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My daughter has filed her Federal and State (CA) tax with turbotax with the fellowship money as earned income. We just got a letter from CA FTB stating that she calculated her CA standard deduction w... See more...
My daughter has filed her Federal and State (CA) tax with turbotax with the fellowship money as earned income. We just got a letter from CA FTB stating that she calculated her CA standard deduction wrong. Instead of using "CA Adjusted Gross Income + $450" as the standard deduction, it should be $1300.  As a result, she owes a small tax. Does CA treats fellowship money differently from federal? Did TT do the calculation wrong? Any insight from someone who is familiar with CA tax is much appreciated.
Hi everyone,   My scenario's objective is simple: pay zero income tax.   The mechanics: we know that taxable income in tax year 2025 below (Single Filers: Taxable income up to $48,350) will pay $... See more...
Hi everyone,   My scenario's objective is simple: pay zero income tax.   The mechanics: we know that taxable income in tax year 2025 below (Single Filers: Taxable income up to $48,350) will pay $0 in long term cap gains tax. However if one has $30k of deductions (mortgage interest plus property taxes) I postulate that such use case will permit to take an additional $30k distribution out of a 401k since it will be negated by the deductions so taxable income is still kept at bay for the $0 tax LT cap gains goal.   However how would that work out in terms of income tax on the $30k? Which bucket of income (1) or (2) will the deductions apply to? The taxable income will still be less than $48,350/year but it's made up by two different income sources. Please enlighten me! 
I wasn't aware of this bug and just received a letter from the IRS indicating I owed thousands in interest and penalties for my 2023 return because the 1099 from Marcus was not imported fully.  I jus... See more...
I wasn't aware of this bug and just received a letter from the IRS indicating I owed thousands in interest and penalties for my 2023 return because the 1099 from Marcus was not imported fully.  I just double checked my 2024 tax return, and the same problem occurred again so I will have to file an amended return and hope I don't get dinged by the IRS.   This is a major issue!  If the import process displayed an error or just didn't work that would be one thing, but when it partially works this makes TurboTax customers vulnerable to significant financial loss.   I'm not a happy customer and intend to request TurboTax cover my interest and penalties under their accuracy warranty.  Has anyone else requested this?
turbo tax sent a check can i return it to them so they can direct deposit
If you entered your bank account and routing number the IRS should pull it out of your account.   Turbo Tax doesn't pay or send your tax due. It only transmits your bank info to the IRS. Then the IRS... See more...
If you entered your bank account and routing number the IRS should pull it out of your account.   Turbo Tax doesn't pay or send your tax due. It only transmits your bank info to the IRS. Then the IRS debits your account on the date you specified or later. It may take them longer to pull it. I don't think they ever debit your account right away as soon as you file. You need to give them time to process your return and payment. Your only proof of payment is your bank statement or credit card showing the payment coming out.  And the IRS or state does not update Turbo Tax when or if they get your payment.
Sorry no.   You can only deduct expenses you actually pay.   And you can't pay yourself.  You are not an employee of the business.  
I was wondering if I did customer visits to gain more business in essence it’s like marketing as I don’t provide an item, I provide my services as in my skills to troubleshoot and repair machines.  W... See more...
I was wondering if I did customer visits to gain more business in essence it’s like marketing as I don’t provide an item, I provide my services as in my skills to troubleshoot and repair machines.  Would I be able to deduct this from taxes like the travel and time spent at the customer?  I am basically there marketing my services in a sense.  
and did you pay the estimated tax evenly/quarterly thru the year by the deadlines.  if not that's another reason for an underpayment penalty even if you meet the total by year-end (or even have a ref... See more...
and did you pay the estimated tax evenly/quarterly thru the year by the deadlines.  if not that's another reason for an underpayment penalty even if you meet the total by year-end (or even have a refund).
Was your 2023 AGI (Form 1040 line 11) more than $150,000 ($75,000 if you filed as married filing separately)? If so, you had to pay 110% of your 2023 tax to avoid a penalty.  
@JotikaT2 The reference you gave says  If you pay someone to come to your home and care for your dependent or spouse and you can control not only what work is done but how it is done, that person i... See more...
@JotikaT2 The reference you gave says  If you pay someone to come to your home and care for your dependent or spouse and you can control not only what work is done but how it is done, that person is probably a household employee and you may need to file Schedule H (Form 1040), Household Employment Taxes, with your tax return and pay household employment taxes. My parents did come to our house to care our child. That's why I think they should be considered household employee. It's just that I don't need to withheld tax for them, hence no schedule H needs to be filed. I couldn't find anywhere stating parents should not be considered household employee.   Also there is no where on form 2441 to indicate whether the care providers are your parents. By checking 'no' I'm worried IRS would misunderstand them as self employed (e.g. day care center)
both years the transation shows from back account before the sud date. why is this payment not listed anywhere in turbotax?
what is the issue or more specifically what line number on the k-1? certain lines are not handled by TurboTax and certain other lines need additional info.   
please consult IRS PUB 547 for casualty loss deduction  also it would seem that you have the option to claim the loss on an amended 2023 return    the pub also covers the situations where reimb... See more...
please consult IRS PUB 547 for casualty loss deduction  also it would seem that you have the option to claim the loss on an amended 2023 return    the pub also covers the situations where reimbursement is more or less than what was estimated https://www.irs.gov/forms-pubs/about-publication-547      there are various methods to figure your loss as described in the PUB for example Repair costs for casualty loss on personal residence can be used as evidence of the decrease in value of the property if certain conditions are met 1). The estimated repair cost safe harbor method allows individuals to determine the decrease in the fair market value of their personal-use residential real property using the lesser of two repair estimates prepared by separate and independent licensed contractors 2)     1)Section 1.165-7 (a) (2) (ii) provides that the cost of repairs to the property damaged is acceptable as evidence of the decrease in value of the property if the taxpayer shows that: (1) the repairs are necessary to restore the property to its condition immediately before the casualty; (2) the amount spent for such repairs is not excessive; (3) the repairs do not care for more than the damage suffered; and (4) the value of the property after the repairs does not, as a result of the repairs, exceed the value of the property immediately before the casualty.   2)The estimated repair cost safe harbor method allows you to figure the decrease in the FMV of your personal-use residential real property using the lesser of two repair estimates prepared by separate and independent licensed contractors. The estimates must detail the itemized costs to restore your property to its condition immediately before the casualty. The estimated repair cost safe harbor method is limited to casualty losses of $20,000 or less.   as you can see deducting a casualty loss can be complicated. you may want to consult a tax pro. Don't really know if there was faulty installation. you would need a lawyer if you wanted to contest this finding. If there was, this could affect the FMV before the casualty which could affect the deduction for the loss. 
TurboTax does not give a "confirmation number".   If you e-filed, you should find a certificate of electronic filing in the pdf of your tax return.   So---is the IRS saying you did not file? Di... See more...
TurboTax does not give a "confirmation number".   If you e-filed, you should find a certificate of electronic filing in the pdf of your tax return.   So---is the IRS saying you did not file? Did you e-file?   Did you go through all three steps of the FILE section and click a big orange button that said “Transmit my returns now?”     When you e-file your return you will get two emails from TurboTax.  The first one will say your return has been transmitted; the second one will tell you the IRS has accepted  or rejected your federal e-file.  If you filed a state return, there will be a third email (usually a day or two later) that tells you if the state e-file was accepted or rejected.   Check your e-file status:   https://turbotax.intuit.com/tax-tools/efile-status-lookup/    What does it say in your account?  Does it show that the return was accepted?   Or does it say something else---like "rejected," "printed," or "ready to mail?”      
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