All Posts

Yes, with the standard deduction there is no need to enter expenses if you know you don't have enough.    The standard deduction has increased significantly since the Tax Cuts and Jobs Act (TCJA) and continue to increase with inflation. If this is a greater benefit to you, then your allowable expenses such as medical and prescriptions will not help. See the amounts below for your filing status and age.   For single taxpayers and married individuals filing separately, the standard deduction is $15,700 in 2025 For married couples filing jointly or a Qualified Surviving Spouse, the standard deduction  is $31,500, and For head of household, the standard deduction is $23,625   If you're at least 65 years old or blind, you can claim an additional deduction in 2025 of: $2,000 for single or Head of Household $1,600 for married or Qualified Surviving Spouse. If you're both 65 and blind, the additional deduction amount is doubled.    Furthermore, the "One, Big, Beautiful Bill Act" introduced a new, separate deduction for seniors:  An additional $6,000 deduction for individuals age 65 and older, or $12,000 for married couples if both spouses qualify. This new deduction is available to both itemizing and non-itemizing taxpayers, but it phases out for those with a modified adjusted gross income (MAGI) over $75,000 for single filers ($150,000 for joint filers). For more information, see What's my standard deduction for 2025?

Thank you for the advice! I've used the union to learn some useful information and sometimes I refer to their resources to help with non-W-2 gigs, although that might not count as strictly necessary. 

Yes, Extensions from the Desktop program on  your computer must be printed and mailed.   Or use the online "Easy Extension". https://turbotax.intuit.com/irs-tax-extensions/   You can still use the free online extension and efile it if you are using the Desktop program.  The extension doesn't need to be in noted in your return unless you sent in a payment in which case you have to manually enter the payment.  

Hello - Same 3520 issue in 2025 filing.    I inherited foreign cash in 2025.  I purchased premier Turbo Tax and cannot efile when checking 3520 box.    I plan to uncheck the 3520 box on 1040.  On 8938, I included the bank information for the foreign cash inheritance.  When I mail 3520, I plan to write a letter, telling IRS that I did not check the 3520 box on 8938 due to a software issue with Turbo Tax.  I plan to explain that I inherited foreign cash as shown on 3520, and the foreign cash bank information is shown on 8938.  I plan to include a 8938 copy with my 3520 mail.  Is this a good idea, or will it cause further issues with IRS?  Any advice is appreciated.    Thank you everyone.

Here's how to report RMDs when you have multiple Forms 1099-R.  You need to clear the RMD information you have already entered in TurboTax.  To do so, you will have to delete your Forms 1099-R.  After you delete the forms re-enter them.  When you are asked "How much of the [distribution amount] was an RMD?"  Mark the button to indicate that "The entire distribution was an RMD".   On the screen with "Let's get more information about your Required Minimum Distribution (RMD)."  the program asks "Could you tell us what the required minimum distribution for your account was in 2025?" Enter the same amount that was in box 1 of your 1099-R.  Do this for each of your Form 1099-R.      After you have entered all your Forms 1099-R, on the screen with ""Let's check if you met the minimum distribution requirement" the program will ask "Did you take the required minimum distribution (RMD) for 2025 for ALL of your retirement accounts that have this requirement?".  Answer Yes, assuming that you have met your combined RMD requirements.      The RMD information that shows may be more than your actual combined RMD amount for the year.  That's OK.  The information is not included with your tax return and is not reported to the IRS.  

If you are missing box 1d, look for a line that is called Proceeds or Gross Proceeds.  This is what box 1d is , however some issuers will give a composite statement that contain all the information you need, they just don't format it quite the same as the 1099-B.  There also  may be a supplemental information section where you can find this information.    If they did not give you the amount for the proceeds, you will need to call the issuer to get that information.  It is possible that this is a non-reportable transaction, however, it is best not to assume and to be sure that the form does not contain errors.