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yesterday
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Traditional IRA contributions are not exempt from tax. They are tax deferred. You pay the tax when you take a distribution. True they are an adjustment to income but after the total gross incom...
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Traditional IRA contributions are not exempt from tax. They are tax deferred. You pay the tax when you take a distribution. True they are an adjustment to income but after the total gross income. So your taxable income is reduced.
yesterday
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yesterday
Helping someone to do back taxes and they had unemployment income in 2021 and Chat GPT said that 10,200 could be excluded but I guess it was worng? Thanks.
yesterday
Interesting. I did the same (originally filed with the full SALT, got a refund, then amended and paid back some of it), but I have not (yet) received anything back from that. How long ago di...
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Interesting. I did the same (originally filed with the full SALT, got a refund, then amended and paid back some of it), but I have not (yet) received anything back from that. How long ago did you file the amended return?
yesterday
My NYS return is under review
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yesterday
But IRS Publication 501 sounds like that is possible so please let me know whether this part in IRS Publication 501 page 19 (about Income limit for Qual. Relative) means we CAN subtract Traditional I...
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But IRS Publication 501 sounds like that is possible so please let me know whether this part in IRS Publication 501 page 19 (about Income limit for Qual. Relative) means we CAN subtract Traditional IRA from Gross income since Traditional IRA is EXEMPT FROM TAX: "Gross Income Test: To meet this test, a person’s gross income for the year must be less than $5,200. Gross income defined: Gross income is all income in the form of money, property, and services that isn’t exempt from tax." Thanks.
yesterday
No that rule did not apply to tax year 2021. That was for 2020 only. Why are you asking now in 2026?
yesterday
Sorry---that is not something you can "fix" on a tax return. If you co-signed for someone else's loan, you obligated yourself to pay the loan if the other person did not pay. That is the risk you...
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Sorry---that is not something you can "fix" on a tax return. If you co-signed for someone else's loan, you obligated yourself to pay the loan if the other person did not pay. That is the risk you take when you co-sign for someone else.
yesterday
For tax year 2020, 10,200 of unemployment income was able to be excluded from taxable income due to the American rescue plan act. Did that same rule apply in the 2021 tax year? Thanks in advance ...
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For tax year 2020, 10,200 of unemployment income was able to be excluded from taxable income due to the American rescue plan act. Did that same rule apply in the 2021 tax year? Thanks in advance for any help.
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yesterday
https://www.irs.gov/individuals/understanding-your-cp53e-notice
yesterday
1 Cheer
You cannot change the tax year. The current online program is for 2025 only. Only a 2025 return can be prepared online and only a 2025 return can be e-filed.
Online preparation and e-filing...
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You cannot change the tax year. The current online program is for 2025 only. Only a 2025 return can be prepared online and only a 2025 return can be e-filed.
Online preparation and e-filing for 2022, 2023, and 2024 is permanently closed.
Note: The desktop software you need to prepare the prior year return must be installed/downloaded to a full PC or Mac. It cannot be used on a mobile device.
To file a return for a prior tax year
If you need to prepare a return for 2022, 2023, or 2024 you can purchase and download desktop software to do it, then print, sign, and mail the return(s)
https://turbotax.intuit.com/personal-taxes/past-years-products/
You may also want to explore purchasing the software from various retailers such as Amazon, Costco, Best Buy, Walmart, Sam’s, etc.
Remember to prepare your state return as well—if you live in a state that has a state income tax.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/state-taxes/contact-state-department-revenue/L9qVToi02_US_en_US?uid=m6e06um0
https://www.irs.gov/refunds
Refunds for tax years 2021 or earlier have been forfeited and will not be paid to you even if shown on the tax return form. But if you owe tax due, you will still have to pay, and you will be billed later for the interest and penalties owed. TurboTax will not calculate the penalties or interest. That will be done by the IRS/state after they receive your return with your payment of the tax due as shown on the tax form(s).
When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s. Use a mailing service that will track it, such as UPS or certified mail so you will know the IRS/state received the return.
Federal and state returns must be in separate envelopes and they are mailed to different addresses. Read the mailing instructions that print with your tax return carefully so you mail them to the right addresses.
yesterday
What do you need to enter on Schedule 1-A? It is used for several things. Schedule 1-A is automatically filled out when you enter overtime or tips or if you are 65 or older.
yesterday
You might want to read it a bit closer. "What Medical Expenses are Tax Deductible ... Health insurance costs count as medical expenses — copays, deductibles, and premiums you don’t deduct as part...
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You might want to read it a bit closer. "What Medical Expenses are Tax Deductible ... Health insurance costs count as medical expenses — copays, deductibles, and premiums you don’t deduct as part of the self-employed health insurance deduction count."
yesterday
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yesterday
I didn't file last year and I want to file now and I cant find a way to file. It will only let me file current year 2025.
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yesterday
I was having the same issue and and called Turbo Tax. With help from the tax expert I was able to fix the error issue and file the returns. The specific issue I had was with a carryforward of a dis...
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I was having the same issue and and called Turbo Tax. With help from the tax expert I was able to fix the error issue and file the returns. The specific issue I had was with a carryforward of a disallowed deduction from 2024 on Form 4562, Part I, line 10. Line 12 should have been 0 and was showing 0. Below are the steps the tax expert sent me for solving the issue. Since the software bug is preventing a clean "Review," and we’ve already established that the math is correct ($0 allowed, full amount carried over), there are three "hidden" tricks in TurboTax Desktop to force this error to clear. 1. The "QuickZoom" Allocation Fix (Most Effective) TurboTax often flags Line 12 because it has a "Total" but doesn't have the "Activity Detail" linked correctly. Go to Forms Mode and open the K-1 Partner Worksheet for this business. Scroll down to Line 12 (Section 179). Look for a QuickZoom button or link usually labeled "Enter state Section 179 information" or "Section 179 Details." Note: Even if you don't have state issues, this worksheet often contains the Federal override. Find the line: "Section 179 deduction allowed per current year Form 4562." Manually type 0 into that box. (Line2) This explicitly tells the software that this specific K-1 activity is contributing $0 to the total on Form 4562, which usually satisfies the "Review" logic and clears the red box.
yesterday
@bltech60 wrote: what if I didnt file a 2024 tax return?
If you don't file a 2024 tax return and you are entitled to a refund, you will lose the refund. To get a refund for 2024 you have to fi...
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@bltech60 wrote: what if I didnt file a 2024 tax return?
If you don't file a 2024 tax return and you are entitled to a refund, you will lose the refund. To get a refund for 2024 you have to file by April 15, 2028.
If you don't file a 2024 tax return and you owe tax, you will eventually have to pay what you owe plus penalties and interest. The longer you wait, the more the penalties and interest will be. Even if you don't owe tax, if the IRS thinks you might owe they will either tell you that you have to file or they will prepare a substitute tax return for you based on the information that they have, and make you pay what they think you owe.
yesterday
Once a tax return has been Accepted by the IRS or a State, TurboTax receives no further information concerning the tax return or the status of any tax refund.
See this for how to contact your s...
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Once a tax return has been Accepted by the IRS or a State, TurboTax receives no further information concerning the tax return or the status of any tax refund.
See this for how to contact your state department of revenue - https://ttlc.intuit.com/community/state-taxes/help/how-do-i-contact-my-state-department-of-revenue/01/25573?search-action-id=626588715511&search-result-uid=25573
yesterday
Why haven’t I received my state refund
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yesterday
In my original return I had deducted all of my SALT, which was more than $10K. I amended my return as instructed to take into account the $10K limit on that deduction and sent in a check to give bac...
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In my original return I had deducted all of my SALT, which was more than $10K. I amended my return as instructed to take into account the $10K limit on that deduction and sent in a check to give back part of my refund. I just received a check from the GA DOR for the exact amount of my check. ??????