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If you choose to claim the Foreign Tax Credit without filing Form 1116, you cannot carry forward any unused foreign taxes from this year to future years. However, your existing carryovers from prior ... See more...
If you choose to claim the Foreign Tax Credit without filing Form 1116, you cannot carry forward any unused foreign taxes from this year to future years. However, your existing carryovers from prior years are generally not "lost" or forfeited; they simply sit on the sidelines for the year, but they cannot be used or updated on this year's return.
Yes, interest on a personal loan used to purchase or improve a rental property is deductible, but as a rental expense on Schedule E (Other Interest) rather than mortgage interest on Schedule A.  Sinc... See more...
Yes, interest on a personal loan used to purchase or improve a rental property is deductible, but as a rental expense on Schedule E (Other Interest) rather than mortgage interest on Schedule A.  Since the loan was used to purchase 'income producing' property (i.e., taxable income), the IRS allows the deduction. Make sure you document that the loan proceeds are directly traceable to the rental property.   Here's more info from IRS Pub. 527.   @bfoster0847         
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The “senior deduction” is added automatically by the software based on the date of birth and filing status you entered into MY INFO.  You do not need to take any extra steps to enter it. (And…the new... See more...
The “senior deduction” is added automatically by the software based on the date of birth and filing status you entered into MY INFO.  You do not need to take any extra steps to enter it. (And…the new senior deduction has nothing to do with whether you are getting Social Security)   The deduction is not on the same line as your standard deduction.  It is shown separately on line 13b.     2025 STANDARD DEDUCTION AMOUNTS SINGLE $15,750  (65 or older/legally blind + $2000) MARRIED FILING SEPARATELY $15,750  (65 or older/legally blind +1600) MARRIED FILING JOINTLY $31,500  (65 or older/legally blind + $1600) HEAD OF HOUSEHOLD $23,625 (65 or older/legally blind + $2000)     For 2025 through 2028 there is an extra  deduction amount of up to $6000 per individual 65 or older filing Single, MFJ, or HOH which is phased out for taxpayers with modified adjusted gross income over $75,000 for single filers and $150,000 for joint filers.   (The deduction phases out completely at $175.000 Single or HOH, or $250,000 joint)   The $6,000 senior deduction will be calculated on 1040 Schedule 1-A page 2 Part V Enhanced Deduction for Seniors which goes to 1040 line 13b. It is separate and in addition to the Standard Deduction or your Itemized Deductions on 1040 line 12e.  Turbo Tax automatically includes it. IRS Schedule 1-A https://www.irs.gov/pub/irs-dft/f1040s1a--dft.pdf   Need to see it? https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/preview-turbotax-online-return-filing/L77WCkvnu_US_en_US?uid=m681fkhr   If you are not getting the senior deduction it is because Your date of birth in MY INFO shows that you were not 65 by the end of 2025 Your income is too high You are filing married filing separately    
why hasn't the $12000 senior deduction been included ?
No one at TurboTax can predict when the IRS will issue your refund after you verified your identity.   TT gets no information whatsoever from the IRS after you file your tax return.   Watch the IRS r... See more...
No one at TurboTax can predict when the IRS will issue your refund after you verified your identity.   TT gets no information whatsoever from the IRS after you file your tax return.   Watch the IRS refund site for information. Once your federal return has been accepted by the IRS, only the IRS has any control.  TurboTax does not receive any updates from the IRS. Your ONLY source of information about your refund now is the IRS.     You need your filing status, your Social Security number and the exact amount  (line 35a of your 2025 Form 1040) of your federal refund to track your Federal refund:    https://www.irs.gov/refunds  
Yes, since you are married, she needs to be listed in the tax return.  View the two options below to determine how you wish to include her in the return.   Option 1: File "Married Filing Jointly"... See more...
Yes, since you are married, she needs to be listed in the tax return.  View the two options below to determine how you wish to include her in the return.   Option 1: File "Married Filing Jointly" (Include her) Even though she lives in Mexico and is a non-resident alien, the IRS allows you to make a special Section 6013(g) election to treat her as a U.S. resident for tax purposes. The Benefit: You get the higher Standard Deduction ($30,000 for 2025/2026 filings), which usually lowers your tax bill significantly compared to filing alone. The Catch: You must report her worldwide income (anything she earned in Mexico) on your U.S. tax return. The Paperwork: If she doesn't have a Social Security Number, she will need to apply for an ITIN (Form W-7). You also have to attach a signed statement to your return declaring this election. Here is an IRS Website to download the form and its instructions.Best if: Your wife has little or no income in Mexico. Including her gives you a huge deduction without adding much taxable income to the return.   Option 2: File "Married Filing Separately" (Exclude her) This is the "default" if you don't want to deal with her Mexican income or the ITIN process. The Process: You list her name on your return but write "NRA" (Non-Resident Alien) in the space for her Social Security Number. The Catch: You get a much lower Standard Deduction ($15,000), and you are disqualified from several tax credits (like the Earned Income Tax Credit). The Benefit: You don't have to report a single cent of her Mexican income to the IRS, and she doesn't need a U.S. tax ID. In the first option, you would need to obtain her signature on the  Section 6013(g) election form that the program generates and also on the W-7.   
The solution I ended up doing this year was filing my Federal and State separately. When I filed my Federal, I indicated in TTax that the Other Taxes Paid state was “AZ”, then when I filed my Arizona... See more...
The solution I ended up doing this year was filing my Federal and State separately. When I filed my Federal, I indicated in TTax that the Other Taxes Paid state was “AZ”, then when I filed my Arizona return I went to the Federal Other Taxes Paid and changed the state to another state. That kept my Federal “numbers” constant, to import into my State filing, but then doing that TTax doesn’t incorrectly import that amount as an actual AZ tax payment. Not a pro-tip, but that’s how I got around the issue.   With the popularity of both the Arizona dollar for dollar credits and TurboTax, there’s what, maybe 50k of us that fall into this situation…how has TTax let this go on for so long?!
  You received an email that we cannot see that tells you why your tax return was rejected.   Some rejected returns can be fixed and re-filed.  Some have “un-fixable” reasons for the rejection an... See more...
  You received an email that we cannot see that tells you why your tax return was rejected.   Some rejected returns can be fixed and re-filed.  Some have “un-fixable” reasons for the rejection and have to be mailed instead.    What is the rejection code or rejection message?     If it was rejected for AGI—-your 2024 AGI might not be in the IRS system if you filed late.   Try using zero instead.   If filing with zero is rejected then file again but select the option that you did not file last year.  The IRS does not see that question and it will allow you to e-file with no AGI question.     https://ttlc.intuit.com/community/agi/help/where-do-i-correct-my-agi-in-turbotax-online/00/26311   If that does not work and you still cannot e-file, then print, sign, and mail your tax return.        
Estimated tax payments are not entered automatically, even if they were generated using 2024 TurboTax. It has no way to know they were actually paid or in what amounts, since taxpayers can manually c... See more...
Estimated tax payments are not entered automatically, even if they were generated using 2024 TurboTax. It has no way to know they were actually paid or in what amounts, since taxpayers can manually change the amounts after printing. Thus, entry of these payments was your responsibility.
AmyC - How does that work, i.e., the IRS is asking for 30-years of 8606s, but they themselves (the IRS) keep records for only 10 years.  Does the IRS keep a 30 year running totals of the figures on 8... See more...
AmyC - How does that work, i.e., the IRS is asking for 30-years of 8606s, but they themselves (the IRS) keep records for only 10 years.  Does the IRS keep a 30 year running totals of the figures on 8606s?
It is April one of my employers is no longer in business and I cannot get my w2. Can I file with turbo tax    
TurboTax put $35 on my 1040 as as estimated tax penalty.  How can I leave the penalty line on my tax return blank and not to file Form 2210, because I would like the IRS to calculate it and send me a... See more...
TurboTax put $35 on my 1040 as as estimated tax penalty.  How can I leave the penalty line on my tax return blank and not to file Form 2210, because I would like the IRS to calculate it and send me a bill?
The help desk supervisor said it cannot be filed electronically with the desktop app, only online. 
I have to ask you (as much as you may hate it), have you done the HSA Reset as shown below? You are showing the symptoms of a "stuck" number that won't go away when you change your input and the only... See more...
I have to ask you (as much as you may hate it), have you done the HSA Reset as shown below? You are showing the symptoms of a "stuck" number that won't go away when you change your input and the only solution is to do the full HSA Reset to delete all your HSA data.   And after the HSA Reset, does the "Let's enter [name]'s HSA contributions" screen appear for you?   P.S., please remove your spouse's HSA account - that just confuses things although it was an interesting experiment.   Now what does TurboTax report as your excess (if anything)?   One more out of the box question - you didn't happen to do an IRA to HSA transfer (called an HFD or HSA funding distribution)? If you did, then you would need to delete and re-enter the 1099-R reporting the HFD along with the W-2s and other forms.   HSA RESET ***Reset***   1. make a copy of your W-2(s) (if you don't have the paper copies) 2. delete your W-2(s) (use the garbage can icon next to the W-2(s) on the Income screen)   *** Desktop/Windows***   3. Go to the upper right and click on Forms, and  4. Select the desired form (1099-SA (if one), 8889-T, and 8889-S (if one)). Note the Delete Form button at the bottom of the form’s screen.   *** Desktop/Mac***   3. Switch to Forms Mode by selecting the Forms icon. 4. From the menu, select the form (1099-SA (if one), 8889-T, and 8889-S (if one)) you want to remove (if you don't see it, select Open Form at the top). From the Forms menu, select Remove [form name].   *** Online ***   3. go to Tax Tools (on the left), and navigate to Tools->Delete a form  4. delete form(s) 1099-SA (if one), 8889-T, and 8889-S (if one)   5. go back and re-add your W-2(s), preferably adding them manually 6. go back and redo the entire HSA interview....
Thank you! But why would be my US tax liability be several thousand in that case? Please excuse my confusion..