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Like the new tax provision for tips, the new provision for overtime introduces a deduction for qualified overtime income up to $12,500 for tax years 2025 through 2028 and phases out for income above $150,000. While this deduction can lower your taxable income, it is not a dollar-for-dollar reduction of your taxes and the actual tax savings will depend on your tax rate.

We don't have access to your tax return, and I don't know where you saw that message. or exactly what it said.   With that said, a $1,000 deduction would be at least $10,000 in overtime. The deduction appears on the second page of your 1040 on line 13b. This may include other deductions. You can view your 1040 tax return and the supporting three schedules in the online version of TurboTax.   On the left menu, scroll down to Tax Tools. If necessary, click the side arrow and select Tools.  A box will appear in the middle of the screen. Select View Tax Summary. A tax summary will appear. On the left side menu bar select Preview My 1040. This will bring up a copy of your 1040 Tax return. If you continue to scroll down, Schedules 1,2 & 3 are available if they were required. Some key numbers on the form are: Taxable income is line 15 Total tax is line 24 Federal Income Tax withheld is line 25d Tax credits are listed on 27 - 30 If there was an underpayment, there may be a penalty Refund is posted to line 34 Amount you Owe is line 37  

Not directly.    Georgia Form 500 Schedule 1, Line 11 (Depreciation) is only used to adjust for differences between federal and Georgia depreciation rules. Georgia generally requires an addback of federal depreciation, and a subtraction of Georgia-computed depreciation when they differ. This is usually because of federal bonus depreciation differences.    If the property was depreciated using standard MACRS and no federal bonus depreciation or 179 was ever claimed on the property, there's typically nothing to adjust on Line 11, so it should be blank or zero.   The "depreciation" you see reflected in the sale reporting  isn't a new depreciation deduction. It's part of the basis and depreciation recapture calculation when you dispose of depreciated property.   

An estate return is not required if the income for the estate is less than $600, for federal purposes (Form 1041). If this is the case, then there is no purpose to open the estate.  You have the records, the death certificate and any necessary documents the bank needs.   Nominee Returns.  This is how the IRS knows what you are doing. Generally, if you receive a Form 1099 for amounts that actually belong to another person or entity, you are considered a nominee recipient. You must file a Form 1099 with the IRS (the same type of Form 1099 you received).  You must also furnish a Form 1099 to each of the other owners.    File the new Form 1099 with Form 1096 (this is a transmittal for the 1099) by mailing to the Internal Revenue Service Center for your area. (Provided on the Form 1096) On each new Form 1099, list the deceased or the estate as the payer and each beneficiary, as the recipient. On Form 1096, list the deceased or the estate as the nominee filer, not the original payer.  The nominee is responsible for filing the subsequent Forms 1099 to show the amount allocable to each beneficiary. The forms filed with the IRS should be the red copy so if you don't have a color printer, go to the IRS website and order the forms here:  Form 1096 Form 1099-INT Note that if a TurboTax Community user removes their account, any posts they made will appear as "Anonymous" and the actual posts are deleted. This is a Community rule.   @anastrophe 

I think I see how to get it to calculate correctly. I think I need to enter the capital investment for each member into the members area and then include the capital return in the distributions? Then turbotax should figure everything else correctly based on the disposal and regular income/expense info. If someone could confirm I'm on the right track, that would help. 

Sorry, I didn't mean to imply that MS Office contained adware.  I was just trying to say that Big Tech does not have our best interests at heart, and if there is any way to stop using their products then it would be good to do so.   Most here may feel stuck with Windows but there's probably no need to use most other Microsoft products that folks often take for granted.  MS Office is one example.  If you truly need all those bells and whistles then go ahead and use it; however there are free open source alternatives that do at least 90% of what MS Office does, and you won't be funding your own demise by using them.  I use LibreOffice myself and never have a problem opening MS Office files or saving faithfully in that format.   BTW, for new Windows 11 users who've noticed that WordPad has been removed from Windows 11, here's a simple way to reinstall it:   https://win7games.com/#wordpad   This installer simply replaces the Microsoft signed binaries from Windows 10 that were removed in Windows 11.  In my case WordPad is my primary app for RichText-formatted notes; there's no need to startup MS Word (or LibreOffice Writer) for that simple task.   (back to other things now...)

If you are having trouble moving past the 1099-MISC section in TurboTax, it usually means that the program requires you to review or complete certain details.    Check if there are some missing information or if there are questions that need to be answered. Be sure you haven't entered amounts in more than one box, unless they appear on the form. Check for errors, such as incorrect name or Employer ID Number (EIN), if available. This is some general information. Please provide more details about the issue that you are experiencing.      

Form 8606 regarding non-deductible IRAs is expected to be available for printing, and E-file on January 23, 2026.  The input section for Traditional and Roth IRA contributions are also expected to be available by January 23, 2026, or early February.   For more information on how to enter your IRA contributions in TurboTax, see the following link:   Where do I enter my traditional or Roth IRA contributions?

You will be able to amend your tax return, but you will have to be patient.  As Xmasbaby0 stated, the IRS will not start accepting 2025 tax returns until January 26, 2026.   If your return is rejected, you can go directly back in and make changes.   If it is accepted, follow these steps: On the Tax Home screen,  Scroll down to Your tax returns & documents and  Select the Amend (change) return dropdown,  Then Amend using TurboTax Online. (If you're told to amend your return via TurboTax Desktop, follow the steps for TurboTax Desktop instead.) Continue through the screens, make the changes you need to make, and carefully answer the remaining questions to finish amending your return. Amend current taxes 2025  How do I amend my federal tax return for a prior year?    

Same - Why does a thread with supposedly an answer have a bunch of blank entries by anonymous accounts? This question is similar to what I've been looking for an answer to, but there's just nothing here - even though the first post has a link back to the question claiming 'answer in first post' (or words to that effect).   Frustrating!!

I received a CP28 for 2024 and I changed lenders (not my doing, conducted by lending company). I took the sum of interest paid across the two 1098 forms and submitted as my mortgage interest deduction. My loan was under $750,000, while I deducted ~$40k. Any ideas on what went wrong and/or how to fix?