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4 weeks ago
i am in south carolina
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4 weeks ago
Sorry--if you already e-filed it is too late.
4 weeks ago
Hello, My husband and I each contributed 10,000 to an IRA (which was immediately converted to a Roth) in 2024. On my 2024 taxes, I completed forms 5329 and 8606 for each of us. For 2025, I want to c...
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Hello, My husband and I each contributed 10,000 to an IRA (which was immediately converted to a Roth) in 2024. On my 2024 taxes, I completed forms 5329 and 8606 for each of us. For 2025, I want to carry the 2,000 excess forward for each of us (we are over 55 so can contribute 8,000). How do I handle this for 2025? What forms need to be completed? Did I do 2024 correctly, if not what needs correcting? Thanks!
4 weeks ago
The “senior deduction” is added automatically by the software based on the date of birth and filing status you entered into MY INFO. You do not need to take any extra steps to enter it. (And…the new...
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The “senior deduction” is added automatically by the software based on the date of birth and filing status you entered into MY INFO. You do not need to take any extra steps to enter it. (And…the new senior deduction has nothing to do with whether you are getting Social Security)
2025 STANDARD DEDUCTION AMOUNTS
SINGLE $15,750 (65 or older/legally blind + $2000)
MARRIED FILING SEPARATELY $15,750 (65 or older/legally blind +1600)
MARRIED FILING JOINTLY $31,500 (65 or older/legally blind + $1600)
HEAD OF HOUSEHOLD $23,625 (65 or older/legally blind + $2000)
For 2025 through 2028 there is an extra deduction amount of up to $6000 per individual 65 or older filing Single, MFJ, or HOH which is phased out for taxpayers with modified adjusted gross income over $75,000 for single filers and $150,000 for joint filers.
The $6,000 senior deduction will be calculated on 1040 Schedule 1-A page 2 Part V Enhanced Deduction for Seniors which goes to 1040 line 13b. It is separate and in addition to the Standard Deduction or your Itemized Deductions on 1040 line 12e. Turbo Tax automatically includes it.
IRS Schedule 1-A https://www.irs.gov/pub/irs-dft/f1040s1a--dft.pdf
4 weeks ago
If you don't ever owe taxes and this year there is a change, common reasons may be:
1). Your w-2 information may not have been entered correctly. Review all boxes in your w-2s and other income ...
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If you don't ever owe taxes and this year there is a change, common reasons may be:
1). Your w-2 information may not have been entered correctly. Review all boxes in your w-2s and other income sources.
2). Pay increase that was not accounted for by adjusting your w-4. Here is a link to a w-4 calculator.
You may also review your prior year return and compare it to the current year to ensure you have not left anything out.
4 weeks ago
If you use the CASH method of accounting, you report income when you receive it, so you should have reported the income in 2024. You could then expense the cost of the inventory in 2025 when you pur...
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If you use the CASH method of accounting, you report income when you receive it, so you should have reported the income in 2024. You could then expense the cost of the inventory in 2025 when you purchased it. If you are an ACCRUAL method taxpayer, you would report the income when it is earned (when the product was delivered and the sale finalized in 2025).
If you are a cash taxpayer, to be 100% correct, you would amend your 2024 tax return to report the income and expense the inventory in 2025.
For more information, please see What is the cash method of accounting? and What's the accrual method of accounting?
4 weeks ago
You have to access your own account and/or print it for yourself using exactly the same account and user ID that you used when you prepared the return.
https://myturbotax.intuit.com/
...
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You have to access your own account and/or print it for yourself using exactly the same account and user ID that you used when you prepared the return.
https://myturbotax.intuit.com/
Start a 2025 return online and enter some personal information so that the menu on the left opens up and lets you access your past year returns.
https://ttlc.intuit.com/community/prior-year-return/help/how-do-i-access-my-prior-year-return/01/27010
https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/save-2021-turbotax-online-return-pdf/L8dHfRkpT_US_en_US?uid=m5y4ch1y
Many people have multiple TT accounts and forget how to access them. Log out of the account you are in now.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/many-intuit-accounts-turbotax/L9aVfKS1Z_US_en_US?uid=ll5g6zcx
Account Recovery
Or did you use the desktop version of TurboTax? If so, the files are on your own hard drive or any backup device you used like a flash drive.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/find-last-year-tax-data-file-tax-file-computer/L0XJvPaJr_US_en_US
https://ttlc.intuit.com/turbotax-support/en-us/help-article/data-systems/find-tax-data-file-mac/L4VNGm33S_US_en_US?uid=m6guhab0
You can get a free transcript from the IRS or for a fee of $30, an actual copy of your tax return.
https://www.irs.gov/individuals/get-transcript
https://www.irs.gov/pub/irs-pdf/f4506.pdf
SAVE YOUR TAX RETURNS !
EVERY year before mid-October you should save a copy of your tax return as a pdf and print a copy of it for your records. That way you will not be searching online frantically when you need it for a lender, FAFSA forms, your next tax return, etc.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/save-2021-turbotax-online-return-pdf/L8dHfRkpT_US_en_US?uid=m6guj526
https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/save-2021-turbotax-online-return-pdf/L8dHfRkpT_US_en_US?uid=m78eb8pc
In order to transfer a past year return to the new return you need the tax file
https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/save-turbotax-online-return-tax-data-file/L4xwOG3LF_US_en_US?uid=m6guk3xl
NOTE: TurboTax and the IRS save returns for seven years. Returns older than seven years are purged.
4 weeks ago
What is holding up to print out state taxes
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4 weeks ago
Didnt get option to choose advance refund
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4 weeks ago
I NEED A COPY OF MY W-2 (or 1099)
W-2's come from employers. There is not a federal or national website that provides W-2’s.
TurboTax does not have a copy of your W-2—the Wag...
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I NEED A COPY OF MY W-2 (or 1099)
W-2's come from employers. There is not a federal or national website that provides W-2’s.
TurboTax does not have a copy of your W-2—the Wage & Tax Statement—issued to you by your employer, (nor does TurboTax have copies of your 1099’s). Whether you entered your W-2 by keying it in yourself, importing from a payroll site or by snapping a photo using the mobile app—-TT does not have a copy of your W-2. If you saved a pdf of your completed tax return, the worksheets will show the W-2 information you entered, but not the actual W-2.
You should always save those documents for your own records. You could ask the employer(s) for copies or you can get a copy from Social Security (for a fee of $62).
To get a copy of a W-2 from Social Security https://faq.ssa.gov/en-us/Topic/article/KA-02501
https://www.irs.gov/help-resources/tools-faqs/faqs-for-individuals/frequently-asked-tax-questions-answers/irs-procedures/transcript-or-copy-of-form-w-2/transcript-or-copy-of-form-w-2
You can get a wage and income transcript from the IRS: It will not show the actual W-2, 1099’s, etc, but will show the income information the IRS received. It will not, however, show your state information. It will only show the federal information.
https://www.irs.gov/individuals/get-transcript
Or you can pay the IRS $30 for an actual copy of your tax return which will include copies of your W-2’s
https://www.irs.gov/pub/irs-pdf/f4506.pdf
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-forms/get-copy-w-2/L8FTim9MO_US_en_US?uid=m68ee4os
There are over a dozen kinds of 1099's. A 1099NEC is typically issued by an individual or business for whom you performed work as an independent contractor, so seek a copy from them if you did not save yours. Many of the other types of 1099's are issued by banks, brokerages and other financial institutions from which you can seek copies.
4 weeks ago
I don't understand why I'm having this issue when I already have an account with both companies. Not only that but why are we forced to have only credit karma to get the advance? I'm about to use HR b...
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I don't understand why I'm having this issue when I already have an account with both companies. Not only that but why are we forced to have only credit karma to get the advance? I'm about to use HR block.
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4 weeks ago
If you want that level of help, you upgrade and pay an extra fee for online "Live."
LIVE ASSISTED
https://turbotax.intuit.com/personal-taxes/online/live/how-it-works.htm
FULL SERVIC...
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If you want that level of help, you upgrade and pay an extra fee for online "Live."
LIVE ASSISTED
https://turbotax.intuit.com/personal-taxes/online/live/how-it-works.htm
FULL SERVICE
https://turbotax.intuit.com/personal-taxes/online/live/full-service/
4 weeks ago
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4 weeks ago
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4 weeks ago
Sorry---the forum is glitching a little bit and cut off my last sentence which was supposed to say we do not know how much it will cost you to have your past year returns prepared by a tax pro.
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Sorry---the forum is glitching a little bit and cut off my last sentence which was supposed to say we do not know how much it will cost you to have your past year returns prepared by a tax pro.
Another thing----if you download the software to do them yourself---those past year returns have to be filed by mail.
When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s. Use a mailing service that will track it, such as certified mail so you will know the IRS/state received the return.
Federal and state returns must be in separate envelopes and they are mailed to different addresses. Read the mailing instructions that print with your tax return carefully so you mail them to the right addresses.
4 weeks ago
need someone to help finish my return
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4 weeks ago
If you included the same real estate tax paid twice by entering it while reporting two different loans, you can return to the Mortgage Interest section of TurboTax and delete the duplicated entry:
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If you included the same real estate tax paid twice by entering it while reporting two different loans, you can return to the Mortgage Interest section of TurboTax and delete the duplicated entry:
Open your return, and navigate to Deductions and Credits
Select "Your Home"
Select Edit next to Mortgage Interest
Remove the amount of the duplicated entry for property tax.
Please see this TurboTax help article for more information on the topic of real property taxes.
4 weeks ago
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