, so wouldn't only the U.S. government obligations be taxable on my federal return? For example...
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The total dividends listed on line 1a include both U.S government obligations and ordinary dividends, so wouldn't only the U.S. government obligations be taxable on my federal return? For example, if total dividends are $10,000, and the U.S government obligation percentage is 59.87%, wouldn't only $5,987 be taxable at the federal level? Or is the entire amount $10,000 taxable on my federal return?
Tuesday
how do I find this
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Tuesday
I was not able to finish my 2024 taxes online by the cut off date so I have switched to the desktop version. In the online version, I mistakenly included a state return that I do not need. I want to ...
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I was not able to finish my 2024 taxes online by the cut off date so I have switched to the desktop version. In the online version, I mistakenly included a state return that I do not need. I want to delete this state and proceed with finishing the taxes on the desktop version. The problem is, when I try to "continue from turbo tax online," I rejects my attempt because I have not downloaded that second, unneeded state. If I try to move forward, it forces me to install and pay for that unneeded state (I have Deluxe and am already using my 1 free state). I've also tried downloading the 2024 .tax file and that does not alleviate the issue. And I don't see any Mac alternative to TTCleanStates.exe. Is there any way to import or "continue" with the 2024 online tax file without installing and paying for a state I don't need? Or do I have to just start over. Any suggestions appreciated.
Tuesday
Software for filing for tax year 2023
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Tuesday
To access your current or prior year online tax returns sign onto the TurboTax website with the User ID you used to create the account - https://myturbotax.intuit.com/
Scroll down to the bottom of ...
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To access your current or prior year online tax returns sign onto the TurboTax website with the User ID you used to create the account - https://myturbotax.intuit.com/
Scroll down to the bottom of the screen and on the section Your tax returns & documents. Click on the Year and Click on Download/print return (PDF)
If you used the desktop CD/Download editions installed on your computer, the only copy of your tax data file and any PDF's will be on the computer where the return was created. TurboTax does not store online any returns completed using the desktop editions.
Go to this IRS website for free transcripts of a federal tax return - https://www.irs.gov/individuals/get-transcript
For a fee of $30 you can get a complete federal tax return from the IRS by completing Form 4506 - http://www.irs.gov/pub/irs-pdf/f4506.pdf
Tuesday
1 Cheer
The Tax software does have a follow-up page right after the entry of the main 1099-DIV data in the Federal section, where you indicate how much of box 1a was due to US Govt bonds. You calculate t...
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The Tax software does have a follow-up page right after the entry of the main 1099-DIV data in the Federal section, where you indicate how much of box 1a was due to US Govt bonds. You calculate that from the %% that Vanguard provides, but you calculate it directly from box 1a ONLY if that Vanguard fund is the only source of $$ in box 1a. If other funds or stocks are including $$ in box 1a, then you have to get the $$ just from VMFXX from one of the Vanguard supplemental data sheets to calculate the appropriate $$ amount. Then that amount should automatically be subtracted in the GA tax forms. (at least it does in the NC tax forms every year).
Tuesday
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Tuesday
If you are using the "Online" software....sometimes you have to click on some text towards the bottom of the main screen, to expand the screen to show the full menu of income items. The text indica...
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If you are using the "Online" software....sometimes you have to click on some text towards the bottom of the main screen, to expand the screen to show the full menu of income items. The text indicates something like "Add more income"
Tuesday
Was hoping to get answers to last question. Also, is it ok to file the 2025 1041 with the notes and have the fiduciary mail the check with taxes due and noting on check ein number of estate and the w...
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Was hoping to get answers to last question. Also, is it ok to file the 2025 1041 with the notes and have the fiduciary mail the check with taxes due and noting on check ein number of estate and the words 2025 1041?
Tuesday
To provide more details, This is the first year when I'm considered independent, and filing taxes due to me graduating from college in 2024. I'm starting graduate school in June 2026 and need to take ...
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To provide more details, This is the first year when I'm considered independent, and filing taxes due to me graduating from college in 2024. I'm starting graduate school in June 2026 and need to take loans and fill out my FAFSA as soon as possible. I'm also currently in the process of applying to citizenship, my interview was a month and a half ago and I still didn't get a case decision, and am afraid it is related to my taxes.
1. Do need to file paper taxes?
2. Do I need to change anything in my form?
3. Is this problem an easy fix, and does it actually affect my citizenship status?
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Tuesday
I converted a primary residence (lived in since July 2018) to a rental property in April 2025, spending several thousand dollars preparing it. I was unable to secure a tenant throughout 2025. To maxi...
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I converted a primary residence (lived in since July 2018) to a rental property in April 2025, spending several thousand dollars preparing it. I was unable to secure a tenant throughout 2025. To maximize my tax savings, I plan to aggregate all of my properties (four units) for 2025 tax year, including the one converted from primary residence. If the property is aggregated with the other properties I have, will the "2 in 5 rule" still apply if I sell before April 2028?
Tuesday
1 Cheer
The actual Form 4562 that is filed with your return is just a Summary of the Depreciation for the current year and only lists out the new assets and not the prior the items. You may have a 4562 Depre...
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The actual Form 4562 that is filed with your return is just a Summary of the Depreciation for the current year and only lists out the new assets and not the prior the items. You may have a 4562 Depreciation and Amortization Report which does list all the items including fully depreciated items. If you don't have the 4562 Depreciation and Amortization Report or need more info you need the Asset Life History. The history is only available in the Desktop program not the Online version. If you are using the Online version you would have to download your .tax20yy file and open it in the desktop program.
Tuesday
Yes, if your presence was medically necessary and the trip was for medical reasons. The cost is a medical itemized deduction. Only an amount of total medical expenses greater than 7.5 percent of your...
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Yes, if your presence was medically necessary and the trip was for medical reasons. The cost is a medical itemized deduction. Only an amount of total medical expenses greater than 7.5 percent of your AGI can be deducted. This is only helpful if your itemized deduction is greater than your standard deduction.
Tuesday
Do I get a credit or deduction if my child is disabled?
If your child is older than 12 and you need to pay someone to take care of him while you work, you can say he is disabled and you can sti...
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Do I get a credit or deduction if my child is disabled?
If your child is older than 12 and you need to pay someone to take care of him while you work, you can say he is disabled and you can still get the childcare credit on your federal return. Or if he is 19 or older you may still be able to claim him as a qualifying child dependent on your federal return.
Aside from those things, there is no federal tax advantage to saying that your child is disabled. Your state tax laws might be different.