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yesterday
The Washington capital gains tax is considered an excise tax and therefore is not deductible on your federal return. The excise tax cannot be deducted from federal ordinary income because the levy ...
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The Washington capital gains tax is considered an excise tax and therefore is not deductible on your federal return. The excise tax cannot be deducted from federal ordinary income because the levy does not fit within any of the types of state or local taxes nor does it reduce capital gains. Anderson and other consultants may allude to the idea that it does reduce capital gains but this is not embedded in the IRS Tax code. Another community discussion regarding the excise tax can be found here.
yesterday
I need to type on the Form 3115 notations to reference Statement numbers for my Attachment on the specific lines of the 3115. Am I able to do that in TT, or do I just need to download a copy of the f...
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I need to type on the Form 3115 notations to reference Statement numbers for my Attachment on the specific lines of the 3115. Am I able to do that in TT, or do I just need to download a copy of the form from IRS.gov, complete is separate from TT, and then use a pdf editor to insert text boxes as needed? Also I am using MS Word 365 for Mac desktop to write the required statements. Is there a blank form I can download from TT which I can use that has the headers in place so I know what it should look like? Thanks for your swift help
yesterday
How do I denote different amounts donated to church collections. in past TT you can check off a box that says multiple times, different amount. Option not showing in 2025 TT, is it elsewhere? Thank...
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How do I denote different amounts donated to church collections. in past TT you can check off a box that says multiple times, different amount. Option not showing in 2025 TT, is it elsewhere? Thanks.
yesterday
@marygraham500 yeah... a lot really depends on what the $ amounts actually are. A value of $20 for a Territory, would save you $1 in state taxes...if you are being taxed at 5% by your state. A...
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@marygraham500 yeah... a lot really depends on what the $ amounts actually are. A value of $20 for a Territory, would save you $1 in state taxes...if you are being taxed at 5% by your state. And also, if your state taxable income is already reduced to zero by other stuff, then even that doesn't help. _____________ One subtle, but critical error some folks are making for the box 12 $$ on a 1099-DIV.....is for the setting of the first "....only one state" radio button in the picture I showed above. In order for the second button and subsequent table to take effect, the first "...only one state" button must first be set to "Multiple States". IF you set that first button to "GA" then all the box 12 $$ are improperly exempted from GA taxes, and the second button table setting is ignored. IF you made that mistake, you may actually owe GA some more $$.
yesterday
Cuando entre a su cuenta de TurboTax, busca y oprima el cuadro que dice "Consejos en vivo sobre impuestos" y alli puede hacer una cita con un experto para que le ayude. Ojo que ese servicio puede su...
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Cuando entre a su cuenta de TurboTax, busca y oprima el cuadro que dice "Consejos en vivo sobre impuestos" y alli puede hacer una cita con un experto para que le ayude. Ojo que ese servicio puede subir el precio de TurboTax.
yesterday
how to report tip deduction on tax return 2025 as a nail tech?
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yesterday
Have you already filed your return? If you have not, then you can go back to the HSA interview and proceed to the screen entitled "Let's enter [name]'s HSA contributions", and add this contribution t...
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Have you already filed your return? If you have not, then you can go back to the HSA interview and proceed to the screen entitled "Let's enter [name]'s HSA contributions", and add this contribution to the second line as a "personal" contribution, and then file.
Be sure to tell the HSA custodian that this contribution is for 2025, because otherwise their default is to credit it to 2026.
If you have already filed so need to amend your return, please see this TurboTax FAQ "How do I amend my federal tax return for this year?"
yesterday
Do I have to file 2025 form 8453 with California?
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yesterday
TT automatically calculates the excess APTC, and adds it to tax owed. However, it doesn't then add this amount in sch 1, line 17, to lower the AGI.
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yesterday
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yesterday
I WANT TO PAY WITH MY LICENSE CODE
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yesterday
Si. No es necesario poner su info del ID. Solo deje esas celulas en blanco y continue a finalizar su declaracion.
Unos estados si requieren ID para presentar la declaracion estatal, pero Turb...
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Si. No es necesario poner su info del ID. Solo deje esas celulas en blanco y continue a finalizar su declaracion.
Unos estados si requieren ID para presentar la declaracion estatal, pero TurboTax le avisara si su estado lo quiere o no. En ese caso puede presentar la declaracion Federal electronicamente y la estatal por correo.
yesterday
Do you recognize the medical expense? Did you enter it on Schedule A (Itemized Deductions)?
You would have gotten there by going to Deductions & Credits->Medical->Medical Expenses.
yesterday
I need to download the 2024 Premier which I had purchased ... I bought a new computer and therefore need to install on this so I can work It op[ens the screen for downloads but does not let me down...
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I need to download the 2024 Premier which I had purchased ... I bought a new computer and therefore need to install on this so I can work It op[ens the screen for downloads but does not let me download
yesterday
Because the IRA deduction lowers income, it changes the Marketplace Credit, which then changes the Self-Employed Health Deduction. TurboTax Online sometimes fails to solve this loop and defaults to "I...
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Because the IRA deduction lowers income, it changes the Marketplace Credit, which then changes the Self-Employed Health Deduction. TurboTax Online sometimes fails to solve this loop and defaults to "Ineligible" to prevent an error.
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yesterday
Safe Harbor Limit:
The total amount paid for repairs, maintenance, and improvements during the year must not exceed the lesser of:
2% of the building’s unadjusted basis, OR
$10,000.
The "All-...
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Safe Harbor Limit:
The total amount paid for repairs, maintenance, and improvements during the year must not exceed the lesser of:
2% of the building’s unadjusted basis, OR
$10,000.
The "All-In" Rule: You are correct that this limit is cumulative. You must add up all repairs and maintenance items on your Schedule E for that specific house. If the total exceeds the limit, the entire amount for that project usually must be capitalized, unless you can prove the underlayment is a "repair" rather than an "improvement."
Repair or improvement:
The IRS looks at Betterment, Restoration, and Adaptation to determine if improvement.
Restoration is replacing a major component and must be capitalized. While reusing the tiles is great, the underlayment on the roof is considered a restoration of the primary water barrier. As such, it is categorized as residential real estate and depreciated over 27.5 years unless it qualifies for the safe harbor election.
Reference: IRS Pub 527, particularly page 7.
yesterday
Follow the instructions in the link below:
How do I amend my federal tax return for this year?
yesterday
Si aun no a pagado o presentado siga estos pasos:
Hacia la itzquierda, oprime Cambiar de producto
Oprime Cambiar a una version mas economica
Alli elige su producto preferido.
Si no...
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Si aun no a pagado o presentado siga estos pasos:
Hacia la itzquierda, oprime Cambiar de producto
Oprime Cambiar a una version mas economica
Alli elige su producto preferido.
Si no esta la opcion alli, trate esto:
Hacia la itzquierda, oprime Herramientas de impuestos
oprime Herramientas
Opirme el cuadro verde que dice "My Fees"
Alli va estar la opcion que dice "Do it Yourself"