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a week ago
No one can see your screen or your tax return.
Make sure you have entered your child as a dependent in My Info, and that you have entered the child's Social Security number. Careful— do no...
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No one can see your screen or your tax return.
Make sure you have entered your child as a dependent in My Info, and that you have entered the child's Social Security number. Careful— do not say that your child’s SSN is not valid for employment. If your child was born in 2024 make sure you said he lived with you the whole year. There is an oddly worded question that asks if the child paid over half their own support. Say NO to that question.
Have you entered income from working in 2024? If not, you will not receive an income tax refund based on having dependent children.
The maximum amount of the child tax credit is now $2000 per child; the refundable “additional child tax credit” amount is $1700. In order to get that credit, you have to have income from working.
Take the amount you earned from working. Subtract $2500. Multiply the rest by 15%. That is the additional child tax credit per child that you can get—- up to the maximum of $1700 per child. If the amount you earned from working was low, you will not get the full $1700 per child.
If your child is older than 16 at the end of 2024, you do not get the CTC. But you may still get the non-refundable $500 credit for other dependents instead.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/taxation/child-tax-credit/L2lNhfGDl_US_en_US?uid=m68dfq2u
https://ttlc.intuit.com/turbotax-support/en-us/help-article/taxation/additional-child-tax-credit/L6xFeMFEf_US_en_US?uid=lqnuygah
https://www.irs.gov/help/ita/does-my-childdependent-qualify-for-the-child-tax-credit-or-the-credit-for-other-dependents
And for the Earned Income Credit—-
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/qualifications-earned-income-credit-eic-eitc/L7w4BFP32_US_en_US?uid=m62rmz09
https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/use-the-eitc-assistant
https://www.irs.gov/pub/irs-pdf/p596.pdf
Look at your 2024 Form 1040 to see the child-related credits you received
PREVIEW 1040
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/preview-turbotax-online-return-filing/L77WCkvnu_US_en_US?uid=m681fkhr
Child Tax Credit line 19
Credit for Other Dependents line 19
Earned Income Credit line 27
Additional Child Tax Credit line 28
a week ago
4 Cheers
I too just got the email about Turbotax dropping Window 10 support. But their reasoning is faulty. Micro$oft announced that if you use "Reward Points" or their cloud you can received an additional ye...
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I too just got the email about Turbotax dropping Window 10 support. But their reasoning is faulty. Micro$oft announced that if you use "Reward Points" or their cloud you can received an additional year of security updates. That should allow TT to safely operate for 2025 taxes. Maybe by then the tariffs will be gone and I can purchase a new computer.
a week ago
When I add my dependent it says I’m eligible for the CTC. When I go to the actual section where the CTC is it then says I’m ineligible
Topics:
a week ago
2 Cheers
Does anyone know if H&R Block tax software will work next year on Windows 10? I could see millions of people moving en masse from Turbotax.
a week ago
2 Cheers
Microsoft is offering three more years of paid support for Windows 10. The first year is $30. So, what's the problem?
a week ago
6 Cheers
It's Intuit's way of telling 43% of the customer base they to not want their business. More than 30yrs of buying TT and finally giving me the boot. Buy a new computer or you can't run TT? Ok, I'll go...
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It's Intuit's way of telling 43% of the customer base they to not want their business. More than 30yrs of buying TT and finally giving me the boot. Buy a new computer or you can't run TT? Ok, I'll go elsewhere. Maybe TT is planning to use the encryption features of TPM to secure your data, but their alternative to upload all my information to their online site is ludicrous. Every year sites are hacked and I don't want all my financial info leaked.
a week ago
2 Cheers
OK security, blah blah blah. But Microsoft is offering paid support for Windows 10 for three more years. The first year is $30. I think this puts the lie to some sort of security emergency that's kee...
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OK security, blah blah blah. But Microsoft is offering paid support for Windows 10 for three more years. The first year is $30. I think this puts the lie to some sort of security emergency that's keeping the TT people up at night. Perhaps they just don't want to incur the expense of supporting pre-Win 11 users. I'll probably just go back to Taxcut. Not much difference between the two.
a week ago
Caution-----do NOT mess around with your 2024 return in order to create that "dummy" return or you will destroy the 2024 return. If you want to "play" around with the software to create an estimate...
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Caution-----do NOT mess around with your 2024 return in order to create that "dummy" return or you will destroy the 2024 return. If you want to "play" around with the software to create an estimate, start a "dummy" account to use for that.
a week ago
Just the EIN of the estate: Identifying number. If you are acting for an individual, an individual debtor, or other person whose assets are controlled, the identifying number is the social secu...
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Just the EIN of the estate: Identifying number. If you are acting for an individual, an individual debtor, or other person whose assets are controlled, the identifying number is the social security number (SSN) or individual taxpayer identification number (ITIN). If you are acting for a person other than an individual, the identifying number is the employer identification number (EIN).
a week ago
If you have been the victim of identity theft:
https://ttlc.intuit.com/questions/1900655-what-to-do-if-you-suspect-tax-related-identity-theft
Most important) Follow the IRS proced...
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If you have been the victim of identity theft:
https://ttlc.intuit.com/questions/1900655-what-to-do-if-you-suspect-tax-related-identity-theft
Most important) Follow the IRS procedures for reporting a fraudulent return, documented here: www.irs.gov/uac/Taxpayer-Guide-to-Identity-Theft
IRS INFORMATION REFERRAL TO REPORT VIOLATION OF TAX LAW
https://www.irs.gov/pub/irs-pdf/f3949a.pdf
If your Social Security number is compromised and you know or suspect you are a victim of tax-related identity theft, take these additional steps:
Respond immediately to any IRS notice; call the number provided.
Complete IRS Form 14039, Identity Theft Affidavit. Then print and mail or fax according to the instructions.
Continue to pay your taxes and file your tax return, even if you must do so by paper.
6-digit IP NUMBER FROM IRS
https://content.govdelivery.com/accounts/USIRS/bulletins/2af48f0?reqfrom=share
https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin
to get you new PIN from the IRS
- https://www.irs.gov/identity-theft-fraud-scams/retrieve-your-ip-pin
https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin
a week ago
The current software is for 2024 and has been written for 2024 tax laws. The newly passed tax laws have not been included in the current software. You can use the current software for an "estimate...
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The current software is for 2024 and has been written for 2024 tax laws. The newly passed tax laws have not been included in the current software. You can use the current software for an "estimate" but be aware that it is merely an estimate. The software for 2025 returns will become available in mid to late November, and will require many updates.
a week ago
You will need online Premium if you are going to switch to online instead of desktop. You will still be able to transfer your 2024 tax file to the 2025 online software. You will need to do that at...
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You will need online Premium if you are going to switch to online instead of desktop. You will still be able to transfer your 2024 tax file to the 2025 online software. You will need to do that at the very beginning before you enter any new 2025 data.
a week ago
I currently use desktop Home and Business. My computer won't take Windows 11, so I want to use online turbotax next year. What do I use instead of Home and Business.
a week ago
@dmertz wrote:
"The $800 earnings will be taxable plus 10% penalty if you are under age 59-1/2. "
Almost certainly not. There will likely be no penalty because the distribution of the $80...
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@dmertz wrote:
"The $800 earnings will be taxable plus 10% penalty if you are under age 59-1/2. "
Almost certainly not. There will likely be no penalty because the distribution of the $800 will almost certainly be from Roth IRA contribution basis acquired from the permissible contributions made for earlier years.
Yes, sorry about that. As long as there is prior contribution basis in the Roth IRA, the withdrawal won't be taxable (depends on your history of other prior contributions and withdrawals).
a week ago
Here's the regretful issue that happened: I opened my Windows TurboTax Premiere 2024 to start an amended return, and I saw the top banner reset to 0 for state (CA) but the federal showed the orig...
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Here's the regretful issue that happened: I opened my Windows TurboTax Premiere 2024 to start an amended return, and I saw the top banner reset to 0 for state (CA) but the federal showed the original balance due (the balance I already paid electronically on original filing of Apr 15). I searched these forums and found a post saying ignore this banner on amended returns since it may be incorrect. So I decided I'd ignore it and went to make the amendment, which was to add a missed field for US gov security dividends (treasuries) that got taxed on my state return. After I made the change, I saw my CA banner show a refund while federal number didn't change (as I'd expect). When I printed the final returns in PDF, I saw these issues in the 1040-X form: "Itemized deductions or standard deduction" had an "original amount" field that was 50 less than the actual, while the "correct amount" was the actual original amount. "Estimated tax payments" had an original that was larger than what it actually was (no idea how or where it got that number), while the "correct amount" was the actual original amount. The net effect was a large negative net change that became "Amount you owe" (line 20). Before I went to the e-filing steps, I got a message saying my federal taxes didn't change are you sure you want to proceed? I thought great, if it didn't change it means it sees my final number didn't change i.e. I won't get charged. So I submitted the federal by e-file followed by state. A couple days later I got that line 20 amount withdrawn from my account! I happen to barely have enough savings to cover the overdraft of my checking.... I went back and attempted to amend a second time, and have yet been able to figure out how to make it refund that amount that was taken from me. Besides it didn't show me an option to e-file again, and I don't want to wait months for a refund! In summary, please help answer: What is the right/best way to fix this? How can I e-file it, or why is it not supported and is there any alternative to e-file a second one?
a week ago
a week ago
@ Impulse wrote: My 2024 desktop TT just updated today, which surprised me. Can you confirm that this only affects "What if..." section of TT and nothing substantial causing a required re-filing o...
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@ Impulse wrote: My 2024 desktop TT just updated today, which surprised me. Can you confirm that this only affects "What if..." section of TT and nothing substantial causing a required re-filing of 2024 return? Thanks in advance to you and the community for all your time and help Sorry, but I don't have any idea what is in a current update. I have my TurboTax update options set to either ask me or require manual check for updates, so I don't get any automatically--only if I elect to do so. If you're concerned, print out the 2 pages of your original Form 1040 as they appeared when you filed (assuming you saved a PDF or a separate original tax data file), and then print out the 2 pages of the 1040 after the recent update, and compare the 2 forms line by line to see if something changed with the new update. If it did, then dig deeper into that particular line; i.e., look at the schedules and worksheets that produced that figure. Do the same for any state return, if applicable. You wrote: "Can you confirm that this only affects "What if..." section of TT and nothing substantial causing a required re-filing of 2024 return?" No, sorry I can't tell you anything about the "What-if" worksheet. I don't use that tool, but I'd be surprised if TurboTax spends time updating it since they have their hands full programming the new product for the new tax laws. You'd just have to look to see if anything changed in the "What-if" worksheet. @Impulse ADDENDUM: According to subsequent posts below from users using the What-if Worksheet, apparently in the latest update there was indeed an update in its functionality for 2025, so TurboTax did devote some effort to it. Read the comments below from those who tried it.
a week ago
@mesquitebean My 2024 desktop TT just updated today, which surprised me. Can you confirm that this only affects "What if..." section of TT and nothing substantial causing a required re-filing of 2...
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@mesquitebean My 2024 desktop TT just updated today, which surprised me. Can you confirm that this only affects "What if..." section of TT and nothing substantial causing a required re-filing of 2024 return? Thanks in advance to you and the community for all your time and help -Impulse