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TurboTax calculates Form 8960, Line 9b using a formula that considers the proportion of state, local, and foreign taxes relative to investment income. Specifically, it applies the ratio of total investment income to adjusted gross income (AGI) and multiplies it by the deductible state, local, and foreign taxes.   Regarding the SALT cap, TurboTax appears to use the actual deductible amount from Schedule A, meaning it does not include amounts exceeding the $10,000 cap.     If you're looking for official documentation within TurboTax, you may need to check  Form 8960 Worksheet, which traces the source of the calculation.   How does TurboTax calculate Form 8960 Line 9B?   Computation of Form 8960 Line B    

The property itself will be entered as an Asset under the Schedule E Rental Income and Expenses section of your return.     In the Property Profile section, if you checked the box that this is the first year you are renting the property (if it is), then questions about the property itself that are needed to set up the depreciation should be asked automatically.   If this is not the first year you rented the property, then go to the Assets section to enter the depreciation details for the property.  Based on the information you enter, TurboTax will calculate the depreciation amount for you.

If you live in IA and work in IL, file Illinois Form IL-W-5-NR with your employer so as to preclude withholding of Illinois income tax.  Here's a link to that form: https://tax.illinois.gov/content/dam/soi/en/web/tax/forms/withholding/documents/currentyear/il-w-5-nr.pdf

LIFETIME LEARNING CREDIT   https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/expenses-qualify-lifetime-learning-credit/L7cpyQLrJ_US_en_US?uid=m6eg46im     https://ttlc.intuit.com/community/credits-and-deductions/help/what-expenses-qualify-for-the-lifetime-learning-credit/00/26844   https://ttlc.intuit.com/questions/3262984-who-is-eligible-for-the-lifetime-learning-credit

If the decedent received any of their RMD for the year before death, when preparing the decedent's individual tax return enter the Form 1099-R that was sent to the decedent and indicate as the required RMD only the amount actually take before death.   If trust completed the decedent's remining RMD for the year, simply enter the taxable amount as Other income, line 8 of Form 1041.  No need to explain that the distribution satisfied the RMD.

Si todavia no ha recibido un cheque debe contactarse con el IRS directamente para que le proporcionen mas informacion acerca del estado de su reembolso. Verifique con el IRS que direccion postal tienen en el sistema y a que direccion fue enviada, en que fecha fue enviada y el tiempo que tarda.  Aveces si el cheque es regresado al IRS, o el delivery no puede ser completado, el reembolso es enviado devuelta al IRS. 

As the trust is not terminated, form 1041 for 2024 should not be marked Final.   For 2025, if the trust has no income-producing assets and has gross income of less than $600, it is not required to file form 1041,

I don't think there is a blanket writing in any tax code that applies to all states that says secondary market AMD is taxable because it didn't come directly from the Treasury (and some AMD could be OID); it depends on the state tax codes which vary in their language and interpretation (interest vs. "income derived from", and some states explicitly exempt gains on Treasuries).  If in doubt it's best to seek out CPA expert in your state.   similar thread... https://ttlc.intuit.com/community/state-taxes/discussion/re-bond-interest-not-taken-off-illinois-taxes/01/3603692#M177403   and more recent thread of threads https://ttlc.intuit.com/community/state-taxes/discussion/re-accrued-market-discount-on-us-treasuries-for-nj-tax/01/3611494#M177810   In terms of solutions from all these threads, I've seen 2 practical possibilities: 1. Make a miscellaneous subtraction in your state return if the TT state program provides this ability.  Some have reported this precludes e-file, in NY for example.  Works fine in VA. 2. Use a 1099-DIV US Gov Obligations (USGO) entry.  See last thread for more details and link to an example from the person that thought of this, you can actually plug the AMD into a 1099-DIV as the USGO amount.  Not in Box 1 (which would double count AMD in Fed taxes as you can't turn off the Schedule B transfer), just the USGO $ amount which only impacts State - either using an existing 1099-DIV or create one just for this purpose with $0 in Box 1a (which would appear on Schedule B but $0 Fed impact).  TT doesn't validate that USGO amount should be less than Box 1a and will pass whatever amount there through to state subtraction.  I've not tried this myself so I can't vouch for any issues but it passed review in a quick test and I thought it was an interesting alternative to #1.   Not a CPA/Expert - hope this helps.

You should never receive a 1099-Misc or 1099-NEC from your employer for income earned as an employee, even if it is your final pay.  They are still required to pay the employers share of taxes and withhold your Medicare and SS taxes.  You should contact your employer and ask them to make the correction.     If they do not, you will need to enter your income by selecting the following:   Income Show More next to Less Common Income Start next to Misc Income Start next Other income not already reported on a form W-2 or Form 1099 Yes to did you receive any other wages Continue through to did you earn any other wages and answer yes Select employee compensation that was not reported on a W-2 Hit continue Report your wages and select I received a 1099-Misc for this income use reason code H   Myths About Misclassification  

Names are entered or edited in MY INFO.   If you have filed jointly for past returns it is a good idea to keep the order of the names the same from year to year.   Was your spouse listed first for 2023?

Yes, you may report the income as follows as if you received a SSA 1099.   Go to income. Go to Retirement Plans and Social Security Social Security (SSA-1099, RRB-1099) Enter the amount of ‌net benefits in Box 5. You don't need to do anything else than this or to report you received a SSA 1042S rather than a SSA 1099. You do not need to pay a fee for TurboTax expert help. Rest assured, this is all you need!!  

In the 1098-T interview, you should reach a screen  called "Amount used to calculate education credit" (or similar wording).  Be sure the amount in that box is $4000.    To get back there, Go through the entire education interview until you reach a screen titled "Your Education Expenses Summary".  Click edit next to the student's name. That should take you to a screen “Here’s your Education Summary”. Click edit next to “Education Information”. When you get to the screen titled “Amount Used to Calculate Education  Credit”, verify the amount you want to use or change it.  You may reach that screen sooner.   If you don't get that screen, check the student information worksheet. You can change it there (line 17). Make the change (enter 4000) in the first column.     If that doesn't work, reply back and I'll give you the workaround.    Books not purchased from the school re also a qualified expense.  The AOTC is 100% of the first $2000 and 25% of the 2nd $2000. Your probably in the 22% tax bracket, so the 2nd $2000 doesn't get you much. 

There could be a couple of reasons why you might be experiencing a delay: 1. First, the status might be pending for security reasons. This may be a sign that someone is trying to use your identity to file a tax return.  This can take up to 72 hours, after which your return will then be forwarded to the IRS, or if applicable, rejected. If rejected, you can then correct the rejection issue and resubmit. Please see this FAQ for reference. 2. Secondly, there could be a delay if your return has various refundable credits, such as the Earned Income Credit, Investment Credit, Energy Credits, or Business Credits. You may need to wait a few more days and check your filing status again. Please see this FAQ for additional information. Note: Both instances may be applicable. That is, you could have a hold for security reasons first. And additionally, for verification of the refundable credits in your return. In this case, delays might extend beyond 72 hours.  

Yes, you can request the waiver now with your tax return.  If you meet the qualifications for the penalty waiver, then you do not need to include the amount with your return.  TurboTax will remove the penalty based on the information entered in the form.  To generate form 2210 select the following: Other Tax Situations Underpayment Penalties   The underpayment may be avoided if:   You paid 90% of the tax that you owe for the current year.   If the current taxes paid are equal to 100%, (110% for higher incomes) of your taxes owed the prior year.   The IRS also says you can probably avoid the penalty if the amount you owe is less than $1,000. To avoid this situation, it's recommended that you adjust your W-4 with your employer, or pay estimated taxes.    For more information see, Guide to IRS Tax Penalties: How to Avoid or Reduce Them.  

Yes, since the incorrect method was done for 2 (or more) years in a row, that is now considered an accounting method.  The way to remedy this is to file a Form 3115, not filing amended returns. Form 3115 is due by the due date of the return that the accounting method change is being made for, including the extension.     If you'd like to prepare a Form 3115, you'll need to use a Desktop version of TurboTax, and file your return by mail.   See: Application for Change in Accounting Method