All Posts
April 10, 2025
4:23 PM
So I bought intuit turbotax on amazon and opened on my Max laptop. I pulled my information from 2023 tax return and the information updated for me. I did my 2024 tax and filed my federal but when I l...
See more...
So I bought intuit turbotax on amazon and opened on my Max laptop. I pulled my information from 2023 tax return and the information updated for me. I did my 2024 tax and filed my federal but when I log into turbo tax online it does not show anything ive done for 2024.
April 10, 2025
4:22 PM
She should look for the Foreign Income Exclusion. See Filing Taxes While Overseas - TurboTax Tax Tips & Videos
April 10, 2025
4:22 PM
solution does not work...cannot send efile due to PR being automatically changed to entity. Tried multiple solutions mentioned in TT resources and nothing worked.
April 10, 2025
4:22 PM
The app just keeps asking irrelevant questions, how do I get to the screen for extensions?
April 10, 2025
4:21 PM
Here is how to report.
Open or log into your return
Go to investment income
Go to Stocks, Cryptocurrency .......
Classify this as other
Follow all the prompts that follow to dete...
See more...
Here is how to report.
Open or log into your return
Go to investment income
Go to Stocks, Cryptocurrency .......
Classify this as other
Follow all the prompts that follow to determine what your capital gains are on the sale.
If you paid a foreign tax on the sale, you may be able to claim a foreign tax credit.
Go to Federal
Deductions and credits
Estimate and other taxes paid
Foreign Tax Credit>start or revisit
As you go through the screens, when it asks "Tell Us About Your Foreign Taxes" select none of these apply.
When it asks if you wish to take the deduction and credit, take the credit.
Continue through until you reach a screen that says "No other income or expenses" Say no
Continue through until it asks the income type, say Passive Income
Next add a country pick the country of your choice.
Other Gross Income say Sale of Foreign Real Estate and the Gross Amount of the sale
Continue through the interview until it asks for the foreign taxes you paid, here record the amount.
Now you are done reporting the foreign taxes. Just keep going through the section without making any more entries. You will have finished reporting your gross income from the sale and the foreign taxes paid.
April 10, 2025
4:21 PM
1 Cheer
You were supposed to be filing form 8606 every year to keep up with it. You will need to go back and recreate those records and send them to the IRS. You need to:
print each year form 8606, IRS ...
See more...
You were supposed to be filing form 8606 every year to keep up with it. You will need to go back and recreate those records and send them to the IRS. You need to:
print each year form 8606, IRS prior year 8606 forms and instructions
fill it in with the correct numbers
sign and date the bottom of the form
mail each year separately. See Where to file paper tax returns with or without a payment
I personally helped someone go back over 30 years because the IRS required them to do it. The other option would be to say there is no basis, if you never filed an 8606.
April 10, 2025
4:21 PM
What? If it’s asking why you got a 1099G you are in the wrong place. Delete out of this one. To enter a state refund just type 1099-G (with the dash) in the search box at the top of your retu...
See more...
What? If it’s asking why you got a 1099G you are in the wrong place. Delete out of this one. To enter a state refund just type 1099-G (with the dash) in the search box at the top of your return and click on Jump To it. The amount is in box 2. That is for a state refund you got in 2024 for your 2023 return. It goes on your 2024 tax return. But you might not need to enter it at all. Enter the 1099G box 2 under Federal on left Wages & Income Scroll down to 1099-Misc and Other Common Income You might need click on Show More to expand the section Then it's the first line for Refunds Received for State/Local Tax Returns - Click Start You do not want the next line that says Other 1099G Income On the first screen check YES - Received a State Refund. But you might not need to enter it at all. Is it for a state tax refund you got in 2024 for your 2023 or prior state return? Is the amount in box 2? You may not need to enter it. Did you take the Standard Deduction on that year federal return? A State Tax Refund is taxable if you itemized deductions on that prior year's federal return and took a deduction for state income taxes instead of the sale tax. You got a deduction benefit for it so now you have to include it as income. If you took the standard deduction it is not taxable and you don't need to report it.
April 10, 2025
4:21 PM
I am self-employed starting in 2024 and I have capitalized my website development costs ($5560) for 2024. The website is not placed in service yet. Should I take the whole $5560 as expense since I'm...
See more...
I am self-employed starting in 2024 and I have capitalized my website development costs ($5560) for 2024. The website is not placed in service yet. Should I take the whole $5560 as expense since I'm under the $50k as start up costs. I continue to have additional costs in 2025.
Topics:
April 10, 2025
4:20 PM
When I used TT, it said that I wasn't eligible for AOC, so I never claimed. Now I begin to wonder why. Also, the expenses that we incurred were not qualified expenses -- research trips, housing, etc.
April 10, 2025
4:20 PM
If the grand total of the dividends on the 1040 schedule B are exactly as the original amount there will be no problem. I've used this technique for years and never had any problems. TT is most cert...
See more...
If the grand total of the dividends on the 1040 schedule B are exactly as the original amount there will be no problem. I've used this technique for years and never had any problems. TT is most certainly aware of this issue but for unknown reasons chooses to ignore it.
April 10, 2025
4:20 PM
1 Cheer
You can log in to your 2023 return and indicate that you need to amend your state tax return. NOTE: States, in general, do not have a foreign tax credit.
April 10, 2025
4:20 PM
My issue was for the TY 2023 and was solved last year
April 10, 2025
4:20 PM
So they are going to wait till 2025 tax season to see what my taxable income. What if I lose my job or die then what happens to the taxes? I was asking if they would use my taxable income from 2024 ...
See more...
So they are going to wait till 2025 tax season to see what my taxable income. What if I lose my job or die then what happens to the taxes? I was asking if they would use my taxable income from 2024 amount to how much I’d owe for capital gains when I sell my house this year
April 10, 2025
4:19 PM
Ahhh, instructed to add it to the State Refund amount. It does not require an additional line item. TurboTax imported the refund from prior year, so add interest to that number.
April 10, 2025
4:19 PM
My wife worked outside the US for whole year. What form is used to avoid income tax?
April 10, 2025
4:19 PM
1 Cheer
You don’t need to know any of that. Just enter the income and deductions you have. Turbo Tax fills out the right forms. You enter each form you get like a W2 or 1099. Have no idea what you are ...
See more...
You don’t need to know any of that. Just enter the income and deductions you have. Turbo Tax fills out the right forms. You enter each form you get like a W2 or 1099. Have no idea what you are talking about for background data table? If you use the Desktop program you can see and enter into the actual Forms. Last year your Standard Deduction or Itemized Deductions are on 1040 line 12. If you itemized deductions you will have a Schedule A.
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)