All Posts
April 10, 2025
4:19 PM
The company I worked for was sold and my previous employer passed away and kept no records for tax related things so a w2 is not an option. I know I made the same since I worked the same exact schedul...
See more...
The company I worked for was sold and my previous employer passed away and kept no records for tax related things so a w2 is not an option. I know I made the same since I worked the same exact schedule and took no time off either year but I’m unsure if it’ll be excepted using an last years w2.
Topics:
April 10, 2025
4:18 PM
1 Cheer
A Roth conversion is not an ordinary contribution. Only ordinary contributions are subject to the contribution limit. The only ordinary contributions that you will have made will be $7,000 for 2023...
See more...
A Roth conversion is not an ordinary contribution. Only ordinary contributions are subject to the contribution limit. The only ordinary contributions that you will have made will be $7,000 for 2023 and $7,000 for 2024, neither exceeding the $7,000 contribution limit. (Of course you must also have sufficient compensation each of these years to support a $7,000 contribution, otherwise you will have an excess contribution.)
April 10, 2025
4:17 PM
SALES TAX
You can enter the sales tax you paid for the car you purchased in 2024 by going to Federal>Deductions and Credits>Estimates and Other Taxes Paid> Sales Tax. You will be asked if you paid...
See more...
SALES TAX
You can enter the sales tax you paid for the car you purchased in 2024 by going to Federal>Deductions and Credits>Estimates and Other Taxes Paid> Sales Tax. You will be asked if you paid sales tax on a major purchase, and you will be able to enter the sales tax you paid for your new vehicle.
Sales tax is an itemized deduction. Unless you have enough other itemized deductions to exceed your standard deduction the sales tax will have no effect on your tax due or refund.
“Major purchases” that you can enter for the sales tax deduction include:
Motor Vehicles (cars, trucks, motor homes, RV’s, sport utility vehicles and off-road vehicles
Aircraft or boats
Mobile homes
Manufactured housing
Building materials for major home improvements
You cannot deduct: furniture, jewelry, home electronics such as TV’s or computers
Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund. The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach. (Only the amount that is MORE than 7.5% of your AGI counts) The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you. Under the tax laws that have been in effect since 2018, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes.
The standard deduction makes some of your income “tax free.” It is not a refund. You will see your standard or itemized deduction amount on line 12 of your 2024 Form 1040.
2024 STANDARD DEDUCTION AMOUNTS
SINGLE $14,600 (65 or older/legally blind + $1950)
MARRIED FILING SEPARATELY $14,600 (65 or older/legally blind + $1550)
MARRIED FILING JOINTLY $29,200 (65 or older/legally blind + $1550)
HEAD OF HOUSEHOLD $21,900 (65 or older/legally blind + $1950)
April 10, 2025
4:17 PM
Can i sign and be done
Topics:
April 10, 2025
4:16 PM
1099-G, software requires Business or farm tax refund. It is neither, but personal. Software requires setting up a business if such is selected.
April 10, 2025
4:15 PM
1 Cheer
You do not enter anything about a house you sold in 2025 on a 2024 tax return.
April 10, 2025
4:15 PM
Your contribution is limited to your net income earned. If your $1341 was contract work, it would have to be reduced to net income. If it is on a w2, the entire amount can be contributed.
See R...
See more...
Your contribution is limited to your net income earned. If your $1341 was contract work, it would have to be reduced to net income. If it is on a w2, the entire amount can be contributed.
See Retirement contributions
April 10, 2025
4:15 PM
1 Cheer
No. You will report the sale in your 2025 tax return, which is next tax season.
April 10, 2025
4:14 PM
No, it's not taxed twice. If not not a qualified distribution from the Roth account and not rolled over, only the earnings distributed are taxed and subject to potential early-distribution penalty. ...
See more...
No, it's not taxed twice. If not not a qualified distribution from the Roth account and not rolled over, only the earnings distributed are taxed and subject to potential early-distribution penalty. Your contribution basis is not taxed upon distribution.
April 10, 2025
4:14 PM
Me and my wife filed jointly last year (printed and mailed) and are filing this the same this year. When I tried to e-file this year with our joint AGI from last year, the return was rejected: ...
See more...
Me and my wife filed jointly last year (printed and mailed) and are filing this the same this year. When I tried to e-file this year with our joint AGI from last year, the return was rejected: "IND-032-04 - 'SpousePriorYearPIN' or 'SpousePriorYearAGIAmt' in the Return Header must match the e-File database". I tried setting: My AGI = our true AGI and her AGI = our true AGI My AGI = our true AGI and her AGI = 0 0 as the AGI for both of us I confirmed our PINs are correct. Though her PIN was set a few days ago and mine was set in 2022. Is it possible the reason for the error is because she just set her PIN?
April 10, 2025
4:14 PM
You would see that on the first page of your tax return Form 1040, underneath the Standard Deduction title where the box would be checked that says Someone can claim you as a dependent:
...
See more...
You would see that on the first page of your tax return Form 1040, underneath the Standard Deduction title where the box would be checked that says Someone can claim you as a dependent:
To view your form 1040 and schedule 1 to 3:
Choose Tax Tools from your left menu bar in TurboTax Online while working in your program
Choose Tools
Choose View Tax Summary
See the Preview my 1040 option in the left menu bar and click on it
Choose the Back option in the left menu bar when you are done
April 10, 2025
4:13 PM
Yes, you can log back in your return and make changes. Don't select add a state because that only appears if you have already filed you return and it's been accepted by the IRS, which isn't true in y...
See more...
Yes, you can log back in your return and make changes. Don't select add a state because that only appears if you have already filed you return and it's been accepted by the IRS, which isn't true in your case.
April 10, 2025
4:13 PM
If you already e-filed, look at your Form 1040 and see if the box is checked that says you can be claimed as someone else' dependent. It will be seen in the top half of page 1 of the 1040, near the...
See more...
If you already e-filed, look at your Form 1040 and see if the box is checked that says you can be claimed as someone else' dependent. It will be seen in the top half of page 1 of the 1040, near the words Standard Deduction.
If you have not yet e-filed and need to correct your answer to this....go to MY INFO and click your name and then go through the screens to the question that asks if someone else can claim you as a dependent. Or--if you messed up and already filed ---wait for the return to be fully processed and amend. Meanwhile that means the person who can claim you is being rejected and will have to file by mail now.
April 10, 2025
4:13 PM
We own a Tiny Home in a mobile home park. It is not our principal residence and we rent it out. Are the space fees deductible? The billing we receive separates the space fee from the utilities. Just ...
See more...
We own a Tiny Home in a mobile home park. It is not our principal residence and we rent it out. Are the space fees deductible? The billing we receive separates the space fee from the utilities. Just trying to figure out if the space fees are deductible and if so where to deduct them. Thanks
April 10, 2025
4:12 PM
Topics:
April 10, 2025
4:11 PM
How do I enter a correction on form OC when it is not included? It is not in the pdf version that I can download?
April 10, 2025
4:11 PM
If you don't have an account with Social Security, you can create one. Once you log into your account, you can see your SSA-1099.
April 10, 2025
4:11 PM
Yes. Click on Add a State to let you back into your return.
April 10, 2025
4:10 PM
To report:
Go to wages and income
1099 MISC and other income
Other 1099 G income
April 10, 2025
4:10 PM
Topics: