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Here is a calculation off of Forbes website:         Here is from the Smart Asset calculation tool.  The same exact figure:           There is something definitely wrong with TurboTax's calculation!!

Patricia,   Do you  know how I can download the tool for 2023??   I had the loop problem with 2024 and the TT rep helped me download the clean states tool for 2024.  It fixed my problem.  But I also have the exact same issue with 2023 TT Premier (desktop).  I know from searches that the tool existed but I can't find it.   Thanks

The long term capital loss carryover should import to your 2024 tax return automatically if you filed with TurboTax last year. You can check it using the steps in the link below. Also Line 16 less Line 21 of Schedule D on your 2023 tax return is the amount of your carryover. There will also be a worksheet in your 2023 return with the carryover amount. How do I enter my capital loss carryover?

Provide the following info for more specific help: Box 1 of the 1098-T box 5 of the 1098-T Any other scholarships not shown in box 5 Does box 5 include any of the 529/ESA plan payments (it should not) Is any of the Scholarship restricted; i.e. it must be used for tuition Box 1 of the parent's 1099-Q Box 2 of the parent's 1099-Q Box 1 of the grandparent's 1099-Q Box 2 of the grandparent's 1099-Q Who’s name and SS# are on the 1099-Q, parent or student (who’s the “recipient”)? Room & board paid. If student lives off campus, what is school's R&B on campus charge. If he lives at home, the school’s R&B “allowance for cost of attendance” for student living with parents. Other qualified expenses not included in box 1 of the 1098-T, e.g. books & computers How much taxable income does the student have, from what sources Are the parents eligible for the AOC (income not over $90K, $180K MFJ) Why isn't the student being claimed as a dependent (age, income, support) Is the student an undergrad or grad student? Is the student a degree candidate attending school half time or more?

If you haven't filed your return, follow the steps below    From your Tax TurboTax Online Home screen Locate Review and File. Click on Finish and File You will see the last 3 steps of your return. Click and revisit Step 2 Your refund info. You will then choose the option to receive a paper check If you already filed your return and originally put it in for direct deposit, and want to switch to a paper check, you will need to contact the IRS directly. They will put a hold on the direct deposit and revert to a paper check.    Contact the IRS

Thanks. We sold this rental property in 2024. While I collected all the rent, reported all expenses on my returns for entire the time we co owned the property, do my sisters need to include depreciation recapture on their 2024 returns or only me need to include entire depreciation recapture on my 2024 return?

If you put in an amount that you plan to contribute to a Roth IRA in the IRA contributions section of TurboTax, then the program will do the calculations and let you know if you qualify to make that contribution.  Try starting with the maximum amount you would like to contribute.     See the information in the following TurboTax help article to get started:   Where do I enter my traditional or Roth IRA contributions?  

The general rule is that you would get a direct deposit, but your state may have a different procedure. You can try to contact your state DOR to get an answer. List of Department of Revenue by state  List of state DOR's

Q.Is this best/only way to handle this? A. Yes, it's usually the best way. The AOC is worth (usually) much more than the tax on the partial distribution earnings.    Most college age students can not claim the refundable portion of the AOC, even when they are not a dependent.  So it depends on why this student is not being claimed as a dependent and if he has a tax liability.    The 529 TurboTax (TT) interview is complicated.  It's bet to just not enter the 1099-Q if you know it is not taxable.  If there was only a $6000 529 distribution and there was, at least, $6000 room & board (R&B) expenses, then the parent's 1099-Q does not need to be entered. The 1099-Q is  only an informational document. The numbers on it are not required to be entered onto your (or your student's) tax return. The interview is complicated and it's easy to make mistakes. Avoid it if you can and the parents can.  You can just not report the 1099-Q, at all, if your student-beneficiary has sufficient educational expenses, including room & board (even if he lives at home) to cover the distribution. When the box 1 amount on form 1099-Q is fully covered by expenses, TurboTax will enter nothing about the 1099-Q on the actual tax forms. But, it will prepare a 1099-Q worksheet for your records (you don’t need it). You would still have to do the math to see if there were enough expenses left over for you to claim the tuition credit. You also cannot count expenses that were paid by tax free scholarships. References: On form 1099-Q, instructions to the recipient reads: "Nontaxable distributions from CESAs and QTPs are not required to be reported on your income tax return. You must determine the taxability of any distribution."  IRS Pub 970 states: “Generally, distributions are tax free if they aren't more than the beneficiary's AQEE for the year. Don't report tax-free distributions (including qualifying rollovers) on your tax return”. "IRS Publication 970, Tax Benefits for Education states: If the entire 1099-Q went to qualified expenses, room and board, tuition, etc; then, you do not need to enter the form."  Q. Can gparents restore 529? A. No. You only have 60 days, after the distribution, the return the money to the 529 plan.    Q. Can the AOC still be claimed? A. Yes, most likely by the parents and not the student.  But, the grandparents 529 distribution will be partially taxable.  It is reported on the "recipient's" tax return.  ___________________________________________________________________________________________ Qualified Tuition Plans  (QTP 529 Plans) Distributions General Discussion It’s complicated. For 529 plans, there is an “owner” (usually the parent, but sometimes a grandparent), and a “beneficiary” (usually the student dependent). The "recipient" of the distribution can be either the owner or the beneficiary depending on who the money was sent to. When the money goes directly from the Qualified Tuition Plan (QTP) to the school, the student is the "recipient". The distribution will be reported on IRS form 1099-Q.  The 1099-Q gets reported on the recipient's return.** The recipient's name & SS# will be on the 1099-Q. Even though the 1099-Q is going on the student's return, the 1098-T should go on the parent's return, so you can claim the education credit. You can do this because he is your dependent. You can and should claim the tuition credit before claiming the 529 plan earnings exclusion. The American Opportunity Credit (AOC or AOTC) is 100% of the first $2000 of tuition and 25% of the next $2000 ($2500 maximum credit). The educational expenses he claims for the 1099-Q should be reduced by the amount of educational expenses you claim for the credit. But be aware, you can not double dip. You cannot count the same tuition money, for the tuition credit,  that gets him an exclusion from the taxability of the earnings (interest) on the 529 plan. Since the credit is more generous; use as much of the tuition as is needed for the credit and the rest for the interest exclusion. Another special rule allows you to claim the tuition credit regardless of whose money was used to pay the tuition. In addition, there is another rule that says the 10% penalty is waived if he was unable to cover the 529 plan withdrawal with educational expenses either because he got scholarships or the expenses were used (by him or the parents) to claim the credits. He'll have to pay tax on the earnings, at his lower tax rate (subject to the “kiddie tax”), but not the penalty.   Total qualified expenses (including room & board) less amounts paid by scholarship less amounts used to claim the Tuition credit equals the amount you can use to claim the earnings exclusion on the 1099-Q.  Example:   $10,000 in educational expenses(including room & board which is only qualified for the 1099-Q)    -$3000 paid by tax free scholarship***    -$4000 used to claim the American Opportunity credit  =$3000 Can be used against the 1099-Q (on the recipient’s return)   Box 1 of the 1099-Q is $5000 Box 2 is $2800 3000/5000=60% of the earnings are tax free; 40% are taxable 40% x 2800= $1120 There is  $1120 of taxable income (on the recipient’s return)   **Alternatively; you can just not report the 1099-Q, at all, if your student-beneficiary has sufficient educational expenses, including room & board (even if he lives at home) to cover the distribution. You would still have to do the math to see if there were enough expenses left over for you to claim the tuition credit. Again, you cannot double dip!  When the box 1 amount on form 1099-Q is fully covered by expenses, TurboTax will enter nothing about the 1099-Q on the actual tax forms. But, it will prepare a 1099-Q worksheet for your records, in case of an IRS inquiry. On form 1099-Q, instructions to the recipient reads: "Nontaxable distributions from CESAs and QTPs are not required to be reported on your income tax return. You must determine the taxability of any distribution."  ***Another alternative is have the student report some of his scholarship as taxable income, to free up some expenses for the 1099-Q and/or tuition credit. Most people come out better having the scholarship taxable before the 529 earnings. A student, with no other income, can have up to $14,600 of taxable scholarship (in 2024) and still pay no income tax. 

If you haven't filed your return, follow the steps below    From your Tax TurboTax Online Home screen Locate Review and File. Click on Finish and File You will see the last 3 steps of your return. Click and revisit Step 2 Your refund info.  If you have already filed your return and it has been accepted by the IRS or State for processing, you won’t be able to change it. You need to contact the IRS to try to expedite this process. They will put a hold on the direct deposit and issue a paper check instead.    Click on the link below for additional information   What if I entered the wrong bank account for direct deposit?   ** If you are having trouble accessing Step 2, and are working on TurboTax Online, try using a different web browser. ** If you are using the phone/tablet app, try changing to laptop/computer if possible. If you do not have access to a computer, switch to a web browser within your phone or tablet, and sign in from there.   

Did you actually amend by using a Form 1040X?  Or did you just make some sort of change to the return that you had just e-filed?     If you tried to make some sort of change to your return after you e-filed, the change went nowhere, so you did not send any direct debit information to the IRS after you e-filed.   Mail a check or money order, or pay on the IRS payment site.     If you owe tax due, you have to pay it yourself by the filing deadline on April 15, 2025.      If you have federal tax due you can pay by mailing your payment with the 1040V voucher, (which has the address printed on it, having the payment taken out of a designated bank account, or you can pay directly on the IRS website.    https://www.irs.gov/payments     https://ttlc.intuit.com/community/tax-payments/help/how-can-i-pay-my-federal-taxes/00/26212     https://ttlc.intuit.com/community/tax-payments/help/how-do-i-pay-my-irs-tax-due-with-a-check-or-money-order/00/26403      To apply for a payment plan with the IRS   Apply Online for a Payment Plan    

The software automatically calculates the exemptions based on the number of people included on the return. The exemptions start to phase out based on income. See the chart below for the phase out thresholds. If your income is above the amount listed for your filing status, your exemption will be limited. The exemption can be completely eliminated if your income is high enough.