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Q. He joined the Navy on June 11, 2024. Are we able to claim him as a dependent for 6 months. A. No. Half year or part year dependents are not allowed. It's all or nothing.   Q. Are we able to claim him as a dependent for 2024? A. Probably. It depends on more info. -How old was he on 12-324? -Was he still in school (high school counts), Jan-May (even to May 1st)  prior to joining the Navy? -Did he still live with you prior to going off to boot camp?   There are two types of dependents, "Qualifying Children"(QC) and Other ("Qualifying Relative" [QR] in IRS parlance even though they don't have to actually be related). There is no income limit for a QC but there is an age limit, student status, a relationship test and residence test. A child (or grandchild) of a taxpayer can still be a “Qualifying Child” (QC) dependent, regardless of his/her income, if: He is under age 19, or under 24 if a full time student for at least 5 months of the year, or is totally & permanently disabled He did not provide more than 1/2 his own support. Scholarships are excluded from the support calculation He lived with the parent (including temporary absences such as away at school or military training) for more than half the year If he doesn't meet the rules for being a QC, he would have to have less than $5050 of income to be considered under the QR rules. 

Hi, Thank you for answering. As my software is in french I will do my best to explain the problem. First of all the Federal is ok. Here are the info that are appearing on the federal form: On the LOSS form, line 10 and 13 the amount of $10,000 is appearing (the amount of previous year losses that I want to apply). On the same form, Table A, the total of columns A, C, D is $10,000.  and the total of column G is 0 which means that I have no more losses available for next year, which is correct. On the T1 General, line 25300 the system shows the $10,000 loss of previous years that I chose to use .  So everything is perfect.   When I go to the Quebec provincial, QLOSS form, on line 7, line 10 and line 13, I have $10,000 of previous year losses that I want to apply.  I have in Table A, the total of columns A, C, D  $10,000 and the total of column G is 0 . The problem is on the TP1 General Quebec the line 290 stays at 0 and not the $10,000 that I expected to find. Can you help me?

Le formulaire de vente de résidence principale est un formulaire à remplir individuellement. C'est-à-dire, si vous détenez 50 % de la propriété, vous déclarez seulement votre part, soit 50 % du prix d'achat et 50 % du prix de vente. Vous avez raison il n'y a pas de gain en capital sur la vente d'une résidence principale. Si votre ex conjoint a acheté votre partie, vous déclarez simplement que vous avez vendu à votre conjoint. Le logiciel vous posera la question comme ceci :     Merci de choisir TurboImpôt.

A charitable donation almost never changes your tax due or refund all by itself.  First, your donation does not count "dollar for dollar"--it is calculated by a percentage based on your tax bracket.  You need a LOT of other itemized deductions like mortgage interest or property taxes, medical expense, etc. to itemize and exceed your standard deduction. Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund.  The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting  tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach. (Only the amount that is MORE than 7.5% of your AGI counts)   The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you.  Under the tax laws that have been in effect since 2018, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.   The standard deduction makes some of your income “tax free.”  It is not a refund.  You will see your standard or itemized deduction amount on line 12 of your 2024 Form 1040.     2024 STANDARD DEDUCTION AMOUNTS SINGLE $14,600    (65 or older/legally blind + $1950) MARRIED FILING SEPARATELY            $14,600    (65 or older/legally blind + $1550) MARRIED FILING JOINTLY $29,200    (65 or older/legally blind + $1550) HEAD OF HOUSEHOLD $21,900    (65 or older/legally blind + $1950)    

EXTENSION   https://turbotax.intuit.com/irs-tax-extensions/     https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-extension/need-file-extension-personal-state-taxes/L32Mt8ZNv_US_en_US?uid=m9a3q808  

You need to enter the non-deductible traditional IRA contribution in TurboTax and indicate that it is non-deductible. You need to be careful when answering the questions regarding basis in traditional IRA's in prior years and non-deductible contributions in prior years. Also, you need to enter the correct balance in your IRA at the end of the current year. I think you must be answering one of those questions wrong, they are used to determine the taxation on your distribution when you enter the Form 1099-R.  

Form 5329 is the tax form used to calculate possibly IRS penalties and possibly request a penalty waiver.   You may need form 5329 in three situations: early distributions from a tax-favored account excess contributions to a tax-favored account failing to take required minimum distributions For more details please check, Form 5329   You don't need to have a business to qualify for QBI deduction.  Did you receive a K-1 or a 1099-DIV with an amount in  box 5 Section 199A?   For more information check here.     

You just posted your phone number for anyone using the internet to see, so beware of anyone who calls you and pretends to be calling from TurboTax.  You will only hear from scammers and would-be identity thieves.     No one from TurboTax calls you as a result of a post  or request in the user forum.     This is a public web site that can be seen by anyone—including scammers and would-be identity thieves who would love to contact you and pretend to be from TurboTax.  Please remove the personal information you posted here ASAP by returning to your post and clicking the three little blue dots on the upper right to edit your post.