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Sunday
@dmoe54 wrote:
I am retired with SS and a small pension. Schwab takes out the tax on my RMD. My understanding (from the forum) is that if I don't allow Schwab to deduct the tax, TurboTax will ...
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@dmoe54 wrote:
I am retired with SS and a small pension. Schwab takes out the tax on my RMD. My understanding (from the forum) is that if I don't allow Schwab to deduct the tax, TurboTax will use my solar credit to pay it. If I owe more taxes, I will pay the additional tax when I submit my tax refund. Do I have that correct?
Withholding does not change your tax liability. Tax liability is what you actually owe to the IRS, what they keep at the bottom line.
Suppose your combined tax liability on your pension, social security and IRA is $3000. If Schwab withholds $3000, that covers your taxes, but your liability to the IRS is still $3000. Suppose Schwab withheld $4000--your liability is still $3000 and you get a $1000 refund. Suppose Schwab withholds northing--your liability is still $3000 and you owe a $3000 payment.
If you claim a solar credit, and your tax liability is $3000, the credit would reduce your liability to zero, and any remaining credit would carry forward. That would mean that if Schwab withheld $3000 and your liability was zero, you would get a $3000 refund. If Schwab had no withholding, your liability after the credit is still zero, and you would owe no payment but get no refund.
Sunday
https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
Sunday
A check for $200? Who sent your family members checks for $200? The only federal stimulus checks issued have been for tax years 2020 and 2021, and they were not in the amount of $200. It is also...
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A check for $200? Who sent your family members checks for $200? The only federal stimulus checks issued have been for tax years 2020 and 2021, and they were not in the amount of $200. It is also too late to get that money. Provide some details---we do not know what $200 you are referring to.
Sunday
Everybody in my house, receive a check but not me
Topics:
Sunday
@baldietax wrote: 321 strategy - 3 copies, 2 local on different media, 1 remote Personal preference, I suppose. I have more than 3 copies (3 different media) and 4 locations (2 in my house, 1...
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@baldietax wrote: 321 strategy - 3 copies, 2 local on different media, 1 remote Personal preference, I suppose. I have more than 3 copies (3 different media) and 4 locations (2 in my house, 1 in my son's house a mile away, and 1 in a safe deposit box at a local bank branch). I don't really think I need a remote backup service.
Sunday
You have not asked a question.
I RECEIVED A LETTER FROM THE IRS/STATE
TurboTax does not receive any information from the IRS or your state after your return was filed, so no one a...
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You have not asked a question.
I RECEIVED A LETTER FROM THE IRS/STATE
TurboTax does not receive any information from the IRS or your state after your return was filed, so no one at TurboTax knows about a letter you received from the IRS or the state.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-audit/turbotax-audit-support/L6AcMoNFD_US_en_US?uid=m5z7by9u
https://ttlc.intuit.com/turbotax-support/en-us/help-article/internal-revenue-service/got-cp2000-notice-irs/L7Da6em2t_US_en_US?uid=m4of6ngd
Sunday
Online preparation and e-filing for 2022, 2023, and 2024 is permanently closed.
Note: The desktop software you need to prepare the prior year return must be installed/downloaded to a full PC or M...
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Online preparation and e-filing for 2022, 2023, and 2024 is permanently closed.
Note: The desktop software you need to prepare the prior year return must be installed/downloaded to a full PC or Mac. It cannot be used on a mobile device.
To file a return for a prior tax year
If you need to prepare a return for 2022, 2023, or 2024 you can purchase and download desktop software to do it, then print, sign, and mail the return(s)
https://turbotax.intuit.com/personal-taxes/past-years-products/
You may also want to explore purchasing the software from various retailers such as Amazon, Costco, Best Buy, Walmart, Sam’s, etc.
Remember to prepare your state return as well—if you live in a state that has a state income tax.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/state-taxes/contact-state-department-revenue/L9qVToi02_US_en_US?uid=m6e06um0
When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s. Use a mailing service that will track it, such as certified mail so you will know the IRS/state received the return.
Federal and state returns must be in separate envelopes and they are mailed to different addresses. Read the mailing instructions that print with your tax return carefully so you mail them to the right addresses.
Sunday
1 Cheer
321 strategy - 3 copies, 2 local on different media, 1 remote personally I use Backblaze for the remote copy, it's continuously backing up with encryption and has 1 year version history. don't m...
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321 strategy - 3 copies, 2 local on different media, 1 remote personally I use Backblaze for the remote copy, it's continuously backing up with encryption and has 1 year version history. don't mind the cost for peace of mind and don't have any concern about data breach vs. the risk of data loss.
Sunday
2024
Sunday
Can I file mine 2022 taxes
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Sunday
Maryland law allows a credit not to exceed one-half of the EIC allowable on the federal return
Topics:
Sunday
Yes, but everywhere I look it says I don’t need to file but I need to report it. So idk how true that is.
Sunday
Did you read the reply above? Do you have a 1095A? If not, you do not have to file a tax return.
Sunday
1 Cheer
@jeeppadre89 very simple: do you have an appraisal based on the date of death? without that, everyone is just guessing. When did the death occur? Suggetion - go out an find an appraiser who...
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@jeeppadre89 very simple: do you have an appraisal based on the date of death? without that, everyone is just guessing. When did the death occur? Suggetion - go out an find an appraiser who can tell you what this land was worth as of the date of death. Without that, the capital gains consequences is unknown. the tax value has nothing to do with this. It's the market value that matters.
Sunday
Do I need to report the income and if yes how do I do it?
Sunday
1 Cheer
@jeeppadre89 wrote: .. I'm thinking there will be a step up if only due to the classification of the additional property... There will be a step up, regardless of classification or use on the...
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@jeeppadre89 wrote: .. I'm thinking there will be a step up if only due to the classification of the additional property... There will be a step up, regardless of classification or use on the date of death, neither of which enters into the fair market value calculation. You can secure the services of a certified real estate appraiser to do a date of death appraisal to resolve any ambiguity on that issue.
Sunday
Once again, I appreciate all input on this. My concern is that the buyer was renting only 2 of the 10 acres and the other 8 acres he's wanting to purchase has been previously appraised and taxed as a...
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Once again, I appreciate all input on this. My concern is that the buyer was renting only 2 of the 10 acres and the other 8 acres he's wanting to purchase has been previously appraised and taxed as agriculture which is much less then residential, do not know that amount at this time. So, I'm thinking there will be a step up if only due to the classification of the additional property, I could be wrong though.
Sunday
@Stringerjj no it does not. The enhaced deduction for seniors is driven directly off of AGI (Line 11) with very few adjustments - all are very much out of the ordinary. See the calculations of M...
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@Stringerjj no it does not. The enhaced deduction for seniors is driven directly off of AGI (Line 11) with very few adjustments - all are very much out of the ordinary. See the calculations of MAGI on Sch 1a and review lines 1-3. https://www.irs.gov/pub/irs-dft/f1040s1a--dft.pdf
Sunday
The primary reason many of the TT tax forms are marked "draft" is they require approval from the IRS. If the IRS displays the form as "draft" on its website, so will the services providers. Tha...
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The primary reason many of the TT tax forms are marked "draft" is they require approval from the IRS. If the IRS displays the form as "draft" on its website, so will the services providers. That doesn't mean the forms noted as 'draft' are not correctly calculating.