All Posts

I agree completely with cdc7295.  My grandson's 1098T qualified education expense in block 1 is exactly the same amount as the 529 distribution reported for him on 1099Q, but when I entered information following the interview process Turbotax computed taxes on the earnings shown on 1099Q as if no qualified educational expenses had been paid.  Essentially, this part of Turbotax is flawed, unreliable, and misleading.  It needs to be corrected.

To pay the full amount you owe using TurboTax Online, follow these steps: 1. Go to the File section. 2. When asked how you'd like to pay your federal taxes, choose Withdraw the money from my bank account for a direct debit payment. 3. Enter your bank account details accurately. 4. Select the date for the withdrawal, usually the tax deadline. This will allow the IRS to withdraw the full amount owed directly from your checking or savings account. You cannot make a partial payment through direct debit in TurboTax. If you prefer, you can also choose to pay by check or credit/debit card, but note that credit/debit card payments may incur third-party processing fees. If you have a state tax balance due, TurboTax will guide you if your state accepts direct debit or other payment options as you proceed.

TurboTax can help you calculate your estimated tax.  To do so before finishing your return, while logged in to your return:   Go to "Federal" Enter "1040-ES" into the Search box  In the help panel on the right side of your screen, click on the box "Form 1040-ES". Click the button for "Estimates" and the program will guide you through estimating you tax for 2026. If you want to adjust your withholding for some or all of the additional tax, select W-4 and create an updated Form W-4 you can use to change your tax withholding at work.

When entering Form 1095-A in TurboTax, selecting the Schedule C business for self-employed health insurance premium deduction should correspond to the person who paid the premiums and is eligible for the deduction.   If the ACA policy is in your name, it is generally appropriate to connect it to your Schedule C if you paid the premiums. Selecting your husband's Schedule C instead may not align with IRS rules unless he is the one who paid the premiums and claimed the deduction.     You cannot split one ACA policy's premiums between two Schedule C businesses in TurboTax for the premium tax credit or the health insurance premium deduction. The premium tax credit is based on the household income and the allocation on Form 1095-A.   For Schedule C health insurance deduction, you can deduct the amount of health insurance premiums paid for yourself, your spouse, and dependents if you meet eligibility requirements as a self-employed person. This deduction is taken directly on Schedule C, separate from the premium tax credit reconciliation with Form 1095-A.

It depends. You can potentially claim your elderly parent as a dependent if certain conditions are met. The parent must be a US citizen, resident alien, national, or resident of Canada or Mexico. They don't have to live with you for the entire year if they qualify under the "Special Rule for Parent." You must provide more than half of their total support for the year, which can include combined expenses. The parent's gross income generally must be less than $5,250 for 2025, excluding most Social Security benefits. If multiple people provide support, a multiple support agreement can be used, but you still must have paid at least 10% of their support. Even if the parent files their own tax return, you may claim them as a dependent if criteria are met. For forms, you claim your parent as a dependent on Form 1040. No separate form is needed specifically for the dependent claim, but you should keep records of support and signed statements if using a multiple-support agreement.

@ramsfaninbidd    The standard 1099-R form is the one you use.   Yeah, some of the questions generically refer to all the $$$ as being withdrawals...which implies the person had to take action to get the $$.  In a way he did so once when he first applied for his pension.   Whatever he was sent for the year is what was distributed/ paid/withdrew ...don't try to read too much into the term.   Then once he reaches age 73, there might be questions about RMDs for that pension.....for a pension that he has no control over the $$ amounts anymore...the RMD is just the box 1 value on that 1099-R.   DFAS has already pre-determined the RMD and is paying it out each year.

There's no need to appeal anything, you can follow these steps to update your projected income and withholding details for next year's estimated tax vouchers (Form 1040-ES) : Open or continue your return. Navigate to the 1040-ES section: TurboTax Online/Mobile: Go to the 1040-ES screen under Other Tax Situations. TurboTax Desktop: Search for 1040-es and select the Jump to link or, Go to Federal Taxes. Go to Other Tax Situations. Under Other Tax Forms, select Start or Update next to Form W-4 and estimated taxes. Note: the rules for avoiding an underpayment penalty of federal estimated taxes, in most cases, are to pay 90% of the estimated tax due before the end of the year, or 100% of your prior-year tax. The program follows this logic in estimating your quarterly payments for the following year. Learn more (IRS Form 2210 Instructions).