All Posts

It is automatic based on your age. It is not part of your Standard Deduction. The new Senior Deduction is separate and in addition to the Standard Deduction or your Itemized Deductions on 1040 line 12e. The 6,000/12,000 senior deduction will be calculated on 1040 Schedule 1-A page 2 Part V Enhanced Deduction for Seniors which goes to 1040 line 13b. Turbo Tax automatically includes it if you qualify. For Online version you can preview the 1040 https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-f... The maximum deduction is $6,000 for each person 65+. The phaseout is 6% of the amount by which MAGI exceeds $75,000 for single or $150,000 for married filing jointly (MFJ). The MAGI is normally the same as your AGI on 1040 line 11 but with some Foreign items from Form 2555 added back in. On a joint return the phaseout is calculated separately for each person, so the 6% phases out for each spouse. You can not get it if you file MFS Married filing Separate.

@JohnQT wrote: Find replacement apps for anything that's obviously part of the problem, e.g. MS Office 365... I have been using MS Office 365 for several years and have yet to experience an intrusion nor have I seen any ads (I am running 11 Pro on several machines).    One thing I have done is turn off anything that would intrude into my system and uninstalled anything that would upload and/or store any data online (such as OneDrive).

@egaryellis    For Desktop, maybe Online is the same. If you click on Visit All by Retirement Plans and SS you do get the message - This section will be ready soon.    But you can click on the next line down by Social Security to enter SS. I never use the Visit All button.

My wife's colleagues have only reported what the Statement of Taxable Earnings says, so we have decided to report nothing for 2024 (per G-4 status and no Statement) and the 4 months wages in the Statement for 2025. Reporting investments does not appear to be necessary for 2024, per the advisory stated above but we will report the 1024-S box 2 income as realized gains for 2025 (because there are also wages earned as a resident) and going forward.  We have also decided to forego the note requesting resident status for income tax filing purposes for the 2024 amended filing, per her colleagues' example, and not necessary now, as she is a resident. Thanks.

You can't claim a refund more than 3 years after the due date of your tax return.   For tax year 2021, the latest date to claim a refund is April 15, 2025.   For more information, please read this IRS document. 

Thank you both,  I have contacted the Broker but no dice.  Turns our E trade just followed standard guidelines but ever since they were acquired by Morgan Stanley last year this is the new reporting guidance from MS. Maybe I should look for a new broker if this is not something that the industry is going to move to as a whole.   I think I will follow both of your advice and go with just what the broker reports.   Thanks again!

It depends.  If you moved out of the United States (US) on January 12 and will no longer be present in the US for the rest of 2026, then you would not meet the qualifications to be a considered a US person (for tax purposes) under the substantial presence test and will be subject to FIRPTA withholding on the sale of your property.  If you plan to be in the US for at least 31 days during the 2026 tax year, you may still be considered a US person for the year under the substantial presence test and you may be exempt from FIRPTA withholding.  You will need to provide a certified written statement to the buyer, that you are not a foreign person and are not subject to FIRPTA withholding (see #4 Exceptions to FIRPTA withholding).   Another thing to consider is that in most cases, it is the buyer's (transferee's) responsibility to determine if FIRPTA withholding is required, not the sellers.  The buyer is considered the withholding agent. (see FIRPTA withholding agent).   The following links provide more information on FIRPTA, exceptions to FIRPTA, and other definitions to terms unique to FIRPTA:   FIRPTA withholding Exceptions from FIRPTA withholding Definitions of terms and procedures unique to FIRPTA

for 2025, there is no longer a short-form tax return. You file the standard 1040 Form (the 1040-SR form for seniors with larger fonts).   The OBBBA has introduced a new deduction for car loan interest paid for new cars you bought for personal use between 2025 and 2028.   The deduction is up to $10,000 if your income is under $100,000 (or $200,000 if MFJ). The deduction is gradually phased for higher incomes.   For more information, please read this TurboTax Help article.   In TurboTax Online, you can enter your car loan deduction by following these steps: Open your tax return Click on Federal in the left-hand column, then on Deductions & Credits Navigate to the list of Deductions and Credits Click on Other Deductible expenses Locate the section Cars and Other Things You Own and click on the arrow on the right Click Start next to Car Loan Interest  Follow the TurboTax questionnaire to enter your car loan interest The deduction will transfer to Schedule 1-A of your form 1040.

If you purchased a new car in 2025 and are paying interest on a auto loan, the interest is deductible even if you do not itemize.   Click on Federal  Click on Deductions & Credits Scroll down to Cars and Other Things You Own On Car Loan Interest, click the start button  

The overtime "credit" is not a tax credit which is added directly to your refund.   It is an amount excluded from your taxable income, which result in a decrease of your tax due or increase of your refund. In fact, the increase is equal to the overtime premium multiplied by your tax bracket, not a dollar-for-dollar increase.