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April 7, 2025
5:14 AM
To get a simplified foreign tax credit, the IRS is quite clear that you don't have to fill out Form 1116 if you paid taxes to a foreign country on a passive investment reported to you on a 1099-DIV a...
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To get a simplified foreign tax credit, the IRS is quite clear that you don't have to fill out Form 1116 if you paid taxes to a foreign country on a passive investment reported to you on a 1099-DIV and your total foreign taxes paid is under $300. But Turbotax won't let you do this! TT insists instead on forcing taxpayers to file the unnecessary and complex Form 1116 and then gets the form wrong because TT doesn't provide enough decimal places for the calculation on line 19. It comes out to me as .0000. Which is 0. So no credit. If there were just one more decimal place allowed, I could get my tax credit. The only workaround solution -- which I've found and I hate -- is to lie to the IRS and artificially increase the supposed foreign income earned just to make that .0000 go to .0001. Then TT gives you your credit that you should have gotten all along without even needing Form 1116. I guess lying to the IRS isn't terrible when 1) I can prove that 1) The actual credit received is the right one I could have gotten if I hadn't filed 1116, and 2) I can also prove that Turbotax (online 2024 version) REQUIRES taxpayers to lie to the IRS to get the proper credit. Still I hate to do this and I'm posting this here so if I ever get audited, I can prove that it is entirely Turbotax's fault for forcing taxpayers to lie on an unnecessary form to get the proper credit. If anyone knows how I can get the proper credit in Turbotax without filing Form 1116 (as is allowed by the IRS Form Instructions for Form 1116 in my case) or lying to the IRS, please let me know. Otherwise I have to tell the IRS that Turbotax forced me to lie. And I really really don't want to do that.
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April 7, 2025
5:13 AM
TurboTax does not have a copy of your W-2. Your best bet is to ask your employer or payroll department for another copy of your W-2.
Here are some more options:
Order a copy from the Socia...
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TurboTax does not have a copy of your W-2. Your best bet is to ask your employer or payroll department for another copy of your W-2.
Here are some more options:
Order a copy from the Social Security Administration. It's free if you need it for Social Security-related reasons, otherwise, it's $62 per request.
Order a full copy of your return from the IRS for $30, which will also include your W-2.
Wage and income transcripts are available from the IRS free of charge. They're not exact copies, but they contain everything on your W-2, except the state and local information.
April 7, 2025
5:13 AM
We can help you file by mail, but did you correct the error that caused the rejection?
Go back into the FILE process.
As you go through the interview it will offer the Mail your return op...
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We can help you file by mail, but did you correct the error that caused the rejection?
Go back into the FILE process.
As you go through the interview it will offer the Mail your return option.
This will offer a cover sheet and all the forms required to file the return.
Your Federal tax return goes to a different location depending on the state that you live in. See this list to determine the location for you.
Where to File Paper Tax Returns (irs.gov)
April 7, 2025
5:12 AM
1 Cheer
If she earned $70,000, how old is she, was she a student for 5 months of the year?
Did she provide over half of her own support for the year?
It is unlikely having earned that much that she...
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If she earned $70,000, how old is she, was she a student for 5 months of the year?
Did she provide over half of her own support for the year?
It is unlikely having earned that much that she qualifies as a dependent on her parents return.
The person who earns the income is always the person who pays the taxes on that income.
Yes, you can file jointly, however, if you do, and her family already claimed her then you will need to print and mail your return or request an IP PIN to e-file.
April 7, 2025
5:12 AM
1 Cheer
If the taxpayer is the borrower or the co-signor on the loan and makes the loan payments, he can deduct the student loan interest on form 1098-E.
Please read this IRS document on the student lo...
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If the taxpayer is the borrower or the co-signor on the loan and makes the loan payments, he can deduct the student loan interest on form 1098-E.
Please read this IRS document on the student loan interest deduction.
April 7, 2025
5:10 AM
2 Cheers
That should have been reported on Form 1099-R (Not CSA-1099-R) so please select
"Form 1099-R, withdrawal of money from 401(k) retirement plans, pensions, IRAs, etc."
April 7, 2025
5:10 AM
Are dividends from ETFs that US govt bonds and treasuries exempt from MA taxes? The percentage of these securities in the ETFs is > 99.9%. Thanks
April 7, 2025
5:09 AM
What is your question so we can assist you further?
April 7, 2025
5:07 AM
You can use the IRS website ID.me to request it.
This IRS issued PIN is 6 digits long.
Your signature ID (also called a self-select PIN) is a random 5-digit number you entered last year, righ...
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You can use the IRS website ID.me to request it.
This IRS issued PIN is 6 digits long.
Your signature ID (also called a self-select PIN) is a random 5-digit number you entered last year, right before you submitted your return.
Q, Do I need to report excess financial aid if I never received a 1098-T from my college?
A. Yes.
Q. In 2024, I made over 30k in income. Am I still required to file taxes to report my excess...
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Q, Do I need to report excess financial aid if I never received a 1098-T from my college?
A. Yes.
Q. In 2024, I made over 30k in income. Am I still required to file taxes to report my excess financial aid?
A. Yes. At $30K income, you are already required to file. You are now required to add the taxable portion of the scholarship to your tax return.
Q. If so, how would I even input this into TurboTax without a 1098-T form?
A. Enter at Educational Expenses and Scholarships, under Deductions and credits (not the income section).
After answering no to having a 1098-T, answer yes to qualifying for an exception (that gets you to the entry screens). Then follow the interview*. Enter the scholarship amount and all your off setting expenses (tuition, fees, books and a computer, if you bought one). Room & board are not qualified expenses.
This will put the taxable scholarship amount on line 8r of Schedule 1 (this line was added in 2022).
*Alternatively, there is a short cut. If you already know the taxable amount, enter a 1098-T with the taxable amount in box 5 and box 1 blank. Enter no other numbers. The "fake" 1098-T is not sent to the IRS.
April 7, 2025
5:06 AM
Once you submit your return in TurboTax Online, you'll see its status on the Tax Home screen of your account.
We'll also send you emails letting you know when your e-file status changes.
...
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Once you submit your return in TurboTax Online, you'll see its status on the Tax Home screen of your account.
We'll also send you emails letting you know when your e-file status changes.
If your taxes are Accepted it is a good thing.
It means that their were no technical errors like Social Security Numbers that were wrong.
It also means that TurboTax does not have any control of your return.
If you are being told that it's still in process, the IRS has not finished checking it out.
The IRS has stated that the typical time to process a tax return is 21 days, but there may be delays for many reasons.
TurboTax can only project the time to get your refund. The IRS has the real control.
You can check the status of your tax return. You will need:
Social Security Number.
Tax return year.
Hilling Status.
Exact refund amount
Please click here to enter your information Check Your Refund .
If you wish to contact the IRS, you can call toll-free at 800-829-1040
You can also Check your State Refund.
April 7, 2025
5:02 AM
no notices to verify or any other notices, WMR says being processed. tax topic 152
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April 7, 2025
5:02 AM
It depends on a number of factors. TurboTax basis the estimate using the safe harbor guidelines.
The underpayment penalty will be assessed if any of these apply:
"If you don’t pay enough ...
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It depends on a number of factors. TurboTax basis the estimate using the safe harbor guidelines.
The underpayment penalty will be assessed if any of these apply:
"If you don’t pay enough tax through withholding and estimated tax payments, you may have to pay a penalty."
"You also may have to pay a penalty if your estimated tax payments are late, even if you are due a refund when you file your tax return."
To avoid the under payment penalty:
The amount you owe is less than $1,000, after subtracting withholding and refundable credits.
You paid 90% of the tax that you owed for the current year.
You paid 100% of the previous year tax, (110% for higher incomes).
If your previous year's adjusted gross income was more than $150,000 you will have to pay in 110% of your previous year's taxes to satisfy the "safe-harbor" requirement.
"Typically, underpayment penalties are 5% of the underpaid amount, and they're capped at 25%.
Underpaid taxes also accrue interest at a rate that the IRS sets annually."
To avoid this situation it is recommended that you adjust your W-4 with your employer or pay estimated taxes.
Underpayment of Estimated Tax by Individuals Penalty
April 7, 2025
5:02 AM
Taxpayer has a dependent who is in college. He set up a qualified student loan in his sons name. Taxpayer (not son) has been making all interest payments for 2024. The 1099-E was issued in his son...
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Taxpayer has a dependent who is in college. He set up a qualified student loan in his sons name. Taxpayer (not son) has been making all interest payments for 2024. The 1099-E was issued in his sons name. Can the taxpayer deduct the interest on his tax filing?
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April 7, 2025
5:02 AM
My wife and I got married in '24 but my wife was claimed as a dependent by her family. She made 70k in the year. 1) Can I file as married jointly? 2) Who pays taxes on her income if she was a depende...
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My wife and I got married in '24 but my wife was claimed as a dependent by her family. She made 70k in the year. 1) Can I file as married jointly? 2) Who pays taxes on her income if she was a dependent that year?
April 7, 2025
5:01 AM
@Vanessa A Thank you so much for the prompt reply. Much appreciated.
April 7, 2025
5:00 AM
Our accountant provided a 2024 Form 502 Schedule VK-1 for Virginia Pass-Through Entity Owners share of Income and Virginia Modification and Credits. This doesn't match the form in TurboTax. In particu...
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Our accountant provided a 2024 Form 502 Schedule VK-1 for Virginia Pass-Through Entity Owners share of Income and Virginia Modification and Credits. This doesn't match the form in TurboTax. In particular, I have an entry on line 10 which there is no place to enter in TurboTax. What should I do?
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April 7, 2025
4:59 AM
You can request an installment payment agreement by clicking here.
April 7, 2025
4:59 AM
Since you are the only one with the Health Savings Account (HSA), you would only check HSA under your name.
Then, when answering the question about what kind of coverage your wife had, you sh...
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Since you are the only one with the Health Savings Account (HSA), you would only check HSA under your name.
Then, when answering the question about what kind of coverage your wife had, you should answer None because she is covered under your plan and does not have coverage in her own name. Answering None should not give you the 'lapse in coverage' error.
April 7, 2025
4:59 AM
They send me a control number
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