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From a tax point of view, there is no difference between income derived from a side job and income from a business such as a sole proprietorship. They are both self-employment income.   You can deduct expenses which are necessary to generate that income and you pay self-employment tax on top of income tax.

I have a new iMac, latest OS, desktop version of TurboTax 2025 (just purchased at Costco) doesn't load on it. I have tried multiple times.    I have used TurboTax in the past and have not had problems.     I am on hold with TurboTax toll-free for > a half-hour.    You buy your troubles. I wish I hadn't bought TurboTax.     

In the Online version, when you do the "Explain my Taxes" in "Federal Review" you get this: Your total deductions for the year were $xx,xxx, including: - Itemized Deductions: $xx,xxx - Deductible mortgage interest, $xx,xxx - Deductible Charitable Contributions, $x,xxx - State and Local Tax Deduction, $xx,xxx - Qualified business income deduction, $5,296    <==== This should read as Senior Deduction not QBI When I hand calculate based my income 5,296 is the correct calculation for Senior Deduction.  It's just the wrong description in this Review page 

Yes he filed “Married Filing Separately” with my SSN and clicked I can be claimed as someone’s dependent. I will also file this way when I get my W-2’s. Does this way allow my parents to still claim me?

You will not be able to prepare Form 8962 on the Free Edition. If you are using a TurboTax Online product, you will need to upgrade to The Deluxe edition or higher. If after upgrading to the TurboTax version you are still getting this error, remove the form altogether and enter it again. This usually fixes this error.    You can manually review a section or delete a specific form/worksheet in 2 different ways. To manually review a section, you will manually go there and click the trash icon next to the section you want to remove. It is not recommended to delete a form or worksheet directly; instead we recommend to go over each specific section of the return from the beginning, double-check your entries and answers, and remove any necessary information.    To delete that specific Form, see the applicable link below   How to Delete a Form on TurboTax Online   How to Delete a Form on TurboTax Desktop  

@ddow33   Since you are 75 did you take your RMD from the account?  Did the QCD cover the whole RMD?   Did you only get one 1099R for the conversion and QCD combined?   I think they need more work on the 1099R and RMD portion of the program. @Dmertz    See this thread especially for SteamTrain replies.  He seems to know how to report RMD Entering first year RMD in TurboTax 2025

You can claim her, but you lose the child tax credit.   You now get the non-refundable $500 credit for other dependents instead.   You probably answered something incorrectly in MY INFO.   Go back to MY INFO, click the child’s name  and go through all of the interview questions carefully and slowly.  Read every screen top to bottom.     Make sure you have entered your child as a dependent in My Info, and that you have entered the child's Social Security number.    Careful— do not say that your child’s SSN is not valid for employment.  If your child was born in 2025 make sure you said he lived with you the whole year.  There is an oddly worded question that asks if the child paid over half their own support.  Say NO to that question.  

The tax tool at healthcare.gov should be available soon to calculate your 2025 monthly second lowest cost Silver plan (SLCSP) premium amounts for your Form 1095-A (Column B). Keep checking back with healthcare.gov or call them at 1-800-318-2596.

@mvalluri , Namaste ji   While I am not familiar with the exact screens for the on-line product, it should be pretty much the same as the desktop version --- I use  Windows " Home & Business". 1. Under the deductions and credits tab, select I will choose what I work on 2. From the list of deductions/credits, go all the way down to "Miscellaneous  deductions/credits" group. Look for Foreign Tax Credit, select the  button on the right hand of the screen. 3. Proceed with entries -- this will allow you to fill out the form 1116. Note that --- (a)  it is not advisable to use the TDS figure , use the  final figure from the ITR-- else you may have to file an amended return if the TDS figure is different from the final figure; (b) the gain computation  for US return is per US tax laws and therefore the US gain figure may be different  from that on your ITR--- so for form 1116  foreign source income is the same as the gain computed per the US return; while US will recognize the full amount of Foreign Taxes paid, the allowable amount for the tax year is the LESSER of  that paid to Foreign Taxing Authority and that imposed by US on the SAME doubly taxed income, the rest is available for carry back and/or carry forward. Is there more I can do for you ?   Namaste ji  

Today is Monday, January 26, 2026, and form 5695 is still not available.  Today is also the day that the IRS begins receiving tax returns for the calendar year 2025.  This form SHOULD HAVE BEEN AVAILABLE by today.  Not only is the absence of this form preventing me from filing my tax return, it is also the difference between me owing the IRS and receiving a refund.  Please advise a realistic availability date.

Wait---he filed married filing separately?   And it was accepted?  Did he put your SSN on his return?   Did he click that you can be claimed as someone else's dependent?   If that is how he filed, then you also have to file married filing separately, and you will have to enter his SSN etc on your tax return.

Thanks for the research.  Looks like going the Smart Check path also fixed the flag not being set correctly for digital assets on form 8949 (setting box C/F instead of box I/L).   Still, it's a pretty painful workaround when you have a decent number of sales since it is three corrective steps per transaction entered.  Seems like a code fix would be in order to fix the initial data entry.