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There are limitations on how much can be deducted based upon:   Your income (modified adjusted gross income),  Your filing status, and  Whether you are covered by a retirement plan (box 13 on your W-2). The modified adjusted gross income tables are found on pages 13 and 14 of IRS Publication 590-A.   IRS Publication 590-A, page 9, states:   For 2024, the most that can be contributed to your traditional IRA is generally the smaller of the following amounts.   $7,000 ($8,000 if you are age 50 or older). or  Your taxable compensation for the year. This is a complex area of the tax code.  TurboTax will determine whether you qualify for a deductible contribution to a traditional IRA.   In TurboTax Premium Online, select Traditional and Roth IRA Contributions under Deductions & Credits.

It used to be one click from desktop to request an extension. Now it's total bull**bleep** having to go re-enter stuff on the web.  I will do everything I can, as a 35 year user of Turbo tax, to ditch this app

Here is how: 1. Once you have navigated to your business (Federal > Wages & Income > Self-employment income and expenses), choose "Add expenses for this work" 2.  Go to "Less Common" and page until you get to "Inventory" 3. Choose the pencil to the right of inventory and say "Yes, I have inventory to report" 4.  Answer the questions about your inventory, 

Q. What steps do we need to take to avoid having 529 funds appear as income?   Room and board are only qualified expenses for a 529/ESA distribution. R&B are not qualified for the education credit or tax free scholarship. If the student lives off campus, your qualified R&B expenses are limited to the lesser of your actual costs or the school's "allowance for cost of attendance" (COA).  There is a separate COA for students living at home   Allow for $4000 of tuition and fees to not be covered by a 529 distribution or scholarships, so that you can claim the tuition credit.    Be sure your distributions are taken in the same year as the expenses were incurred. A common error: you take a distribution in December to make a payment in January.  That will not be a "qualified distribution".    For 529 plans, there is an “owner” (usually the parent, but the grandparent in this case), and a “beneficiary” (usually the student dependent). The "recipient" of the distribution can be either the owner or the beneficiary depending on who the money was sent to. When the money goes directly from the Qualified Tuition Plan (QTP) to the school, the student is the "recipient". The distribution will be reported on IRS form 1099-Q.  The 1099-Q gets reported on the recipient's return, if it needs to be reported.    The 1099-Q is  only an informational document. The numbers on it are not required to be entered onto your (or your student's) tax return.  You can just not report the 1099-Q, at all, if your student-beneficiary has sufficient educational expenses, including room & board (even if he lives at home) to cover the distribution. When the box 1 amount on form 1099-Q is fully covered by expenses, TurboTax will enter nothing about the 1099-Q on the actual tax forms. But, it will prepare a 1099-Q worksheet for your records (you don’t need it). You would still have to do the math to see if there were enough expenses left over for you to claim the tuition credit. You also cannot count expenses that were paid by tax free scholarships.  

No, there is not an automatic way to create two MFS returns from one MFJ return.   If you and your spouse are considering using Married Filing Separately filing status, then you either both need to itemize your deductions, or you both use the standard deduction for Married Filing Separately, which is $14,600 for 2024 if under age 65.   Review your entries in the Personal Info section of TurboTax. These entries determine what filing status TurboTax will use and whether TurboTax will use itemized deductions or the standard deduction.    When you select Married Filing Separately, TurboTax asks follow-up questions. If you select that either you or your spouse itemize deductions, TurboTax displays the following statement: "Note: You both must itemize your deductions on each of your returns, or both of you must take the standard deduction. If only one of you wants to itemize, you should consider filing as Married Filing Jointly."   Depending on other factors, it may still be better to file jointly. If you live in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin), you will need to split your community income evenly even if filing separately; the rules vary by state. Also, some tax benefits aren't available for Separate filing status.   You can use TurboTax Online to test different scenarios before deciding to file jointly or separately. Click here for more information from TurboTax on how to decide which filing status to choose.   Click here for tax tips for community property states.    

First of all do not be confused- your distribution was from a 401(k) NOT an IRA.  It makes a bug difference.   There is a one distribution per calendar year for personal or family emergency expenses, up to the lesser of $1,000 or vested account balance over $1,000 (made after 12/31/2023)   For the Disaster recovery distribution: A qualified disaster recovery distribution is a distribution to a qualified individual that is made from an eligible retirement plan on or after the first day of the incident period of a qualified disaster and before the date that is 180 days after the latest of the following three dates: Dec. 29, 2022 The first day of the incident period with respect to the qualified disaster, or The date of the disaster declaration with respect to the qualified disaster. See Access retirement funds in a disaster | Internal Revenue Service.

In TurboTax Online, file an extension by following these steps:   View the entries down the left side of the screen at Tax Tools. Select Tools. Select File an extension. In addition, Free Federal tax extension is available here.   Extension for personal state income taxes here.   An extension does not give you more time to pay, it is only an extension of time to file.