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yesterday
@emailbroxas , agreeing with my colleagues @Bsch4477 and @rjs generally , what I get from your post is that
(a) your spouse is US citizen
(b) you are in the USA on visa ( student / trainee ? ...
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@emailbroxas , agreeing with my colleagues @Bsch4477 and @rjs generally , what I get from your post is that
(a) your spouse is US citizen
(b) you are in the USA on visa ( student / trainee ? ) and at this stage ( for the tax year 2024 ?) a Non-Resident Alien. I say this because if you have work visa ( post meeting Substantial Presence Test ) or GreenCard (permanent immigrant ) nothing prevents you from filing jointly with your spouse.
If the above assumptions are correct then :
1. If you already have a tax ID ( SSN or ITIN ) , you can , as part of your joint tax filing, include a request signed by both you and your spouse that you wish to be treated as a tax resident for the full year. This of course means that you are both taxed by the US on your world income. Please see the Pub 519 references by @rjs
2. If you do not have a tax ID, then you prepare your return as per 1. above but have to include a ITIN application ( for retrospective issuance ) -- W-7 --> About Form W-7, Application for IRS Individual Taxpayer Identification Number | Internal Revenue Service Note that this would mean you have to file by mail.
AS you can see our answers are kind of generic because we do not have sufficient information -- please answer the questions posed by @rjs. Those answers would allow the answer to be more focused to your facts and circumstances. AS always, if you are uncomfortable with answering on this public board, you can always PM me ( just NO PII -- Personally Identifiable Information ).
yesterday
Thank you, yes I haven't filed yet since 2024 had an auto extension until 10-15. All reimbursements are in, so that is more simple too. Are Loss of Use reimbursements required to be included ...
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Thank you, yes I haven't filed yet since 2024 had an auto extension until 10-15. All reimbursements are in, so that is more simple too. Are Loss of Use reimbursements required to be included or just Property related? How about from the Red Cross? Last question, this amount just gets added to the standard deduction if I don't itemize, and is subject to $100 floor and limited by 2% AGI?
yesterday
@bgoodreau01 rather than getting twisted up in the words and everyone's varying responses, best to go the source document and determine for yourself. The child would need this completed worksheet in...
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@bgoodreau01 rather than getting twisted up in the words and everyone's varying responses, best to go the source document and determine for yourself. The child would need this completed worksheet in any event if every audited to defend that he is NOT required to file Kiddie Tax. The IRS has a very specific definition of "support" and it may includes expenses of support you may not be considering. It is not just the child expenses for the portion of the year living on his own. It's the whole year, including the child's fair share of the parent's housing costs (which surprises many). the definition of "support" is the worksheet on page 16. "earned income" is the income that requires labor, so the IRA distribution is not part of "earned income" (it is 'unearned income") the only way to determine wherther his earned income exceeds half his support is to complete the worksheet. there is not enough information provided in your post to determine that his earned incomes exceeds half his FULL YEAR support. https://www.irs.gov/pub/irs-pdf/p501.pdf further, the instructions for the kiddie tax form 8815 refered to the SAME worksheet in publication 501. "support" is discussed on the bottom left of page 1 and refers publication 501. https://www.irs.gov/pub/irs-pdf/i8615.pdf does that help?
yesterday
Telling us that you are an immigrant is not enough information. Many immigrants are U.S. citizens and many are not citizens. You could be a U.S citizen, a resident alien, or a nonresident alien.
...
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Telling us that you are an immigrant is not enough information. Many immigrants are U.S. citizens and many are not citizens. You could be a U.S citizen, a resident alien, or a nonresident alien.
If you are not a citizen, to determine whether you are a resident alien or a nonresident alien see Chapter 1, "Nonresident Alien or Resident Alien?" in IRS Publication 519, U.S. Tax Guide for Aliens.
If you are a citizen you do not have to do anything special to file jointly with your spouse. The fact that you are an immigrant makes no difference.
If you are a resident alien you are treated the same as a citizen for income tax filing. You do not have to do anything special to file jointly with your U.S. citizen spouse.
If you are a nonresident alien the only way you can file jointly is for you to choose to be treated as a resident alien for income tax purposes. If you do that you must include all of your worldwide income on your joint tax return. In most cases you must then continue to be treated as a resident in future years. For more details see "Nonresident Spouse Treated as a Resident" in Chapter 1 of Publication 519.
yesterday
2021 will not be of any help in doing Turbotax 2025. you'll need to start from scratch. you should get at a transcript (or copy) for the missing years. 2024 may have info that needs to be entered on...
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2021 will not be of any help in doing Turbotax 2025. you'll need to start from scratch. you should get at a transcript (or copy) for the missing years. 2024 may have info that needs to be entered on your 2025 return, the IRS only retains returns for 7 years after that they're permanently deleted. Turbotax only supports the app for 3 years prior to the current year. Currently 2021, with maybe an exception for a few earlier years, is the earliest year that can be opened with the app. after that they cannot be opened even if you have that year's app.
it's advisable to store a pdf copy of each year offline
yesterday
Do you have the tax file ending in .tax2021? Did you use the Desktop programs or the Online versions? The only thing you could do (but it would be a lot of work) is to transfer the 2021 tax file i...
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Do you have the tax file ending in .tax2021? Did you use the Desktop programs or the Online versions? The only thing you could do (but it would be a lot of work) is to transfer the 2021 tax file into the 2022 desktop program and fill out 2022. Then transfer the 2022 tax file into the 2023 program and so on to get current. If you used the Desktop programs you should be able to install them again, either from the CD or the download.
yesterday
I am not sure how to respond to your message. I thought I was succinct in explaining the issue. Everything was entered correctly. I have discussed this with the State of Kansas representative mult...
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I am not sure how to respond to your message. I thought I was succinct in explaining the issue. Everything was entered correctly. I have discussed this with the State of Kansas representative multiple times. The issue is within the TurboTax program itself. There was no linkage within the State form to do the Schedule S which was required in 2023 by the State. This is a TurboTax program error and not a user error.
yesterday
I have both pdf and tax file last one being 2021
yesterday
He was a full time student since he was in school full time for 5 months and he did not provide more than half of his support. So, yes, he can be claimed as a dependent. But as previously mentioned t...
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He was a full time student since he was in school full time for 5 months and he did not provide more than half of his support. So, yes, he can be claimed as a dependent. But as previously mentioned that is not relevant for the Kiddie tax.
The relevant point is what you cited. He had earned income that was more than half of his support. Therefore the Kiddie tax would not apply.
yesterday
VA has a couple of different retirement options for faculty at the state universities. If you have the actual pension, then the entire payment is considered the RMD (because the pension payout is pa...
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VA has a couple of different retirement options for faculty at the state universities. If you have the actual pension, then the entire payment is considered the RMD (because the pension payout is partly calculated on your life expectancy.) If you were enrolled in the optional retirement plan (which is a combination of a 401(a) and 403(b) ), and you can choose to withdraw or not withdraw, then you do have an RMD requirement.
yesterday
@MICKEY79 It is unlikely that the "what if" feature of 2024 software will be updated for the newly passed tax laws that have no effect whatsoever on 2024 returns. The new tax laws affect your 2025 a...
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@MICKEY79 It is unlikely that the "what if" feature of 2024 software will be updated for the newly passed tax laws that have no effect whatsoever on 2024 returns. The new tax laws affect your 2025 and/or 2026 and beyond returns. The 2025 software will become available in late November, and will require many updates.
yesterday
Thank you all for your responses but may I zero on on specific questions for clarity? 1. My grandson will not be claimed as a dependent by his parents and his $25,000 in earned income will be gre...
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Thank you all for your responses but may I zero on on specific questions for clarity? 1. My grandson will not be claimed as a dependent by his parents and his $25,000 in earned income will be greater than 1/2 of his living expenses even though he will not pay more than 1/2 of his living expenses. I read elsewhere it doesn't matter if he is "claimed" by his parents, only if he "could be" claimed by his parents which is the important criteria. Could he be claimed if he was a 22 year old student with $25,000 in earned income? 2. According to the rules stated for having to complete IRS form 8615 one of the conditions is: "The child was a full-time student at least age 19 and under age 24 at the end of the tax year and the child didn't have earned income that was more than half of the child's support." Since his $25,000 in earned income is greater than 1/2 his living expenses, and therefor he does not need to complete Form 8615, does that mean the kiddie tax does NOT apply? (also, not sure that it matters but he was no longer a student at "the end of the tax year" as stated above, since he graduated in May). I read elsewhere if he had earned income that was more than 1/2 his living expenses (hence he does not meet the condition for having to complete Form 8615 as stated above) the kiddie tax would not apply, even if his parents "actually paid" more than 1/2 of those living expenses (i.e. my grandson paid less than 1/2 out of his earned income). I'm not trying to play on words, just trying to determine exactly what the rules say. That is exactly how this other statement read (he need only "provide" i.e. have earned greater than 1/2, even if his parents actually "paid" more than 1/2). If he earned it (i.e. $25,000) that's all the matters, not that he had to spend it on more than 1/2 his expenses. Thank you for your help understanding the rules...
yesterday
My question is, will the WHAT IF WORKSHEET be updated for the new tax laws in the 2024 desk top version?
yesterday
1 Cheer
Any income is reported when paid. Wildfire relief payments were designated as tax-free, but still need to be reported, they will be reported on your 2025 return. Payments from charity would usually...
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Any income is reported when paid. Wildfire relief payments were designated as tax-free, but still need to be reported, they will be reported on your 2025 return. Payments from charity would usually not be taxable (although there might be exceptions)--they would be taxable when actually paid.
The loss can be deducted on your 2024 or 2025 return. However, at this time, it's not obvious which would get you paid faster. If you never filed your 2024 return (are late or have an extension) then your loss will be handled faster filing on the 2024 return. But if you already filed your original return, I don't know if an amended 2024 return would be paid faster than an original 2025 return (because of how long amended returns take to process).
You also have to account for any reimbursement in your loss calculation, so if that is not final, you should probably wait to claim the loss, because if you claim a loss now (on an amended or original 2024 return) and then your loss ends up being different because of adjustments, that gets complicated to correct.
yesterday
You have not asked a question. Hope this helps.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/small-business-processes/2021-kiddie-tax/L4UfEmyxW_US_en_US?uid=mdolicn2
yesterday
Topics:
yesterday
DID YOU E-FILE?
Did you e-file? Did you go through all three steps of the FILE section and click a big orange button that said “Transmit my returns now?”
When you e-file your return...
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DID YOU E-FILE?
Did you e-file? Did you go through all three steps of the FILE section and click a big orange button that said “Transmit my returns now?”
When you e-file your return you will get two emails from TurboTax. The first one will say your return has been transmitted; the second one will tell you the IRS has accepted or rejected your federal e-file. If you filed a state return, there will be a third email (usually a day or two later) that tells you if the state e-file was accepted or rejected.
Check your e-file status:
https://turbotax.intuit.com/tax-tools/efile-status-lookup/
What does it say in your account? Does it show that the return was accepted? Or does it say something else---like "rejected," "printed," or "ready to mail?”
If you discover or realize that your e-file was rejected, you will need to print it, sign and date it in ink, and file it by mail now, since e-filing is closed for returns for tax year 2023.
When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s. Use a mailing service that will track it, such as UPS or certified mail so you will know the IRS/state received the return.
Federal and state returns must be in separate envelopes and they are mailed to different addresses. Read the mailing instructions that print with your tax return carefully so you mail them to the right addresses.
yesterday
1 Cheer
@patamelia not my area of expertize, but why would this be tax deductible in any event? If you received the money in US dollars and then you state you converted it (presumably to the currency in...
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@patamelia not my area of expertize, but why would this be tax deductible in any event? If you received the money in US dollars and then you state you converted it (presumably to the currency in Country A). Then what occured? if the dollar ROSE, then your currency in County A would be worth LESS if you converted it back, but that is all on paper. Where is the actual loss? From your comments sounds like you still are holding the local currency. If you convert back to US dollars, yes, that is when the loss becomes "real". But I do not believe that is deductible in any event as it is a personal loss. Are you using this currency in a trade or business? then that would be different. Encourage others to challenge my logic here.
yesterday
https://ttlc.intuit.com/community/intuit-account/help/is-credit-karma-a-part-of-turbotax/00/2092900
https://support.creditkarma.com/s/
yesterday
By "paper refunds" do you mean you filed your tax return by mail? Or are you asking about receiving a check for your refund instead of a direct deposit to a bank account?
If you filed your ta...
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By "paper refunds" do you mean you filed your tax return by mail? Or are you asking about receiving a check for your refund instead of a direct deposit to a bank account?
If you filed your tax return by mail, you need to allow at least three to four weeks before any information will show up on the IRS refund site. Once a human at the IRS has opened your envelope and entered the data into the system, you can track your refund on the IRS site:
You need your filing status, your Social Security number and the exact amount (line 35a of your 2024 Form 1040) of your federal refund to track your Federal refund:
https://www.irs.gov/refunds
To track your state refund:
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/track-state-refund/L3jgO8PGs_US_en_US?uid=lt447ebr
If and when the IRS mails you a check, the refund site will tell you the check has been issued and you then allow about 7-10 business days for it to arrive in your mailbox. Watch your mail and open everything, even if it looks like junk mail.