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April 23, 2025
11:42 AM
April 23, 2025
11:42 AM
It was withdrawn today and balance got cleared thanks tom
April 23, 2025
11:42 AM
I converted IRA to Roth at the END of the Year (Dec) and paid the taxes owed fully. Yet it appears that Turbo Tax does not ask when the conversion was done but calculates BACK taxes owed for each q...
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I converted IRA to Roth at the END of the Year (Dec) and paid the taxes owed fully. Yet it appears that Turbo Tax does not ask when the conversion was done but calculates BACK taxes owed for each quarter of the year with a penalty for underpayment of taxes. Spreads it across the year. This does not seem right. One does not know until later in the year if one should do conversions… so why the back owed taxes? .. Turbo Tax should ask when the conversion was done and calculate taxes due accordingly. Thx.
April 23, 2025
11:41 AM
No, they are not removed when you select standard deduction on the federal return. The medical expenses are ignored on your federal return if you are using the standard deduction. But they are stil...
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No, they are not removed when you select standard deduction on the federal return. The medical expenses are ignored on your federal return if you are using the standard deduction. But they are still available to use on your state return if your state allows using a different deduction. Some states allow you to change, some don't. The expenses are entered on your federal return and transferred to your state return(s). If your medical deduction was not included on your NJ, you can amend to add the deduction.
NJ doesn't have a standard deduction or itemize deductions. New Jersey law provides several gross income tax deductions that can be taken on the New Jersey Income Tax return. New Jersey does not allow federal deductions, such as mortgage interest, employee business expenses, and IRA and Keogh Plan contributions.
On your NJ return, you can deduct from your gross income certain medical expenses that you paid during the year for yourself, your spouse or domestic partner, and your dependents. However, you cannot deduct expenses for which you were reimbursed. Only expenses that exceed 2% of your income can be deducted. See NJ Exemptions & Deductions
April 23, 2025
11:39 AM
I have three IRA's and had distributions from two of them that equaled the total amount of the required RMD. I received 1099-R's for the two from which distributions were made, but did not receive on...
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I have three IRA's and had distributions from two of them that equaled the total amount of the required RMD. I received 1099-R's for the two from which distributions were made, but did not receive one for the third (from which no distribution was made). I've tried to reflect the total RMD form 5498's for all three IRA's but cannot get the software to work. Do I need to prepare an amended return to show all three IRA's or stick with the original filing which reflects the two from which distributions were made?
April 23, 2025
11:38 AM
I have both Roth and Traditional IRAs. I was advised that I could make a contribution to my IRA by April 15 and it would reduce my taxable income. But when I filed 2024 using TurboTax, the system wou...
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I have both Roth and Traditional IRAs. I was advised that I could make a contribution to my IRA by April 15 and it would reduce my taxable income. But when I filed 2024 using TurboTax, the system wouldn't alow it. Is it true that contributions to an individual retirement account reduce the amount of taxable income? I was really counting on that, but ended up owing federal income tax. Thank you
April 23, 2025
11:37 AM
So the miscellaneous expense would be $50k after adjusting the BOY and EOY inventory?
April 23, 2025
11:36 AM
The calculated penalty may have had to do with the timeliness of your estimated payments? Did you make some of them late or make all of them in the last part of the year? Or pay a bunch with an ext...
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The calculated penalty may have had to do with the timeliness of your estimated payments? Did you make some of them late or make all of them in the last part of the year? Or pay a bunch with an extension?
@gomes_f
I graduated with a BS in December 2023. I was not making payments during that time due to course load so did not qualify for the AOTC previously. My 1098-T says I was still enrolled at least half-tim...
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I graduated with a BS in December 2023. I was not making payments during that time due to course load so did not qualify for the AOTC previously. My 1098-T says I was still enrolled at least half-time for the 2024 tax year and I have been paying off my undergraduate debt since I graduated and got a job. Am I able to claim the AOTC this year since I was technically enrolled or am I out of luck again?
April 23, 2025
11:34 AM
1 Cheer
Federal Taxes: on a recent Return, I had underpaid my taxes by $150 and was charged a PENALTY of $60. Yet IRS website states that usually no penalties if you owe less than $1500. Please explain why ...
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Federal Taxes: on a recent Return, I had underpaid my taxes by $150 and was charged a PENALTY of $60. Yet IRS website states that usually no penalties if you owe less than $1500. Please explain why Turbo Tax calculated this penalty. Thx.
April 23, 2025
11:33 AM
If you set up direct debits, I would not expect vouchers to print. I would watch and make sure your payments post to your accounts. List of Department of Revenue by state List of state DOR's C...
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If you set up direct debits, I would not expect vouchers to print. I would watch and make sure your payments post to your accounts. List of Department of Revenue by state List of state DOR's Call IRS e-file Payment Services 24/7 at 1-888-353-4537 to inquire about your payment.
April 23, 2025
11:33 AM
1 Cheer
No. The IRS has already adjusted your tax return for you. Paying the tax due has solved the problem.
@That
April 23, 2025
11:32 AM
I received an IRS notice CP11 indicating that my taxable Social Security earnings were understated (less than 85%). I paid the amount of tax due, should I also file an amended return?
April 23, 2025
11:31 AM
I used TT to file my federal and CT state returns. I have already received my refund from both. But I received a late 1099-MISC and now owe the IRS $180 and CT. $42. I filed amended Federal and ...
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I used TT to file my federal and CT state returns. I have already received my refund from both. But I received a late 1099-MISC and now owe the IRS $180 and CT. $42. I filed amended Federal and CT state returns using TT. I set up electronic payment with direct withdrawal from my checking account. At the end of the process TT told me to print a form CT-1040V Electronic Filing Payment Voucher. But my name is not on it and the payment amount is $.00 Do I need to send this by mail anyway? Should I have gotten a similar voucher for the federal amended return?
April 23, 2025
11:30 AM
My college child got form 1099-MISC from a college he attends for a scholarship he received from his college. Is this still considered income despite the fact that the condition for this scholarship ...
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My college child got form 1099-MISC from a college he attends for a scholarship he received from his college. Is this still considered income despite the fact that the condition for this scholarship was to fully spend it on educational trip to a summer study abroad program at a European university? The scholarship covered tuition fees in Europe, room and board, and travel to and from the abroad university.
April 23, 2025
11:29 AM
Right-click on the amount on line 4b of the 1040 wks. Are there any supporting details or overrides attached to that field?
April 23, 2025
11:29 AM
1 Cheer
Yes, as long as the organization treats the individual as an employee and the housing allowance is officially designated as such before payment is made.
See IRS Tax Topic 417 for what is consid...
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Yes, as long as the organization treats the individual as an employee and the housing allowance is officially designated as such before payment is made.
See IRS Tax Topic 417 for what is considered and employee and the rules for the housing allowance.
@Noah18
April 23, 2025
11:28 AM
1 Cheer
There is a similar process for Minnesota. You can apply here.
@briberglund123
April 23, 2025
11:28 AM
I recieved a 1099-C form for 2024 from a very old credit card. This card was cancelled like 15 years ago, maybe more. Can they send me this form for something that old?
April 23, 2025
11:26 AM
If my memory serves me correctly When completing the federal return turbo tax system checks to see if standard deduction is a better option, once a person chose standard deduction did that kick out t...
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If my memory serves me correctly When completing the federal return turbo tax system checks to see if standard deduction is a better option, once a person chose standard deduction did that kick out the medical deduction information ??