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Even though it shows up as income on the first page,if you have capital gains or qualified dividends the tax is not taken from the tax table but is calculated separately from schedule D.  The tax wil... See more...
Even though it shows up as income on the first page,if you have capital gains or qualified dividends the tax is not taken from the tax table but is calculated separately from schedule D.  The tax will be calculated on the Qualified Dividends and Capital Gain Tax Worksheet.  It does not get filed with your return.    See this FAQ https://ttlc.intuit.com/community/forms/help/form-1040-line-11-amount-is-less-than-standard-irs-tax-table/00/25752   In the online version you need to save your return as a pdf file and include all worksheets to see it.
On my return the amount shown on line 16 of Schedule D Part 3, appears to be the gross amount of my capital gains and is also shown on schedule 1040-SR line 7 which then becomes part of my taxable inc... See more...
On my return the amount shown on line 16 of Schedule D Part 3, appears to be the gross amount of my capital gains and is also shown on schedule 1040-SR line 7 which then becomes part of my taxable income which is taxed at my full tax rate.
I've read the posts on where to enter CPP and OAS for US persons who are residents of the USA. However, as a resident of Canada, the IRS rules state the following: "The taxation of payments received... See more...
I've read the posts on where to enter CPP and OAS for US persons who are residents of the USA. However, as a resident of Canada, the IRS rules state the following: "The taxation of payments received from Canadian retirement programs that are similar to the U.S. Social Security system receive special tax treatment due to an income tax treaty between the United States and Canadian governments. The way this income is taxed depends on the recipient’s residence. If the recipient is a U.S. citizen or lawful permanent resident (green card holder) who is a resident of Canada, the benefits are taxable only in Canada." As the benefits are NOT taxable in the USA but I assume still need to be reported as a foreign pension, how can I use TurboTax to report my nontaxable CPP payments? Can I create a substitute 1099R and somehow specify that the figures should not be included as taxable income? In other words, I need a way to populate Line 5a when Line 5b is zero. Please help; this is my first year collecting CPP Thank You
Duplicate question
Are you entering an investment Sale?  Did you get a 1099B?  You need to upgrade to Premium to enter sales.   Enter a 1099 B under Federal Taxes Wages & Income  Then scroll down to Investment Inc... See more...
Are you entering an investment Sale?  Did you get a 1099B?  You need to upgrade to Premium to enter sales.   Enter a 1099 B under Federal Taxes Wages & Income  Then scroll down to Investment Income Then Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) - click Start Then click +Add Investments at the bottom Then Import your info OR Skip Import at the bottom Then pick box Stocks, Bonds, Mutual Funds - then Continue Enter the bank or broker Answer some general questions and Continue Then Continue a couple more screens and you finally get to the 1099B entry screen.
Where would I put the $5,049.07 and $4,775;87 amounts?
Where would I put the $5,049.07 and $4,775;87 amounts?
Thanks @Opus 17.   Instead of taking the 10% penalty for withdrawing the excess $1000 in 2025, could I just leave it in the account and then just take another 6% penalty for keeping the excess fund... See more...
Thanks @Opus 17.   Instead of taking the 10% penalty for withdrawing the excess $1000 in 2025, could I just leave it in the account and then just take another 6% penalty for keeping the excess funds in the account? I figure 6% is better than 10%, no? Or am I completely wrong about that?  
If you have the 16 digit License Code, you should be able to download a prior year here on the program page. Up at the top it says…. If you’ve already purchased a previous year’s Desktop tax softwar... See more...
If you have the 16 digit License Code, you should be able to download a prior year here on the program page. Up at the top it says…. If you’ve already purchased a previous year’s Desktop tax software you can "access it here". Click on the little blue "access it here" link. Here is the 2023 page... https://turbotax.intuit.com/personal-taxes/past-years-products
I bought the software from a retailer and my laptop does not have a CD drive. How do I download the software? I have tried everything and the site just keeps me going in circles
What is the rejection code and rejection message?
@ir63 the deduction for qualified overtime does not change the calculation for IRA contributions.     Since you income exceeds the $126,000, your IRA contribution is limited, but that limit is not ... See more...
@ir63 the deduction for qualified overtime does not change the calculation for IRA contributions.     Since you income exceeds the $126,000, your IRA contribution is limited, but that limit is not affected by the overtime deduction.  The overtime deduction only affects how much of your income is subject to tax. 
I know you can claim at least as much as the "estimated cost" from the school is. The "estimated cost" assumes a double (I think in one of the freshman dorms), and since freshmen are required to have... See more...
I know you can claim at least as much as the "estimated cost" from the school is. The "estimated cost" assumes a double (I think in one of the freshman dorms), and since freshmen are required to have an Unlimited meal plan, probably the least expensive "Unlimited Basic" (no guest meals, no "dining dollars") plan.  Can you claim actual cost up to "equivalent costs" (for example, the apartment-style dorm DD was in last year which was 4BR/1BA is now $4623 and she's renting a 3BR/3BA furnished apartment and it should be less for the semester even counting utilities)? Do you only get to claim rent for September if classes start September 2nd, even if the lease starts August 1 and move-in for the dorms is before Labor Day (September 1), and 5 months' rent is less than 1 semester in the dorm (at least the equivalent junior/senior housing, not the "estimated cost" freshman double)? Do you get to claim rent for all of May if graduation is May 5 2026 (and dorms would let you stay until that day or a day later) or do you have to prorate? We're looking at 10 months' rent being less than 2 semesters in the (senior) dorm. If she can't sublet to someone for June and July we'll just have to pay those months out of pocket.  But I'm wondering if we can just submit $814x5 = $4070 for each fall and spring for rent, and up to the $3430 cost of the Unlimited Basic meal plan for groceries, or if fall is going to be limited to $814x4 = $3256 for rent and just slightly more (4 months plus 5 days in May?) for spring rent?
Each of you can contribute $7000 ($8000 if age50 or older). The overtime deduction is subtracted from AGI and so doesn’t affect your contribution limit. 
Why is turbotax asiking me to upload form F600S-Final for GA S corp return? Isn't turbo tax supposed to file that form?
When I try to import my year end statement, everything looks good, Primerica Shareholder Services is on the import list. It then asks for a nine digit account number. Problem is that my account numbe... See more...
When I try to import my year end statement, everything looks good, Primerica Shareholder Services is on the import list. It then asks for a nine digit account number. Problem is that my account number is three letters, followed by six digits. It fails with "The login you entered is invalid". Any tricks to get past this? Since they use Pershing, I also tried selecting that without success.
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