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Sunday
MEDICAL EXPENSES
The medical expense deduction has to meet a rather large threshold before it can affect your return. The amount of medical (including dental, vision, etc.) expenses that will coun...
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MEDICAL EXPENSES
The medical expense deduction has to meet a rather large threshold before it can affect your return. The amount of medical (including dental, vision, etc.) expenses that will count toward itemization is the amount that is OVER 7.5% of your adjusted gross income. You should only enter the amount that you paid in 2024—do not include any amounts that were covered by insurance or that are still outstanding. Of course, your medical expenses plus your other itemized deductions still have to exceed your standard deduction before you will see a difference in your tax due or refund.
To enter your medical expenses go to Federal>Deductions and Credits>Medical>Medical Expenses
2024 STANDARD DEDUCTION AMOUNTS
SINGLE $14,600 (65 or older/legally blind + $1950)
MARRIED FILING SEPARATELY $14,600 (65 or older/legally blind + $1550)
MARRIED FILING JOINTLY $29,200 (65 or older/legally blind + $1550)
HEAD OF HOUSEHOLD $21,900 (65 or older/legally blind + $1950)
https://turbotax.intuit.com/tax-tips/health-care/medical-expenses-checklist/L6MkxxlyW
Sunday
Need to do 1120S and get K1's printed out in order to submit and do my personal taxes.
Sunday
DID YOU E-FILE?
Did you e-file? Did you go through all three steps of the FILE section and click a big orange button that said “Transmit my returns now?”
When you e-file your return...
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DID YOU E-FILE?
Did you e-file? Did you go through all three steps of the FILE section and click a big orange button that said “Transmit my returns now?”
When you e-file your return you will get two emails from TurboTax. The first one will say your return has been transmitted; the second one will tell you the IRS has accepted or rejected your federal e-file. If you filed a state return, there will be a third email (usually a day or two later) that tells you if the state e-file was accepted or rejected.
Check your e-file status:
https://turbotax.intuit.com/tax-tools/efile-status-lookup/
What does it say in your account? Does it show that the return was accepted? Or does it say something else---like "rejected," "printed," or "ready to mail?”
Sunday
How is Federal showing Accepted in both the Desktop program and the Online version? Which did you actually efile it from? You can only efile state from the same federal return that was efiled. ...
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How is Federal showing Accepted in both the Desktop program and the Online version? Which did you actually efile it from? You can only efile state from the same federal return that was efiled. You can’t use both Desktop and Online account. For the Desktop program you have to check the filing status inside the program. Open your return and go up to the top black menu bar first item File > Electronic Filing > Check Electronic Filing Status What steps did you take in what order? You started in Online then moved your return to the Desktop program? Before or after you efiled Federal? What Desktop program did you buy? With the Desktop program you get 1 free state program download except in Basic. Then did you buy the second different state program?
Sunday
No. The qualified dividends in box 1b are included in the total ordinary dividends in box 1a, so box 1b can never be larger than box 1a.
Sunday
Having a similar issue - but our federal has been accepted and shows as accepted in the desktop AND online platforms. Bought the online, was told it couldn't do what we need it to, bought the deskto...
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Having a similar issue - but our federal has been accepted and shows as accepted in the desktop AND online platforms. Bought the online, was told it couldn't do what we need it to, bought the desktop after we were told that could do what we need it to and now that's not working either. I've been on the phone with customer service for hours. Edit to add: We had to file in two different states - but are still MFJ in both states. .. .
Sunday
Federal Income and CA Income are the same. The $6000 is non-decuctable therefore the resulting CA Net Income S/B $6000 higher. How do we force this through?
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Sunday
Did you enter the estimated payments? It is not automatic, you have to manually enter them. To enter Federal or State Estimated Taxes Paid, including a state estimated payment made in January f...
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Did you enter the estimated payments? It is not automatic, you have to manually enter them. To enter Federal or State Estimated Taxes Paid, including a state estimated payment made in January for the prior year, go to Federal on left or at top (Personal for Home & Business) Deductions and Credits Then scroll way down to Estimates and Other Taxes Paid Estimated Taxes - click the start button for a payment made with an Extension to file go to…. Other Income Taxes - Click the Start or Update button Next page second section Payments with Extension Either Visit All or Click Start or Update by the extension you paid Federal Estimated payments should be on 1040 line 26. You enter state estimated payments under the federal side (because they can be a federal itemized Deduction). THEN after you finish filling out the estimates under Federal you need to click on the State Tab at the top and start the state return over for it to update.
Sunday
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Sunday
I am waiting to get help to correct the return - put my estimated tax payments in, there is NO way i get help from Turbo
!
Sunday
I have read a lot of questions on this topic here, but I am still not sure what the "Statements provided by your lender" average balance means. I had a primary residence with an outstanding mortgag...
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I have read a lot of questions on this topic here, but I am still not sure what the "Statements provided by your lender" average balance means. I had a primary residence with an outstanding mortgage since 2021. I sold that house on April 30, 2024. I also bought another house on April 4, 2024, and I immediately made my primary residence, also backed by a mortgage. I think (correct me if I am wrong) I can consider the original property to be "second home" for the duration of April 2024 (slowly moving from one to the other and thus using both). I know the "closing balance" as of each month on each of the mortgages. The question is however, do I add all the numbers and divide the sum by 12 or do I add the numbers relating to the first mortgage and divide by 4, then add all the closing balances for the second mortgage and divide them by 9 (April to December) and add those together? The phrase from p936 "You can treat the balance as zero for any month the mortgage wasn't secured by your qualified home" as the indication that the first method (divide everything by 12) should be used. However, the phrase "and dividing that by the number of months the home secured by that mortgage was a qualified home during the year" seems to contradict that. I am sure this is a very common situation, so I would appreciate if someone who did it in the past can comment if I can safely use the first approach (which obviously, due to increased denominators) gives me better values (actually, makes all of my interest deductible) or if the latter approach must be used (which would only allow me to use approximately 2/3 or the total interest I paid during the year)
Sunday
FS 2025-01: Q1. What type of residence is required for the credit? For example, is the credit available for a home rented by the
taxpayer or for a second home? (updated Jan. 17, 2025)
A1. A taxpayer c...
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FS 2025-01: Q1. What type of residence is required for the credit? For example, is the credit available for a home rented by the
taxpayer or for a second home? (updated Jan. 17, 2025)
A1. A taxpayer claiming the credit for exterior windows or skylights, exterior doors, and insulation materials or systems
(including air sealing materials or systems) must have installed such property in a home located in the United States that is
owned and used by the taxpayer as the taxpayer’s principal residence. Due to the home ownership requirement, a taxpayer
who rents the home in which such property is installed would not be entitled to the credit. Due to the principal residence
requirement, a taxpayer who installs such property in the taxpayer’s second home would not be entitled to the credit.
A taxpayer claiming the credit for electric or natural gas heat pump water heaters; electric or natural gas heat pumps; central
air conditioners; natural gas, propane, or oil water heaters; natural gas, propane, or oil furnaces or hot water boilers; biomass
stoves or boilers; oil furnaces or hot water boilers; and improvements to, or replacements of, panelboards, sub-panelboards,
branch circuits, or feeders must have installed such property in a home located in the United States and used as a residence
by the taxpayer. In this case, the taxpayer may rent the home in which such property is installed, and such property may be
installed in the taxpayer’s second home.
Sunday
I'm in a very similar situation and the company that issued my 1099-R won't correct it :( How'd it turn out for you? Did you end up submitting your own corrected version of the 1099-R to reduce the...
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I'm in a very similar situation and the company that issued my 1099-R won't correct it :( How'd it turn out for you? Did you end up submitting your own corrected version of the 1099-R to reduce the taxable amount? Thanks!
Sunday
I did see this, but TurboTax only talks about imports for itemized deductions from ItsDeductible. Thus, it leaves a question in my mind if import from CSV is possible. AI replies: TurboTax has...
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I did see this, but TurboTax only talks about imports for itemized deductions from ItsDeductible. Thus, it leaves a question in my mind if import from CSV is possible. AI replies: TurboTax has limited support for importing Schedule A itemized deductions, primarily focusing on charitable donations. Charitable Donations: If you track your donations using ItsDeductible Online and use the same account for TurboTax Deluxe or higher, you can import your charitable contribution data directly. This feature is not available in TurboTax Free Edition or TurboTax Live Basic, as these versions do not support Schedule A. Other Itemized Deductions: While TurboTax is designed to guide you through entering information for various itemized deductions like mortgage interest, state and local taxes, and medical expenses, it does not typically offer direct import functionality for these categories from external sources or financial institutions. You will generally need to manually input the data for these types of deductions into the program.
Sunday
Nevermind, I found it. I wasn't looking in the right place. Thank you very much for the help.
Sunday
I've looked there and the only option it gives me is to pay estimated taxes for 2025.
Sunday
I want to share this so others don’t repeat my mistake. After losing crypto to a fake trading platform, I started searching online for “crypto recovery help.” Within hours, I was flooded with emails...
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I want to share this so others don’t repeat my mistake. After losing crypto to a fake trading platform, I started searching online for “crypto recovery help.” Within hours, I was flooded with emails and Telegram messages promising to “recover my stolen coins.” Here’s the truth: 90% of those “recovery experts” are scammers too. They prey on victims who are already desperate. Here’s how they trap you 👇 1.They’ll claim to work with the FBI, IC3, or blockchain engineers. 2.They ask for “gas fees”, “activation codes”, or “tracking deposits” before they start. 3.They show fake transaction screenshots or forged certificates. 4.They rush you — saying “we’re closing your case soon if you don’t act.” 5.They’ll stop replying once you pay. Here’s how to protect yourself: ✅ Never pay upfront. Real investigators or cyber-security experts charge after verification or recovery. ✅ Check domain names and emails — most fake “agencies” use free Gmail/Yahoo addresses. ✅ Search their names on Google + Reddit — you’ll often find warnings. ✅ Report recovery scammers to: •ic3.gov (U.S. FBI cybercrime report) •scamwatch.gov.au •[[email address removed]] If you’ve already been scammed, don’t lose hope, but don’t rush into another trap. Take time to verify anyone who contacts you. Ask for public references, company registration, and past case proofs (never screenshots only). Let’s make sure others don’t fall into this second wave of scams. Please share your experience below 👇 — it might save someone else today.
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Sunday
Hello! Requesting a response to this question, please.
Sunday
In 2022 I invested $40,000 in a startup. The business lost money every year and I received the Final K1 in 2024. The distribution will be in 2025. Two questions: How do I calculate the Bas...
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In 2022 I invested $40,000 in a startup. The business lost money every year and I received the Final K1 in 2024. The distribution will be in 2025. Two questions: How do I calculate the Basis for 2024 for regular and AMT ? TT asks for a number for Box 20, Code Z but there is more than one? Which number does TT want? See data from the K1's below: L Partners Capital Account Analysis 2022 2023 2024 Beginning Capital Account 40,000 27,094 17604 Current Net income -12,906 -9490 -11,790 Withdrawals and Distributions 1,082 Ending Capital Account 27,094 17,604 4732 2024 k1 Part III Box 1 Ordinary business income= -8,869 Box 2 Net rental real estate income = 240 Box 9a Net long term capital gain = 2,492 Box 10 Net section 1231 gain = -5,500 Box 13 Other deductions = 1 Box 14 Self employment earnings = 0 Box 17 AMT = 16 Box 18 C =172 Box 19 Distributions = 1082 Box 20 N = 8,869 Box 20 Z see below Section 199A Information, Box 20, Code Z, 2022 2023 2024 Ordinary Income -12,906 -9670 -8,869 W-2 Wages 2,647 2,129 1,797 Unadjusted Basis of Assets 30,881 31,277 Note: no info on Basis for 2024 Thanks for the help
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