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yesterday
I am trustee for a special needs trust, and have had it prepared by a CPA firm for the past few years. I'm questioning whether or not it should be filed as a Grantor type trust or a Qualified Disabil...
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I am trustee for a special needs trust, and have had it prepared by a CPA firm for the past few years. I'm questioning whether or not it should be filed as a Grantor type trust or a Qualified Disability Trust. It's an irrevocable trust, was funded solely by assets owned by the beneficiary, and was set up as a first party special needs trust. Any thoughts on which type of trust it should be for tax purposes, since could potentially be a substantial difference between the two. I've been looking online and have found conflicting info.
yesterday
My daughter is no longer my dependent but on my 1095a for the full year (under 26 years old) I've done both returns with TurboTax and included the 1095a info on both and appropriately referenced. If ...
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My daughter is no longer my dependent but on my 1095a for the full year (under 26 years old) I've done both returns with TurboTax and included the 1095a info on both and appropriately referenced. If I allocate 100% on my return I pay back the 100% of the premium. If I allocate 100% to her I pay back nothing and because her income is only 28k she gets a huge refund 12K mainly from the return premium credit. Everything I read says I can allocate any way agreed upon including 0/100% as I have done. Would this be correct? Is their a quirk in the legislation that allows this to happen. Seems "wrong".
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yesterday
To be clear, you are saying that I should just enter 0 into the box under the text (your #4)? If so, I guess I didn't interpret any of the previous solutions as doing this, and I was under the impres...
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To be clear, you are saying that I should just enter 0 into the box under the text (your #4)? If so, I guess I didn't interpret any of the previous solutions as doing this, and I was under the impression that the forms themselves shouldn't be altered manually. I thought the goal was to get the software to do that. If that's the solution, you nailed it, and I am so grateful for your time.
yesterday
No, your SEP contributions are not "additional contributions." "Additional contributions" are not permitted to be made to a SEP-IRA. The page that you are asking about is in the Retirement Savin...
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No, your SEP contributions are not "additional contributions." "Additional contributions" are not permitted to be made to a SEP-IRA. The page that you are asking about is in the Retirement Savings Contributions section of TurboTax. Additional contributions are after-tax employee contributions that an employee makes to an employer plan like a 401(k). SEP contributions are neither after-tax nor employee contributions. TurboTax automatically factors into the calculation of this tax credit the amount that you reported as contributions to your SEP plan in the self-employed retirement section.
yesterday
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yesterday
It's part of MacOS, normally gets installed automatically when needed but Turbotax 2025 doesn't trigger it. Your run this from the Terminal application on your Mac: softwareupdate --install-rose...
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It's part of MacOS, normally gets installed automatically when needed but Turbotax 2025 doesn't trigger it. Your run this from the Terminal application on your Mac: softwareupdate --install-rosetta Info: https://support.apple.com/en-us/102527 https://discussions.apple.com/thread/[removed]?sortBy=rank
yesterday
Hello Everyone, I am in the process prepare my 2025 tax return for State of California. I have completed Federal tax return using TurboTax software. Software: TurboTax Premier 2025 ...
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Hello Everyone, I am in the process prepare my 2025 tax return for State of California. I have completed Federal tax return using TurboTax software. Software: TurboTax Premier 2025 desktop edition Filing status: married file jointly. 2024 tax return prepared by accountant. (I only have PDF file) We have two rental properties: one single family house, one townhouse. Both properties located in CA. We reside in Texas. I have following questions: 1. How do I know if I have unallowed section 179 deduction from prior year? One prompt showed as Schedule E section 179 Carryover amount that was not allowed in 2024. Software suggested to check form 3885A ( I don't have this form for 2024). I left the box as blank. my previous posts regarding enter passive loss amount for Federal tax return: My previous post for how to calculate depreciation on assets: Schedule E (2024) has following data line 21 (single family house): $14,356 line 21 (townhouse): -$5,542 line 22 deductible rental estate loss after limitation (single family house): ( $14,356) line 22 deductible rental estate loss after limitation (townhouse): (blank) 2. How do I determine passive loss carryover from prior year? I referenced form 8582 (2024) Part VII Column (c) Unallowed loss section Single family house: $3,505 Townhouse: $24,957 I entered these two amounts on the prompt ask for "Enter passive and At-Risk Loss Carryover" Please review my questions and let me know if my entry for these two interview questions is correct or not. Thanks! section 179 Carryover screen passive loss carryover single family house passive loss carryover townhouse
yesterday
@hosintrean wrote: DeductionPro from H&R Block also used to be free; I don't know if it still is. OK, DeductionPro is actually a component of the H&R Block program, it's not a separate progra...
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@hosintrean wrote: DeductionPro from H&R Block also used to be free; I don't know if it still is. OK, DeductionPro is actually a component of the H&R Block program, it's not a separate program like ItsDeductible. You have to pay for H&R Block's tax software in order to get DeductionPro which, again, is incorporated into the program.
yesterday
Are you asking if you need to enter an IRA contribution on your state return?
Generally, you do not. This is because income and deductions are automatically carried to a state so that you don't...
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Are you asking if you need to enter an IRA contribution on your state return?
Generally, you do not. This is because income and deductions are automatically carried to a state so that you don't have to re-enter the amount.
But if you want an exact answer, please tell us which state you are referring to.
yesterday
What happens when the browser window opens for you to Sign In to your Schwab account? There have been security updates with OS and browsers that may be affecting you.
Try clicking the icon i...
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What happens when the browser window opens for you to Sign In to your Schwab account? There have been security updates with OS and browsers that may be affecting you.
Try clicking the icon in front of the URL when the Sign In window opens (a lock, or waves, depending on browser), then in Settings choose 'Allow' for LAN (local network).
@user17745589091
yesterday
@user17746430590 wrote: Would each need to complete form1310... No, just one of you needs to file the Form. If you're court-appointed, you usually don't need to file the form at all (just att...
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@user17746430590 wrote: Would each need to complete form1310... No, just one of you needs to file the Form. If you're court-appointed, you usually don't need to file the form at all (just attach the court appointment doc).
yesterday
Does a diagnosis of autism count and if so, can you tell me what form or sheet I need to complete to claim for sylvan tuition?
yesterday
Message: TurboImpôt a détecté des problèmes qui empêchent la création du fichier requis pour utiliser le service ImpôtNet Québec
yesterday
Starting in 2024 there is a new question asking if you lived in a foreign place. People have been answering it wrong or skipping it. Go back through the Social Security entries. And it is for each...
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Starting in 2024 there is a new question asking if you lived in a foreign place. People have been answering it wrong or skipping it. Go back through the Social Security entries. And it is for each spouse. So if you have a low amount on 1040 line 6b you might have answered wrong for 1 person. You can go back into your tax return but be very careful not to change anything. Click on Add a State to let you back into your return. You should see this screen after you enter your Social Security and hit Continue. What is checked Yes or No? Also check if you ssn is valid for employment under My Info or Personal Info. That can affect many things. Needs to be yes. Before you file your tax return you should always review and compare it line by line to the prior year to check if the amounts look right and you have the same items on each return and on the right lines. Then you would have seen 1040 line 6b had zero taxable Social Security and you could have questioned it. Especially if some was taxable last year.
yesterday
Some of the Required Minimum Distribution went to charity and I took some but I find no way to specify the difference in what's taxable and what's not.
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yesterday
Unable to transfer Download file to Applications folder on Mac. I have updated software, rebooted, redownloaded. At wits end after 3.5 hours. Have used TT desktop version successfully since 2020. ...
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Unable to transfer Download file to Applications folder on Mac. I have updated software, rebooted, redownloaded. At wits end after 3.5 hours. Have used TT desktop version successfully since 2020. As soon as I double-click on file and transfer box opens, the download file is overlain by white circle with white slash - incompatible. Any chance that the download file is corrupt?
yesterday
Before it ended our access, I downloaded the entire listing of items and their values. I plan to turn it into an Excel spreadsheet and keep track of 2026's donations that way. I know that valuation...
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Before it ended our access, I downloaded the entire listing of items and their values. I plan to turn it into an Excel spreadsheet and keep track of 2026's donations that way. I know that valuations will be off slightly, but it'll be close. This just buys me time until I find an alternate solution. DeductionPro from H&R Block also used to be free; I don't know if it still is.
yesterday
1 Cheer
In the interview, the entries for Schedule 1, Line 24z come from the Less Common Income >Miscellaneous Income section, sometimes to offset income reported elsewhere in your return that should be non-...
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In the interview, the entries for Schedule 1, Line 24z come from the Less Common Income >Miscellaneous Income section, sometimes to offset income reported elsewhere in your return that should be non-taxable. What type of income item are you trying to adjust? If you can give more details, we'll try to help.
@BadDNA
yesterday
This year many people have been incorrectly answering the question that asks if they are an US citizen living outside of the US, resulting in their tax return underreporting the taxable amount of Soc...
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This year many people have been incorrectly answering the question that asks if they are an US citizen living outside of the US, resulting in their tax return underreporting the taxable amount of Social Security income.
yesterday
I am getting a 606 error when trying to activate the online version of the turbo tax software
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