All Posts
5 hours ago
1 Cheer
@gradstudentwq just key in the 1098-T just as it is presented to you. None of scholarships will be taxable because Box 1 exceeds Box 5. it's that simple. do not check that box. Scholarships ar...
See more...
@gradstudentwq just key in the 1098-T just as it is presented to you. None of scholarships will be taxable because Box 1 exceeds Box 5. it's that simple. do not check that box. Scholarships are TAXABLE to the student. Many misunderstand that. But the IRS permits that scholarship income to be reduced dollar-for-dollar by Qualified Educational Expenses (box 1). so when TT asks, you have $30,000 of tuition and $25,000 of scholarships. there should be an Lifetime learning credit of up to $1,000. (20% * $5,000)
5 hours ago
I can.t find where to use my license code
Topics:
5 hours ago
Topics:
5 hours ago
You can remove a "Sale of Business Property" that may have been added in error. You can delete your entries for sale of business property by going back to that section in TurboTax. You can review you...
See more...
You can remove a "Sale of Business Property" that may have been added in error. You can delete your entries for sale of business property by going back to that section in TurboTax. You can review your screens and delete any entries.
You can delete your entries for a sale of business property as follows:
Click on the search icon in the upper right of your TurboTax screen
Type "sale of business property" in the search box
Click on the link "Jump to sale of business property"
Follow through your screens and delete any entries you made.
If a Form 4797, "Sales of Business Property" was created and remains in your return, you can delete that Form using the following instructions.
If you are using TurboTax Desktop:
Click on "Forms" in the upper right corner of your TurboTax screen to switch to Forms Mode
In your left panel under "Forms in My Return"
Scroll down to "Form 4797 Sales of Business Property"
Click on the form and it will display in your right panel
In the bottom left of the form in your right panel click on "Delete Form"
Select Yes to confirm the deletion
If you are using TurboTax Online:
Choose Tax Tools option on the left menu bar in the federal section of TurboTax
Choose Tools
Under Other Helpful Links choose Delete a form
Find the Form 4797 Sales of Business Property and click on the option to delete it
See Also:
How do I edit or delete the sale of a business property I've already entered (Form 4797)?
If you have additional information or questions regarding this, please return to Community and we would be glad to help.
5 hours ago
No, those would be furniture and fixtures. Building materials would things like bricks, dry wall, lumber, etc.
5 hours ago
Topics:
5 hours ago
We at Intuit TurboTax want our users to be completely delighted with their experience using our products and services, and successful in their financial lives and businesses. Once you file your re...
See more...
We at Intuit TurboTax want our users to be completely delighted with their experience using our products and services, and successful in their financial lives and businesses. Once you file your return, as long as the settings to receive communication from Intuit don’t block it, you will see a pop-up message or receive an email with a survey asking you about your experience. We encourage you to leave your notes and comments there. “Voice of the Customer” notes and comments are read and acted upon. If you are using TurboTax Desktop, you can also leave feedback at the Final Steps tab.
5 hours ago
Does purchases of a refrigerator, dishwasher and gas stove qualify as building materials?
Topics:
5 hours ago
I don't see a form 4562, but do see IRC 195 with an exclamation mark. Is this the form to address? There is no delete option on the bottom, but spotted a remove IRC 195 form from the drop down menus ...
See more...
I don't see a form 4562, but do see IRC 195 with an exclamation mark. Is this the form to address? There is no delete option on the bottom, but spotted a remove IRC 195 form from the drop down menus at the top of the program. Safe to assume that is what I should do—only remove the IRC 195 through this method?
6 hours ago
Why can't TurboTax present the question in plain English? What is "a residence of yours"? Does TT know the difference between "a residence" and "the residence"? Does it mean the loan can also be s...
See more...
Why can't TurboTax present the question in plain English? What is "a residence of yours"? Does TT know the difference between "a residence" and "the residence"? Does it mean the loan can also be secured by other types of things or a non-residence property? Thanks for posting the answer, nonetheless!😊
6 hours ago
1 Cheer
If box 14 for state withholding is empty then leave all boxes 14-16 Blank. If box 14 has an amount and box 16 is blank put in the amount from box 2a in box 16. If 2a is blank then put in the amo...
See more...
If box 14 for state withholding is empty then leave all boxes 14-16 Blank. If box 14 has an amount and box 16 is blank put in the amount from box 2a in box 16. If 2a is blank then put in the amount from box 1.
6 hours ago
The IRS allows various methods to determine your average balance. Either way, the final average balance will determine the deductible interest.
The formula is:
Deductible Interest = Total Interes...
See more...
The IRS allows various methods to determine your average balance. Either way, the final average balance will determine the deductible interest.
The formula is:
Deductible Interest = Total Interest Paid times ($750,000 divided by Average Balance)
Here is my easy method - note you can make it more complicated*
Interest for short term loan is limited:
Deductible % for short term mortgage $750,000 divided by $775,000} = 96.77%
Deductible interest 96.77% times total interest paid
Interest on refinanced loan is below the limit and fully deductible.
Add the deductible interest for each loan for the total allowed.
*instead of using $775,000 as the average balance - you can refine it with the average balance for each month and divide by 3. It won't be a big change. You can use alternative methods in IRS Pub 936.
To determine your average balance, you need to determine which method you want to use and document your process.
The link will show you the options and give examples. You do not qualify for average of first and last balance method or mixed use. This leaves two options. The interest rate method may be your best bet but check the statements provided by your lender option as well.
6 hours ago
The health insurance would not likely be considered a qualifying education expense because of its personal nature. It is similar to room and board which is not a qualifying education expense. That is...
See more...
The health insurance would not likely be considered a qualifying education expense because of its personal nature. It is similar to room and board which is not a qualifying education expense. That is likely why the university did not include it in box 1 on the Form 1098-T as qualifying tuition and related expenses.
This excerpt from an IRS article on qualifying education expenses explicitly states that insurance and medical expenses (including student health fees) are not qualifying education expenses.
6 hours ago
@NCperson @Hal_Al 1) Box 1 is $30,000. 2) $0. 3) Box 5 is $25,000. I think I'm confused because I've been checking the "I paid a different amount than shown in Box 1" box since part of m...
See more...
@NCperson @Hal_Al 1) Box 1 is $30,000. 2) $0. 3) Box 5 is $25,000. I think I'm confused because I've been checking the "I paid a different amount than shown in Box 1" box since part of my tuition was covered by my merit scholarship. Should I not be checking that box? Thank you!!
6 hours ago
Turbotax help suggests I revisit the item and delete it but it doesn't help.
Topics:
6 hours ago
disregard my last message, I finally found the section!
6 hours ago
This issue materially overstates Colorado taxable income. I believe there is a program error in the TurboTax 2025 Colorado individual module related to the charitable contribution subtraction. Fact...
See more...
This issue materially overstates Colorado taxable income. I believe there is a program error in the TurboTax 2025 Colorado individual module related to the charitable contribution subtraction. Facts of the return: Federal return properly itemizes deductions Schedule A includes substantial charitable contributions, including a large non-cash contribution (gift of appreciated stock) Colorado requires an addback of federal itemized deductions (DR 0104, Line 4), which is being computed via the Tax Addback Worksheet Colorado also allows a subtraction for charitable contributions in excess of $500 (DR 0104AD, Line 12) Issue observed: The Colorado return does not populate any amount on Line 12 for charitable contributions There is no interview input available to enter this amount manually when itemizing The subtraction is not flowing from federal Schedule A Analysis: It appears the Colorado module is not recognizing or carrying over charitable contributions from Schedule A, particularly non-cash contributions (e.g., stock gifts) This results in a materially overstated Colorado taxable income Expected behavior: Colorado Form DR 0104AD, Line 12 should reflect total charitable contributions from Schedule A, reduced by $500, regardless of whether contributions are cash or non-cash Request: Please confirm whether this is a known issue with the 2025 Colorado module Please advise whether a program update is planned to correct the charitable contribution carryover Given the magnitude of the contribution and resulting tax impact, I am delaying filing an amended return until this issue is resolved or guidance is provided. Diagnostic token available upon request.
6 hours ago
If you are finishing Step 3 in TurboTax ("Finish & File"), you will be asked to create a 5-digit Self-Select PIN to electronically sign your return. You can create the PIN yourself.
If you are ...
See more...
If you are finishing Step 3 in TurboTax ("Finish & File"), you will be asked to create a 5-digit Self-Select PIN to electronically sign your return. You can create the PIN yourself.
If you are referring to an IP PIN, it would be a 6 digit PIN issued by the IRS for identity protection.
If you were asked for an Identity Protection (IP) PIN it is because you, or a dependent of yours has been identified as a victim of identity theft, or you previously opted into the IRS IP PIN program for enhanced security. If you have been assigned an IP PIN, you must use it, or your return will be rejected.
if the IRS has determined that you are a victim of tax-related identity theft, they will automatically enroll you in the Identity Protection PIN (IP PIN) program. They will mail you a CP01A notice containing a new 6-digit IP PIN. This notice is typically sent every year in December or early January to the address on your last filed tax return.
If you are trying to locate your IP PIN you can sign in to your IRS Online Account using ID.me on the IRS.gov website to retrieve your current IP PIN. Your IP PIN is available through your “Profile” page. Retrieve your identity protection PIN (IP PIN)
Steps to Find Your IP PIN Online
Go to the IRS Get an IP PIN page.
Click Get an IP PIN.
Sign in to your ID.me account (or create a new one, which requires a photo of your government ID and a selfie).
Once verified, navigate to your Profile to view your 6-digit PIN.
Please return to Community if you have any additional information or questions and we would be happy to help.
6 hours ago
Hi, I'm using Turbotax Online Deluxe for my filings ( first time using the product). When its reviewing my forms prior to getting ready to fie the system shows warning about my NY state tax withhold...
See more...
Hi, I'm using Turbotax Online Deluxe for my filings ( first time using the product). When its reviewing my forms prior to getting ready to fie the system shows warning about my NY state tax withholding on the pension items. I've got the same warning on two different items. In both, the Gross distribution is much greater than the state tax withheld but I get the following ..'For electronic filing, New York State withholding can not be greater than or equal to gross distribution or state distribution.' and the items are marked as needing review. But the actual forms involved have gross distributions that are much greater than than the tax withholding. I can't get by this point to get to file the 1040. I'm a little confused as to how to proceed. Any assistance would be greatly appreciated. Thanks Dave
Topics:
6 hours ago
That looks great, thanks a lot. Robert