All Posts
yesterday
You would have to test it yourself. Generally, you will pay less combined tax by filing one joint return instead of two separate returns. However, if you currently qualify for Earned Income Credit,...
See more...
You would have to test it yourself. Generally, you will pay less combined tax by filing one joint return instead of two separate returns. However, if you currently qualify for Earned Income Credit, your husband's earnings could disqualify you. Depending on the type of survivor benefits you receive for your children, you might pay more tax on them if your combined income is high enough. (Unless the income is in the children's name, then it is not taxable unless they earn money and file a return.)
The only real way to know is to prepare test returns in both scenarios.
yesterday
States with no state income tax:
Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming
yesterday
Wyoming has no state income tax.
yesterday
How can I fill out the Wyoming state report if the menu doesn’t list the state of Wyoming?
yesterday
Yes, but there was no emergency here. Intuit could have easily waited 1 or 2 more years so that customers would not be scrambling at the last second. Microsoft offers their Extended Security Updates ...
See more...
Yes, but there was no emergency here. Intuit could have easily waited 1 or 2 more years so that customers would not be scrambling at the last second. Microsoft offers their Extended Security Updates program which extends security updates for Windows 10 until October 13, 2028.
yesterday
The cost of improvements to land can certainly be added to the cost basis of the land, but what are you really asking and what is your position in this transaction? Are you the donor of the land ...
See more...
The cost of improvements to land can certainly be added to the cost basis of the land, but what are you really asking and what is your position in this transaction? Are you the donor of the land and/or the donor of the value of the improvements to the land? Are you the donee (recipient) of the gift of the land and/or the recipient of the gift of improvements to your land? Your question is somewhat vague.
yesterday
What year do you mean when you say "last year?" The returns folks are working on now are for tax year 2024.
Are you asking about 2024----or 2023?
yesterday
I really screwed up my taxes last year and need help. I paid for them to help, but dont know how to get the help. Please point me somewhere to get help. Please.
Topics:
yesterday
Well if you transfer from the wrong 2024 tax file you can just start a new return and transfer from another file. When you start a new return it will first try to find all the .tax2024 files o...
See more...
Well if you transfer from the wrong 2024 tax file you can just start a new return and transfer from another file. When you start a new return it will first try to find all the .tax2024 files on your computer. You can pick which one to transfer. Oh and you should be saving your returns each year after the return is Accepted so it has accepted info on it. You might want to open your 2024 return in the program on the Windows 10 computer and check the filing status and save it. Open your return and go up to menu item File, in Windows the first menu item on the Left..... File > Electronic Filing > Check Electronic Filing Status Then save your return with the status. Go to File-Save.
yesterday
No one here can help with this, call support and see - but likely closed down now after a brief extension last week
yesterday
reclassify debt as nonrecourse on partners' liabilities smart worksheet
yesterday
A distribution from your retirement account is not "earned" income and will not affect your SS benefits. In late January/early February you will receive a 1099R showing the money that you took from...
See more...
A distribution from your retirement account is not "earned" income and will not affect your SS benefits. In late January/early February you will receive a 1099R showing the money that you took from your IRA. You will enter that 1099R and you will also enter the SSA1099 that Social Security mails to you.
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
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.
IF YOU WANT TO HAVE TAX WITHHELD FROM YOUR SOCIAL SECURITY BENEFITS
https://www.ssa.gov/manage-benefits/request-withhold-taxes
https://www.irs.gov/forms-pubs/about-form-w-4-v
FIRST YEAR OF SOCIAL SECURITY
People get really confused when they start getting SS. If you are not full retirement age, SS can reduce your benefits if you earn over a certain amount. But they do not do that during the FIRST year that you transition from working to getting SS. After that, if you are not full retirement age, they can reduce your benefit if you continue to work and earn over the limit.
None of that means that your SS is not taxable during the first year. It is. If you receive other income while receiving SS, your SS can be taxable. If you were expecting SS to be "tax free" the first year, you were mistaken about how it works.
FIRST YEAR OF SS RULES
https://faq.ssa.gov/en-US/Topic/article/KA-01927?msclkid=11bc282ccf2211ecb65078152b05ae6b
Go to Federal> Wages & Income>>Retirement Plans and Social Security (SSA1099 and 1099RRB) to enter your SSA1099.
To enter your retirement income, Go to Federal> Wages and Income>Retirement Plans and Social Security>IRA 401 k) Pension Plan Withdrawals to enter your 1099R.
(You might need to go to the retirement account's website to get your 1099R, or you might be able to import it into the software.)
yesterday
I am 63, retired and married. My spouse is 72 and retired Civil Service. I began receiving my Soc Sec Retirement benefit in 2025; it's less than $1k per month. I also withdrew $8k from my standard ...
See more...
I am 63, retired and married. My spouse is 72 and retired Civil Service. I began receiving my Soc Sec Retirement benefit in 2025; it's less than $1k per month. I also withdrew $8k from my standard IRA this spring. (Not a Roth IRA) I understand that I pay tax on the IRA withdrawal. However, will it effect my Soc Sec benefit; that is, will I possibly have to pay back my Soc Sec retirement? Someone mentioned that since the IRA withdrawal is taxed, that Soc Sec will count it as (Working) Income which is restricted since I began my SocSec before my full retirement age of 67. Any clarification is helpful. Thank you.
Topics:
yesterday
If you used the desktop download software to prepare your 2024 return, the return is only stored on the hard drive of the comport you used or any backup device you stored it on, like a flash drive. ...
See more...
If you used the desktop download software to prepare your 2024 return, the return is only stored on the hard drive of the comport you used or any backup device you stored it on, like a flash drive. It is not stored online anywhere.
If you only have your paper copy, then make do with that if you need to amend. You can get the Form 1040X from the IRS:
https://www.irs.gov/pub/irs-pdf/f1040x.pdf
https://www.irs.gov/pub/irs-pdf/i1040x.pdf
yesterday
The following is from the IRS Instructions for Form 709.
When To File
Form 709 is an annual return.
Generally, you must file Form 709 no earlier than January 1, but not later than Apr...
See more...
The following is from the IRS Instructions for Form 709.
When To File
Form 709 is an annual return.
Generally, you must file Form 709 no earlier than January 1, but not later than April 15, of the year after the gift was made. However, in instances when April 15 falls on a Saturday, Sunday, or legal holiday, Form 709 will be due on the next business day.
yesterday
Can't locate 1040 return for 2024 tax year, and need to file an amended return. The computer used to complete and file the 2024 desktop federal deluxe return form is non-functional. I have a paper co...
See more...
Can't locate 1040 return for 2024 tax year, and need to file an amended return. The computer used to complete and file the 2024 desktop federal deluxe return form is non-functional. I have a paper copy. Can I somehow retrieve the completed return? Would I save any time by somehow retrieving it on the computer as opposed to using my paper copy?
yesterday
...our YTD data that was entered into ItsDeductible? My wife would enter donations throughout the year and it will be a nightmare trying to reconstruct the data on our own. She was not aware that i...
See more...
...our YTD data that was entered into ItsDeductible? My wife would enter donations throughout the year and it will be a nightmare trying to reconstruct the data on our own. She was not aware that it was being discontinued (with no subsequent period to download the data) and only realized it when she went to enter some donations earlier this week. We have been customers of TurboTax for a VERY long time, by the way. Help Please!
Topics:
yesterday
"MAX" does not help you track your federal refund. TurboTax does not get any information from the IRS after you file your return. The IRS will not provide any information to TurboTax.
WH...
See more...
"MAX" does not help you track your federal refund. TurboTax does not get any information from the IRS after you file your return. The IRS will not provide any information to TurboTax.
WHAT IS MAX
https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-product-orders/max/L0Bc4Ve2l_US_en_US?uid=m76e6cmo
Federal and state refunds come from completely separate entities. There is no rule as to which one will come in first or how long it will be between their arrival in your account.
TurboTax gives you an estimated date for receiving your refund based on a 21 day average from your date of acceptance, but it can take longer. “21 days” is not a promise from TurboTax or the IRS.
First, check your e-file status to see if your return was accepted:
https://turbotax.intuit.com/tax-tools/efile-status-lookup/
Once your federal return has been accepted by the IRS, only the IRS has any control. TurboTax does not receive any updates from the IRS. Your ONLY source of information about your refund now is the IRS.
You need your filing status, your Social Security number and the exact amount (line 35a of your 2024 Form 1040) of your federal refund to track your Federal refund:
https://www.irs.gov/refunds
To track your state refund:
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/track-state-refund/L3jgO8PGs_US_en_US?uid=lt447ebr
If you chose to have your TurboTax fees deducted from your federal refund, that will take some extra time, while the third party bank handles the refund processing
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/refunds-take-longer-others/L14YlqFrH_US_en_US?uid=lexdr7zh
.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/irs-refund-taking-longer-21-days/L2vRAJbdU_US_en_US?uid=lexe7lst
yesterday
Turbotax does not seem to think it within their obligation to help me figure out what's going on (even though I paid for the "max" coverage or whatever it was. I have never had an issue like this in t...
See more...
Turbotax does not seem to think it within their obligation to help me figure out what's going on (even though I paid for the "max" coverage or whatever it was. I have never had an issue like this in the past, nor any outstanding debts. Really unsure of how to proceed.
Topics: