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yesterday
To claim the Michigan Homestead Property Tax Credit (MI-1040CR), a person must have been a Michigan resident for at least six months of the tax year. Since your son lived in Michigan (10 months), he ...
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To claim the Michigan Homestead Property Tax Credit (MI-1040CR), a person must have been a Michigan resident for at least six months of the tax year. Since your son lived in Michigan (10 months), he may claim the credit.
The part-year MI return is looking just at the time there. MI is "yes" because it was true at the time of the lease, Well done. MI considers 23% of rent paid equal to property tax. Student income with high property tax credit is reasonable. Beware:
a part-year return will annualize the income and may reduce the credit
university housing is not eligible
You probably want to file the MI part year just to let MI know he has officially moved.
Since he did all of the resident establishing requirements, he will need to file a part-year NM return. There won't be a tax liability with zero income but the way the tax is calculated and the requirement to file is different.
NM creates a tax liability based from federal income. One day resident plus required to file federal = filing NM.
NM multiplies the NM % of income earned times the tax liability. In your son's case, 0% x tax liability = $0 tax
yesterday
Ask the business that sold you the water heater.
yesterday
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yesterday
I need an apointment
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yesterday
My code is TT
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yesterday
You should be able to enter your Schedule C for your self-employment income and expenses in TurboTax Premium. Follow the steps below to enter your income:
Open TurboTax
Select Wages & I...
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You should be able to enter your Schedule C for your self-employment income and expenses in TurboTax Premium. Follow the steps below to enter your income:
Open TurboTax
Select Wages & Income
Select Business Income and Expenses (Schedule C)
TurboTax will guide you through interview screens to help you enter your income and expenses.
For additional information, review the TurboTax help articles: What self-employed expenses can I deduct? and How do I report income from self-employment?
You will also be subject to self-employment taxes. Self-employment taxes and deductions are calculated on Schedule SE.
For additional information, please see the TurboTax article Self-Employed Federal Income Taxes.
yesterday
You have to update that information back in the federal return. Return to your federal return to the personal information section. When you are entering the personal information it will ask if the ...
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You have to update that information back in the federal return. Return to your federal return to the personal information section. When you are entering the personal information it will ask if the person for whom the return is being filed is deceased. If you answer yes to that question then the system will ask for information about the personal representative. What you enter there should be carried to the necessary federal and state forms.
yesterday
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yesterday
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yesterday
yesterday
Hello, On page 2 of Form 172 instruction for NOL, there is a 80% limitation as showing below. How do we apply NOL carry forward from 2024 to 2025? Please advise. Thank you! ...Only NOLs arisi...
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Hello, On page 2 of Form 172 instruction for NOL, there is a 80% limitation as showing below. How do we apply NOL carry forward from 2024 to 2025? Please advise. Thank you! ...Only NOLs arising after 2017 and carried forward to a year after 2020 are subject to the 80%-of-taxable-income limit. The total amount of any NOL deduction for 2021 or thereafter that is attributable to NOLs from tax years after 2017 can’t exceed 80% of taxable income without regard to the NOL deduction or sections 199A or 250. 3tax168
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yesterday
pension and annuity distribution adjustment description- taxable amount c then choose either subtraction or addition THANK YOU
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yesterday
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yesterday
1 Cheer
1. When you enter the 1099-R and answer all those questions, the answers - like a qualified pension, should flow to the state. You may have had a stuck bit of data that didn't move.
2. When you clo...
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1. When you enter the 1099-R and answer all those questions, the answers - like a qualified pension, should flow to the state. You may have had a stuck bit of data that didn't move.
2. When you close and reopen your return, stuck data will often reset and move as it should.
3. Don't file the amended return until the original is completely processed - including any refund.
4. You can e-file the amended form.
yesterday
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yesterday
yes, my rental income came as negative once I added depreciation(and that's why I filed my tax return without foreign tax credit form 1116 since it makes no sense to get credit and report negative in...
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yes, my rental income came as negative once I added depreciation(and that's why I filed my tax return without foreign tax credit form 1116 since it makes no sense to get credit and report negative income) but note that prior to adding depreciation, my income was positive and still form 1116 wouldn't properly appear in my final return, that's why I believe it's a bug on turbotax side
yesterday
How do I download TurboTax that has been paid for: 37534 2026-02-27 17:35:45 My wife bought the program and I don't have her passwords. please help.
yesterday
Are you under 59 1/2? Being younger than that would trigger a 10% early distribution penalty. But if you are older than 59 1/2, then there would be no penalty, hence no need for the question.
S...
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Are you under 59 1/2? Being younger than that would trigger a 10% early distribution penalty. But if you are older than 59 1/2, then there would be no penalty, hence no need for the question.
Second, can you confirm that the distribution was from an IRA and not some sort of retirement plan like a 401(k)?
yesterday
The problem with your 1099-R is the code in box 7. Code J indicates that the withdrawal is an early withdrawal that is subject to penalties. The basis is still not taxable so you should be entering...
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The problem with your 1099-R is the code in box 7. Code J indicates that the withdrawal is an early withdrawal that is subject to penalties. The basis is still not taxable so you should be entering zero in box 2 because even though the broker has refused to calculate the amount that is taxable you have so enter zero there for them.
That will make the 14,000 not taxable but there will still be a penalty for an early withdrawal assessed for taking the money out early. If you believe that you should not be assessed that penalty then you need to contact the institution that manages your account and request a corrected 1099-R that does not show an early withdrawal.
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