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If the stock is worthless, you should be able to report your complete investment in the stock.   Stocks, stock rights, and bonds (other than those held for sale by a securities dealer) that becam... See more...
If the stock is worthless, you should be able to report your complete investment in the stock.   Stocks, stock rights, and bonds (other than those held for sale by a securities dealer) that became completely worthless during the tax year are treated as though they were sold on the last day of the tax year.   A stock may become worthless when the corporation files for bankruptcy, stops doing business, and has no assets. Financial difficulties will not make a company's stock worthless unless there's no hope that the company will survive.  Worthless stock includes abandoned stock, permanently surrendered for no consideration.   Enter a worthless stock like any stock sale but with a sales price of zero and the word worthless in its description. Enter the correct cost or basis, date acquired, and December 31 as the date sold.   See IRS Publication 550 Investment Income and Expenses, page 54.   In TurboTax Online, follow these steps:      Down the left side of the screen, click Federal. Down the left side of the screen, click Wages & Income. Click the down arrow to the right of Investments and Savings. Click to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B). Click Add investments. On the Save time and connect your financial accounts screen, select Enter a different way. On the How do you want to add your docs? screen, select Type it in myself. On the OK, let's start with one investment type screen, select Stocks, Bonds, Mutual Funds, then Continue. At the screen Which bank or brokerage, enter the information.  Click Continue. Do these sales include any employee stock, enter No. Do you have more than three sales, enter No. Do these sales include any other types of investments, enter No. Did you buy every investment listed, enter Yes.  Continue. On the screen Now, choose how to enter your sales, select One by one.  Select Continue. At the screen Look for your sales on your 1099-B, select Continue. You will now be able to enter $0 total proceeds (sales) and your cost basis, along with the sales category. Refer to your IRS form 1099-B, IRS form 8949 and / or Schedule D Capital Gains and Losses for the amounts and category. When finished, select Continue. At the screen Let us know if any of these situations apply to this sale, select This was a worthless security.  Select Continue. At the screen Review your sales, select Add another sale as necessary. When completed, close the record and click Continue.  
Haven’t heard that.   If you aren’t getting the new Enhanced Senior Deduction on Schedule 1-A which goes to 1040 line 13b  these should be the only 3 reasons… Check your date of birth under My Info... See more...
Haven’t heard that.   If you aren’t getting the new Enhanced Senior Deduction on Schedule 1-A which goes to 1040 line 13b  these should be the only 3 reasons… Check your date of birth under My Info If you are married you have to file a Joint return not Separate Is your AGI over 175,000 Single or 250,000 Joint?   What is your filing status and AGI?   I can put it in my spreadsheet.
In order to get a refund on the product that you already paid for you need to return to the point of sale.  Usually they do not refund money on opened software but it will depend on where you purchas... See more...
In order to get a refund on the product that you already paid for you need to return to the point of sale.  Usually they do not refund money on opened software but it will depend on where you purchased it.
Do incontinance pads/diapers qualify as medical expenses?
I am using the web version of TurboTax Premium for business owners.  I have tried on windows 11 and a Chromebook.  I have used Firefox, Edge, and Chrome.  I have cleared cache, cookies, history, ever... See more...
I am using the web version of TurboTax Premium for business owners.  I have tried on windows 11 and a Chromebook.  I have used Firefox, Edge, and Chrome.  I have cleared cache, cookies, history, everything.  The turbo tax rep guided me through all of that and had no resolution to offer. 
Please clarify what you want. Are you doing your taxes and having trouble with the filing process? Do you want someone to file your taxes for you? This is a chat type forum.  We don't con... See more...
Please clarify what you want. Are you doing your taxes and having trouble with the filing process? Do you want someone to file your taxes for you? This is a chat type forum.  We don't contact people by phone.
It often happens that a state will issue a payment to help taxpayers that is not taxable to that state, but taxable on the Federal return. These change from year to year and may even change during th... See more...
It often happens that a state will issue a payment to help taxpayers that is not taxable to that state, but taxable on the Federal return. These change from year to year and may even change during the filing season. For 2025, the special New York taxpayer assistance payment is nontaxable to New York but taxable on the Federal return.   Because the special New York Inflation Refund is not a regular tax refund but a special payment that is taxable at the Federal level, you can report it instead in Other Reportable Income. In TurboTax Online:   From the left menu, go to Federal and select the first tab, Wages & Income Add more income by scrolling down to the last option, Less Common Income, and Show more Scroll down to the last option, Miscellaneous Income, 1099-A, 1099-C and Start Choose the last option, Other reportable income and Start and Yes Enter the applicable description and amount and Continue   If you need to subtract an item of income from your New York return that was included in your Federal return income, you can enter that adjustment in TurboTax Online at the screen in your New York return labeled "Changes to Federal Income".     Look under Other New York Adjustments to Federal Income, and select Start next to Other changes (adjustments) to your federal income to make the subtraction entry. @kooolerking 
You need to enter your W-2 form in the Wages and Income section of TurboTax. Later in that section you will be asked questions about the tip income you reported in box 7 to see if you qualify for the... See more...
You need to enter your W-2 form in the Wages and Income section of TurboTax. Later in that section you will be asked questions about the tip income you reported in box 7 to see if you qualify for the deduction for tips.
@tklink88    And if it is for a 1099-R you received for a pension you get automatically....monthly....the RMD is just what is showing in box 1 of that 1099-R.   For things like actual IRAs, or 40... See more...
@tklink88    And if it is for a 1099-R you received for a pension you get automatically....monthly....the RMD is just what is showing in box 1 of that 1099-R.   For things like actual IRAs, or 401k/TSP accounts....any retirement account where you control when you you take out the $$.....those do require that you arrange to get the proper RMD calculated and issued to you each year.
I am mannually entering my 1099-B data
If your W-2 has Tips entered in box 7, then the TurboTax software will automatically complete Schedule 1-A and enter your deduction on the Form 1040 Line 13b.  Complete the W-2 as received.   You... See more...
If your W-2 has Tips entered in box 7, then the TurboTax software will automatically complete Schedule 1-A and enter your deduction on the Form 1040 Line 13b.  Complete the W-2 as received.   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.
Income does not matter for his age. I know you have been through the entry screens: US citizen,  lived with you all year, in the US,  not married,  Often chosen wrong -select no - did n... See more...
Income does not matter for his age. I know you have been through the entry screens: US citizen,  lived with you all year, in the US,  not married,  Often chosen wrong -select no - did not pay more than half his living expenses,  Another spot to go wrong -SSN not valid for employment box is blank When you look at form 8812, line 6 does not include your 17 year old so line 7 is zero instead of $500. I have to wonder if something is stuck.  You may need to try deleting one then the other, If the program is still holding, reverse which gets deleted first. Follow these steps: Online version: Delete the child and Form 8812, if possible, see How to Delete   Log out of your return and try one or more of the following: Don't use Internet Explorer. Clear cache and cookies, Sign in using a different browser. Sign in using a different device. Log back into your return. Enter the information again.   Desktop version:  Delete the form 8812 and child Save your return while closing the program. Update the program Open Enter the information again.
Q. Can I continue to offset the earnings to avoid paying taxes on them? A. Yes.  Actually you must have expenses equal to or more than the total distribution amount (box 1 of the 1099-Q) not just t... See more...
Q. Can I continue to offset the earnings to avoid paying taxes on them? A. Yes.  Actually you must have expenses equal to or more than the total distribution amount (box 1 of the 1099-Q) not just the earnings amount (box 2).    Currently, there is a glitch in TurboTax that is preventing the entering of all expenses (mostly room and board). That is scheduled to be fixed sometime Friday.    But if you are using up all the tuition for the 529 distribution, the parents may be missing out on a generous tuition credit. Read on for a full explanation.   Qualified Tuition Plans  (QTP 529 Plans) Distributions General Discussion It’s complicated. For 529 plans, there is an “owner” (usually the parent, but can be the grandparent), and a “beneficiary” (usually the student dependent). The "recipient" of the distribution can be either the owner or the beneficiary depending on who the money was sent to. When the money goes directly from the Qualified Tuition Plan (QTP) to the school, the student is the "recipient". The distribution will be reported on IRS form 1099-Q.  The 1099-Q gets reported on the recipient's return.** The recipient's name & SS# will be on the 1099-Q. Even though the 1099-Q is going on the student or grandparent's return, the 1098-T should go on the parent's return, so they can claim the education credit. They can do this because she is their dependent and even though the tuition was actually paid by the grandparent's 529 plan.  They can and should claim the tuition credit before you claim the 529 plan earnings exclusion. The American Opportunity Credit (AOC or AOTC) is 100% of the first $2000 of tuition and 25% of the next $2000 ($2500 maximum credit). The educational expenses you claim for the 1099-Q should be reduced by the amount of educational expenses they claim for the credit. Room and board (R&B) are also qualified expenses for the 529 distribution, but not the AOC (R&B are also not qualified expenses for a scholarship to be tax free). But be aware, the family can not double dip. They cannot count the same tuition money, for the tuition credit,  that gets you an exclusion from the taxability of the earnings (interest) on the 529 plan or vice versa. Since the credit is more generous; use as much of the tuition as is needed for the credit and the rest for the earnings exclusion. Another special rule allows them to claim the tuition credit regardless of whose money was used to pay the tuition. In addition, there is another rule that says the 10% penalty is waived if you are unable to cover the 529 plan withdrawal with educational expenses either because she got scholarships or the expenses were used (by her or the parents) to claim the credits. You'll have to pay tax on the earnings, but not the penalty.   Total qualified expenses (including room & board) less amounts paid by scholarship less amounts used to claim the Tuition credit equals the amount you can use to claim the earnings exclusion on the 1099-Q.  Example:   $10,000 in educational expenses (including room & board)    -$3000 paid by tax free scholarship***    -$4000 used to claim the American Opportunity credit  =$3000 Can be used against the 1099-Q (on the recipient’s return)   Box 1 of the 1099-Q is $5000 Box 2 is $2800 3000/5000=60% of the earnings are tax free; 40% are taxable 40% x 2800= $1120 There is  $1120 of taxable income (on the recipient’s return)   **Alternatively; 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. You would still have to do the math to see if there were enough expenses left over for you to claim the tuition credit. Again, you cannot double dip!  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, in case of an IRS inquiry. 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."  ***Another alternative is have the student report some of his scholarship as taxable income, to free up some expenses for the 1099-Q and/or tuition credit. Most people come out better having the scholarship taxable before the 529 earnings. A student, with no other income, can have up to $14,600 of taxable scholarship (in 2024) and still pay no income tax. 
I am a single filer, over 65 years old. My 2025 income is between $75,000 and $175,000.  According to IRS, I should receive a prorated Enhanced Senior Deduction (phase out begins at $75,000 and deduc... See more...
I am a single filer, over 65 years old. My 2025 income is between $75,000 and $175,000.  According to IRS, I should receive a prorated Enhanced Senior Deduction (phase out begins at $75,000 and deduction is eliminated at $175,000).  The prorated deduction does not appear on my 1040SR and my forms does not include Schedule 1-A.  Has anyone seen this issue of not receiving the prorated deduction?
Thanks for your input.  This is an unnecessary mess.  This should be clear.  
On Windows or Mac?   The Online web version doesn't need to do updates.  It is automatically updated when they put out updates.   If you have the Desktop CD/Download program installed on your comp... See more...
On Windows or Mac?   The Online web version doesn't need to do updates.  It is automatically updated when they put out updates.   If you have the Desktop CD/Download program installed on your computer you go up to the top menu line and click on menu item Online then on Check for Updates.  Or just close and reopen the program.   If your program says it's up to date or you can't update it then try the Manual Update for Windows https://ttlc.intuit.com/community/updating/help/manually-update-turbotax-for-windows-software-basic-deluxe-premier-home-business/00/26041   Also try updating Windows OS.    
To clarify, what do you mean by a change in state. Is it changing the school's state where it is located, or is there another issue? If it is the schoo'sl location, check the zip code to see if it's ... See more...
To clarify, what do you mean by a change in state. Is it changing the school's state where it is located, or is there another issue? If it is the schoo'sl location, check the zip code to see if it's a MA zipcode.