All Posts
April 1, 2025
2:06 PM
Here are two FAQs to help: What if I'm having trouble with my filing verification code? and How do I get a verification code if the email address is wrong?
April 1, 2025
2:06 PM
Hello, I received an immigrant visa abroad at a US embassy in April and moved to the U.S. in September 2024. I am married to a U.S. citizen and plan on electing to be treated as a resident alie...
See more...
Hello, I received an immigrant visa abroad at a US embassy in April and moved to the U.S. in September 2024. I am married to a U.S. citizen and plan on electing to be treated as a resident alien and filing as married filing jointly. I worked in Dubai and made approximately $10000 and did not pay an income tax there. Would I be able to take the foreign earned income exclusion after staying in US for 4 months?
Topics:
April 1, 2025
2:05 PM
@NCperson sorry, forgot the tag
April 1, 2025
2:05 PM
I'm a resident alien and my spouse is a dual-status alien for the 2024 tax year; she was a non-resident for the first part of the year, but a resident for the latter part. We want to be treated as re...
See more...
I'm a resident alien and my spouse is a dual-status alien for the 2024 tax year; she was a non-resident for the first part of the year, but a resident for the latter part. We want to be treated as residents for the entire tax year in the joint return. I checked the boxes to mention that she is a "non-resident alien or dual-status alien" but the statement prepared as an attachment by Turbotax (when viewed through the print center), incorrectly mentions that my spouse "was a nonresident alien as of the last day of the tax year ended 12/31/2024", which is not true. This seems like a bug in TurboTax where it asks "non-resident alien or dual-status alien" but always prepares the statement assuming the spouse is a non-resident alien at the end of the year. Am I missing some option to clarify that my spouse is a dual-status alien? If not, do I have any option to e-file by amending the statement, or is my only option to paper file?
Topics:
April 1, 2025
2:05 PM
Investment expenses are no longer deductible as an itemized deduction on your federal return but may be deductible on your state return. This deduction has been suspended by the Tax Cuts and Jobs Act...
See more...
Investment expenses are no longer deductible as an itemized deduction on your federal return but may be deductible on your state return. This deduction has been suspended by the Tax Cuts and Jobs Act of 2018.
Your investment expenses can be entered as a miscellaneous itemized deduction on your Schedule A which will flow to your state return if your state doesn't conform with The Tax Cuts and Jobs Act of 2018.
Follow the instructions below:
Open TurboTax
Select Deductions & Credits
Scroll down to Other Deductions & Credits
Select Other Deductible Expenses
Select Yes to Did you have any of these less common expenses?
Enter the Description "Investment expenses" and the amount
If your state doesn't conform with Federal, you will see the deduction on your state return.
Refer to the TurboTax article Tax Tips for Investors for more information.
April 1, 2025
2:03 PM
Federal -To deduct office in home expenses you must have a business profit. If you show a profit, you have a choice:
simplified office in home - just enter the square footage of your office
actua...
See more...
Federal -To deduct office in home expenses you must have a business profit. If you show a profit, you have a choice:
simplified office in home - just enter the square footage of your office
actual expenses- enter all of your costs related to the home office, including utilities.
Some states allow a home office deduction for employees who work from home.
April 1, 2025
2:03 PM
1 Cheer
Yes, whatever you enter on Form 4868 will be sent to the IRS. No, the extension will be accepted if you receive acceptance. The reconciliation will occur when you file your tax return. It will not b...
See more...
Yes, whatever you enter on Form 4868 will be sent to the IRS. No, the extension will be accepted if you receive acceptance. The reconciliation will occur when you file your tax return. It will not be null or void.
No the IRS will accept your payment and will not consider it unreasonable. All fines and penalties are based on tax balance due so if you should have a refund in the end, there is no reason for concern of overpayment of estimated tax.
@sathiyasree
April 1, 2025
2:03 PM
used the correct form for Deceased...1040-SR
Topics:
April 1, 2025
2:02 PM
Thank you, ThomasM125! Just to clarify, this is the 4th Bullet associated with this expense item. I am a "YES" to the first three bullets. If I am able to answer yes to all 4 bullets, I am eligible ...
See more...
Thank you, ThomasM125! Just to clarify, this is the 4th Bullet associated with this expense item. I am a "YES" to the first three bullets. If I am able to answer yes to all 4 bullets, I am eligible for the MN Property Tax Refund. I am not, and have never been delinquent on my property taxes. If I an understanding this correctly, it seems to me that I am eligible for the MN Property Tax Refund. Would you agree? I appreciate you and your willingness to share your expertise. Thank you.
April 1, 2025
2:01 PM
What is your 1099R from? While entering your form 1099-R, if you have entered a birth date which makes you older than 70 1/2 in the tax year, TurboTax will ask you if any portion of your distributio...
See more...
What is your 1099R from? While entering your form 1099-R, if you have entered a birth date which makes you older than 70 1/2 in the tax year, TurboTax will ask you if any portion of your distribution was transferred to charity. You can then enter the amount transferred to charity. The code in box 7 of form 1099-R must be 7 and the box IRA/SEP/SIMPLE must be checked. You can’t do a QCD from a 401K.
April 1, 2025
2:01 PM
In TurboTax Desktop, enter the transaction by following these steps.
Select Federal Taxes across the top of the screen.
Select Wages & Income across the top of the screen.
Select I'll...
See more...
In TurboTax Desktop, enter the transaction by following these steps.
Select Federal Taxes across the top of the screen.
Select Wages & Income across the top of the screen.
Select I'll choose what I work on.
Scroll down to Investment Income.
Click to the right of Stocks, Mutual Funds, Bonds, Other.
At the screen Let’s finish pulling in your investment income, select Add investments.
At the screen Let Us Enter Your Bank and Brokerage Tax Documents, select Skip Import.
At the screen OK, let’s start with one investment type, select Other, Land, Second homes, Personal items and select Continue.
At the screen Which bank or brokerage sent you this form, enter the information. Continue.
At the screen Now, enter one sale, enter the information. Continue.
Select Add another sales total as necessary. Continue.
The transaction will be reported on IRS form 8949 and IRS Schedule D.
April 1, 2025
2:00 PM
@RoaringKitty ,
(a) Are you saying that your tax home is foreign or USA ?
(b) Which country is the rental property located in ?
(c) Is this your first year reporting rental income or what ?
...
See more...
@RoaringKitty ,
(a) Are you saying that your tax home is foreign or USA ?
(b) Which country is the rental property located in ?
(c) Is this your first year reporting rental income or what ?
Generally, the reporting of rental income from foreign property is pretty much the same as for domestic property -- reported on Schedule-E. The only major wrinkle is the depreciation of a foreign residential is now 30 years ( used to be 40 yrs, same as domestic commercial prop.).
Please answer my questions so the answer can be more specific to your situation --yes ?
April 1, 2025
2:00 PM
Many people have multiple TT accounts and forget how to access them. Log out of the account you are in now.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/m...
See more...
Many people have multiple TT accounts and forget how to access them. Log out of the account you are in now.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/many-intuit-accounts-turbotax/L9aVfKS1Z_US_en_US?uid=ll5g6zcx
Account Recovery
April 1, 2025
2:00 PM
April 1, 2025
2:00 PM
You can exclude the entire amount of your military retirement. If the Form 1099-R was issued by OPM, you can usually find the amount designated for the military versus civilian retirement from your ...
See more...
You can exclude the entire amount of your military retirement. If the Form 1099-R was issued by OPM, you can usually find the amount designated for the military versus civilian retirement from your OPM account.
April 1, 2025
1:59 PM
An answer would have been nice. I am putting in here so I hear if there is one. Sorry.
April 1, 2025
1:58 PM
You really don't need to enter rental expenses on Form 1116, as this form is just for giving a credit for your foreign tax paid. It's not to determine your rental income for Spain vs. the income/exp...
See more...
You really don't need to enter rental expenses on Form 1116, as this form is just for giving a credit for your foreign tax paid. It's not to determine your rental income for Spain vs. the income/expenses you already entered on Schedule E for your US tax return.
I'd suggest entering the amount of rental income on Form 1116 as the same amount of income that was taxed by Spain. They may have taxed you on your gross income or your net income, depending on what expenses they allowed.
It wouldn't be incorrect to enter any expenses that were taxed by Spain, but may not be necessary or make a difference in your Foreign Tax Credit allowed.
@crisalmaa
April 1, 2025
1:58 PM
Thank you!!
April 1, 2025
1:58 PM
MayaD, I appreciate your response, however it doesn't resolve my problem. I'll try to be more clear: on the 1099R form there are selections, #1-9, then alphabetical selections A-W, F being listed as...
See more...
MayaD, I appreciate your response, however it doesn't resolve my problem. I'll try to be more clear: on the 1099R form there are selections, #1-9, then alphabetical selections A-W, F being listed as Charitable Gift Annuity. None of the selections specify a CRT. Since they are distinctly different and there is no option to select the correct identification , a CRT for the total amount of the RMA, what does one do? Also line 2 a "taxable amount" and 2 b"taxable amount not determined"are "not checked" and I'm reminded of this as I proceed through the pages to complete the form. Line 7 "IRA/SEP/Simple" is not selected on the 1099R I received from Fidelity. Going through the pages following the 1099Form do not mention QCD anywhere. Please clarify. Thank you, Carolyn