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Thursday
To qualify for the car loan interest deduction, your vehicle must meet all these rules:
It was purchased, not leased, in 2025.
It’s a brand-new vehicle. It’s not a used vehicle.
Its fi...
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To qualify for the car loan interest deduction, your vehicle must meet all these rules:
It was purchased, not leased, in 2025.
It’s a brand-new vehicle. It’s not a used vehicle.
Its final assembly was in the U.S.
You can check this by entering your VIN and model year into the VIN decoder provided by the National Highway Traffic Safety Administration.
You’ll also include the VIN on your tax return.
It's a car, van, SUV, motorcycle, or pickup truck that weighs less than 14,000 pounds.
You bought it for personal use.
You didn’t pay the interest to a family member or a business you own. The loan must be secured by the vehicle.
New car loan interest is entered in the Deductions and Credits Section. You will see it on Schedule 1a and will end up on Form 1040, line 13.
To enter your car loan interest:
Go to Deductions & Credits
Add more deductions
Cars and Other things you own
Car loan interest
Follow the screen prompts.
For more information, refer to the TurboTax article What is the vehicle loan interest deduction?, and What is IRS Schedule 1-A: New 2025 Form for Additional Deductions Explained.
IRS Rules for the One Big Beautiful Bill Car Loan Interest Deduction: What You Need to Know
Thursday
While the IRS focus is on whether you "used" the home as a primary residence for 24 months, NYS is notorious for its aggressive "Statutory Residency" audits, which look at your global ties and day co...
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While the IRS focus is on whether you "used" the home as a primary residence for 24 months, NYS is notorious for its aggressive "Statutory Residency" audits, which look at your global ties and day counts.
Federal: To exclude up to $250,000 (single) or $500,000 (married) in capital gains, you must meet the Ownership and Use tests. Since you already own the home, the "Use" test is where documentation matters. The IRS looks for "Primary Residence" indicators:
Voter Registration: Moving your registration to Florida is a major legal marker.
Mailing Address: Use the Florida address for your IRS filings, VA correspondence, and Social Security.
The "Non-Qualified Use" Rule: Be aware that if you owned the Florida home as a "second home" or rental before moving into it as a primary residence, the IRS may prorate your exclusion. You only get the full exclusion for the period it was your primary home.
If you moved there with intent to stay and had a reason you had to move - like health, there are some exceptions that allow a proration.
NY:As a 100% service-connected veteran, you may also have specific property tax exemptions in Florida that can serve as "intent" evidence for your residency.
New York State will try to tax your Florida gain if they consider you a Statutory Resident. You are a resident of NY if you:
Maintain a "permanent place of abode" (your NY home).
Spend more than 183 days in NY during the tax year.
Cell Phone Pings/Records: NY auditors frequently request cell phone records to track which towers your phone hit on specific days to verify your location.
Credit Card Statements: Showing daily spending (groceries, gas, coffee) in Florida vs. New York.
The "Teddy Bear" Test: NY auditors look at where your "near and dear" items are (family photos, heirlooms, pets, or high-value collections). If these are still in NY, they may argue you never truly left.
The FL homestead veterans exemption is inconsistent with being a NY resident
NY STAR credit or residency based exemptions should not qualify with FL residency
Thursday
That is pretty much the case, in 2026, the temporary caps on repaying excess Advance Premium Tax Credit (APTC) expire. The income eligibility limit is strictly reinstated at 400% of the Federal Pov...
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That is pretty much the case, in 2026, the temporary caps on repaying excess Advance Premium Tax Credit (APTC) expire. The income eligibility limit is strictly reinstated at 400% of the Federal Poverty Level (FPL). If your household income exceeds this limit by even one dollar, you are disqualified from the credit and must repay 100% of any advance subsidies received during the year.
Unlike the repayment side, there is no safe harbor for making less than expected. If your income falls below 100% of the FPL, you may lose eligibility for the PTC entirely and potentially be directed toward Medicaid, though you typically do not have to repay credits already received if you provided a good-faith estimate at enrollment.
And yes, you can make contributions to retirement/HSA accounts to potentially lower your modified adjusted gross income to remain in range for the credit/subsidy.
Thursday
@Thom31 wrote: I got the Pin from my IRS account. After my return was rejected, I clicked on a place to fix the error, which I did. Sometimes, instead of using a "Fix It" it's better to go...
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@Thom31 wrote: I got the Pin from my IRS account. After my return was rejected, I clicked on a place to fix the error, which I did. Sometimes, instead of using a "Fix It" it's better to go back to the actual interview to make the correction. I don't know if you tried the manual maneuvers yet to re-enter the IP PIN and save the return, then re-file as mentioned in my post above. It, too, may not work, but hopefully it might reset something.
Thursday
I have a small amount of mineral rights royalty income for this return. I have already filed my federal and California state returns. I have gone through the Easy Step questions, answering "0"...
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I have a small amount of mineral rights royalty income for this return. I have already filed my federal and California state returns. I have gone through the Easy Step questions, answering "0" in the Oklahoma Amount box for the following questions: Interest Income, dividends, and capital gains. However, Turbotax is generating a form 561 based on $1 of capital gains from a Treasury that matured in 2025 in a California brokerage account reported on a 1099-B. Turbotax will not let me file my Oklahoma nonresident return without answering the following Smart Check questions: 1-Check This Entry Form 561NR. Type of property must be selected. I left it blank because none of the choices apply to me. These are the choices: 1-Stock in an OK corporation 2-Interest in an OK LLC or Partnership 3-Real property within OK 4-Tangible personal property within OK 5-Intang pers property as part of OK sale 2. Check This Entry Form 561NR: Oklahoma gain or loss Federal gain should be equal to or less than the Oklahoma gain. In the “Oklahoma gain or loss wks” I entered 0 as I do not have a Federal gain that applies to the Oklahoma gain. (The $1 Capital gain from a matured Treasury in a California brokerage account does not apply to any Oklahoma gain, is that correct? This is an endless loop of these two questions. I cannot progress to file my return. I did go to the Forms view and deleted the Form 561NR, but it came back. I request that this programming be fixed as quickly as possible and that you let me know when I may attempt to file my Oklahoma nonresident return, as I owe on it.
Thursday
Possibly as head of household if you have a qualifying dependent.
Thursday
For federal it's always the original AGI unless filed late, then 0 may work. Some states want the AGI off the latest return filed. If a taxpayer files multiple state amendments they need to use the A...
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For federal it's always the original AGI unless filed late, then 0 may work. Some states want the AGI off the latest return filed. If a taxpayer files multiple state amendments they need to use the AGI from the prior filing
Thursday
Did you go through state interview? You will come to a screen that asks if the K-1 represents partner retirement payments. If you enter the amount there, TurboTax makes the subtraction on Schedule...
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Did you go through state interview? You will come to a screen that asks if the K-1 represents partner retirement payments. If you enter the amount there, TurboTax makes the subtraction on Schedule M.
Thursday
there may be an option to remove imported data by selecting the financial institution. it under the file tab for desktop. not sure for online
Thursday
@SteamTrain Thanks much for the reply and you are spot-on. It appears that I made a duplicate $12300 estimated payment last June . I'm not sure how I did not notice it in Quicken until your prompt. I...
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@SteamTrain Thanks much for the reply and you are spot-on. It appears that I made a duplicate $12300 estimated payment last June . I'm not sure how I did not notice it in Quicken until your prompt. I'm glad the IRS computer took it into account!!
Thursday
@ wthorpe-bt Here's a scenario that could have happened: Are you still preparing your return, or did you already file and were notified by the IRS in a letter? After you entered your Socia...
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@ wthorpe-bt Here's a scenario that could have happened: Are you still preparing your return, or did you already file and were notified by the IRS in a letter? After you entered your Social Security income in the return, there is a screen with a list of several countries, and it asks if you as a US citizen lived in one of those countries (where SS is not taxed by USA). Some Social Security recipients have not answered that screen correctly. If you answer incorrectly, it will think you live in one of those countries, then your Social Security is not taxed and Line 6b on your 1040 would show up blank or 0. If you already filed, the IRS is catching a lot of these Social Security errors, making the changes, and notifying filers. So that is possibly what could have happened. This may or may not be your situation.
Thursday
You can contact TurboTax by following the instructions in the TurboTax article What's the TurboTax phone number? To discuss further with a representative.
Thursday
Hi, The question is did you take the standard deduction or an itemized deduction? Over the past few years, I have found the standard is significantly higher than the itemized deduction. If you answe...
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Hi, The question is did you take the standard deduction or an itemized deduction? Over the past few years, I have found the standard is significantly higher than the itemized deduction. If you answered standard, you are able to deduct only $1,000, In the past I itemized deductions, and I had to enter each individual charitable contributions into its respective field. l hope this helps
Thursday
I got the Pin from my IRS account. After my return was rejected, I clicked on a place to fix the error, which I did. When I went through the process of transmitting for a second, I got tha the s...
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I got the Pin from my IRS account. After my return was rejected, I clicked on a place to fix the error, which I did. When I went through the process of transmitting for a second, I got tha the second submittal did to get transmitted because itwas identical to the first
Thursday
I just discovered it myself. That is some smarmy S__t. I'm tired of this kind of c__p. Just out of curiosity, have you been audited before?
Thursday
How can I prove that I lived in my second home for more than 2 out of the 5 years? I file NYS taxes in the past and if I sell my Florida home, one accountant told me that as long as I have as much do...
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How can I prove that I lived in my second home for more than 2 out of the 5 years? I file NYS taxes in the past and if I sell my Florida home, one accountant told me that as long as I have as much documentation as possible, namely: Deed on my name, car, registration and insurance registered in Florida, utility bills in my name, house insurance, bank account at the 2nd home address, etc...that I am fine. Problem is, even if it passes the test, how do I treat NYS since I know they use days, namely183 days out of the state. I am kind of confused and don't want to get in a jam, since I am a senior and a 100% service connected vet on VA disability.
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Thursday
There is one thing taxpayers who lease their vehicles overlook, and that is the vehicle lease inclusion
Car lease inclusion, also called the Lease Inclusion Amount (LIA), is a tax adjustment that r...
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There is one thing taxpayers who lease their vehicles overlook, and that is the vehicle lease inclusion
Car lease inclusion, also called the Lease Inclusion Amount (LIA), is a tax adjustment that reduces the deductible portion of lease payments for passenger vehicles used in business when the vehicle’s fair market value (FMV) exceeds an IRS threshold for the year the lease begins. Despite the term "inclusion," it does not add income; instead, it reduces the lease deduction. When It Applies The lease must be 30 days or longer. The vehicle’s FMV exceeds the IRS threshold for the first lease year. Vehicles with a Gross Vehicle Weight Rating (GVWR) over 6,000 pounds are generally exempt from this rule. Only the business-use portion of the lease is deductible, so the inclusion amount is scaled accordingly if the vehicle is used for both business and personal purposes.
Thursday
1 Cheer
Yup. It didn't show any errors. One one of the 'support' calls, they even had me totally delete the investment rental and start over and the problem was recreated. This is a 100% a software defect...
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Yup. It didn't show any errors. One one of the 'support' calls, they even had me totally delete the investment rental and start over and the problem was recreated. This is a 100% a software defect.
Thursday
Hey! Recd. email verifying federal was filed and accepted but, never received anything about state after paying the fee I got an email verifying payment but never anything saying return was filed or...
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Hey! Recd. email verifying federal was filed and accepted but, never received anything about state after paying the fee I got an email verifying payment but never anything saying return was filed or accepted. Tried the url from turbo regarding this and shortcut led to nothing?????
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