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Hello, I am looking for clarification on claiming mortgage interest for two different properties on my 2026 return. Here is my specific situation:   Primary Residence: The house is in my name, I ... See more...
Hello, I am looking for clarification on claiming mortgage interest for two different properties on my 2026 return. Here is my specific situation:   Primary Residence: The house is in my name, I live here, and I pay the mortgage. Mother’s House: My mother lives here, has the deed in her name(ladybird deed with me being the beneficiary), and she is my legal tax dependent(has SSI income). I am a co-signer on the mortgage, and I am the one making the actual monthly payments directly to the lender. With my mother being my dependent, and a co-signer on her home, and the mortgage payments going directly from my bank account, can I claim both houses as an itemized deduction?   Thanks
I believe that Turbotax has an error this year in your use of foreign taxes.  Despite filling out everything accurately as has been done in previous years, it would not give a credit.  There was no e... See more...
I believe that Turbotax has an error this year in your use of foreign taxes.  Despite filling out everything accurately as has been done in previous years, it would not give a credit.  There was no explanation.   
If the Social Security benefits is the Only income to be reported on the tax return and there is no federal income taxes being withheld, then there is no reason or need to file a tax return. Unle... See more...
If the Social Security benefits is the Only income to be reported on the tax return and there is no federal income taxes being withheld, then there is no reason or need to file a tax return. Unless you also received a Form 1095-A for your health insurance through one of the State Marketplace Exchanges or from healthcare.gov then you must file a tax return.
If you have a federal IP PIN, a new one is generated each year. You can  View your account information to see or create a PIN. Other thoughts: If you mean the filing pin from last year, you ca... See more...
If you have a federal IP PIN, a new one is generated each year. You can  View your account information to see or create a PIN. Other thoughts: If you mean the filing pin from last year, you can use your AGI instead. How do I find last year’s AGI? If you mean the IL PIN:  If you live in IL, you MUST get an IL PIN from the state department. If you don’t know your Illinois PIN you can: look it up on Illinois’ website, IL-PIN Inquiry - Illinois.gov or  by calling (800) 732-8866 or (217) 782-3336. 
@jsajda am having the same issue, was it resolved for you, how?
If I only filed an extension for my business, do I need to file for my personal as well?
There is a new enhanced deduction for seniors. It is 6,000 on top of the standard deduction. Why do I not see that in my total for deduction?
And if you check that worksheet, look up at the top check boxes.  If the Foreign box is checked it won’t calculate a taxable amount.   People have been skipping that question or answering it wrong.  ... See more...
And if you check that worksheet, look up at the top check boxes.  If the Foreign box is checked it won’t calculate a taxable amount.   People have been skipping that question or answering it wrong.   Right after you enter the SSA-1099 the next screen asks if you lived in a Foreign country.   
I added Solar Panels to my home but received a loan for these. How do I enter those to receive the tax credit
I pay $64 to not be able to electronically file because Turbo tax doesn’t add a 2210
Follow these instructions to fill out a request for waiver of penalty on a missed RMD (not all of the screens may show up - the important ones to consider are all listed below):    Go to Feder... See more...
Follow these instructions to fill out a request for waiver of penalty on a missed RMD (not all of the screens may show up - the important ones to consider are all listed below):    Go to Federal on the left side menu, then Income, then click Wages and income summary Scroll down to the Retirement Plans and Social Security section and click on it to expand it.  Then click Revisit to the right of IRA, 401(k), Pension Plan Withdrawals (1099-R) Click Continue on the Who gave you a 1099-R? page Click Continue on the Now, let's review your 1099-R provider's info page On the Enter your 1099-R details from [custodian], double-check your entries, then click Continue On the Do any of these situations apply to you? screen, check the box for None of these apply then click on Continue. Enter the RMD that was supposed to be taken last year in the RMD due by 12/31/25 box, then click Continue. Select None of this distribution applied to the December 31, 2025 RMD, then Continue On the Tell us if you moved the money through a rollover or conversion select I didn't roll over or convert this money, then click Continue Click Done on the Your 1099-R summary page Answer questions about disaster distributions, and non-deductible contributions, and rollovers, etc. On the screen Let's go over any required minimum distributions (RMD), click the pencil icon to edit your information Click Yes to missing your RMD, then Continue Select the type of account, then Continue Since you already entered the RMD earlier, on the screen Tell us the total RMD for you other IRA accounts enter a zero. Answer Yes to Did you take a corrective distribution for your IRA? - then Continue Select Yes, I would like to fill out a waiver statement, then Continue Enter the amount of the corrective RMD that you want the IRS to waive tax on, then Continue You'll enter an explanation on the next page about the missed RMD and how you plan to not do this again in the future Your taxes are now calculated based on getting a waiver of the 10% penalty for the late distribution. Taking these steps will allow the RC code to appear on line 54a of Form 5329 along with the amount of the RMD that you are requesting a waiver of the 10% penalty on.  It's uncommon for the IRS to reject a waiver request if you can show that the shortfall in the distribution was due to a reasonable error and that you are taking steps to remedy the shortfall.  If the IRS has any questions or needs more information to approve your waiver, they will reach out to you directly.  
Turbotax online is not calculating estimated tax for 2026 correctly. It has you enter expected wages, Expected federal tax withholding and payments already made, but then it uses, either, 100% of las... See more...
Turbotax online is not calculating estimated tax for 2026 correctly. It has you enter expected wages, Expected federal tax withholding and payments already made, but then it uses, either, 100% of last years tax , 100% or 90% tax on this year's estimated income, but, it doesn't take into account the amount already withheld or will be withheld from pay when making its estimate. This seems like a bug.  It only calculates based on the percentage of taxable income which grossly inflates estimated tax payments. 
See this for e-filing an extension request - https://ttlc.intuit.com/community/extensions/help/can-irs-extensions-be-e-filed/01/25884?search-action-id=618691191333&search-result-uid=25884
Using the TurboTax online editions, only one tax return can be completed/filed per account and User ID. To start another tax return using the online editions you will need to create a new account w... See more...
Using the TurboTax online editions, only one tax return can be completed/filed per account and User ID. To start another tax return using the online editions you will need to create a new account with a new User ID and a new email address. Go to this website and click on Sign up to start another account - https://turbotax.intuit.com/personal-taxes/online/file-your-own-taxes/
If your federal tax return has a tax refund, there is no penalty for filing after the due date if you have a tax refund.  So there is no need to file an extension.
The best times to sell in-the-money shares in an ESPP are not always the best times to counter with sales of underwater shares to reduce the tax liability due to the possibility of a wash sale.   I... See more...
The best times to sell in-the-money shares in an ESPP are not always the best times to counter with sales of underwater shares to reduce the tax liability due to the possibility of a wash sale.   If underwater shares are sold later in the same year to counter gains but after the tax has already been withheld, could the result be a significant tax return the following year?