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10 hours ago
We are retired collecting social security but have a couple of small businesses I operate out of our home. Last year in October, we installed $23,472 of solar panels on our home. However, when we c...
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We are retired collecting social security but have a couple of small businesses I operate out of our home. Last year in October, we installed $23,472 of solar panels on our home. However, when we complete the Residential Clean Energy section under Deductions and Credits in Turbotax Deluxe, it says that our tax credit is $0 and $7,042 will roll over to 2026 taxes. Why? Shouldn't all of that be applicable this year? The small businesses are a book author, Amazon Vine reviewer of products and AirBnB for 6 months of an apartment in our detached garage and are certainly less than 20% of our home.
10 hours ago
I'm using Turbotax Premium online trying to enter information for my Residential Rental (a duplex) and when I go to Depreciation and Amortization I get this message "Depreciation and Amortization will...
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I'm using Turbotax Premium online trying to enter information for my Residential Rental (a duplex) and when I go to Depreciation and Amortization I get this message "Depreciation and Amortization will be ready by February, but likely sooner" however, it's almost mid-February and still no form.
When will this be ready??
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10 hours ago
The new additional senior deduction is not added to the Standard Deduction.
If you are age 65 or older and meet the requirement, the additional deduction is automatically added on your federal tax...
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The new additional senior deduction is not added to the Standard Deduction.
If you are age 65 or older and meet the requirement, the additional deduction is automatically added on your federal tax return.
Standard deductions for 2025
Single - $15.750 add $2,000 if age 65 or older Married Filing Separately - $15,750 add $1,600 if age 65 or older Married Filing Jointly - $31,500 add $1,600 for each spouse age 65 or older Head of Household - $23,625 add $2,000 if age 65 or older
New Bonus Standard Deduction (OBBB): An additional $6,000 deduction for taxpayers 65 and older. This is per eligible individual, meaning a married couple both over 65 could get $12,000. Important: This bonus deduction is temporary, lasting from 2025 through 2028. Income limitations: It phases out for taxpayers with modified adjusted gross income over $75,000 for single filers and $150,000 for joint filers.
The amount is calculated on Schedule 1-A, Part V, with that amount flowing to Form 1040 Line 13b
Look at your Form 1040 -
You can view your Form 1040 plus Schedules 1, 2 and 3 at any time using the online editions. Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.
10 hours ago
It is not part of the Standard Deduction. 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...
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It is not part of the Standard Deduction. 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 with any other sch 1-A amounts. Turbo Tax automatically includes it if you qualify. If you are married you have to file a Joint return.
For Online version You can preview the 1040 or print the whole return https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-filing/00/26160 What do you have on 1040 or 1040SR line 13b? See the 1040 …. ,
10 hours ago
is desktop software available for 2025?
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10 hours ago
i did my taxes for the second time by myself, i didn’t submit it once i finished it because of the new big beautiful bill act with overtime and my student loan tax refund didn’t save, and i want to fi...
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i did my taxes for the second time by myself, i didn’t submit it once i finished it because of the new big beautiful bill act with overtime and my student loan tax refund didn’t save, and i want to fix that
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10 hours ago
its not letting me efile state because its not deteching my 1040 i uploaded.. all i want to do is file state..
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10 hours ago
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10 hours ago
A couple reasons it could be saying you need to upgrade…. You might be seeing Form 8959 because the amount of Medicare taxes withheld in W2 box 6 is not exactly 1.45% of the Medicare wages in box 5,...
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A couple reasons it could be saying you need to upgrade…. You might be seeing Form 8959 because the amount of Medicare taxes withheld in W2 box 6 is not exactly 1.45% of the Medicare wages in box 5, due to rounding. Try leaving the cents off of the Medicare tax on your W2 box 6. Box 6 has to be exactly 1.45% of box 5 or less. If it is saying you need Schedule 3 and can't use the Free Edition it might be giving you the retirement savings credit. You can say you are a student to decline the credit. You must answer Yes when asked in the Retirement Savings Contributions Credit section if your were a full-time student. The answer to this same question asked in the personal-information section is not the answer that is used.
10 hours ago
This may be a problem with all state turbo tax software, but it certainly is a problem for New Mexico. The only treasury bond interest recognized by TT was that paid as interest from a UST bond . U...
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This may be a problem with all state turbo tax software, but it certainly is a problem for New Mexico. The only treasury bond interest recognized by TT was that paid as interest from a UST bond . UST interest in the form of dividends from Vanguard ETF (and presumably from mutual funds also) downloaded from Vanguard by TT was not automatically entered as UST interest on NM return. TT also did not flag the issue for me. I had to open the forms in the software and manually enter the information. If I hadn't noticed the error, I would have overpaid by $1500.
10 hours ago
Exact same situation. Don't qualify and not attempting to apply for EITC. Going into the earned Income Credit (EIC)" question gives "It turns out you don't qualify for this credit". Rerunning state r...
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Exact same situation. Don't qualify and not attempting to apply for EITC. Going into the earned Income Credit (EIC)" question gives "It turns out you don't qualify for this credit". Rerunning state review shows same error per other poster. In FORMS view, I don't see a "schedule EIC" under FED or IL. [Win TT Deluxe desktop version]
10 hours ago
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10 hours ago
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10 hours ago
Why does Turbotax refuse to enter the $12,000 senior deduction that is new this year?
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