All Posts

@classicore7 , there is NO tax implications when you move  monies between  Foreign and domestic accounts that you own.  While the money is abroad FBAR and FATCA  forms are the only ones  that come to mind.    If the monies are from  foreign trust / estate / person then there may be  a requirement to file form 3520.   But  all these are informational  forms.   Is there more I can do for you ?

According to the IRS:   The final tangibles regulations synthesize existing case law and prior administrative rules into a framework to help you determine whether a cost is deductible as a repair and maintenance expense or must be capitalized because it's an improvement. If the amounts are not paid or incurred for an improvement to tangible property as determined under the final tangibles regulations, then the amounts generally are deductible as repairs and maintenance. A unit of tangible property is improved only if the amounts paid are: For a betterment to the unit of property; or To restore the unit of property; or To adapt the unit of property to a new or different use. The safe harbor elections mean you don't have to determine if the cost is for a repair or an improvement.  That doesn't mean you have to capitalize the cost of a repair because it exceeds the safe harbor amount.  If it doesn't qualify as an improvement, it is a repair and maintenance expense.  It does require an analysis of the facts and circumstances.      

Schedule X is available within TurboTax for electronic filing per this Hawaii Individual Form Availability list.  If you have already run the manual update and the state forms are still having an error message upon e-filing, then we can try one more thing.   An option available is for you to provide a TurboTax ".tax2024" file to us that is experiencing this issue so we can take a look at your return.  This will help determine what the issue is and provide you with a solution.    If this is something you'd like to do, and you are using TurboTax Desktop, on your menu bar at the very top, click Online and then Send Tax File to Agent. When you click to send, you will get a pop-up asking you if you want to send a diagnostic copy for an agent.  Select send and then you will get another popup with a token number.   If you are using TurboTax Online, select an income section on your return to pull up the Tax Tools option on the left side of the screen.  When you see Tax Tools, click on it.  You will then select Tools.  This will pull up a pop up box titled Tools Center.  In this box, select Share my file with Agent.  Click okay on the pop up informing you of what a diagnostic copy is.  You will then get a pop up box with a token number.      Reply with the token number and we’ll be able to open a TurboTax file with your numbers but not your personal information.      

You can delete the W-2 for your Medicaid Difficulty of Care Wages.   To delete the Form W-2 that you don’t need:    Open TurboTax  Enter W-2 in the search bar  Select Jump to w-2 link in the search results  Select the trash can icon to delete the W-2.   Refer to the TurboTax article How do I change my W-2 info in TurboTax? to delete your W-2.

If TurboTax is showing that you're not eligible for the Child and Dependent Care Credit despite both parents working, there could be a few reasons.    Here’s how you can check and verify the necessary details: Both you and your spouse must have earned income. If one spouse has no income, the credit can be disallowed. Ensure the care expenses are for a qualifying person, such as a dependent child under age 13. You must be filing jointly. The credit is generally not available if you are filing as Married Filing Separately You need to provide the care provider's name, address, and their SSN, ITIN, or EIN How to Check and Verify Details in TurboTax: Check W-2s: TurboTax Online: Use the search magnifying glass at the top right and type "W-2." Click the "Jump to" link to go directly to the W-2 section Verify Filing Status: TurboTax Online: Go to Personal Info and ensure your filing status is set to "Married Filing Jointly" Verify Care Provider Details: TurboTax Online: Use the search magnifying glass and type "Child and Dependent Care Credit." Click the "Jump to" link to go directly to the care provider section. Enter the provider's name, address, and SSN, ITIN, or EIN For more detailed guidance, you can refer to: TurboTax Community IRS Child and Dependent Care Credit FAQs

Not sure what is going on. Pub 905 says you should be able to claim the credit if you meet all these tests? Tests you must meet to claim a credit for child and dependent care expenses.   To be able to claim the credit for child and dependent care expenses, you must meet all the following tests. Qualifying Person Test. The care must be for one or more qualifying persons who are identified on Form 2441. Earned Income Test. You (and your spouse if filing jointly) must have earned income during the year.  Work-Related Expense Test. You must pay child and dependent care expenses so you (or your spouse if filing jointly) can work or look for work. You must make payments for child and dependent care to someone you (and your spouse) can't claim as a dependent. If you make payments to your child (including stepchild or foster child), he or she can't be your dependent and must be age 19 or older by the end of the year. You can't make payments to: Your spouse, or The parent of your qualifying person if your qualifying person is your child and under age 13.   Joint Return Test. Your filing status may be single, head of household, or qualifying surviving spouse. If you are married, you must file a joint return, unless an exception applies to you.  Provider Identification Test. You must identify the care provider on your tax return. If you exclude or deduct dependent care benefits provided by a dependent care benefit plan, the total amount you exclude or deduct must be less than the dollar limit for qualifying expenses (generally, $3,000 if you had one qualifying person or $6,000 if you had two or more qualifying persons) in order for you to claim a credit on the remaining amount. (If you had two or more qualifying persons, the amount you exclude or deduct will always be less than the dollar limit because the total amount you can exclude or deduct is limited to $5,000.