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6 hours ago
I cannot find Form 4562 in the online version of TurboTax, where can I enter depreciation of my properties, I was able to do it last year. I see threads that this has been released for Desktop, but m...
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I cannot find Form 4562 in the online version of TurboTax, where can I enter depreciation of my properties, I was able to do it last year. I see threads that this has been released for Desktop, but my entire return is online, so I really do not want to transfer over.
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6 hours 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.
6 hours ago
There is nothing that you need to enter into your return with regard to an FSA that you contributed to during the year. There are no tax credits associated with that type of account. You have alrea...
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There is nothing that you need to enter into your return with regard to an FSA that you contributed to during the year. There are no tax credits associated with that type of account. You have already received the tax benefit when the money was contributed pre-tax.
To learn more, take a look at the following TurboTax help article:
What is a Flexible Spending Account (FSA)?
6 hours ago
After checking the list of current issues under investigation, I did not find one related to the calculations on Form 1040 Schedule H. The first step in requesting a correction is to examine a diagn...
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After checking the list of current issues under investigation, I did not find one related to the calculations on Form 1040 Schedule H. The first step in requesting a correction is to examine a diagnostic tax file experiencing the situation. You can provide a diagnostic copy of your tax data file so that someone here can take a closer look. The diagnostic file will not contain personally identifiable information, only numbers related to your tax forms.
If you would like to provide us with the diagnostic file, follow the instructions below and post the token number along with which version of TurboTax you are using and what states you are filing in a follow-up thread. It would be helpful to have a screenshot of the token number to prevent it from being redacted.
Use these steps if you are using TurboTax Online:
Sign in to your account and be sure you are in your tax return.
Select Tax Tools in the menu to the left.
Select Tools.
Select Share my file with agent.
A pop-up message will appear, select OK to send the sanitized diagnostic copy to us.
Post the token number here.
6 hours ago
This deduction is populated automatically. This is an additional deduction, not included with the standard deduction. This additional deduction for seniors is calculated based on the birthday you hav...
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This deduction is populated automatically. This is an additional deduction, not included with the standard deduction. This additional deduction for seniors is calculated based on the birthday you have entered in your tax return.
This deduction is located on Schedule 1-A Additional Deductions, Part V. The total additional deductions will be summed and appear on your 1040, line 13b.
You can check this in TurboTax Online by navigating to Tax Tools on the left of your screen, choose Tools, then View Tax Summary. On the left of the screen, select Preview my 1040, and scroll to Schedule 1-A Part V.
6 hours ago
Hi Mary. I got that far Putting zero for the New York amountbut it didn’t translate into a subtraction from my NY earnings. Is there a glitch in the TurboTax application?
6 hours ago
@user17747236829 Yes, all filing status' are covered including Married Filing Jointly.
6 hours ago
To report this sale, you'll navigate to the rental property section of TurboTax to indicate you sold the rental, and go to the assets and indicate here the assets (including the actual house) were so...
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To report this sale, you'll navigate to the rental property section of TurboTax to indicate you sold the rental, and go to the assets and indicate here the assets (including the actual house) were sold. The interview will populate questions to determine the correct capital gain. Also, when the assets have been entered in TurboTax, the system will already have the cost and depreciation taken to compute recapture.
When you sell your rental property, follow the steps to report the sale found here: I sold my rental property. How do I report that?, with the selling expenses you asked about being reported in step 10:
"To report the sale of your rental property, follow the steps below:
Go to the rentals section
Answer Yes to the question Did you have any income from rentals or royalties? (You may not see this question since you have had the rental already entered)
On the Your rentals and royalties summary page, select Edit (pencil icon) beside the property you sold.
Select Edit (pencil icon) next to Rental property info.
Under General info, select Edit under Situations (or on the page Tell us about your situation this year), then select Sold or disposed of property.
Continue through the screens until you return to the Here's your rental property info screen.
Select Edit next to Sold rental property or Sale of property/depreciation.
Go directly to your asset summary and select Edit beside the first rental asset you sold.
Continue to the page Tell Us More About This Rental Asset and check the box for The item was sold... Enter the date of the sale in the pop-up box.
Follow the prompts to enter the sale information, including the sales price and selling expenses you calculated above.
Continue back to the Rental Asset list.
Repeat steps 9-11 for each rental asset.
Continue back to the Property Summary page. Select Done/Continue and answer any follow-up questions."
6 hours ago
If you have reached the annuity interview section and it does not apply, it may be that the "Yes, this is a 403(b) plan" box is checked, which triggers the "annuity" and "Simplified Method" and "Gene...
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If you have reached the annuity interview section and it does not apply, it may be that the "Yes, this is a 403(b) plan" box is checked, which triggers the "annuity" and "Simplified Method" and "General Rule" interviews.
Follow these steps to bypass the annuity loop:
On the 1099-R entry screen, make sure Box 7 matches your form (likely Code 7 or Code 1)
Ensure the "IRA/SEP/SIMPLE" box is unchecked
When the software asks, "Was this distribution from a 403(b) plan?", select "No, it's another type of qualified retirement plan"
On the "Annuity information" screen, select "No" to periodic payments
By selecting No in the above two screens, the software will treat it like a standard pension or 401k distribution and skip the "Annuity" questions entirely
6 hours ago
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6 hours ago
How do I claim a credit for FSA
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6 hours ago
Any update on this? I'm facing the same problem.
6 hours ago
Go back to the summary page showing all K-1 entries that you have made and click the trash can icon or Delete next to the entry made in error.
You can find this section by going to Wages and ...
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Go back to the summary page showing all K-1 entries that you have made and click the trash can icon or Delete next to the entry made in error.
You can find this section by going to Wages and Income > Business Investment and Estate/Trust Income > Schedule K-1 and click Update. Then, answer 'yes' and select Partnership K-1 to see the summary of all K-1s for partnerships entered so far.
If there were any underlying worksheets created as you entered the information, those will be deleted as well.
6 hours ago
On the Mississippi Resident Individual Income Tax Return (Form 80-105), Line 49 is your "Total Income" for the year. Located on Page 2, this line is a summary where you add together all your differen...
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On the Mississippi Resident Individual Income Tax Return (Form 80-105), Line 49 is your "Total Income" for the year. Located on Page 2, this line is a summary where you add together all your different types of earnings, specifically by totaling Lines 38 through 48.
Here is a link to the MS tax return form: Resident Return
6 hours ago
I have entered the information on Form 1099-B as is. I'm also asked for adjusted cost basis which I don't have. Turbo tax alternately asks to provide information on Form 3922 which I haven't received ...
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I have entered the information on Form 1099-B as is. I'm also asked for adjusted cost basis which I don't have. Turbo tax alternately asks to provide information on Form 3922 which I haven't received since this is a non-qualified ESPP. Where can I enter that this is a non-qualified ESPP?
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6 hours ago
I filled in the Form Comp Worksheet as you described and it attributed $206 of my US $228 investment expense to foreign income. Does this make sense given it was US based investment expense?
6 hours ago
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6 hours ago
Does it cover filing jointly?
6 hours ago
See if my old notes work. Try deleting it this way. Go to the K-1 interview section here Federal on the left Wages and Income Then scroll way down to Business Items (or S-Corps, Partnerships, T...
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See if my old notes work. Try deleting it this way. Go to the K-1 interview section here Federal on the left Wages and Income Then scroll way down to Business Items (or S-Corps, Partnerships, Trusts) Schedule K-1 - Click the Start or Revisit button If the first screen says "Do you want to review Schedule K-1?". You have to answer yes and then click Update by the Schedule K-1 type (LLC, S corp, trust). The next screen is the Summary screen listing all of the K-1 entered for that type of entity. You can review, edit or delete it there.
6 hours ago
If the state return is unchanged there is nothing to amend.