turbotax icon
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

All Posts

The penalty on Form 1040 line 38 is included in the amount you owe on line 37. That is what the IRS instructions say to do. Line 37 is the total tax on line 24 minus the total payments on line 33... See more...
The penalty on Form 1040 line 38 is included in the amount you owe on line 37. That is what the IRS instructions say to do. Line 37 is the total tax on line 24 minus the total payments on line 33 plus the penalty on line 38.  
Confused because Line 37 is the Amount Owed and Line 38 is the Estimated Tax Penalty, which means it's not added to the Total Amount Due? The IRS only charged me Line 37 
No one in the user forum can resolve a billing issue.  If you have a question about your TurboTax fees or billing, make sure you use the word “billing” in your request for help.  Do not use the word ... See more...
No one in the user forum can resolve a billing issue.  If you have a question about your TurboTax fees or billing, make sure you use the word “billing” in your request for help.  Do not use the word “refund.”   https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/contact-turbotax/L2y9ZKpQB_US_en_US?uid=m5s9l2vh
Is it possible to deduct remaining carryforward Qualified Business Income Deductions (QBID) after disposition of the business/activity?  If so, how/where would I do that in the program?   My income... See more...
Is it possible to deduct remaining carryforward Qualified Business Income Deductions (QBID) after disposition of the business/activity?  If so, how/where would I do that in the program?   My income has become a combo of wages, retirement/pension, interest/dividend income, and a small amount of Limited Partnership income that is passive and reported on K-1. I have a SIGNIFICANT (to me) amount of QBID carrying forward to next year. At 20% of 23% limit against QBI, it likely will NEVER get used up with the K-1 income.  I DO have rental property income also (sole owner) - does the QBID apply to that (again, would still take a lifetime to cut into the balance).   Is there anyway to deduct that carryforward QBID from my non-biz income, or do I just lose those carryforward deductions unless I get involved in another business/partnership?
Hello! I have a question about From 3520.   My parents are non-resident alien individuals and sent gifts to my child's 529 college saving account (account beneficiary is my child) this year. My fat... See more...
Hello! I have a question about From 3520.   My parents are non-resident alien individuals and sent gifts to my child's 529 college saving account (account beneficiary is my child) this year. My father gifted 50K and my mother gifted 60K to the 529 account, which adds to 110k. The gifts are sent with multiple checks across several months, each check amount ranges between 3k to 25k. I understand I need to file form 3520 Part IV on behalf of my child for year 2025. The part IV in 3520 have 3 rows of space, I plan to fill the form like below: For row 1, Description of property received: Gift from grandfather to the 529 college saving account, total 50K; For row 2, Description of property received: Gift from grandmother to the 529 college saving account, total 60K.  Please advise if this is ok to put the total amount from each person like this? Or do i have to list every single check in different rows, even if checks are from same person? If it is ok to put the total amount from each person in one row, what is the Date of gift I may put in? Will it be the the first check receive date or the last check receive date? Thanks!  
@nirbhee  ________________ Added Later:   Oh Yeah!  And the 0.0398 on line 13 is not the tax, it is the multiplier for the income amount on line 12b to produce your NC-taxable amount on line 14.   ... See more...
@nirbhee  ________________ Added Later:   Oh Yeah!  And the 0.0398 on line 13 is not the tax, it is the multiplier for the income amount on line 12b to produce your NC-taxable amount on line 14.   Then the proper 4.5% tax is applied to line 14 to yield your line 15 tax. _________________ 1)  Tax rate for 2024 is  4.5%  (0.045),   so $504 is correct. Tax Rate Schedules | NCDOR 2)  The standard deduction (or "itemized" if applicable) is applied to your total income ....all before calculating the sub-amount that  you will end up being taxed as a non-resident.     Note to #2:  Many states handle non-resident deductions & taxation in a similar way.  That way, a non-resident person with very low total income will owe nothing if the Std Ded eliminates it all...but a non-resident person with a high total income will pay some NC tax on even low amounts of NC non-resident income.
I have just received a $5 credit only listed as "TurboTax" on my credit card statement. I do not have any subscriptions nor does it show in my transaction history on my TurboTax account. Just wonderi... See more...
I have just received a $5 credit only listed as "TurboTax" on my credit card statement. I do not have any subscriptions nor does it show in my transaction history on my TurboTax account. Just wondering where this originated.   I used TurboTax online back in March like I always do to file my taxes but that was the last use of TurboTax or intuit products.   Thank you    
TurboTax gets no information after you file your original or your amended tax return, so no one at TT knows what the IRS is doing with your refund.  Only the IRS can tell you.   You can watch for... See more...
TurboTax gets no information after you file your original or your amended tax return, so no one at TT knows what the IRS is doing with your refund.  Only the IRS can tell you.   You can watch for information here: https://www.irs.gov/Filing/Individuals/Amended-Returns-(Form-1040-X)/Wheres-My-Amended-Return-1   Call the IRS: 1-800-829-1040 hours 7 AM - 7 PM local time Monday-Friday When calling the IRS do NOT choose the first option re: "Refund", or it will send you to an automated phone line. So after first choosing your language, then do NOT choose Option 1 (refund info). Choose option 2 for "personal income tax" instead. Then press 1 for "form, tax history, or payment". Then press 3 "for all other questions." Then press 2 "for all other questions." - When it asks you to enter your SSN or EIN to access your account information, don't enter anything. - After it asks twice, you will get another menu. Press 2 for personal or individual tax questions. Then press 3 for all other inquiries It should then transfer you to an agent.  
Yeah, I guess that would make too much sense for Intuit.  "Let's develop a whole new calculator so we can sell more TurboTax.  Forget about those who've already bought TurboTax 2024."
I submitted my amended return and got acknowledgement of my refund on April 18 2025. later got a notice that my refund check  was returned....however I selected direct deposit so the returned check i... See more...
I submitted my amended return and got acknowledgement of my refund on April 18 2025. later got a notice that my refund check  was returned....however I selected direct deposit so the returned check is incorrect. however trhe IRS letter June 18 stated that in addition to the returned check item that my return was on research.  I cannot get an answer as to why this happened or where my refund is, when I put into on the IRS site it confirms approval of the return but fails on the refund amount I entered. How can I get this resolved.
Legal fees and expenses incurred by you on your son's behalf cannot be expensed. They become part of the acquisition cost and will go towards the basis of the property. So if you paid these costs bef... See more...
Legal fees and expenses incurred by you on your son's behalf cannot be expensed. They become part of the acquisition cost and will go towards the basis of the property. So if you paid these costs before renting out the property then they will become part of the property basis and depreciated over 30 years as they are related to a foreign rental. If you paid them while renting out the property, then you will enter them as an asset in the year incurred and then depreciate them over 30 years.
  does the crypto gain go to line 18 of schedule D?
Do not "expect" that.   It is highly unlikely that the 2024 software will be rewritten for the newly passed tax laws.  Instead, use some of the other available tools and information to estimate your ... See more...
Do not "expect" that.   It is highly unlikely that the 2024 software will be rewritten for the newly passed tax laws.  Instead, use some of the other available tools and information to estimate your 2025 tax.   TAX REFORM CALCULATOR   https://blog.turbotax.intuit.com/tax-reform/tax-reform-calculator-120487/   The 2025 software will become available -- as usual -- in mid to late November and will require many updates.  
  how do I know it is small business stocks? any example, like proshare's uco?
@user17545861291 , Namaste ji Thank you for the answers to my questions. From your answers what I get : 1. You have held that condo property while a US person ( entire holding period ). 2. Wh... See more...
@user17545861291 , Namaste ji Thank you for the answers to my questions. From your answers what I get : 1. You have held that condo property while a US person ( entire holding period ). 2. While you have chosen to use the  12.5% with no indexing, I would still suggest that you should investigate whether this is best path.  I say this because I have had at least one person here on this board ,  whom  found out that the indexing method was more tax advantaged (  his CPA  had originally computed tax based on the simpler 12.5% tax rule). 3. Per US-India tax treaty , article 25 ( Relief from Double Taxation ), US will recognize the taxes paid to India  dollar for dollar.  You have to file a form 1116  ( Foreign Tax Credit ) recognizing the  quantum of Foreign Source Income and the taxes paid to India thereon.  The applicable Tax treaty sentence is :   "1. In accordance with the provisions and subject to the limitations of the law of the United States (as it may be amended from time to time without changing the general principle hereof), the United States shall allow to a resident or citizen of the United States as a credit against the United States tax on income (a) the income tax paid to India by or on behalf of such citizen or resident;   "   4. Note that form 1116  will recognize the total foreign taxes paid but the allowable amount for the tax year is the lesser of taxes levied by US  and that paid to India.  Thus if  there is loss ( from alienation of the asset ) per US Tax Laws, then there will be NO allowable Foreign Tax Credit. The unallowed Foreign Tax Credit can be carried back one year or forward  for use in future years.  TurboTax will do the needful computations and the  carry forward or back , depending on your choice. 5. Generally for double taxation purposes, the foreign source income is usually the "income" that is being taxed by both countries.  In your case, this may become an issue because under Indian law you are showing a positive  foreign source income while under US laws you are showing a negative income.  And form 1116 does not allow a negative income. Thus IMHO you may not have a Foreign Source Taxable income.   Since I do not know the details of the situation  ( with actual data ), perhaps  you should consider  consulting with a tax professional , experienced in international taxation, esp. foreign tax credit.   Is there more I can do for you ? If you need more on this , you can post here or consider PM me   ( just no PII -- Personally Identifiable Information )   Namaste ji   pk
Updates are required for TurboTax 2024 in the What-If worksheet to calculate 2025 taxes.
When can we expect to see the updates from OBBBA in the TurboTax What-If worksheet for 2025 taxes?
I've entered the percentage changes for my company, however, when enterring the information for changes to each shareholder, I'm only getting the K-1 information for 1 of the shareholders and it's no... See more...
I've entered the percentage changes for my company, however, when enterring the information for changes to each shareholder, I'm only getting the K-1 information for 1 of the shareholders and it's not letting me advance onto the other shareholders. When there's only 1 change in shareholders you are able to change it all in a little table and add the changes 1 by one in the same place, but for 2, they just give you the form. Please help 
From my understanding, on W-2 Box 12-V this amount is already included in Gross Earnings in Box 1 of your W-2. The amount of 12-V equals the "Gain" of the sale from the NQ Stock Options exercised in ... See more...
From my understanding, on W-2 Box 12-V this amount is already included in Gross Earnings in Box 1 of your W-2. The amount of 12-V equals the "Gain" of the sale from the NQ Stock Options exercised in a trade "Proceeds - Cost Basis". My employer has also withheld Fed Tax, and FICA from the amount reported in 12-V. However, in TurboTax if you use the Proceeds minus cost Basis as reported on the Stock Trade Company's (Charles Schwab, Morgan Stanley, etc.)1099-B , then you will have the gross Gain added to your Income as Capital Gains Income on the 1040 Line 7 which will increase your Adjusted Gross Income and thereby get taxed a 2nd time for the Capital Gain amount.  So, how does TurboTax "wash" the 1099-B Short Term Capital Gain, as shown when it as Reported in your tax return, but NOT add any additional amount to your Gross Income?   From your example, do you make the "Cost" amount the same as the "Proceeds" and get a net "Zero" capital gain?  Does the IRS then reconcile this from Form 8949 report as zero capital gain increase and compare what the 1099-B from the Stock Trade Company reported with your W-2 Box 12-V and fulfill the reporting and tax requirements?  Or is there something else that needs to done? 
I think in this situation you need to confer with a tax pro. rental to family members can create some complex tax reporting issues and we do not know enough about the operations.   one of the iss... See more...
I think in this situation you need to confer with a tax pro. rental to family members can create some complex tax reporting issues and we do not know enough about the operations.   one of the issues is that generally an Airbnb would be regarded as a business. a multimember business generally is supposed to file a partnership return which for 2024 was due 3/15/2025. penalties for late filing are about $900 per month