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Nothing is added to your standard deduction when you claim a dependent.  Your standard deduction is based on your filing status of Single, Married, etc.    The standard deduction makes some of yo... See more...
Nothing is added to your standard deduction when you claim a dependent.  Your standard deduction is based on your filing status of Single, Married, etc.    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)             If you claim a qualifying relative dependent you get a $500 credit which is non-refundable but can lower the tax you owe.
There may be several reasons that your total Federal tax liability doesn't match the tax tables based on the increase in income.   A blended tax rate, also known as the effective tax rate, is der... See more...
There may be several reasons that your total Federal tax liability doesn't match the tax tables based on the increase in income.   A blended tax rate, also known as the effective tax rate, is derived from a number of factors. The effective tax rate for individuals is the average rate at which their earned income, such as wages, and unearned income, such as stock dividends, are taxed. If you received income from a variety of things like stocks and bonds, interest, dividends, or self-employment, they may all play a role in determining your blended tax rate. See this thread for another discussion of this issue.   For Federal income taxes, the tax rate brackets for 2024 are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. To see how the tax brackets apply to you for this year, and for a tool to determine your marginal (the highest part of your income) tax rate, see here.   Also, note that taxes are often calculated using a different method than the tax tables. For example, if you have capital gains, the tax on those is calculated at the capital gain rate for your income level. If you are self-employed, you may have self-employment taxes in addition to income taxes. If you had to pay back any Premium Tax Credit, that would be another explanation.    Look at your credits and deductions. Some might have decreased because your income exceeded a threshold for that particular item.   See this help article for more information.   In TurboTax Online you can preview your return before filing to find out how your taxes were calculated. See here for details. In Desktop versions, you can go to Forms mode to see the forms TurboTax has prepared from your entries.      
Your federal withholdings will automatically be added to your return when you enter the income source.  For example, if you have a W-2, federal withholding is reported in Box 2.  When you enter all t... See more...
Your federal withholdings will automatically be added to your return when you enter the income source.  For example, if you have a W-2, federal withholding is reported in Box 2.  When you enter all the information from your W-2 into TurboTax, the credit will automatically populated on your tax return, Form 1040, Line 25. The same is true no matter where the tax was withheld from - a W-2, 1099, or another source.  
Hello, I experienced this exact same situation with regards to the tax liability either not dropping or going up.  I did have Turbo Tax check the program and they insist that it is correct.  In an... See more...
Hello, I experienced this exact same situation with regards to the tax liability either not dropping or going up.  I did have Turbo Tax check the program and they insist that it is correct.  In analyzing it myself and walking back through the steps: I believe this happens because a contribution to the ER portion of your solo 401k actual decreases your QBI deduction. The Qualified Business Income Deduction.  The tax code limits that to specified income and at certain levels.  The reason why I believed that there was an error in TT is because a contribution as an ER should still reduce your self employment tax. So even though TT insists it's correct; it still doesn't make complete sense that there is no accompanying reduction in the tax liability. The "counter" at the top of the program does not move. 
In the Federal review, TT wants me to fill in On form 1116 a line called "Adjusted basis of total investment assets". What is this?
You can go HERE to download the TurboTax Desktop Software.  When you select the product, it will give you the option of Windows or MacOs for the operating system.  During installation, you will be as... See more...
You can go HERE to download the TurboTax Desktop Software.  When you select the product, it will give you the option of Windows or MacOs for the operating system.  During installation, you will be asked to enter your License Code.   Please see these TurboTax Help Articles for more information: How do I get started with TurboTax Desktop How do I find my license code? Troubleshooting TurboTax Desktop for Mac Issues
i want to open my 2023 return to find out what was listed as depreciation
I got a W-2 with CA SDI in box 14 and the rest is empty from a lawsuit settlement. I entered this W-2 when going through the federal section but found out it was not included in the California schedu... See more...
I got a W-2 with CA SDI in box 14 and the rest is empty from a lawsuit settlement. I entered this W-2 when going through the federal section but found out it was not included in the California schedule W-2 when reviewing the forms.  What should I do? Do I need to attach this W-2 when mailing my state tax return?
The MW506NRS is the Application for Tentative Refund of Withholding on 2024 Sales of Real Property by Nonresidents, it is not a tax return.  When you filed the MW506NRS you should have been refunded ... See more...
The MW506NRS is the Application for Tentative Refund of Withholding on 2024 Sales of Real Property by Nonresidents, it is not a tax return.  When you filed the MW506NRS you should have been refunded your withholding from the sale, which usually only happens of you are expected to pay tax on the sale.  You can check at Maryland filing requirements to see if you are required to file a tax return. 
Credits would be listed on Schedule 3 of Form 1040 or line 27 through 29 on your Form 1040.   To view your form 1040 and schedule 1 to 3:   Choose Tax Tools from your left menu bar in Turb... See more...
Credits would be listed on Schedule 3 of Form 1040 or line 27 through 29 on your Form 1040.   To view your form 1040 and schedule 1 to 3:   Choose Tax Tools from your left menu bar in TurboTax Online while working in your program Choose Tools Choose View Tax Summary See the Preview my 1040 option in the left menu bar and click on it Choose the Back option in the left menu bar when you are done     
File 2024 1040
How do I get form 8949 for sale of home on turbo tax as am premier and can I put the sale expenses like commissions, escrow, title and other fees there and where.
I had the same concern. And nearly the same situation, my wife and I filing jointly and two dependents. One dependent did hers incorrectly. She amended hers without the IP pin. I got an IP pin for on... See more...
I had the same concern. And nearly the same situation, my wife and I filing jointly and two dependents. One dependent did hers incorrectly. She amended hers without the IP pin. I got an IP pin for only me and not my wife or other child. I was able to E file and got the messages back from state and federal that it was accepted. so far so good.
It should be reported with your self-employment income.   How do I enter a 1099-K for self-employment income?  
@fanfare I didn't choose to summarize - this is what TurboTax (Deluxe, Mac/PC edition) told me to do. when I connected it to my robinhood account, it gave some sort of an error. I have short term ga... See more...
@fanfare I didn't choose to summarize - this is what TurboTax (Deluxe, Mac/PC edition) told me to do. when I connected it to my robinhood account, it gave some sort of an error. I have short term gain (B) showing on my 1099-B. Can I somehow e-file everything? I am okay "not summarizing"
I ended up removing TurboTax 2024 and then reinstalling it and I was able to get the required updates.
Several  states do not have a state income tax.  So these states will not show up in certain drop down lists: Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming  
i want to add federal withholding credit while filing. where to add
Every URL I go to does not have an option to sign in and put in my code! I just want to start1