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You do not have to do anything about the 2024 return. The depreciation adjustment will appear on your 2025 return as a miscellaneous expense item.    A passive and QBI loss carryover would only occur if you had losses that could not be deducted in prior years. Generally, you are allowed to deduct up to $25,000 of rental losses against ordinary income, unless your income was over $150,000. If you had such loss carryovers, TurboTax would enter those automatically on the next year's tax return.   "At Risk" means that you are not deducting losses equal to more than your net investment in the property. For instance, if you purchased a rental house for $300,000 and had a loss of $50,000, you would have $250,000 at risk in the property.

I like this answer from DaveF1006!   I chose not to take an advance premium credit and to let the program do the automatic calculations. With this "issue", I can't enter the shared premium as my daughter is no longer a dependent, but was still on my Marketplace Health Insurance. My solution was to leave the link to my business in, allocate the premium for my wife and I by multiplying the full premium by 67% in the 1095-A worksheet. Utilize the on-line tool from the IRS to get the SLCSP amount for just my wife and I also in the 1095-A worksheet. This allowed TT to do the "looped" calculation of my self-employed health insurance amount which I found on Schedule C line 15. I then un-linked my business in the 1095-A worksheet, re-entered the full amounts for the monthly premium and the SLCSP as calculated on the IRS site for all three of us. I then entered the shared policy information in the smart worksheet on the 1095-A form using 67%. I went back to the Schedule C worksheet and entered the amount that was calculated when still linked under Insurance - Health. For my daughters return (not self employed, thank God!), I am an using the full amounts and entering 33% as the shared allocation. The result is that for my taxes, I'm not getting any credit and my deduction is equal to my 2/3 share but on my daughter's she is getting a large refund of her 1/3 share of the premium.     For the TT experts, does this seem to be a valid approach?

@Carterto  Did you e-file your tax return and was it accepted? Only the IRS and your State control when and if a Federal or State tax refund is Approved and Issued.   You complete your tax return by finishing all 3 Steps in the File section. In Step 3, to e-file your tax return, you must click on the large button labeled "Transmit my returns now".   After completing the File section and e-filing your tax return you will receive two emails from TurboTax. The first email when your tax return was transmitted and the second email when the tax return has either been accepted or rejected.   Note - Once a tax return has been Accepted by the IRS or a State, TurboTax receives no further information concerning the tax return or the status of any tax refund.  Only the taxpayer listed on the tax return can obtain the status of a tax refund or a tax return.   To check the status of an e-filed return, open up your desktop product or log into your TurboTax Online Account. You can find your status within the TurboTax product. If accepted by the IRS use the federal tax refund website to check the refund status - https://www.irs.gov/refunds If accepted by the state use this TurboTax support FAQ to check the state tax refund status - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/track-state-refund/L3jgO8PGs_...   After the tax return has been Accepted by the IRS (meaning only that they received the return) it will be in the Processing mode until the tax refund has been Approved and then an Issue Date will be available on the IRS website.

Thank you for replying, but that was not my question. I'm good with the procedures as you outlined and have followed them. My question is "why did my tax burden go UP when I changed block 2a from $0 to the total amount of the RMD which was transferred" even with the other blocks checked as you pointed out. The increase was suspiciously close to 20% percent, i.e. aligned with the tax bracket which I must be in.  Thank you again for working with me on this.

Did you e-file your tax return and was it accepted? Only the IRS and your State control when and if a Federal or State tax refund is Approved and Issued.   You complete your tax return by finishing all 3 Steps in the File section. In Step 3, to e-file your tax return, you must click on the large button labeled "Transmit my returns now".   After completing the File section and e-filing your tax return you will receive two emails from TurboTax. The first email when your tax return was transmitted and the second email when the tax return has either been accepted or rejected.   Note - Once a tax return has been Accepted by the IRS or a State, TurboTax receives no further information concerning the tax return or the status of any tax refund.  Only the taxpayer listed on the tax return can obtain the status of a tax refund or a tax return.   To check the status of an e-filed return, open up your desktop product or log into your TurboTax Online Account. You can find your status within the TurboTax product. If accepted by the IRS use the federal tax refund website to check the refund status - https://www.irs.gov/refunds If accepted by the state use this TurboTax support FAQ to check the state tax refund status - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/track-state-refund/L3jgO8PGs_...   After the tax return has been Accepted by the IRS (meaning only that they received the return) it will be in the Processing mode until the tax refund has been Approved and then an Issue Date will be available on the IRS website.

Math checks out. How much more complicated would it be to do Option C compared to Option B? I would lean towards the option that maximizes the return unless that option is much more complicated. I guess regardless of which option I choose an important step is to NOT declare the $1520 scholarship in the education section of my return and instead have my son report this as income on his return? One other point to mention - I did take the AOTC credit last year for the first time, so this would be the second time taking it.

To access your current or prior year online tax returns sign onto the TurboTax website with the User ID you used to create the account - https://myturbotax.intuit.com/ Scroll down to the bottom of the screen and on the section Your tax returns & documents.  Click on the Year and Click on Download/print return (PDF)   If you used the desktop CD/Download editions installed on your computer, the only copy of your tax data file and any PDF's will be on the computer where the return was created.  TurboTax does not store online any returns completed using the desktop editions.   Go to this IRS website for free transcripts of a federal tax return - https://www.irs.gov/individuals/get-transcript   For a fee of $30 you can get a complete federal tax return from the IRS by completing Form 4506 - http://www.irs.gov/pub/irs-pdf/f4506.pdf

@user17745382418 ,  (1) I made two mistakes  in my response  -- even though you had mentioned a GC and not work visa, my reply was , while applicable in toto, assumed/ mentioned  ( "Not GC").  But the answer / process is correct (2)  forgot to mention that this ritual of filing by mail and stamping the 1040  ( the resident return portion )  with the legend  " DUAL STATUS FILER" is only for the first year. (3) note that I have been assuming here that  you were admitted with GC on 04/30/2025 and that you did not have any other / prior stays during the period 01/01/2025 through 04/29/2025. While unlikely, earlier presences  may influence the start date of residency. (4) depending on the type of pension, the tax treaty may have impacts as to which country taxes the income and /or eligibility of foreign tax credit ( from the US). Is there more I can do for you ? And if not, then next year   pk

With TurboTax, you don’t have to list every NRO or NRE account on its own. You can group all interest from the same bank together, or even report all your foreign interest on one line, as long as the total is correct. TurboTax does not require account‑by‑account reporting. To report.   Open TurboTax  Select Federal Choose Income & Expenses Go. Interest and Dividends → Interest on 1099‑INT