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Monday
Yes, you can claim your children. Since there is no custodial agreement or court document, the custodial parent will become the parent with whom the child spent the most nights during the year. Sinc...
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Yes, you can claim your children. Since there is no custodial agreement or court document, the custodial parent will become the parent with whom the child spent the most nights during the year. Since the children lived with BOTH of you for more than 6 months, either of you could potentially claim them. Living in the hotel does not change anything. To claim someone as a qualifying child:
Your child (including adopted and foster children), your sibling, or a descendent of any of them.
Age 18 or younger at the end of the tax year OR under 24 (and younger than you and your spouse) if they are a full-time student
Lived with you for more than 6 months during the tax year
They did not provide more than half of their own support
They did not file a joint return, unless it was to claim a refund
A qualifying Child may allow you to claim Child Tax Credit and Additional Child Tax. If they are 17 or older, then you would not get the Child Tax Credit, but instead you would get the Other Dependent Credit. If you file first and he still chooses to claim them, he would need to print and mail his return, then the IRS would contact both of you to determine who actually should claim the children. Be sure to keep any type of documentation, such as school enrollment, medial records, legal documents, or even bank statements showing you are buying food for everyone. This will help you show that they lived with you and not him for the last 4 months. Under the IRS tiebreaker rules, the parent with who the child lived with the longest wins the tiebreaker. Therefore, if you both filed a return claiming them, if you all lived together for 8 months and then it was just you and your children for the final 4 months of the year, you would have them 12 months (more nights than he did) so you would likely win the tiebreaker.
Monday
I understand the components of a charitable gift annuity. My issue is with how to report the orig8nal donation on turbo tax when the donation is appreciated stock. Do I need to attach anything to t...
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I understand the components of a charitable gift annuity. My issue is with how to report the orig8nal donation on turbo tax when the donation is appreciated stock. Do I need to attach anything to the return? Or do I just input the market value of the stock, the calculated donation amount and the requested cost basis and let the program do the rest?
Monday
1 Cheer
The reason Schedule 1-A is gone when you select Married Filing Separately (MFS) is because the deductions this form is used for are generally only available to taxpayers who file using the Married Fi...
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The reason Schedule 1-A is gone when you select Married Filing Separately (MFS) is because the deductions this form is used for are generally only available to taxpayers who file using the Married Filing Jointly (MFJ).
Schedule 1-A is used to claim:
Deduction for qualified tip income.
Deduction for qualified overtime pay.
Deduction for car loan interest on a U.S.-assembled vehicle.
Enhanced deduction for seniors (age 65+).
All except the deduction for car loan interest require you to file jointly.
You don't mention your state, but you may be able to file your Federal return jointly and your State return as Married Filing Separately. Each state has different filing status requirements.
@shirlandron
Monday
You can use the same email address for 5 accounts and returns. You can start another return in TurboTax Online by: Logging out if you are in your account Choose what TurboTax Online product you w...
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You can use the same email address for 5 accounts and returns. You can start another return in TurboTax Online by: Logging out if you are in your account Choose what TurboTax Online product you want to use for the second return https://turbotax.intuit.com/personal-taxes/compare/online Create your account screen Set up a new login for the second return Start working on the new return Or use the Desktop program. The Desktop program can do unlimited returns and efile 5 for free. And you can use any Desktop version, they all have the same forms. So you could use a lower version than you might need in the Online version.
Monday
in the application under deductions - says it's available now, but when I go to update the information - nothing changes - still shows "it's available now".
Monday
I purchased Quick Employee Form through Intuit, and I am able to create these forms on site. However, the Efile button is not clickable to allow me to efile. The forms created state they are "efile r...
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I purchased Quick Employee Form through Intuit, and I am able to create these forms on site. However, the Efile button is not clickable to allow me to efile. The forms created state they are "efile ready". Something wrong with my account or the date of efile is not available yet?
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Monday
A social security number may not be required to qualify for an adoption credit. As long as the child is a United States citizen or resident you may qualify for an adoption credit even if the adoption...
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A social security number may not be required to qualify for an adoption credit. As long as the child is a United States citizen or resident you may qualify for an adoption credit even if the adoption was not finalized. However, you may not be able to e-file your return if you don't include a social security or tax identification number for the child.
The IRS instructs you to "leave blank any entries you are unable to complete" when you make entries for the adoption credit Form 8839:
"If you can't give complete information about an eligible child you tried to adopt ... complete the entries you can on line 1. Leave blank any entries you are not able to complete. For example, if you don't have a social security number or adoption tax identification number ..., leave column (f) blank."
Monday
Hi, I had to travel overseas in 2025 to sell a vacant house I inherited in 2024. The only purpose of the trip was to sell the property - it could not have been sold remotely from here. No one w...
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Hi, I had to travel overseas in 2025 to sell a vacant house I inherited in 2024. The only purpose of the trip was to sell the property - it could not have been sold remotely from here. No one was living in it from the owner's date of death until the sale. Can the following be added to the cost basis for determining capital gain or loss: airfare, hotel, meals, local transportation to lawyer's office? Thanks!
Monday
what kind of reply is this????
Monday
It would depend on the tax filing status of the business. If you were the only owner of the business then you would not need to file a tax schedule for the business. In this instance, Schedule C does...
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It would depend on the tax filing status of the business. If you were the only owner of the business then you would not need to file a tax schedule for the business. In this instance, Schedule C does not require a balance sheet listing assets, liabilities and equity and there is no need to include the schedule with your personal return if there is no income or expenses to report. The same applies to a partnership, where you have other owners in addition to yourself.
If the tax filing status of the business is a corporation, technically you are required to file a tax return even if the business had no income or expenses during the year. You can read more in the instructions to IRS Form 1120 or Form 1120-S.
Monday
1/21
Monday
Took me awhile to find that little Summary Smart Worksheet box on the existing 1099R form, but I finally did. I also found an easier way. In the left Forms column, go further down and open the 1099...
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Took me awhile to find that little Summary Smart Worksheet box on the existing 1099R form, but I finally did. I also found an easier way. In the left Forms column, go further down and open the 1099R Summary. At the very top is Form 1099-R Smart Worksheet with a quick zoom button which will open the Add Form 1099-R box.
Monday
Please explain whether your business is a sole proprietorship or if it is a C-corps or S-corps or multi-member partnership. A sole proprietorship is a disregarded entity so you just have to use onl...
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Please explain whether your business is a sole proprietorship or if it is a C-corps or S-corps or multi-member partnership. A sole proprietorship is a disregarded entity so you just have to use online Premium software or any version of desktop download to prepare a Schedule C for your business expenses, and enter all of your other income into that same software. It all goes on the same Form 1040.
If you need to prepare a return for a S-corps, C-corps or multi-member partnership then you need a different software program --- TurboTax Business. If you prepare a business return using TT Business, you still need to prepare your own individual return using online Deluxe or Premium, or desktop download Deluxe, Premier, or Home and Business.
Monday
When will the IRA, 401(k), Pension Plan Withdrawals (1099-R) Form 1099-R section be available?
Monday
And you believe them?
Monday
I sold my car in 2024. It was a loss. How do I fix this?
Monday
The plan is not required to mail the 1099-R until January 31, and if you are expecting mail instead of electronic delivery it could take a while longer to arrive.
Monday
If the child lives with you more than half the year, you need to select "7 months" or more in the dependent interview. Turbotax interprets "6 months" as exactly half, and it needs to be more than ha...
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If the child lives with you more than half the year, you need to select "7 months" or more in the dependent interview. Turbotax interprets "6 months" as exactly half, and it needs to be more than half.
If the child physically lives with you less than half the nights of the year, the child does not automatically qualify as a dependent, no matter what the local court said. To claim a child who does not live with you more than half the year, you need a signed release from the parent where the child does live more than half the year.