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a month ago
I'm trying to delete investment income entries. Even after depressing ' trashcan' - and answering yes to the "do you want to delete"... it still does NOT delete the entry. please advise.
a month ago
Enter your VA state 529 Plan contribution by following these steps in TurboTax Online:
Select State Taxes
Select Edit or Revisit next to Virginia
Navigate through the Virginia return u...
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Enter your VA state 529 Plan contribution by following these steps in TurboTax Online:
Select State Taxes
Select Edit or Revisit next to Virginia
Navigate through the Virginia return until you get to the screen Here's the income that Virginia handles differently
Scroll down to Education and select Edit for Virginia College Savings Prepaid Tuition (Section 529) Plan
a month ago
@int32tx Taxable amount>...... If your box 2a has a non-zero number in it..(not blank, nor marked as undetermined), and that number is somewhat lower than the box 1 number, due to an after...
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@int32tx Taxable amount>...... If your box 2a has a non-zero number in it..(not blank, nor marked as undetermined), and that number is somewhat lower than the box 1 number, due to an after-tax contribution amount that is noted in box 5...then edit that retirement form again, and when you get to the following page (below), answer it as-if the displayed edits were present (i.e. you needed to answer YES). Answering YES will use the box 2a $$ amount on your for 1040. Checking lines 5a and 5b on your form 1040, before and after entering that 1099-R, and the 5b amount should be lower than line 5a. ___________________________________
a month ago
I took your advice and and entered my interest from box 3 as a separate item and entered the accrued interest on just that item.. But schedule B still shows it as an addition to interest instead of ...
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I took your advice and and entered my interest from box 3 as a separate item and entered the accrued interest on just that item.. But schedule B still shows it as an addition to interest instead of a subtraction and it is labeled "Accrued market discount" which isn't even a choice. If Itry to enter the accrued interest as a negative number it shows as an error.
a month ago
If you are filing as Married Filing Separately you are not eligible for the deduction. If you are Single and your AGI is over $175,000 or Married Filing Jointly and your AGI is over $250,000 you are...
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If you are filing as Married Filing Separately you are not eligible for the deduction. If you are Single and your AGI is over $175,000 or Married Filing Jointly and your AGI is over $250,000 you are not eligible for the deduction.
If you are age 65 or older and meet the requirement, the additional deduction is automatically added on your federal tax return.
Standard deductions for 2025
Single - $15.750 add $2,000 if age 65 or older Married Filing Separately - $15,750 add $1,600 if age 65 or older Married Filing Jointly - $31,500 add $1,600 for each spouse age 65 or older Head of Household - $23,625 add $2,000 if age 65 or older
New Bonus Standard Deduction (OBBB): An additional $6,000 deduction for taxpayers 65 and older. This is per eligible individual, meaning a married couple both over 65 could get $12,000. Important: This bonus deduction is temporary, lasting from 2025 through 2028. Income limitations: It phases out for taxpayers with modified adjusted gross income over $75,000 for single filers and $150,000 for joint filers.
The amount is calculated on Schedule 1-A, Part V, with that amount flowing to Form 1040 Line 13b
Look at your Form 1040 -
You can view your Form 1040 plus Schedules 1, 2 and 3 at any time using the online editions. Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.
a month ago
The estate disposed of the property in the sense that it was distributed to you in kind. I believe you need to check that box in TurboTax Business and then indicate that the property was converte...
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The estate disposed of the property in the sense that it was distributed to you in kind. I believe you need to check that box in TurboTax Business and then indicate that the property was converted to personal use in order to stop depreciation as of that date. You will then use the estate's adjusted basis (including accumulated depreciation) to report on your return going forward.
a month ago
You don’t enter a 1095C into your return. Only 1095A. If you paid medical out of pocket and not reimbursed for it you can enter it as an Itemized Deduction on Schedule A. Enter Medical un...
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You don’t enter a 1095C into your return. Only 1095A. If you paid medical out of pocket and not reimbursed for it you can enter it as an Itemized Deduction on Schedule A. Enter Medical under Federal (Personal for HB) Deductions and Credits Then scroll way down to Medical Then Medical Expenses - click Start or Update You can only deduct the amount of unreimbursed Medical Expenses and Insurance you actually paid over 7.5% of your AGI. And then all your itemized deductions have to be more than the standard deduction to get any benefit (so you would only be getting the benefit of the amount that puts you over the standard deduction).
a month ago
All you have to do is enter your birthday. If you are over 65, the deduction is automatic. What's the new tax law for the senior deduction? You must meet the following requirements: Age: Yo...
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All you have to do is enter your birthday. If you are over 65, the deduction is automatic. What's the new tax law for the senior deduction? You must meet the following requirements: Age: You must be 65 or older by December 31 of the tax year. Filing status: Single, Head of Household, Qualifying Surviving Spouse, or Married Filing Jointly. (Married Filing Separately is not eligible.) Social Security number: You must have a valid Social Security number and include it on your tax return.
a month ago
I check the bulk edit box but don't see how to enter or change the line data under review.
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a month ago
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a month ago
I have a 1099-B that includes sales of bonds that my wife inherited. When entering additional information to complete the review of the imported form I am shown six transactions that need to be repor...
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I have a 1099-B that includes sales of bonds that my wife inherited. When entering additional information to complete the review of the imported form I am shown six transactions that need to be reported. Under acquisition date the form doesn't have one. The help bullet in TurboTax says "If you don't have a date, it's possible that your investment was inherited." That is the case. Then it says: to fix: 1. Go to the box labeled How did you receive this investment? 2. Select I inherited it from the dropdown. There is no such box in the window, and this is the only window that comes up in the interview when I edit the 1099-B in question. I've seen this box on other windows (and likely entered it incorrectly in this case). How do I find this box? Is there some way to get back to it?
a month ago
Hello. Under "Other Tax Situations", there is the IRA Calculator tool. When I tried to use it to find how much I could contribute to save on taxes, the series of questions TurboTax asked after my...
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Hello. Under "Other Tax Situations", there is the IRA Calculator tool. When I tried to use it to find how much I could contribute to save on taxes, the series of questions TurboTax asked after my entries ended with TT saying I am "not qualified for deducting the contributions for saving on taxes'!! The calculator said I could contribute and even showed a tax savings! But the following steps failed. My case is filing a joint return with $8000 earned income. According to IRS, I am not limited by MAGI to contribute to traditional IRA and it is deductible up to $8000. So when TT says I am not qualified? If I enter the number in the actual forms (IRA Worksheets), it comes out right and I am fully qualified and I got all the expected tax savings. So there is a disconnect between the forms section and the interactive sections. Please correct the problem. Thanks. Gajamukh
a month ago
I saw the help article you linked. I'm trying to amend a California return for 2024. California is on the list in the help article. That's why I'm asking....California is listed, but TurboTax isn'...
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I saw the help article you linked. I'm trying to amend a California return for 2024. California is on the list in the help article. That's why I'm asking....California is listed, but TurboTax isn't allowing an efile. Who should I contact?
a month ago
Form 1116 line 18 not calculating correctly, failing to minus 1040 line 14 as it indicated on the form.
a month ago
From what I've seen, the 1099-MISC from staking rewards or interest should NOT go toward Schedule C. Especially since this wasn't for a line or work or job.
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a month ago
SCHEDULE B 1099 - DIV. TAX EXEMPT INTEREST TOTAL MUST MACH % FOR EACH STATE. MY FUNND HAS HAS 42 STATES--MUST MATCH TAX EXEMPT INTEREST==NOT ENOUGH ROOM
a month ago
I paid $51.00 a month all year for health insurance.
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a month ago
Starting in 2024 there is a new question this year asking if you lived in a foreign place. People have been answering it wrong or skipping it. Go back through the Social Security entries. And it i...
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Starting in 2024 there is a new question this year asking if you lived in a foreign place. People have been answering it wrong or skipping it. Go back through the Social Security entries. And it is for each spouse. So if you have a low amount on 1040 line 6b you might have answered wrong for 1 person. You can go back into your tax return but be very careful not to change anything. Click on Add a State to let you back into your return. You should see this screen after you enter your Social Security and hit Continue. What is checked Yes or No? Also check if you ssn is valid for employment under My Info or Personal Info. That can affect many things. Needs to be yes.
a month ago
You will only need to check this box if you are applying for a tax credit or deduction in which your U.S. residency is a qualifying criteria, such as the Earned Income Credit (EIC). Otherwise, you sh...
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You will only need to check this box if you are applying for a tax credit or deduction in which your U.S. residency is a qualifying criteria, such as the Earned Income Credit (EIC). Otherwise, you should just leave it as-is.
If you're receiving any error messages in the software regarding that box being checked, you may need to verify your inputs for interview questions in the Tax Home > Federal > Deductions & Credits menu screens that pertain to credits which have a minimum U.S. residency requirement, such as the EIC.
The IRS 2025 1040 and 1040-SR instructions What's New section (on page 6) helps explain the specific usage of that question box and when it is applicable to be used:
Main home was in the U.S. If your main home (and spouse if filing a joint return) was in the U.S. for over half of 2025, check the box on the front of Form 1040 or 1040-SR. Providing this information will help the IRS determine your eligibility for certain tax benefits, including the earned income credit.