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Form 8829 reports Expenses for Business use of Your Home. While the form has been finalized, the final software update has not been released. Since TurboTax Online is updated automatically when you log in, please check every few days to see when the form becomes available.

Furthermore, TurboTax is inconsistant.  If the state surplus payment is listed as being applied to furture state taxes rather than a cash refund, it is properly treated as a 2025 additional state payment with no corresponding subtraction just because you made 2024 state payments in 2025.   One source said "This is a software limitation, not the law.... The 2024 refund should NOT reduce your 2025 Schedule A."   TurboTax accuracy guareentee is very limited.  In only covers tax penalties for paying too little, It doe NOT cover overly conservative (inacurrate) calculations that cost the taxpayer money, but does not result in penalties.

If you click on "Form" in the upper right-hand corner of the screen and then click on Schedule 1-A you will find the calculation in Part V, Enhanced Deduction for Seniors.  There is a calculation error in this section that I think TurboTax is currently working on but only affects seniors who are married and filing jointly.  They are duplicating the phaseout amount by applying it to both spouses on lines 36a and 36b.  

Form 4562 reports Depreciation and Amortization. While the form has been finalized, the final software update has not been released. TurboTax Online is updated automatically when you log in. Please check every few days to see when the Rental Sale section becomes available.  

It is not the amount of interest I want to change, it is the average balance used to calculate the amount of allowable interest that can be claimed if your average balance is greater than $750K. I hate to change numbers on a 1098 that has been sent to the IRS. I would not know how to change the interest paid number to a higher number so that TT will reduce it to the correct allowable amount. What I can do is change the "Beginning Balance" reported on the 1098 to the correct "Average Balance" I want to use for the allowable interest calculation. That works because TT is using the Beginning Balance as both the Beginning Balance and the Ending Balance in the allowable mortgage interest calculation. This is not a good solution. Is there a better way of doing this without fudging numbers reported on the 1098?

I just got off the phone with Turbo Tax.  Their calculation is incorrect.  In my example, the phaseout should total $300 which is 6% of the amount over the threshold for a married couple of $150,000.  TurboTax is doubling that phaseout amount by deducting $300 from each spouse.  That is incorrect.  The total phaseout reduction of $300 is 6% of the amount over $150,000.  In my example, AGI of $155,000 creates a $5,000 overage.  $5,000 x 6% = $300, not $600.

  You have to go to Step 2 in the FILE section.   HOW TO CHANGE OR ENTER BANKING INFORMATION FOR REFUND https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/change-transferred-direct-deposit-information/L77NCbU6D_US_en_US?uid=m6tuh572     You cannot  change banking information while your return is in pending, nor can you change it after the return is accepted.  The IRS does not allow it.  

I believe you mean that you reported sales taxes in two states in error. To delete one of them, go back to where you entered your sales tax, in the Deductions and Credits section of TurboTax, then Estimates and Other Taxes Paid, then Sales Tax. Update that section and you will come to a screen that says Places you Lived. On that screen, you will see an option (trash can icon) to delete the state sales tax that you entered in error.

I received the email yesterday morning saying the form was "ready", yet when I log in this morning, still shows coming soon and can't get past the "come back later" page.   When is it REALLY going to be ready?  This is the main thing holding me up.

I was right.  Turbo Tax has an error in their software that is being investigated now after I reported the error.  The 6% phaseout  of $300 in your example is being deducted twice.  Once on line 36a and a second time on line 36b.  That is incorrect.  The threshold of $150,000 and the AGI of $155,000 produces an overage of $5,000.  $5000 x 6% = $300.  Each spouse should not have $300 deducted from their $6000 additional deduction as your spreadsheet is showing.  That results in a 12% phaseout of $600, not $300.  It is definitely wrong.

Yes, this is a common error when there are two 1098's issued for the same mortgage. When these are entered separately, the principles are combined. When this happens, the $750K mortgage limitation amount is exceeded, thus your mortgage interest is reduced.   A best practice is to combine the mortgage statements into one. Here are the steps.   Add the Interest (Box 1) from both forms together. Add the property taxes (Box 10) together. Use the highest Outstanding Principal (Box 2) reported between the two. Enter this as a single "consolidated" 1098 from PennyMac. This prevents the software from thinking you have two different mortgages

@ahirst1 IRS Form 4547, Trump Account(s) - https://www.irs.gov/forms-pubs/about-form-4547   IRS Form 4547, Part III, Pilot Program Contribution Election - https://www.irs.gov/pub/irs-pdf/f4547.pdf For a child to qualify to receive the $1,000 Pilot Program Contribution to their Trump account, the child must have been born in 2025–2028, must be a qualifying child of the individual opening the Trump account, must be a U.S. citizen, and must have a valid social security number. See instructions.   IRS Form 4547 instructions, page 3 - https://www.irs.gov/pub/irs-pdf/i4547.pdf Pilot Program Contribution Election An authorized individual can make an election for a $1,000 pilot program contribution to be made to a Trump account for a child, who: • Is anticipated to be the qualifying child of the authorized individual for the year in which the election is made (see Pub. 501 for further information regarding qualifying child status); • Is born after December 31, 2024, and before January 1,2029; • Has not had a prior pilot program contribution election processed for them; • Is a U.S. citizen; and • Has an SSN. See Valid social security number (SSN), earlier.

Yes, there is an exemption of up to $25,000 for 2025 on tips.   In order to claim tips, the following must apply: The tips MUST be reported.  If they are not reported on a form to the IRS you cannot claim them for the no tax on tips deduction. If employed they need to be reported on your W-2 or form 4137 If self-employed, they must be reported on a 1099.  If you received them as cash, they are not deductible.  Your income must be below $150,000 if you are single or less than $300,000 if Married Filing Jointly.  Above these amounts, the deduction starts to fade out and is not available at all for those with income over $400,000 for single and $550,000 for Married Filing Jointly. You can not claim this deduction if you are Married Filing Separately You receive tips from an occupation that normally and customarily receives tips If all of the above apply, TurboTax will generate a Schedule 1-A for your return.  This amount will be deducted from your AGI. Remember, this is a deduction NOT a credit.  This means it will lower your taxable income, which can lower your tax liability.  You will  NOT see a refund in the amount of the Tips you enter. Tips are reported on Schedule 1-a, Part II with the total amount you are qualified for reported on line 13 of Schedule 1-A.   If you are getting the deduction and have income left to reduce, you will see the change to your income on line 11a of your form 1040.  If your AGI is lower than  your tip deduction, your benefit from the deduction will be limited to your AGI before the deduction.  To see your form 1040 you can switch to forms mode if you are using TurboTax Online or if you are using the online version you can select Tools>>Tax Tools>> Preview my 1040. Some employers are reporting the tips in box 7.  If yours have not, but they DID include the tips in box 1 of your W-2, then you can go ahead and enter the tips in box 7.  If they did NOT include your tips in box 1, then you will need to select unreported tips on the screen that says uncommon situations after you select done when filling out your W-2.  Here you will be able to both report the tips and deduct the tips.  This is the "learning year" for all the new changes and not all companies are reporting things the same way yet.  Box 7 is not a box that the IRS generally uses for anything.  They are most concerned with box 1 and 2 and then the rest of your forms that are filled out and filed.