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April 7, 2025
7:17 PM
I had that question and moved on before I entered the amount of my IRA. When I tried to go back and enter it I could no longer find that entry on my return. How do I go back and add the value?
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April 7, 2025
7:17 PM
Hi, Through my brokerage account, I paid interest to invest in stocks and options. My short term gains exceeds the investment interest. When filing on turbotax, it looks like this investment interes...
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Hi, Through my brokerage account, I paid interest to invest in stocks and options. My short term gains exceeds the investment interest. When filing on turbotax, it looks like this investment interest isn't deductible on this capital gain by default. However, I can deduct on the non-qualified dividend income that I earned. My questions are: Let's say my investment interest is $2,500 and my dividend income is only $500. Can I deduct $500 this year for 2024 taxes and rollover the investment expense of remaining $2,000 to next year? I beleive turbotax allows me to deduct this investment interest on the capital gains also. A quick YouTube search also told the same But it is not clear, which way is beneficial. How do I determine which route I should pick? What is the rationale to not deduct investment interest on the capital gains? Because I literally used the margin interest to buy stocks and indeed made directly from that money in the same account.
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April 7, 2025
7:16 PM
The more I do taxes and learn about taxes through Turbotax tooltips and this forum, the more questions I have about all the "little things" that occur in daily life, and if they are considered income...
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The more I do taxes and learn about taxes through Turbotax tooltips and this forum, the more questions I have about all the "little things" that occur in daily life, and if they are considered income. Namely, the following: 1. My manager gives gift cards every year during the holidays, as a sign of appreciation, but not directly in exchange for any specific work. 2. Microsoft Rewards - a program by microsoft where you earn points by completing tasks such as taking polls or clicking on activities, or simply by searching with Bing. Then you redeem the points for gift cards. 3. Microsoft cashback - Microsoft's cashback program built into their Edge browser. Works similar to Honey and CapitalOne. Earn cashback on purchases when activating the cashback before purchasing. Then you can transfer the casbhack earned to Paypal. 4. I traded in an old device to Best Buy and get a Best Buy gift certificate. 5. My company contracts with a vendor that provides a platform where empkloyees can commend each other and award points to each other. Those points can be exchanged for gift cards. There might be more related situations, but these are all I can think of for right now off the top of my head. Are any of these considered income?
April 7, 2025
7:16 PM
If you used your Email address to confirm your accounts, try using your phone number instead and see if you get different results.
@davidandanna09
April 7, 2025
7:16 PM
Yes, you can access it here Intuit Free Edition Start Here for Free.
About 37% of taxpayers can use TurboTax Free Edition. TurboTax Free Edition is intended for taxpayers who file a simple Form...
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Yes, you can access it here Intuit Free Edition Start Here for Free.
About 37% of taxpayers can use TurboTax Free Edition. TurboTax Free Edition is intended for taxpayers who file a simple Form 1040 only (no schedules except for Earned Income Tax Credit, Child Tax Credit and Student Loan Interest).
If TurboTax detects that your tax situation requires additional coverage, like deductions for owning a home, unemployment income, or self-employment income, you will be prompted to upgrade to a version that supports the forms you need so that you can maximize your tax deductions and file an accurate return.
Examples of situations included in a simple Form 1040 return (assuming no added tax complexity):
W-2 income
Interest, dividends or original issue discounts (1099-INT/1099-DIV/1099-OID) that don’t require filing a Schedule B
IRS standard deduction
Earned Income Tax Credit (EITC)
Child Tax Credit (CTC)
Student loan interest deduction
Taxable qualified retirement plan distributions
Examples of situations not included in a simple Form 1040 return:
Itemized deductions claimed on Schedule A, like charitable contributions, medical expenses, mortgage interest and state and local tax deductions
Unemployment income reported on a 1099-G
Business or 1099-NEC income (often reported by those who are self-employed, gig workers or freelancers)
Stock sales (including crypto investments)
Income from rental property or property sales
Credits, deductions and income reported on other forms or schedules
Some things that are not covered in the free edition are as follows:
Unemployment income
Retirement Savings Contribution Credit for 401(k) and IRA contributions
Education credits
Child Dependent Care Credit
Click here for Why do I have to upgrade from Free Edition?
April 7, 2025
7:15 PM
Only if that tax payment would make your Itemized Deductions more than the Standard Deduction would that payment make a difference on your return.
Questions about Personal Property tax payment...
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Only if that tax payment would make your Itemized Deductions more than the Standard Deduction would that payment make a difference on your return.
Questions about Personal Property tax payments are asked in the "Cars and Other Things You Own" section.
April 7, 2025
7:15 PM
2025 and still the same! Complete bull**bleep**! I'll be going elsewhere. I don't appreciate the trickery.
April 7, 2025
7:15 PM
You need to read each screen and understand what is on the screen before clicking to next screen. You need to understand the price before agreeing to pay with a credit card or with your refund.
April 7, 2025
7:15 PM
Can we deduct money we spend for Medicare Part D?
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April 7, 2025
7:15 PM
I have a 1099-R form. 2a: Taxable Amount: 0 2b: Taxable amount not determined: NOT checked 2b: Total Distribution: Checked 7: Distribution Code: G IRA/SEP/SIMPLE: Empty All the TT questions ...
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I have a 1099-R form. 2a: Taxable Amount: 0 2b: Taxable amount not determined: NOT checked 2b: Total Distribution: Checked 7: Distribution Code: G IRA/SEP/SIMPLE: Empty All the TT questions that follow are asking if this amount was rolled over into a: Roth 401k 403(b) Roth IRA My answer is neither. This was rolled over into a Rollover IRA. What am I missing here? How should I report this?
April 7, 2025
7:14 PM
The 1095-A section does not take photo uploads - you have to manually enter the information from your Form 1095-A into TurboTax.
Where do I enter my 1095-A?
April 7, 2025
7:14 PM
I filed our taxes on March 31. I received notice that the return was accepted and the amount we owed was already withdrawn from our checking account. We got a Schedule K-1 a couple days ago, so I hav...
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I filed our taxes on March 31. I received notice that the return was accepted and the amount we owed was already withdrawn from our checking account. We got a Schedule K-1 a couple days ago, so I have to file an amended return. I entered all the information needed, and we have money to be returned to us from both federal and state. I had TurboTax run a check before filing and it keeps taking me to Form 2210, Underpayment of Estimated Tax. It asks me to enter the date when I plan to send in the amount owed. I don't owe anything...we are OWED by the Federal and State treasuries. It defaults to the date when I initially filed my return. If I leave it just as it was and then recheck, it takes me back to that spot on Form 2210. Help!!!
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April 7, 2025
7:14 PM
What type of error message you are receiving? Currently, am finding myself and others receiving the error message listed below. For me, this message is received after efiling only one tax return...
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What type of error message you are receiving? Currently, am finding myself and others receiving the error message listed below. For me, this message is received after efiling only one tax return. There should be four efiles remaining, but the below error message is being received. Spent over 8 hours with Tech Support last year, with no resolution. This year spent one hour and was referred to the IRS to confirm how many returns have been filed under my phone number. Craziness? Yes, as IRS representative advised individual tax returns are not tracked by phone numbers. Yes, figured they were not, but tried anyways. ERROR MESSAGE: The IRS allows taxpayers to electronically file a maximum of 5 federal retuns with the same phone number. This phone number has already been used to file 5 returns. By selecting continue, you can print and then mail your return(s). Professional tax preparers should use a professional product to e-file multiple returns. Feel that I am very tech savy, as work in the field and support a very large group of end users. However, the items that were asked of me to troubleshoot seemed a little off with the last indicating the IRS is tracking federal tax returns by phone numbers. The Tech Support was not able to resolve and truly feels this is a TurboTax issue, not the IRS. After 10 years of using TurboTax and this being the second year of similar issues, will choose another tax preparer software for next year. Good Luck!
April 7, 2025
7:14 PM
I'm having a similar problem trying to report my wife's maternity leave. She was paid through a benefit provider who issued a 1099-MISC. I tried following these instructions but never got an option t...
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I'm having a similar problem trying to report my wife's maternity leave. She was paid through a benefit provider who issued a 1099-MISC. I tried following these instructions but never got an option to select whether it involved an intent to earn money. We are married filing jointly; I am self-employed but my wife gets a W2. TurboTax went straight from asking which year the income was earned in to asking which business to associate the income. Is there any way to force it to ask that question, or to go directly into the form and correct it?
April 7, 2025
7:13 PM
Unless something has changed recently you will get federal and one state for free and pay for any additional states.
April 7, 2025
7:13 PM
What do you mean by 'In 2024 I added to the balance of of my home acquisition debt'. Did you do a cash-out refinance or did you take out a second mortgage? If you refinanced and took out cash, the li...
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What do you mean by 'In 2024 I added to the balance of of my home acquisition debt'. Did you do a cash-out refinance or did you take out a second mortgage? If you refinanced and took out cash, the limit on the new loan is $750K. If you took out a second mortgage, your existing mortgage limit is still $1.1M and the limit on the second mortgage is $750K. Note, however, that the $750K limit on the second mortgage is reduced by the limit amount used up on the existing mortgage.
April 7, 2025
7:12 PM
You can Contact TurboTax Support to report the issue.
@landruss
April 7, 2025
7:12 PM
How do I finish an unfiled TurboTax return? Use this link for instructions if you started your 2023 return using TurboTax Online.