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April 23, 2025
11:44 AM
1 Cheer
Follow the instructions below to prepare your amendment using TurboTax Online:
Open TurboTax.
Scroll down to Your tax returns & documents and select 2024 for the year you want to amend.
...
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Follow the instructions below to prepare your amendment using TurboTax Online:
Open TurboTax.
Scroll down to Your tax returns & documents and select 2024 for the year you want to amend.
Select Amend (change) return, then Amend using TurboTax Online.
On the screen OK, let's get a kickstart on your 2024 amended return, select the reason.
On the next screen, select Something Else and Continue.
On the screen Tell us which 2024 return(s) you want to amend, select 2024 Federal or State.
TurboTax will guide you through the screens to prepare your amendment.
For further information review the TurboTax articles: and Video: How to Amend Your Tax Return.
For more information and instructions, review the TurboTax articles How to Correct Federal Tax Returns, How to File an Amended Tax Return with the IRS and Video: How to Amend Your Tax Return.
April 23, 2025
11:44 AM
We are residents of NJ. My child is a college student in CA. Every year, he spends 11 months on campus in CA, and only 1 month elsewhere (NJ, NY, other states). Should he file as NJ resident and CA n...
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We are residents of NJ. My child is a college student in CA. Every year, he spends 11 months on campus in CA, and only 1 month elsewhere (NJ, NY, other states). Should he file as NJ resident and CA non-resident, or as CA resident and NJ non-resident?
April 23, 2025
11:44 AM
Here's how you can check: How to Check your E-file Status You can also check the IRS Where's My Amended Refund. You will need to contact the IRS for information. It might be easiest to set up...
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Here's how you can check: How to Check your E-file Status You can also check the IRS Where's My Amended Refund. You will need to contact the IRS for information. It might be easiest to set up an account with them. IRS Individual Online Account Taxpayers with a Social Security number or an Individual Taxpayer Identification Number can create or access their IRS Individual Online Account to get information they need to file their return. With an IRS Individual Online Account, people can: View balance owed, payment history and schedule payments. Cancel scheduled payments. Get transcripts. View or create payment plans. See digital copies of some IRS notices. View key data from their most recently filed tax return, including adjusted gross income. Validate bank accounts and save multiple accounts, eliminating the need to re-enter bank account information every time they make a payment. View, approve and electronically sign power of attorney and tax information authorizations from their tax professional.
April 23, 2025
11:43 AM
1 Cheer
Yes, if you are eligible to make a deductible Traditional IRA contribution, then your taxable income can be reduced.
However, there are income limits that are applied to determine whether you...
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Yes, if you are eligible to make a deductible Traditional IRA contribution, then your taxable income can be reduced.
However, there are income limits that are applied to determine whether you are eligible to deduct your Traditional IRA contributions. See the following TurboTax help article to learn more:
Is an IRA contribution deductible?
Also, making a non-deductible Traditional IRA or Roth IRA contribution will not reduce your taxable income.
April 23, 2025
11:43 AM
It depends on the type of rental property you sold. Section 1245 assets are depreciable personal property (furniture, equipment, etc.) or amortizable Section 197 intangibles; Section 1250 assets are...
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It depends on the type of rental property you sold. Section 1245 assets are depreciable personal property (furniture, equipment, etc.) or amortizable Section 197 intangibles; Section 1250 assets are real property, whether depreciable or not. Either one of these provisions may result in capital gains and/or ordinary income (including depreciation recapture).
Also note that Section 1250 applies to assets that are not and have never been Section 1245 property. If you converted a rental from personal use, this would cause the sale to be subject to Section 1245.
April 23, 2025
11:43 AM
I checked State return on line 30 Medical Expenses there’s nothing there it’s blank
April 23, 2025
11:43 AM
I discovered that some amounts I listed on schedule E were incorrect. What do I do to correct this. My returns have been submitted and my refund has been received.
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?