All Posts

p.s. TurboTax should put this in the upfront interview section, both online and desktop versions.  Many of us  are used to 1040, have many, many years of 1040 returns, know where everything's shown and have no interest in a large-font format where everything looks different.  Please change this up!

If her total income for 2025 was $5,200 or more then you cannot claim her as your dependent.   Otherwise -   To be a Qualifying Relative - 1. The person cannot be your qualifying child or the qualifying child of any other taxpayer. A child is not the qualifying child of any other taxpayer if the child's parent (or any other person for whom the child is defined as a qualifying child) is not required to file an income tax return or files an income tax return only to get a refund on income tax withheld. 2. The person either (a) must be related to you or (b) must live with you all year as a member of your household. 3. The person's gross income for the year must be less than $5,200 (social security does not count) in 2025 4. You must provide more than half of the person's total support for the year. 5. The person must be a U.S. citizen or a U.S., Canada, or Mexico resident for some part of the year. 6. The person must not file a joint return with their spouse with the following exception - You can claim a person as a dependent who files a joint return if that person and that person’s spouse file the joint return only to claim a refund of income tax withheld or estimated tax paid.

It doesn't explicitly say "new vehicle", but if you look at the interest that qualifies, it has to be interest paid on a loan that was used to purchase a vehicle originally used by the taxpayer. This means the car must be new and not originally used by someone else.    Interest must be paid on a loan that: Originated after December 31, 2024 Was used to purchase a vehicle originally used by the taxpayer Was secured by a lien on the vehicle Was for a personal-use (nonbusiness) vehicle You can reference this IRS link: Treasury, IRS provide guidance on the new deduction for car loan interest under the One, Big, Beautiful Bill

No.  The Overtime pay is considered the amount over your normal hourly pay that is for hours worked after 40 hours.  So if this pay is just for being "on call" then it would not be considered OT pay for the purpose of the No Tax on Overtime deduction.  The deduction is only for the "premium" for over 40 hours.    To qualify the following must apply: You must be a non-exempt employee eligible for Overtime under the federal Fair Labor Standards Act The Overtime must be on hours worked OVER 40 hours.  (if you live in a state where OT pay is required after 8 hours, this does not apply) Overtime must be paid at more than your regular hourly rate.   Your filing status cannot be Married Filing Separately Your income must be less than $150,000 if you are single or $300,000 if Married Filing Jointly. 

Yes, you are correct.  The 2026 limit for contributions to a Roth IRA are $7500, with a catch-up contribution of $1100 for those who are 50 years old or older.  The contributions cannot be greater than your earned income for the year, which at $20,000 would be more than the maximum contribution.   You didn't mention other sources of income you may have for 2026, but bear in mind that your Modified Adjusted Gross Income (MAGI) for 2026 must be $242,000 or less in order to make the full contribution.  The MAGI starts with your Adjusted Gross Income (AGI) and adds the following items to it to get MAGI:   Student loan interest 1/2 of Self employment tax paid Deductible IRA contributions (not Roth) Foreign earned income exclusion and housing deduction Excluded savings bond interest Above $242,000 MAGI, the full contribution amount is gradually phased out until MAGI reaches $252,000 at which point no Roth contribution is allowed.

You qualify to use form 2106 for your expenses as a reservist. Part II is for your vehicle expenses. Here are the steps to get you started: 1. Search for Form 2106 using the magnifying glass in the top right. 2. Jump to Form 2106 3. Select yes to employment expenses 4. Select armed forces reservist, continue 5. Select yes to travel over 100 miles, continue

1. If you have lost money on a crypto transaction due to a scam you can report it as a sale for zero dollars with a cost basis of what you paid for it.  That will allow you to take the losses in the year that you were scammed.     If you didn't lose any money in the scam transaction then you don't report it at all.   2. You are required to report any crypto transactions that result in you having control of the currency.  Some airdrops mean that the currency is not in your wallet yet so you don't have control over it and some mean that the currency is already yours.  If you have control over the airdrops then they need to be reported.    

We do not have access to your account. Please remove unwanted/unneeded forms form your Forms List.    If using TurboTax Desktop, simply switch to FORMS mode, (located at the top right corner of Windows) then locate and delete the form not needed.    HERE is a link for how to do the same when using TurboTax Online:   Open your return Select Start, Continue or Pick up where you left off to get into your return Select TAX TOOLS located on the Left Side-Bar Select TOOLS from the drop-down list that should appear Select Tool Center on the screen Select Delete a Form Scroll to the Form and select DELETE Confirm that you wish to delete that form