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a week ago
a week ago
@DefLepp , I see . However, I would hasten to add that perhaps your CPA in India should have tried both ways ( indexed and non-indexed ) and see which reduces your LTCG and therefore the total In...
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@DefLepp , I see . However, I would hasten to add that perhaps your CPA in India should have tried both ways ( indexed and non-indexed ) and see which reduces your LTCG and therefore the total Indian income tax. I have had a similar case earlier in the year. I say this because (a) US while recognizing the full amount of Foreign Income Tax paid, it generally expects that the tax payer has taken all legal steps to reduce the tax outlay; (b) Foreign Tax recognized is ONLY the in come tax on the capital gain and nothing else i.e. any "cess" etc. are disallowed for purposes of double taxation article; (c) the allowable FTC for the tax year is the lesser of allocated ( ratiometric i.e. foreign source income OVER world income ) US tax AND actual paid foreign tax. This is not TurboTax issue -- it is the law . See IRS Pub 514 ---> Publication 514 (2024), Foreign Tax Credit for Individuals | Internal Revenue Service;
Topic no. 856, Foreign tax credit | Internal Revenue Service
Generally the limit of credit allowed for the year is based on IRC 904 -- really should read / be familiar with IRC 901 through 906
See here -- > 26 U.S. Code § 904 - Limitation on credit | U.S. Code | US Law | LII / Legal Information Institute
Is there more I can do for you ?
Namaste ji
a week ago
This was the fix for the 70001a error. thank you.
a week ago
Transfer what? Are you using the Desktop program on Windows? For Windows…..What I would do on the old computer, is copy the whole Turbo Tax folder that is under your Documents. That should be w...
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Transfer what? Are you using the Desktop program on Windows? For Windows…..What I would do on the old computer, is copy the whole Turbo Tax folder that is under your Documents. That should be where the .tax files and pdf files are stored. Also if you haven't done it, I would open each year in the program and save it as a pdf file, go to FILE - SAVE TO PDF so you don't need the program installed to view your return. Copy that folder to a flash drive or best yet is to burn it to a CD or DVD and then you will have a backup of them. Then on the new computer copy the folder (or files) from the flash drive to your Documents folder. You only need the tax return data file ending in .tax2023 to transfer into 2024 or .tax2024 to transfer into next year. You can't transfer the programs. They have to be installed from the CD or Download. You don't need to install older programs unless you need to amend or you didn't save the pdf file. And they only support the last 3 years. If you install an older year you won't be able to update it or download any state programs, so you won't be able to open your return. To open your current return on the new computer you need to copy the data file ending in .tax2024 from the old computer or from your backup. On Windows it should be in your Documents then in a Turbo Tax subfolder. Or search your whole computer for all files ending in .tax or .tax204. Copy it to your Documents on the new computer. See this article on how to move your tax return to another computer……. https://ttlc.intuit.com/community/tax-data-file/help/how-do-i-move-my-tax-data-file-to-another-computer/00/26128
a week ago
What is your question about that? Did you pay someone to take care of your child so you could work? Did you use a daycare center or a babysitter in the sitter's home or your own home? Do you n...
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What is your question about that? Did you pay someone to take care of your child so you could work? Did you use a daycare center or a babysitter in the sitter's home or your own home? Do you not have bank records of payments you made for the childcare? And....if you expect to use the childcare credit on your tax return, your child care provider must enter an amount on their return that matches the amount that you enter---so find a way to sort it out.
a week ago
a week ago
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a week ago
Have you entered W-2 or self-employment income? You cannot get the childcare credit until you have entered income from working.
You will not get the childcare credit until (unless) you enter inco...
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Have you entered W-2 or self-employment income? You cannot get the childcare credit until you have entered income from working.
You will not get the childcare credit until (unless) you enter income earned from working. The credit does not work unless you enter your income first. If you are filing a joint return you must show income for both spouses, or show that one or both of you was a student or disabled. If you have self-employment income and show a loss you will not get the childcare credit. You will not get the credit if you are filing married filing separately.
If you have entered all of your income and you have entered your dependent(s) then work on the childcare credit by entering the Tax ID or Social Security number of your childcare provider and enter the amount you paid for the childcare.
One of the most common mistakes that messes up the childcare credit for people is listing all of the earned income under only one name on a joint return. Make very sure that your incomes are listed under each of your names. It’s pretty easy to check. Go to the Income section, and click “update” on Wages and Salary. That will take you to the W-2 Summary. Do you see income listed under both of your names?
The person receiving the care had to be 12 or under or qualified as mentally or physically disabled. To claim the childcare credit you need to be filing as Head of Household or Married Filing Jointly. (NOT married filing separately)
If your child was born in 2024 make sure you say the child lived with you all year. The credit is a percentage of your expenses based on your AGI (the higher the income, the lower the percentage) You must provide the Social Security number for each child you are claiming, and the Social Security number or Tax ID for each care provider.
In the case of divorced or never-married parents—only the custodial parent can use the childcare credit.
And remember that the childcare credit is a NON-refundable credit. It can reduce your tax owed down to zero, but it is not added to your refund.
a week ago
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For the year that you move you will have to file part-year resident tax returns in both states. You pay California tax on the income that you received while you lived in California, and South Carolin...
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For the year that you move you will have to file part-year resident tax returns in both states. You pay California tax on the income that you received while you lived in California, and South Carolina tax on the income that you received while you lived in South Carolina.
If you have income from a California source after you move, you have to report that income to both states. For example, if you sell your home in California after you have moved, the income from the sale is taxable by both states. But you will get a credit on your South Carolina tax return for part of the tax that you pay to California on that income, to avoid double taxation.
a week ago
@user17591775237 wrote: TT never explained the reason for discontinuing Its Deductible. TT didn't discontinue ItsDeductible, Intuit did and it was clearly a matter of dollars and sense plus, ...
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@user17591775237 wrote: TT never explained the reason for discontinuing Its Deductible. TT didn't discontinue ItsDeductible, Intuit did and it was clearly a matter of dollars and sense plus, most likely, decreased utility (or utilization) due to the substantial increase in the standard deduction.
a week ago
I have 5 different accounts at the same bank and I received 5 1099-INT's, do I need to list them individually on my return or can I combine them and list them a one? Thanks
a week ago
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a week ago
all all of us is retired, seniors. Go to California or South Carolina or both
a week ago
Was this resolved? I filed an extension back in April 2025. So its coming due by October 15th. I have the same problem with line 11. Its blank so what goes there? If i'm lifting something from th...
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Was this resolved? I filed an extension back in April 2025. So its coming due by October 15th. I have the same problem with line 11. Its blank so what goes there? If i'm lifting something from the 1041, what line am i pulling from? Its been 5+ months so im not expecting an update to fix this. This was your solution "Finally, we moved the property tax deduction to tax-exempt income, which then stopped the error" How is a tax deduction now tax exempt income? That would seem like a weird way to fix this. Any help welcome
a week ago
Hi there! I sent you an DM to get more information. Thank you for your report.
a week ago
i thought the site had a procedure
a week ago
Where does the tax on excess accumulations in retirement come from?
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