All Posts
Friday
If you have not filed the 2025 tax return, just go back to the section of the program that needs to be corrected.
If you have e-filed the tax return, the IRS will not be accepting 2025 tax retu...
See more...
If you have not filed the 2025 tax return, just go back to the section of the program that needs to be corrected.
If you have e-filed the tax return, the IRS will not be accepting 2025 tax returns until 01/26/2026.
Once a tax return has been filed it cannot be changed, canceled or retrieved
You will have to wait for the IRS to either Accept or Reject your filed federal tax return. If the return is rejected you can make the necessary changes and e-file again. If the return is accepted you will have to amend your original tax return. An amended return, Form 1040-X, can only be printed and mailed to the IRS if the original tax return was not e-filed. The IRS will take up to 20 weeks or longer to process an amended tax return.
Before starting to amend the tax return, wait for the tax refund to be received or the taxes due to be paid and processed by the IRS.
See this TurboTax support FAQ for amending a current year tax return - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-federal-tax-return-current-year/L7eS6o1qh_US_en_US?uid=lfunevhk
Friday
You have two issues. One, determining the correct basis for the rental house in PA. Two, determining capital gains. PA is decoupled from the federal for the capital gains portion, not the basis porti...
See more...
You have two issues. One, determining the correct basis for the rental house in PA. Two, determining capital gains. PA is decoupled from the federal for the capital gains portion, not the basis portion.
For the first concern, while you never had $33 in taxable income and never filed a PA return, the PA law states that the PA tax basis must be reduced by allowable depreciation, even if not taken. This means, you will reduce the basis of your PA house to match your federal basis. See Cornell Law.
Secondly, capital gains. PA does not use the same rules as federal, that is correct. It is taxed at a flat 3.07% regardless of how long you held the property.
Friday
No, individuals who receive qualified overtime compensation may deduct the pay that exceeds their regular rate of pay (generally, the “half” portion of “time-and-a-half” compensation) that is require...
See more...
No, individuals who receive qualified overtime compensation may deduct the pay that exceeds their regular rate of pay (generally, the “half” portion of “time-and-a-half” compensation) that is required by the Fair Labor Standards Act.
Overview of the deduction - No Tax On Overtime
Effective 2025 through 2028, individuals may deduct the portion of qualified overtime pay that exceeds their regular rate of pay (for example, the “half” portion of “time-and-a-half”).
Overtime must be reported on Form W-2, Form 1099, another statement furnished to the individual, or directly by the individual.
Maximum annual deduction is $12,500 ($25,000 for joint filers).
Phases out for taxpayers with modified adjusted gross income over $150,000 ($300,000 for joint filers).
Overtime Examples
Friday
Yes. But that is for the separate Business program, not the personal Home&Business. https://turbotax.intuit.com/small-business-taxes/cd-download/
Friday
Topics:
Friday
Additionally, it may SEEM like you paid twice, but didn't.
For example, if you exercised 10,000 in Stock and had 2,000 withheld for taxes, the income is still 10,000, not the 8,000 you received. ...
See more...
Additionally, it may SEEM like you paid twice, but didn't.
For example, if you exercised 10,000 in Stock and had 2,000 withheld for taxes, the income is still 10,000, not the 8,000 you received.
You will still be liable for Federal Income Tax due on the full 10,000.
(It's as if they gave you 10,000 and you turned around and gave them 2,000 to pay federal tax in your name)
The tax withheld should have been listed on your W-2 or another tax form.
That should have been entered on your tax return to get the credit for tax paid.
Please review and speak with your employer's payroll department if you are unsure of how the tax was withheld and reported on your original return.
If you need to file an amended return, here is a link with the steps to do that in TurboTax.
Friday
If you do not receive a 1099k for income your business earned, you will report the income as "Other self-employed income" under your business profile.
You will get a page that says: "Let's ente...
See more...
If you do not receive a 1099k for income your business earned, you will report the income as "Other self-employed income" under your business profile.
You will get a page that says: "Let's enter the income for your work". Under Common income you have three options: 1099-NEC, 1099-K, and Other self-employed income.
Select Other self-employed income and enter it there.
Friday
If, indeed, the activity is a hobby, and you have no other Schedule C-type business, then you don't need Hone& Business. You would report your hobby income as such (on Schedule 1) and cannot ded...
See more...
If, indeed, the activity is a hobby, and you have no other Schedule C-type business, then you don't need Hone& Business. You would report your hobby income as such (on Schedule 1) and cannot deduct expenses since they would be considered to be miscellaneous itemized deductions which can no longer be deducted.
Friday
You can't deduct any of the start up expenses until the year you are in business, which usually means generating sales. So if you were not in business in 2025, you will get no benefit from them on yo...
See more...
You can't deduct any of the start up expenses until the year you are in business, which usually means generating sales. So if you were not in business in 2025, you will get no benefit from them on your 2025 tax return. The children would normally be claimed by the parent they live with, but if they live with you, you can give the children's other parent permission to claim them, if they qualify otherwise.
You can complete Form 8332 to give the non-custodial parent permission to claim the children. Since you have no income, it will not benefit you to claim them on your tax return.
Friday
The Form 1099-R section is estimated to be finalized on 01/21/2026
Friday
1 Cheer
When you say, "owed tax", are you referring to the estate tax return (which I presume generated the 1099-R) or are you referring to your personal tax return in which you entered the 1099-R?
Friday
In order to determine whether you have a hobby or a business, you need to consider the factors the IRS uses: See https://www.irs.gov/faqs/small-business-self-employed-other-business/income-expens...
See more...
In order to determine whether you have a hobby or a business, you need to consider the factors the IRS uses: See https://www.irs.gov/faqs/small-business-self-employed-other-business/income-expenses/income-expenses
Friday
i.e. the extra $6000 shows up on a different line (line 13b) of your form 1040 from the regular Sr. Std Deduction (line 12e)
Friday
@kcsomisetty wrote:
i also wanted to buy advantage, but since retailers dont bundle 'advantage', i am forced to buy from TT website :(
You can sign up for an Advantage subscription at an...
See more...
@kcsomisetty wrote:
i also wanted to buy advantage, but since retailers dont bundle 'advantage', i am forced to buy from TT website :(
You can sign up for an Advantage subscription at any time before November 2026. So purchase the 2025 desktop software from whichever retailor you wish.
See this TurboTax support FAQ for an Advantage subscription - https://turbotax.intuit.com/personal-taxes/cd-download/advantage/
Friday
I already reviewed my order and keeps looping around. Fixed my tax return many times, please help
Friday
@VolvoGirl wrote: It did another update today Jan 16. Don't know what it has. It's weird, but I'm betting there are bug fixes in there as well as scheduled updates. Since Intuit stopped iss...
See more...
@VolvoGirl wrote: It did another update today Jan 16. Don't know what it has. It's weird, but I'm betting there are bug fixes in there as well as scheduled updates. Since Intuit stopped issuing release notes, I suppose we will never know.
Friday
Topics: