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7 hours ago
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7 hours ago
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 o...
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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 $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
7 hours ago
Where I live, most of that stuff now needs to be ordered directly from irs.gov. Happily they are good with filling our the orders and ship at no cost. Funny you should mention doing it manually. B...
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Where I live, most of that stuff now needs to be ordered directly from irs.gov. Happily they are good with filling our the orders and ship at no cost. Funny you should mention doing it manually. Been there, too. In fact, I think I might order the forms this year to see if I could fill them out and arrive at the same outcome as Turbo Tax!
7 hours ago
The update (later today or tomorrow) should resolve the 1099-R section. Not sure about the link issue. You might want to contact Support for that.
7 hours ago
Topics:
7 hours ago
When you click the year, did you go down and download the tax file?
It is then available in the download section.
7 hours ago
Single filer, MAGI less than $75,000, credit of $6,000 possible
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7 hours ago
I can not get to save and file return
Topics:
7 hours ago
File the statement and the form (attach a copy to the return and send a separate copy to the address listed in the instructions). Also, indicate that the return is final.
7 hours ago
There are several deductions that are limited. For Medical you can only deduct the amount OVER 7.5% of your AGI. And the max for SALT (State and Local Tax) is 40,000. I think there is a limit on Char...
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There are several deductions that are limited. For Medical you can only deduct the amount OVER 7.5% of your AGI. And the max for SALT (State and Local Tax) is 40,000. I think there is a limit on Charity too. Are you a dependent or filing as Married filing Separate? If it's giving you the Standard Deduction and not showing you Schedule A you can check the actual amount of itemized deductions by using by going to Tax Tools on left Tools - Topic Search (top left box) Type in itemized deductions, choosing. It should highlight that in the list, click on GO Then Click on "Change my deduction". That will display the actual amount of itemized deductions vs. the standard deduction. (Be sure to uncheck "Change my deduction" after checking it so you do not lock in the wrong deduction.
7 hours ago
Did you click that big orange button that said “Transmit my return now?” If you did that, you cannot do anything to fix it yet. You have to wait for the email that tells you if your return was acce...
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Did you click that big orange button that said “Transmit my return now?” If you did that, you cannot do anything to fix it yet. You have to wait for the email that tells you if your return was accepted or rejected.
Since the IRS will not begin to accept/reject returns until January 26, you are going to be waiting in “pending” for awhile. Your return is sitting on a server, where you cannot fix it or get it back.
You cannot change or add anything on the return that you just e-filed, nor can you stop it. It is too late, just like when you put an envelope in a US mailbox on the corner. The IRS does not allow you to take it back.
If you left out a W-2, a 1099G, or a dependent, or a 1099 etc…DO NOT change your return while it is “pending.” The changes will go nowhere.
Now you have to wait until the IRS either rejects or accepts your return. If your return is rejected, you will be able to go into your account and make the necessary changes to your tax return and re-submit your return.
If the IRS accepts your return, however, then you have to wait longer until it has been fully processed and you have received your refund. THEN you can prepare an amended tax return and e-file or mail it in. You have to be able to work from that return exactly the way it was when it was e-filed originally. You will need to use a form called a 1040X.
Meanwhile, DO NOT go in and start changing anything on your return in the system, or you will make a mess for yourself. Sit tight and wait until you see what the IRS does with the return you just e-filed
The Form 1040X you need becomes available in late February, But wait until your return has been processed.
7 hours ago
You will have to wait for the IRS to either Accept or Reject your filed federal tax return. If the return is rejected you can make the necessary changes and e-file again. If the return is accepted ...
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You will have to wait for the IRS to either Accept or Reject your filed federal tax return. If the return is rejected you can make the necessary changes and e-file again. If the return is accepted you will have to amend your original tax return. An amended return, Form 1040-X, can only be printed and mailed to the IRS if the original tax return was not e-filed. The IRS will take up to 20 weeks or longer to process an amended tax return.
Before starting to amend the tax return, wait for the tax refund to be received or the taxes due to be paid and processed by the IRS.
See this TurboTax support FAQ for amending a current year tax return - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-federal-tax-return-current-year/L7eS6o1qh_US_en_US?uid=lfunevhk
7 hours ago
Don't know why you are deleting it.You'll need to keep track of all the depreciation taken, should the property be sold, or there is a 1031 exchange
7 hours ago
Topics:
7 hours ago
Here is a link to the IRS Publication that has the EIC chart
https://www.irs.gov/pub/irs-pdf/p596.pdf
The charts showing the EIC amounts for various filing status and income levels are on page 29...
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Here is a link to the IRS Publication that has the EIC chart
https://www.irs.gov/pub/irs-pdf/p596.pdf
The charts showing the EIC amounts for various filing status and income levels are on page 29- 38
On what page do you see EIC of over $4000 for HOH with one child?
8 hours ago
how do you indicate it? Through 1120 S or form 8832 or the statement of revocation letter?
8 hours ago
In most cases the recipient doesn't need to send it in with their return since that only applies when there is state withholding AND when they are mailing (not e-filing) their return.
For this...
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In most cases the recipient doesn't need to send it in with their return since that only applies when there is state withholding AND when they are mailing (not e-filing) their return.
For this reason you can send to the recipient just Copy B for their records.
8 hours ago
To enter your tips you will need to enter your W-2 and include the $19,000 in box 7 that is stated in the letter. You will need to enter an amount in box 7 of your w-2 to trigger the rest of the que...
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To enter your tips you will need to enter your W-2 and include the $19,000 in box 7 that is stated in the letter. You will need to enter an amount in box 7 of your w-2 to trigger the rest of the questions after you hit continue when from entering your W-2.
In order to claim tips, the following must apply:
The tips MUST be reported. If they are not reported on a form to the IRS you cannot claim them for the no tax on tips deduction.
If employed they need to be reported on your W-2 or form 4137
If self-employed, they must be reported on a 1099. If you received them as cash, they are not deductible.
Your income must be below $150,000 if you are single or less than $300,000 if Married Filing Jointly. Above these amounts, the deduction starts to fade out and is not available at all for those with income over $400,000 for single and $550,000 for Married Filing Jointly.
You can not claim this deduction if you are Married Filing Separately
You receive tips from an occupation that normally and customarily receives tips
If all of the above apply, TurboTax will generate a Schedule 1-A for your return. This amount will be deducted from your AGI. Remember, this is a deduction NOT a credit. This means it will lower your taxable income, which can lower your tax liability. You will NOT see a refund in the amount of the Tips you enter. Tips are reported on Schedule 1-a, Part II with the total amount you are qualified for reported on line 13 of Schedule 1-A.
If you are getting the deduction and have income left to reduce, you will see the change to your income on line 11a of your form 1040. If your AGI is lower than $19,000 (in this situation) your benefit from the deduction will be limited to your AGI before the deduction. To see your form 1040 you can switch to forms mode if you are using TurboTax Online or if you are using the online version you can select Tools>>Tax Tools>> Preview my 1040.
8 hours ago
you may have a unique situation, whatever that is. It's your choice.
from a TurboTax webpage
Generally, you can e-file your amended 2025, 2024, or 2023 federal return via TurboTax if your orig...
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you may have a unique situation, whatever that is. It's your choice.
from a TurboTax webpage
Generally, you can e-file your amended 2025, 2024, or 2023 federal return via TurboTax if your original return was also e-filed in TurboTax.
However, there's a chance your return can't be e-filed based on your unique situation. If this happens, you'll need to print and mail your tax return.
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My thoughts: Mail it or wait for an update that may never come.
8 hours ago
To add your 1095-A health insurance form, go to Federal > Deductions & Credits > Health Insurance Marketplace (Form 1095-A).
Are you claiming the kids on your tax return, or are they being clai...
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To add your 1095-A health insurance form, go to Federal > Deductions & Credits > Health Insurance Marketplace (Form 1095-A).
Are you claiming the kids on your tax return, or are they being claimed by someone else? If the kids listed on the 1095-A aren’t claimed by you as dependents, and don’t file their own tax return, you will have to repay the portion of the discount used to pay for their insurance.