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2 weeks ago
So, if im reading this correctly, it's $6000 for a 2 senior household and NOT $6000 each senior... is this correct?
2 weeks ago
Did not get any answer
2 weeks ago
Thank you for your assistance. I would like to clarify the basis of the asset in question. Given that the property is over 50 years old, the Indian Government acknowledges the difficulty in accurate...
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Thank you for your assistance. I would like to clarify the basis of the asset in question. Given that the property is over 50 years old, the Indian Government acknowledges the difficulty in accurately determining its original price. As such, the basis for valuation has been set to the property's worth on April 1, 2001. Typically, indexation would commence from this date. As we discussed and agreed, we will not be applying indexation. However, I would like to confirm if we can still use April 1, 2001, as the basis for the property's valuation, especially since it was transferred via a gift deed prior to her grandfather passing.
2 weeks ago
Just downloaded the 2025 Home & Business Windows Desktop version. I am getting a message whenever I try to edit/update anything in the step by step. I am cannot use my TurboTax; there is no way to up...
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Just downloaded the 2025 Home & Business Windows Desktop version. I am getting a message whenever I try to edit/update anything in the step by step. I am cannot use my TurboTax; there is no way to update any data. The message says: We recommend you revisit the last topic you were working on to make sure all your info's correct. But when I close that message or hit OK, it still comes up no matter if I go back to what I was doing before and try to update a new area.
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2 weeks ago
This is the TurboTax community. You should post your question about Lacerte in the Lacerte Tax community.
2 weeks ago
3 Cheers
@airdisc , Namaste ji
(a) we need to distinguish between gift and inheritance ----- I am aware that in India we often do not make a distinction e.g. a grandfather may say I want this prop to go...
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@airdisc , Namaste ji
(a) we need to distinguish between gift and inheritance ----- I am aware that in India we often do not make a distinction e.g. a grandfather may say I want this prop to go to my granddaughter but the actual transfer does not happen till after passing of the grandfather.
(b) under US tax laws, a gift is a transfer from a living donor to another and in such case the basis of the asset so transferred in the hands of the recipient is the same as that of the donor. Under some circumstances it can be lower of FMV and that of the donor.
(c) an inheritance i.e. transfer after the passing of the decedent, always has a basis ( for the recipient) equal to FMV at the time of passing of the decedent.
Therefore it is very important to determine whether this transfer to your spouse is a "gift" or "inheritance".
I am aware that under current Indian tax laws you still have two different regimes --- indexed and at 20% or un-indexed at 12.5%. Us does not have any indexing and it is pure diff. between sales proceeds and basis but generally at capital tax rate.
Hope this answers your query. Is there more I can do for you ? You can always PM me ( just no PII -- Personally Identifiable Information please ) .
Namaste ji
pk
2 weeks ago
IRA means individual retirement arrangement. You have one arrangement, no matter how many accounts it is split into. You do not need to track the basis separately, just note the total amount of con...
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IRA means individual retirement arrangement. You have one arrangement, no matter how many accounts it is split into. You do not need to track the basis separately, just note the total amount of contributions made to any Roth IRA.
In your case, you have made $150,000 of conversions, that is your conversion basis. You apparently have no contribution basis. If you withdrew $41K, your remaining conversion basis is $109K.
Turbotax should track that correctly, maybe you confused the program by trying to keep the account separate. In any case, if you are audited, you need your own accurate records of your conversions (form 5498, probably)--nothing you entered in Turbotax will be convincing to the IRS since you could type anything into the program that you wanted to, even if it was not true.
2 weeks ago
https://ttlc.intuit.com/community/taxes/discussion/turbotax-and-credit-karma-were-linked-without-me-requesting-it-how-do-i-unlink-them/00/3426880
2 weeks ago
How do I get it UNLINKED? I would appreciate a reply to get this completed as soon as possible. I think it's terrible when you log into Credit Karma and a screen comes us asking if you want to ...
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How do I get it UNLINKED? I would appreciate a reply to get this completed as soon as possible. I think it's terrible when you log into Credit Karma and a screen comes us asking if you want to link the two. In order to go on you have to hit the continue button, which I would think would allow me to check yes or no! BUT it doesn't! Please remove the link and contact me at [email address removed] ASAP. Thank you Dawne
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2 weeks ago
You should post your question in the Intuit Accountants Community. https://accountants.intuit.com/community
2 weeks ago
The IRS has not finalized the new forms yet, but the deduction will ultimately flow to Part III on the Schedule 1-A of the 1040. TurboTax will guide you through entering the amount and generate any ...
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The IRS has not finalized the new forms yet, but the deduction will ultimately flow to Part III on the Schedule 1-A of the 1040. TurboTax will guide you through entering the amount and generate any needed forms. The employers are not required to report the qualified overtime compensation in a separate box on your W-2 for 2025, they will for 2026, but are being encouraged to report it as an item in box 14 for 2025 or provide a separate statement. Alternatively, you can track it yourself utilizing pay stubs. Keep in mind that only "qualified overtime compensation", is deductible and is limited to $12,500 or $25,000 if married filing jointly.
2 weeks ago
We have just downloaded the 2025 Lacerte program. I have entered some data to determine how the bonus deduction will work and it's not. Is this deduction an update that will be done later?
2 weeks ago
There is new information. The IRS is not changing the W-2 for 2025. As a result, your overtime will not be automatically reported. We still haven't seen the final forms or regulations. It may be ...
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There is new information. The IRS is not changing the W-2 for 2025. As a result, your overtime will not be automatically reported. We still haven't seen the final forms or regulations. It may be that the employer will issue a letter with the correct info, or it could be that you self-disclose. We have to wait for the final forms and instructions.
2 weeks ago
I have a question regarding the basis for property that was gifted to my wife three years ago in India. She now wants to sell it, and we are at loggerheads determining the basis, as the property i...
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I have a question regarding the basis for property that was gifted to my wife three years ago in India. She now wants to sell it, and we are at loggerheads determining the basis, as the property itself is over 50 years old and reflects a tiny purchase amount, which will create devastating capital gains for us if true. Based on some research, some say the Fair Market Value at the time of the gift can be used, or the official ready reckoner by the government at the gift time.
2 weeks ago
You will have to contact TurboTax support for assistance with this problem.
See this TurboTax support FAQ for contacting support - https://ttlc.intuit.com/turbotax-support/en-us/help-article/acc...
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You will have to contact TurboTax support for assistance with this problem.
See this TurboTax support FAQ for contacting support - https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/turbotax-phone-number/L0Od33nMQ_US_en_US?uid=lfgviwbm
2 weeks ago
If you want to switch to the Online version next year here is some info…… If you used the Desktop program for 2024 here’s How to transfer into the Online version, expand the blue link if you used th...
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If you want to switch to the Online version next year here is some info…… If you used the Desktop program for 2024 here’s How to transfer into the Online version, expand the blue link if you used the CD/download last year https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/transfer-last-year-return-turbotax-online/L279eUvY2_US_en_US?uid=l8w7nlbv And see How to switch and transfer from the Desktop program into the Online version........ https://ttlc.intuit.com/community/tax-topics/help/how-do-i-switch-from-turbotax-cd-download-to-turbotax-online/00/859756 MORE INFO on Turbo Tax info on Windows 10 End of Life https://ttlc.intuit.com/community/articles/community-news-announcements/turbotax-windows-10-desktop-software-end-of-life/05/3708302 And it says the Online version will have some new features over the Desktop program like… This year, we’re offering many new ways to automatically bring in your tax documents into TurboTax Online, including uploading PDFs of 1099-B and 1099-Composite forms. Be sure to have the 2024 return file ending in .tax2024 on your computer so you can transfer it into the online version next year. If you used the Desktop program before you may notice several differences and not like the online version. It has less features and no Forms Mode. And you will have to pay first to see all the forms. All the Online versions do not have the same forms so you may need to upgrade to a higher version. Online Premium is the highest vesion and has all the same forms as the Desktop programs. You can only do 1 return per account. And pay for each account. You can use the same email for 5 accounts. Federal and state are separate fees. Your return is only saved online so be sure to save both the .tax2025 data file and the pdf file to your computer when you are done. In case you need to amend in the future or if you need a copy to get a loan or something. You might not be able to access your online return when you need a copy.
2 weeks ago
Which forms do I need to apply for No Tax on Overtime if employers put everything under W-2?
2 weeks ago
Thank you for your response and logical answer.
2 weeks ago
The tag below your question says that you use TurboTax Online. If that is correct, it makes no difference whether you have Windows 11 or not. You will be able to use TurboTax Online for 2025 on the s...
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The tag below your question says that you use TurboTax Online. If that is correct, it makes no difference whether you have Windows 11 or not. You will be able to use TurboTax Online for 2025 on the same computer that you used for 2024.