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yesterday
In TurboTax it list the question 1. Do any uncommon situations apply? Someone co-owns this loan, and I only pay a portion of it. The seller is financing this loan and I didn't rec...
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In TurboTax it list the question 1. Do any uncommon situations apply? Someone co-owns this loan, and I only pay a portion of it. The seller is financing this loan and I didn't receive a 1098. None of these apply. If I were to select Yes someone co-owns this loan and I only pay a portion of it it ask for my partner's information. Afterwards I enter the amount each person is responsible for the interest and outstanding principal. I do a 50% split for these values and select yes the interest amount is different than what is on my 1098. However when I go to federal review it almost DOUBLES the mortgage deduction. Compared to when I select None of these apply I do not get prompted for my spouses information and when I enter the same numbers I get the deduction I would expect. For tax purposes I feel like I am not selecting the first prompt correctly because Yes someone co-owns this loan with me however Turbo Tax under this selection is taking the limited deductible mortgage it calculates in deduction and credits and DOUBLES it during the federal review section unless I select None of these apply.
yesterday
The Annuity Start Date is the date that the plan began paying out to you. So, it's not when you "retired" but when the annuity first started paying you (which may indeed have been in 1996).
yesterday
Mileage for what exactly?
Business use
Charity use
Medical or Military moving
yesterday
The 12,000 is just a new senior deduction. It doesn't exemption the taxable amount of a Roth conversion. It is automatic based on your age. It is not part of your Standard Deduction. The new Sen...
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The 12,000 is just a new senior deduction. It doesn't exemption the taxable amount of a Roth conversion. 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. For Single the deduction starts to phase out at 75,000 and maxes out at 175,000 For Joint the deductions starts to phase out at 150,000 and maxes out at 250,000 If you are married you have to file a Joint return And your SSN must be VALID for employment. Do NOT check the box saying Not Valid under My Info.
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 ….
yesterday
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yesterday
Red means it was either overridden or invalid. Go into step-by-step and go back to the personal information section to correct the error. Go back through the interview and answer the questions in the...
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Red means it was either overridden or invalid. Go into step-by-step and go back to the personal information section to correct the error. Go back through the interview and answer the questions in there.
yesterday
Where do I find my AGI?
https://ttlc.intuit.com/community/agi/help/how-do-i-find-last-year-s-agi/01/25947
Your 2024 tax return shows your 2024 Adjusted Gross Income (AGI) If you filed a...
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Where do I find my AGI?
https://ttlc.intuit.com/community/agi/help/how-do-i-find-last-year-s-agi/01/25947
Your 2024 tax return shows your 2024 Adjusted Gross Income (AGI) If you filed a joint return then the AGI is the same for each of you.
Form 1040 line 11
If entering the amount from your 2024 tax return does not work, then try entering “0” instead. If that does not work and you still cannot e-file, then print, sign, and mail your tax return.
You can get a free transcript of your past return from the IRS:
https://www.irs.gov/individuals/get-transcript
Note: If you filed late or amended your return, your correct 2024 AGI may not be in the system.
https://ttlc.intuit.com/questions/1944348-how-do-i-print-and-mail-my-return-in-turbotax-online
Note: If you mail your federal return, you will also need to mail your state return. You will not be able to e-file your state return.
yesterday
Under the OBBBA, seniors over 65 are allowed to do an ira to roth conversion and exempt 12k amount from taxes. In 2025, I converted 25K from ira to roth. Current AGI w/o the 12k relief is 160K. I...
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Under the OBBBA, seniors over 65 are allowed to do an ira to roth conversion and exempt 12k amount from taxes. In 2025, I converted 25K from ira to roth. Current AGI w/o the 12k relief is 160K. It should be 148k (160k-12k relief). How do I enter this in TT Premier so it will account for the 12K exemption? Thank you.
yesterday
In my TurboTax Desktop product, I see code II right after code HH and before code J.
Are you using TurboTax Online or Desktop?
yesterday
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yesterday
Five days early does not mean "get refund in five days"----
"5 days early" means you are supposed to receive your federal refund from one to five days sooner than the refund date shown on t...
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Five days early does not mean "get refund in five days"----
"5 days early" means you are supposed to receive your federal refund from one to five days sooner than the refund date shown on the IRS refund site. If it does not meet that "at least one day sooner" date, they are supposed to refund the $35 fee.
You have to pay attention to the date on the IRS refund site.
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
yesterday
Gambling losses can only be deducted up to the amount of the gambling winnings. Gambling winnings are reported on Form 1040 Schedule 1 on Line 8b. The amount from Part I of Schedule 1 Line 10 flows...
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Gambling losses can only be deducted up to the amount of the gambling winnings. Gambling winnings are reported on Form 1040 Schedule 1 on Line 8b. The amount from Part I of Schedule 1 Line 10 flows to Form 1040 Line 8. Gambling Losses are reported on Form 1040 Schedule A as a Other Itemized Deductions. Gambling losses are not a one-for-one reduction in winnings. Your total itemized deductions reported on Form 1040 Schedule A must be greater than the standard deduction for your filing status to have any tax benefit.
To enter, edit or delete Gambling Winnings and Losses -
Click on Federal Taxes (Personal using Home and Business) Click on Wages and Income (Personal Income using Home and Business) Click on I'll choose what I work on (if shown) Scroll down to Less Common Income On Prizes, Awards, and Gambling Winnings, click the start or update button
yesterday
I have the exact same problem. I am using Turbo Tax Desktop. It crashed and ever since then I cannot enter any more 1099 INT data
yesterday
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yesterday
As stated by the IRS it can take up to 9 weeks after ID verification before the tax refund will be issued.
yesterday
II—Medicaid waiver payments excluded from gross income under Notice 2014-7
Code II is listed in the box 12 code dropdown for a W-2
yesterday
I’m worried that something is wrong because I’ve never had this happen to me before.
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yesterday
I HAVE A 1231 GAIN ON A K-1 THAT I GOT FOR 2025. SINCE I WAS ACTIVELY INVOLVED IN THE BUSINESS THIS GAIN IS NOT SUBJECT TO THE NET INVESTMENT INCOME TAX..... WHERE DO I MAKE THIS ADJUSTMENT?
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