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If you already filed your return, you will have to do an amended return.
 No, you aren't eligible for rental credits or deductions in Illinois and Indiana. These benefits are only offered for a primary residence, and since your primary residence is the home on which you p... See more...
 No, you aren't eligible for rental credits or deductions in Illinois and Indiana. These benefits are only offered for a primary residence, and since your primary residence is the home on which you pay a mortgage, you do not qualify.  
If your main residence and close family ties are in Canada, but you also live or travel outside Canada for work, you are a factual resident for tax purposes. You would file your taxes in Canada and r... See more...
If your main residence and close family ties are in Canada, but you also live or travel outside Canada for work, you are a factual resident for tax purposes. You would file your taxes in Canada and report foreign income.
No.  They will go on your 2026 return you file next year.  
It depends.  It is possible that removing the dependent caused some other changes to your tax return.  If you had no other dependents, you would no longer qualify for Head of Household status. Going ... See more...
It depends.  It is possible that removing the dependent caused some other changes to your tax return.  If you had no other dependents, you would no longer qualify for Head of Household status. Going from Head of Household to single would make your standard deduction decrease from $23,625 to $15,750.    Also, the Earned Income Tax Credit (EITC) is based on the number of children.  The removal of one could cause the EITC credit to decrease, depending on the number of children remaining on your tax return, if any.   The best course of action would be to compare the new tax return to the one you previously filed to see what changed.
Wow, a very thorough response - better than what I expected to be honest, so thanks.  I do need to clarify - none of the IBIT investment was sold in 2025 so the only "sales" I can fathom from my rese... See more...
Wow, a very thorough response - better than what I expected to be honest, so thanks.  I do need to clarify - none of the IBIT investment was sold in 2025 so the only "sales" I can fathom from my research are the frequent periodic sales that Black Rock made to cover their management fee - the Brokerage (Schwab) has been most unhelpful despite me trying to get some guidance from their "Tax area", and their additional tax information does not explain what I am supposed to do with the information that was provided to me.  I did find an example online on the Black Rock web site on how to calculate a reduction in the cost basis of the shares I own as a result of the selling of tiny amounts to cover the periodic management fee, but the example provides no guidance on whether I need to report anything until I sell the shares.....do you know if I need to report anything prior to a sale of the shares?
My child was born in January 2026, should I not list them as a dependent for my 2025 filing?
No.  It has already been deducted from your income.  You can not deduct it again.  Actually it’s better to have it deducted from your IRA distribution (called above the line) instead of taking a Sche... See more...
No.  It has already been deducted from your income.  You can not deduct it again.  Actually it’s better to have it deducted from your IRA distribution (called above the line) instead of taking a Schedule A deduction for it especially if the Standard Deduction is more than your itemized deductions.   After you enter form 1099-R keep going.   If you have entered a birth date which makes you older than 70 1/2  there will be a page that asks Do any of these situations apply? Midway down is Were any of these funds sent directly to a charity?   Then it will ask for the amount.   The code in box 7 of form 1099-R must be 7 (or new code Y) and the little IRA/SEP/SIMPLE box must be checked.  A IRA QCD should be 0 taxable on 1040 line 4b and the QCD box checked.  Unless you have other 1099R taxable amounts on 4b.  You can’t do a QCD from a 401K.
If you completed a substantial renovation to a residential rental property, the renovation itself is not treated as intangible and should be entered in TurboTax in the assets section for your rental ... See more...
If you completed a substantial renovation to a residential rental property, the renovation itself is not treated as intangible and should be entered in TurboTax in the assets section for your rental as a another asset to be depreciated. See this tax tips article regarding rental depreciation.   Please clarify your question if needed.    
Turbo Tax does not ask for prepaids for 2025?
There was a bug. that wouldn't let you enter room & board, that fixed yesterday on desktop software and earlier for online users. You may need to update.   The 1099-Q (and the 1098-T) is  only an... See more...
There was a bug. that wouldn't let you enter room & board, that fixed yesterday on desktop software and earlier for online users. You may need to update.   The 1099-Q (and the 1098-T) is  only an informational document. The numbers on it are not required to be entered onto your (or your student's) tax return. The interview is complicated and it's easy to make mistakes. Avoid it if you can and you probably can.  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. References: On form 1099-Q, instructions to the recipient reads: "Nontaxable distributions from CESAs and QTPs are not required to be reported on your income tax return. You must determine the taxability of any distribution."  IRS Pub 970 states: “Generally, distributions are tax free if they aren't more than the beneficiary's AQEE for the year. Don't report tax-free distributions (including qualifying rollovers) on your tax return”. "IRS Publication 970, Tax Benefits for Education states: If the entire 1099-Q went to qualified expenses, room and board, tuition, etc; then, you do not need to enter the form." 
Looks like I had to do Federal Review and it verified that my tax liability was correct for educational expenses.  Prior TT years updated it in the 1098-T section when entering the educational expens... See more...
Looks like I had to do Federal Review and it verified that my tax liability was correct for educational expenses.  Prior TT years updated it in the 1098-T section when entering the educational expenses (Room and Board).
First, make sure that you understand that in the program and on the tax forms both the amounts your employer contributed to your HSA and the amount you contributed via payroll deduction under a Secti... See more...
First, make sure that you understand that in the program and on the tax forms both the amounts your employer contributed to your HSA and the amount you contributed via payroll deduction under a Section 125 Plan (also referred to as a Cafeteria Plan) are referred to as "Employer Contributions". To adjust the amount that is reported on your W-2:   Go to Forms View  In the list of "Forms in My Return" on the left, find a click on Form 8889. Scroll down to "Line 9 Employer Contribution Smart Worksheet" On line E, enter the amount of additional contributions made by your employer or deducted from your pay. Note:  If the amount in Boxes 1, 3, and 5 of your W-2 do not accurately reflect the amount of your HSA contributions via payroll deduction, the above will not correct that.  The only solution for that is a corrected W-2.