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April 2, 2025
11:29 AM
I have a small digital wallet in my home country that I use when I travel back. The balance of that account has been less than $150 throughout the whole year as it is only used sparingly. Should ...
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I have a small digital wallet in my home country that I use when I travel back. The balance of that account has been less than $150 throughout the whole year as it is only used sparingly. Should I reply yes to the question about having a financial account located in a foreign country? It is only used as a prepaid account, with no income, interest or distributions.
April 2, 2025
11:29 AM
1 Cheer
You are a resident alien of the United States for tax purposes if you meet either the green card test or the substantial presence test for calendar year 2024.
If you do not qualify under the Gr...
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You are a resident alien of the United States for tax purposes if you meet either the green card test or the substantial presence test for calendar year 2024.
If you do not qualify under the Green Card Test, You may be required to file an IRS form 1040 under the Substantial Presence Test.
IRS Publication 519, page 5, states:
Substantial Presence Test
You are a resident for tax purposes if you meet the substantial presence test for calendar year 2024. To meet this test, you must be physically present in the United States on at least:
1. 31 days during 2024; and
2. 183 days during the 3-year period that includes 2024, 2023, and 2022, counting:
a. All the days you were present in 2024,
b. 1/3 of the days you were present in 2023, and
c. 1/6 of the days you were present in 2022.
The sale of the land would be reported on Schedule D Capital Gains and Losses. Both the cost basis and the selling price would be converted to US dollars using the conversion rate at the time of the transaction. It is possible that you could report a loss on the transaction.
In TurboTax Premier Online, report the transaction as follows:
Down the left side of the screen, click Federal.
Down the left side of the screen, click Wages & Income.
Click the down arrow to the right of Investments and Savings.
Click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
Click Add investments.
On the Let's import your tax info screen, select Enter a different way.
On the OK, let's start with one investment type screen, select Other, land, second homes, personal items, then Continue.
At the screen Tell us more about this sale, enter the information. Click Continue.
At the screen Now enter one sale, enter the IRS form 1099-B information.
Select Add another sale to add another transaction.
Foreign tax paid may qualify you for the foreign tax credit. Follow these steps.
Down the left side of the screen, click Federal.
Down the left side of the screen, click Deductions & credits.
Click the down arrow to the right of Estimates and Other Taxes Paid.
Click to the right of Foreign Tax Credit.
Follow the screens to see whether you qualify for the credit or deduction.
April 2, 2025
11:29 AM
To report the portion of the taxes paid to another state by a passthrough entity that will become an addition modification with code t you will edit the "Credit for taxes paid to another state" topic...
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To report the portion of the taxes paid to another state by a passthrough entity that will become an addition modification with code t you will edit the "Credit for taxes paid to another state" topic in your MD state interview.
Edit your MD state interview
Edit the "Credit" topic
Edit the "Credit for taxes paid to another state" item
You will find the boxes for portion of taxes paid by the PTE at the entity level there.
Amounts entered will go to MD form 502 line 5 with code t
April 2, 2025
11:29 AM
Help
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April 2, 2025
11:29 AM
I'm working in online premium and the form is not asking me about the percent of the home I rent when I select the "I rent part of my home" button.
April 2, 2025
11:28 AM
I need proof of the IRS taking my refund to pay back taxes and the amount being closed out. My wife has an active bankruptcy and needs this to use as proof to the court.
April 2, 2025
11:28 AM
Please clarify your question.
What do you mean by adjustments?
Are you working on a Federal worksheet?
Are you working on state taxes?
Please contact us again to provide some addit...
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Please clarify your question.
What do you mean by adjustments?
Are you working on a Federal worksheet?
Are you working on state taxes?
Please contact us again to provide some additional details.
April 2, 2025
11:28 AM
1 Cheer
When you are claiming your college student the American Opportunity Credit is the best one. You will need the 1098-T from her university or college - she can download it from her student portal if y...
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When you are claiming your college student the American Opportunity Credit is the best one. You will need the 1098-T from her university or college - she can download it from her student portal if you haven't already received it. You will enter that form into TurboTax and answer the follow up questions and be all set.
@Anna113
April 2, 2025
11:27 AM
1 Cheer
I have the same issue, with State of Connecticut K-1s not being populated from the Federal. Completing the CT forms requires override - but this precludes e-filing, which is required by the State. ...
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I have the same issue, with State of Connecticut K-1s not being populated from the Federal. Completing the CT forms requires override - but this precludes e-filing, which is required by the State. Additionally, the lack of auto-populated data into this part of the CT-1065 means the Pass Through Entity Tax Credit is not being calculated. These are critical failures. Is anyone at TurboTax working on a solution?
April 2, 2025
11:26 AM
This should occur on your W-2
Box 16 State wages
Box 17 State Income Tax
The error message means Box 17 can not be larger than Box 16.
This makes perfect seance.
Is box 16 blank.
...
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This should occur on your W-2
Box 16 State wages
Box 17 State Income Tax
The error message means Box 17 can not be larger than Box 16.
This makes perfect seance.
Is box 16 blank.
If you only have one state listed it should be the same os Box 1.
April 2, 2025
11:25 AM
I live in NH and work for a company with an office in MA. However I worked mostly remote in 2023, so I was able to claim a significant refund for state taxes on my 2023FY tax return that I filed last...
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I live in NH and work for a company with an office in MA. However I worked mostly remote in 2023, so I was able to claim a significant refund for state taxes on my 2023FY tax return that I filed last year in 2024 - almost all of taxes that were witheld for MA state came back to me. I recently (about a month ago or so) received 1099-G from MA revenue service showing the refund amount. What do I do with it? Last year when I claimed the refund, I used Online Turbotax Premier. Was it smart enough to take care of that refund and increase my 2023 income on taxes done last year and I am all set, or do I need to manually enter this amount as 2024 income on my taxes that I am about to do in 2025? If the latter, does it mean I might owe penalty for tax underpayment? I did not realize that state refund might be income that I need to pay federal tax on. I thought Turbotax would reconcile it automatically and reduce my federal refund accordingly on the 2023 tax return where I claimed the state tax refund. Does it do that? Thanks
April 2, 2025
11:25 AM
If you or your spouse were born on or before Jan. 1, 1960, you may qualify to claim an age deduction of up to $12,000 each. The age deduction you may claim will depend upon your birth date, filing st...
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If you or your spouse were born on or before Jan. 1, 1960, you may qualify to claim an age deduction of up to $12,000 each. The age deduction you may claim will depend upon your birth date, filing status, and income. For more information check: Virginia Tax
April 2, 2025
11:25 AM
There are not tax credits for solar net metering. Solar net metering is when your panels produce more electricity than you use and your power supplier credits that electricity to your account for yo...
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There are not tax credits for solar net metering. Solar net metering is when your panels produce more electricity than you use and your power supplier credits that electricity to your account for your usage for when your panels are producing less than you use. There is a tax credit for installing the solar panels. However, there is not a credit for banking electricity with the city or utility company. Additionally, if they would pay you for the excess solar that is fed back to the company or city, this would become taxable income to you.
April 2, 2025
11:25 AM
1 Cheer
You'll report foreign interest and dividends in the respective sections as if you had received forms 1099-INT and 1099-DIV.
April 2, 2025
11:24 AM
How to collect maximum education credits when I am claiming my college student child as a dependent on my tax return? When she submits her tax return, should she receive any education credit? Last ye...
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How to collect maximum education credits when I am claiming my college student child as a dependent on my tax return? When she submits her tax return, should she receive any education credit? Last year she did not have a job and earned a little bit of interest from Treasury Bills. Vocational Rehab pays for her tuition and books and we paid for her dorms out of pocket. What items do we need to pay attention to on our tax returns as far as education credits go?
April 2, 2025
11:24 AM
I think this is solvable but based on your replies I'm not getting clear picture that you've fixed the 1099s the way I'm describing; if you are saying the accrued interest for your Treasuries is ente...
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I think this is solvable but based on your replies I'm not getting clear picture that you've fixed the 1099s the way I'm describing; if you are saying the accrued interest for your Treasuries is entered on the same 1099 as your Line 8, it won't work. So if that's where things are still stuck, to recap again - delete the 1099 you already entered that isn't working, and start over. For the one physical 1099 you got from your broker, enter it into TT as two separate 1099s as tho it came from two different brokers, one for anything to do with your Treasuries only (Line 3 and the accrued interest), and one for anything to do with your munis only (Line 8).
April 2, 2025
11:23 AM
The breakdown for 1099-B transactions will be located on Form 8949, as well as a summary on Schedule D. You can review a copy of your tax filing on the summary page. You will need to pay for your Tur...
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The breakdown for 1099-B transactions will be located on Form 8949, as well as a summary on Schedule D. You can review a copy of your tax filing on the summary page. You will need to pay for your TurboTax fees first in order to see a preview of all forms and schedules available
To locate the Summary Page follow the steps below:
From the TurboTax home screen locate the left panel. Click on Tax Tools, then Print Center. (if you don't see the Tax tools menu right away, open any section of your return, for example your W-2 section, then try again to locate the left panel)
click on Print, save or preview this year's return. The Summary Page will be included there.
April 2, 2025
11:22 AM
Also, to clarify- the only people that can uncheck form 5695 and resubmit are those that are married and filing jointly, correct? If I own a co-own a house with my fiance, and we are filing separatel...
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Also, to clarify- the only people that can uncheck form 5695 and resubmit are those that are married and filing jointly, correct? If I own a co-own a house with my fiance, and we are filing separately as we are not married yet, the fix will apply to me, correct? Thank you!
April 2, 2025
11:22 AM
You may want to check regarding the qualifications for Medicaid as it relates to someone providing support for the recipient. It may be similar to an individual having to declare that they can be cla...
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You may want to check regarding the qualifications for Medicaid as it relates to someone providing support for the recipient. It may be similar to an individual having to declare that they can be claimed as a dependent on someone else's tax return. It doesn't matter if they are actually claimed as such, the mere ability to be claimed as a dependent denies tax filers certain benefits. It may be the same with Medicaid recipients. If so, it may be prudent to claim the individual as a dependent since the mere fact that they qualify as such may deny them Medicaid benefits.