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a month ago
IRS requires you to estimate your Required Annual Payment for the year and pay as you go. After making your estimate, each quarter your estimated tax paid and withholding must be at least 25% of...
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IRS requires you to estimate your Required Annual Payment for the year and pay as you go. After making your estimate, each quarter your estimated tax paid and withholding must be at least 25% of the estimate, even if your income is uneven, Otherwise, you will be penalized. This is the simplified method, default. See form 2210 Schedule AI if you want to try to reduce or eliminate your penalty.
a month ago
Yes, you generally need to report your T4 income on your United States tax return. As a U.S. citizen or resident, you are required to report all worldwide income, including income earned in Canada. ...
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Yes, you generally need to report your T4 income on your United States tax return. As a U.S. citizen or resident, you are required to report all worldwide income, including income earned in Canada.
Here’s how to report your T4 income in TurboTax:
Open TurboTax and sign in to your account.
Navigate to the "Federal" section.
Go to the magnifying glass at the top right of the screen.
Type "foreign income" in the search bar.
Click the jump link that appears.
Follow the prompts to enter your foreign income details.
You will need to convert your Canadian income to U.S. dollars using the average exchange rate for the year
TurboTax will guide you through the process to ensure your income is correctly reported.
Regarding your fellowship, if any portion of it is used for tuition, fees, books, supplies, and equipment required for your courses, that portion is generally not taxable. However, amounts used for living expenses, such as room and board, are considered taxable income
a month ago
I have a screen print of the message, but this reply function won't accept my screenprint file, saying it has invalid html. I do have to mail in my Federal payment check with a voucher, so maybe th...
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I have a screen print of the message, but this reply function won't accept my screenprint file, saying it has invalid html. I do have to mail in my Federal payment check with a voucher, so maybe that's all it is in my case? However, the text doesn't sound like it's only a single form. The exact text is: "Print and Mail These Forms to the Government. Even though you e-filed, you're still required to print and mail these forms. Don't skip this important step! Your return is not complete without it."
a month ago
For expenses, where you buy your supplies doesn't matter. You'd just add up all the sales tax and add it on the sales tax deduction line.
a month ago
Use your current mailing address on your 2024 tax return. This will ensure any notices are sent to your current address.
a month ago
@sanoslekshman if this was you only entry into US counting the years 2022, 2023 and 2024 and having stayed only from Oct 3rd. through Dec 31st , 2024 ( is that correct ? ) you would not have passe...
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@sanoslekshman if this was you only entry into US counting the years 2022, 2023 and 2024 and having stayed only from Oct 3rd. through Dec 31st , 2024 ( is that correct ? ) you would not have passed the Substantial Presence Test ( 183 days or more counting all day present in 2024 plus 1/3rd the days present in 2023 plus 1/6th the days present in 2022 ). Thus you would be NRA, be taxed by the US ONLY on US sourced income and file form 1040-NR ( not supported by TurboTax -- use SprinTax, Tax Professional or similar ).
Is there more I can do for you ?
a month ago
In the Desktop program. When you click on SEARCH in the upper right you either get the Turbo Tax Digital Assistant or the Turbo Tax Help box depending if you are signed in. I have gotten the Jump to...
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In the Desktop program. When you click on SEARCH in the upper right you either get the Turbo Tax Digital Assistant or the Turbo Tax Help box depending if you are signed in. I have gotten the Jump to links using both ways. In the Desktop program you can sign in or sign out of your account under FILE on the top menu. If you are signed in it will say Signed in as [name] under File. SEARCH will open the Digital Assistant like a chat box. Go to the bottom and type your search then click the send arrow on the right side. If you are signed out, it will say Sign in under File. The SEARCH box will ask you to sign in. If you get a window asking you to sign in, don't sign in. Click the X in the top right corner to get rid of the sign in window. Then you will have the Search box where you enter your search at the top of the box.
a month ago
Casualties, thefts and disasters go on Form 4684.
The casualty loss is generally the lesser of: - The decrease in FMV of the property due to the casualty. - Your adjusted basis in the p...
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Casualties, thefts and disasters go on Form 4684.
The casualty loss is generally the lesser of: - The decrease in FMV of the property due to the casualty. - Your adjusted basis in the property.
Some things to help with the form.
Basis workbook - Publication 584, Casualty, Disaster, and Theft Loss Workbook
FEMA website to search for specific disaster for the code to file the forms.
Information - Publication 547 (2024), Casualties, Disasters, and Thefts
Reference - another post where I showed how to enter Form 4684 Hurricane Milton
Form - About Form 4684, Casualties and Thefts
You can use the year of the disaster or the year before. Choose which year gives you the better refund.
a month ago
When you are a part-year resident of two states, you allocate your income to the state that you were a resident of when you received the income. TurboTax will guide you through allocating your income...
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When you are a part-year resident of two states, you allocate your income to the state that you were a resident of when you received the income. TurboTax will guide you through allocating your income when you move from one state to another during the year. When you are preparing your part-year resident tax returns, you will allocate your income to the state that you were a resident of when you received it.
If you've already entered your personal information, review your entries to help ensure that TurboTax will help you create the correct part-year tax returns.
Open TurboTax and select My Info
A Personal profile summary screen will pop up
Select Revisit by your address
Scroll through the screens to help ensure that you have the correct answers for your state of residence and choose that you live in another state. A new section will appear asking for your previous state of residence. Select the other state that you live in.
Scroll down to Other State Income and select Edit
Check your answer for Did you make money in any other states? Answer the questions and select Continue.
After you complete your federal tax return and you move to the State Taxes sections, both of your part-year state returns will be listed. Prepare the state that you moved from first, then the state that you live in.
Please visit this TurboTax Help articles How do I file a part-year state return? and How do I allocate (split) income for a part-year state return? for further explanation.
a month ago
How to I change foreign income from a yes to a no? Where is the option to save a change from yes to no?
Topics:
a month ago
Hello! I'm currently researching how to file Schedule C for freelance costume-making commissions I've been doing and I've ran into a bit of a roadblock when counting for supplies. I am a resident of ...
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Hello! I'm currently researching how to file Schedule C for freelance costume-making commissions I've been doing and I've ran into a bit of a roadblock when counting for supplies. I am a resident of Indiana but I go to college in, and, as a result, dorm in Illinois; what exactly do I do about the fact that the sales tax of supplies I buy in person is Illinois sales tax and the sales tax of supplies I buy online and/or when home over breaks is in Indiana sales tax? I'm still learning how to do my taxes properly and I don't really know how to search for advice on this problem, because of how specific it is. Thanks!
a month ago
Hi, thanks for quick reply! good suggestions but unfortunately does not apply. I'll probably get help from TurboTax service team, I had trouble last year getting my return submitted, I probably en...
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Hi, thanks for quick reply! good suggestions but unfortunately does not apply. I'll probably get help from TurboTax service team, I had trouble last year getting my return submitted, I probably entered my income incorrectly, it slipped through, but now its not accepting it. thank you again for your quick reply. have a great rest of day and week.
a month ago
I moved in February 2025, what address should i use on my 2024 tax return?
a month ago
I am excluding my social security benefits from China.
a month ago
Topics:
a month ago
thanks guys for giving the answer to how to put in an ip pin. turbotax did not make it easy and would take me there to put the number in. over an hour wasted just to figure this out. i was not ask...
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thanks guys for giving the answer to how to put in an ip pin. turbotax did not make it easy and would take me there to put the number in. over an hour wasted just to figure this out. i was not asked while doing the input for filing. this is a MAJOR flaw. i used hr block to do my son's taxes and was asked to input this. did not know i had to do this for a dependent and turbo tax did not make this a simple fix as it should be. will rethink using turbo tax next year. fix it turbo tax
a month ago
Also you may owe a penalty for something. Did you take a withdrawal from a IRA or 401K? Or make a contribution to a IRA?