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Wednesday
if you have a penalty by default it will be on line 38 of your 1040 and is included (reduces) your refund on line 37. if you select the box for IRS to calculate instead, the penalty calculated by...
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if you have a penalty by default it will be on line 38 of your 1040 and is included (reduces) your refund on line 37. if you select the box for IRS to calculate instead, the penalty calculated by Turbotax is removed from line 38 and your refund will go up as it's not taking into account the penalty. You should be able to see Form 2210 in your return. if you're using desktop, turn off the flag for IRS to calculate it and check line 38 of your 1040 in forms mode, you can double click through that line to the worksheet and double click again to show Form 2210 and the penalty calculation. Hope that helps - not sure if this forum is still 'live' when they do these events things sometimes disappear, if you have more problems on this topic you can post for help in "Get Your Taxes Done" forum.
Wednesday
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No, there is no deduction for having a hard time. However, you can avoid the 10% penalty that would normally be charged for early withdrawal from a 401K if there were medical expenses that had to pa...
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No, there is no deduction for having a hard time. However, you can avoid the 10% penalty that would normally be charged for early withdrawal from a 401K if there were medical expenses that had to paid with the money you took out or if you were over 55 when you were separated from your job.
Wednesday
Thank you! quick follow up, Since the double time is still qualifying overtime hours, is doesn’t seem right that it wouldn’t qualify at all for federal OBBBA deductible. Would it instead get ...
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Thank you! quick follow up, Since the double time is still qualifying overtime hours, is doesn’t seem right that it wouldn’t qualify at all for federal OBBBA deductible. Would it instead get taxed on the x1.5 and the additional x.5 pay is tax free? Similar to standard x1.5 over time?
Wednesday
Thank you, I appreciate the knowledge shared
Wednesday
Are there are hardship deductions? I was out of a job in 2025 dealing with a cancer diagnosis. I had to sell some of my 401k to get by. Are there any ways to reduce the tax rate due to the hardship?
Wednesday
Nueva York...Que lastima. (Mira la respuesta de Ralphh1).
Pues, tres opciónes:
1. Usa otra identificación estatal, si hay.
2. Estampar y enviar la declaración por correos.
3. ...
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Nueva York...Que lastima. (Mira la respuesta de Ralphh1).
Pues, tres opciónes:
1. Usa otra identificación estatal, si hay.
2. Estampar y enviar la declaración por correos.
3. Pídele a tu hermano que consiga una identificación, y despues hacer la declaración.
Wednesday
When you tell TurboTax to "Let the IRS figure my penalty" what you are actually saying is "Have the IRS bill me later". So the penalty that the TurboTax software had calculated and added to your tax...
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When you tell TurboTax to "Let the IRS figure my penalty" what you are actually saying is "Have the IRS bill me later". So the penalty that the TurboTax software had calculated and added to your tax bill was removed so that the IRS could send you a bill later. That's why your refund increased.
Wednesday
Did you use Premium for 2024? If you did, then when you started your new return in the same account it used the same software version you used for last year. Do you think you do not need Premium ...
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Did you use Premium for 2024? If you did, then when you started your new return in the same account it used the same software version you used for last year. Do you think you do not need Premium for 2025?
HOW CAN I DOWNGRADE TO A LOWER VERSION
https://ttlc.intuit.com/turbotax-support/en-us/help-article/change-service-level/downgrade-lower-priced-version-turbotax-online/L2IDaMvkt_US_en_US?uid=m6ilzady
Wednesday
As of right now there are no plans to replace 'It's Deductible'.
Wednesday
I retired in July and made an estimated tax payment today to cover what I saw as a shortfall in my tax payments with my initial figures being imported into TurboTax. When I was doing the Smart C...
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I retired in July and made an estimated tax payment today to cover what I saw as a shortfall in my tax payments with my initial figures being imported into TurboTax. When I was doing the Smart Check, TurboTax told me to Check This Entry for IRS to Figure Penalty Box. Up till then, my refund matched all my work payroll taxes and the estimated tax payment minus the tax liability. Once I clicked the IRS to Figure the Penalty Box, my refund actually went up! So 1) I cannot understand that and 2) did even owe a penalty? I was assuming I had a penalty since this dialog box came up in the first place.
Wednesday
If you think of your rental property as a business then all of your necessary and regular expenses related to the property are deductible. Just like a business you are also entitled to deduct the mi...
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If you think of your rental property as a business then all of your necessary and regular expenses related to the property are deductible. Just like a business you are also entitled to deduct the mileage necessary to drive over to your rental property and inspect it (that's one folks often forget). But really it's just the expenses to operate the house.
Wednesday
Is Turbo Tax going to replace Its Deductible with a similar product? Its Deductible is the reason why I started using Turbo Tax all those years ago.
Wednesday
I am new to having a rental property and want to know if there are exemptions that I could be maximizing that are outside of the typical HOA, mortgage taxes, repairs, etc.. Thank you!!
Wednesday
Thank you, this helped me understand it a whole lot better.
Wednesday
No. There is a space on your W2 to identify the amount of overtime you were paid. You will enter that amount into the corresponding space in TurboTax.
Wednesday
Will I have to fill out an additional IRS form to specify my overtime for 2025?
Wednesday
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The recent tax law changes did not change anything for the sale of a primary residence.
If your gain was more than $250,000 filing Single, or more than $500,000 filing Married Filing Jointly t...
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The recent tax law changes did not change anything for the sale of a primary residence.
If your gain was more than $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return. Whether you re-invested the gain in to another house is irrelevant. If you have a Form 1099-S go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)
If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owned and lived in the home for at least 2 years).
If you are using online TT, you need Premium software to report the 1099-S
Wednesday
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Wednesday
Favor de leer está página de TurboTax en español para que ver si tus preguntas serán respondidas.
¿Cuál es la nueva ley tributaria para el pago de horas extras?