All Posts
4 weeks ago
You can claim your foreign tax credit on form 1116.
Please read this TurboTax article for more information.
4 weeks ago
Is the investment a publicly traded partnership? The loss from a publicly traded partnership can only be offset against a gain from that same partnership.
@mathew2
4 weeks ago
Did you go through all the steps to see if you are able to e-file. The IRS accepts some of these e-filed while it doesn't others. If you did not, then all you need to do is ignore the warnings ...
See more...
Did you go through all the steps to see if you are able to e-file. The IRS accepts some of these e-filed while it doesn't others. If you did not, then all you need to do is ignore the warnings that you cannot e-file and continue the entire way through then hit transmit my return. If it does not transmit or if it is rejected, then you simply go back and hit print my return.
4 weeks ago
Are you sure you are in the same account you filed your original return?
If you want to make changes or add a document to a tax return that has already been filed and accepted by the taxing age...
See more...
Are you sure you are in the same account you filed your original return?
If you want to make changes or add a document to a tax return that has already been filed and accepted by the taxing agency, you should follow these guidelines.
You must first wait until the initial return is completely processed.
You will have to use the same TurboTax account that you used for the original tax return.
Once you begin your amendment, you'll see your original return.
The refund calculator will start new at $0 and only reflect the changes in the refund or tax due
Only make changes to the areas of your return that need to be corrected.
You have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment
Select your product below and follow the instructions.
Amend TurboTax Online
Amend TurboTax CD/Download
4 weeks ago
Topics:
4 weeks ago
See the eligibility requirements
https://turbotax.intuit.com/tax-tips/college-and-education/what-is-the-american-opportunity-tax-credit/L1Mzj4ybX#:~:text=160%2C000%20and%20%24180%2C000.-,Eligi...
See more...
See the eligibility requirements
https://turbotax.intuit.com/tax-tips/college-and-education/what-is-the-american-opportunity-tax-credit/L1Mzj4ybX#:~:text=160%2C000%20and%20%24180%2C000.-,Eligibility%20requirements,-A%20student%20eligible
Also, are you being claimed on your parents tax return? If you are being claimed as a dependent on your parents return, you will not be able to get the credit on your own. Your parents might be eligible for the credit, if that is the case.
4 weeks ago
It depends. Any social security income that becomes part of your taxable income will be at the same rate as your tax bracket. You can use the link below to see what the tax rate is for your 'taxable ...
See more...
It depends. Any social security income that becomes part of your taxable income will be at the same rate as your tax bracket. You can use the link below to see what the tax rate is for your 'taxable income' (Form 1040, Line 15).
2024-2025 Tax Brackets and Tax Rates
The maximum amount of social security benefits that can be added to your tax return is 85% of your total benefits.
if half of your social security, combined with your other taxable income is below the following base amounts, then none of your social security would count as taxable income.
The base amount for your filing status is:
$25,000 if you're single, head of household, or qualifying surviving spouse,
$25,000 if you're married filing separately and lived apart from your spouse for the entire year,
$32,000 if you're married filing jointly,
$0 if you're married filing separately and lived with your spouse at any time during the tax year.
Social Security Income FAQs
4 weeks ago
In general, you can report business losses no more than three out of five years or you may have to convert your business to a hobby. You will not be able to deduct business expenses.
The IRS al...
See more...
In general, you can report business losses no more than three out of five years or you may have to convert your business to a hobby. You will not be able to deduct business expenses.
The IRS allows you to claim business losses for three out of five tax years. Afterward, it may classify your business as a hobby, making it ineligible for tax deductions.
There is no actual limit on the number of years your business can claim a loss. All facts and circumstances would be considered by the IRS before disallowing your business losses and converting your business to a hobby. T
You can click on the link for additional information: IRS Hobby or Business?
4 weeks ago
for example, the bond for probate was required of the court in oct 2024, but I did not actually pay the bill until jan 2025....which year should I deduct it off my taxes....
4 weeks ago
You can delete the asset worksheet associated with the vehicle. Since it is fully depreciated, that won't affect your taxes in any way. Follow these instructions: 1. Choose the Tax Tools opti...
See more...
You can delete the asset worksheet associated with the vehicle. Since it is fully depreciated, that won't affect your taxes in any way. Follow these instructions: 1. Choose the Tax Tools option on your left menu bar while working on your return 2. Choose Tools 3. Choose the Delete a form option under Other Helpful links 4. Find the Asset Wks in the list of forms and delete it
4 weeks ago
The Missouri Instructions say:
If filing a combined return, one spouse may use Form MO-NRI and the other spouse may elect to use Form MO-CR.
Are you filing a combined return in Missouri? So ...
See more...
The Missouri Instructions say:
If filing a combined return, one spouse may use Form MO-NRI and the other spouse may elect to use Form MO-CR.
Are you filing a combined return in Missouri? So you are a full-year resident and your spouse is a part-year resident, right?
It sounds to me that you could well be using the MO-CR for you and MO-NRI for your spouse. Is that not your understanding?
"it forces us to start a new form MO-CR before reviewing the return." Please explain. Do you NOT want an MO-CR? Or do you mean something else?
4 weeks ago
1 Cheer
ALL of your expenses from the prior year would be added to the cost basis. Even the little ones under 2500. So go back to the cost basis and add in these start up expenses as well.
If you do ...
See more...
ALL of your expenses from the prior year would be added to the cost basis. Even the little ones under 2500. So go back to the cost basis and add in these start up expenses as well.
If you do not add them to the cost basis they are lost forever.
@LDS60
4 weeks ago
Form 2210 for 2025 is not to be filed with your 2024 return. It will be filed with your 2025 return. The purpose of form 2210 is to figure the underpayment penalty. You will not know what your 202...
See more...
Form 2210 for 2025 is not to be filed with your 2024 return. It will be filed with your 2025 return. The purpose of form 2210 is to figure the underpayment penalty. You will not know what your 2025 penalty is (if any) until you complete your 2025 return. Here's an article you may find helpful: What is Form 2210?
For now, all you'll do for 2025 is prepare and pay estimates (1040-ES).
If you'd like to update how estimates were computed in TurboTax Online, here are the steps:
Navigate to Federal Taxes > Other Tax Situations
Go to Other Tax Forms
Start or Revisit Form W-4 and Estimated Taxes
Continue past the W-4 section to get the estimated tax section, Estimated Taxes for 2025
You will be asked if you want to adjust your income or deductions, answer yes, if so, and manipulate the answers to adjust income and/or expenses as you see fit.
4 weeks ago
Puedo hacerlo en turbo Tax
4 weeks ago
Hello! I am ready to do my taxes but I am confused. I am a US citizen living in Italy for the past 2 years. Last year I did my US taxes, paid my federal and state taxes through my employer (W2) and...
See more...
Hello! I am ready to do my taxes but I am confused. I am a US citizen living in Italy for the past 2 years. Last year I did my US taxes, paid my federal and state taxes through my employer (W2) and after I did my Italian taxes and paid the balance of what I owed to Italy (their tax bracket is higher) now in 2024 I am ready to file my US taxes. My federal and state taxes have been withheld through my W2 but I came across this Foreign tax credit… can I take it? I am unclear any help is appreciated! Thank you
Topics:
4 weeks ago
Still the program should've been updated to allow e-filing. It's very disappointing to go through the hassle of mailing. A lot of wasted time trying to figure out the program nuances.
4 weeks ago
I have scheduled K-1 in Box 20 showing code AJ with STMT, refers to page 2, which listed AJ for Box 20 with 2 seperate line with the same amount:
Aggregate gross income or gain: 13,530
Aggregate deduc...
See more...
I have scheduled K-1 in Box 20 showing code AJ with STMT, refers to page 2, which listed AJ for Box 20 with 2 seperate line with the same amount:
Aggregate gross income or gain: 13,530
Aggregate deduction: 13,530
When I input dollar amount for Box 20, shall I input 2 seperate line with same code AJ and same dollar amount exactly as listed on page 2? But without explaining line 1 is for gross gain, line 2 is for deduction?
4 weeks ago
You will need to file a paper return because there is no way to get around the e-file system once your dependent has already filed and claimed themselves. Paper file your return with your dependent ...
See more...
You will need to file a paper return because there is no way to get around the e-file system once your dependent has already filed and claimed themselves. Paper file your return with your dependent included.
This article will give instruction on how to print and mail your return.
Your dependent will need to amend their return to indicate someone else is claiming them.
See this TurboTax FAQ for help with amending.
4 weeks ago
This is for a Federal Qualified Disaster Loss. The instructions for the form request this statement. I find a Form 4684 "Smart Worksheet" in the print out of the TurboTax worksheets, but not a way t...
See more...
This is for a Federal Qualified Disaster Loss. The instructions for the form request this statement. I find a Form 4684 "Smart Worksheet" in the print out of the TurboTax worksheets, but not a way to add a statement for the IRS