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yesterday
Texas teacher retirement system. Annuity or pension?
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yesterday
You enter points you paid at closing when you enter your Form 1098 to report mortgage interest. After entering the the 1098, there is a series of questions the program will ask. One of those is "Did...
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You enter points you paid at closing when you enter your Form 1098 to report mortgage interest. After entering the the 1098, there is a series of questions the program will ask. One of those is "Did you pay points in 20XX when you took out the loan?" Indicate you paid points by marking the appropriate statement. Continue and you can enter points either reported on your 1098 or only on your HUD-1.
yesterday
Yes, a Canadian Registered Retirement Savings Plan (RRSP) is typically required to be reported as a foreign financial account, regardless of whether there was any activity (contributions or withdrawa...
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Yes, a Canadian Registered Retirement Savings Plan (RRSP) is typically required to be reported as a foreign financial account, regardless of whether there was any activity (contributions or withdrawals) in the account.
For reporting purposes (FBAR and Form 8938), the IRS looks at the maximum value of the account during the year, not the number of transactions.
yesterday
Bsch4477... thank you for your reply! You are correct, I should have said Alabama’s Retirement Exclusion.
yesterday
I got this error until I went into forms 8899T and 8899S and manually changed data that the interview had improperly put into the form of the HSA owner, which in my case was the Spouse, so it was on ...
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I got this error until I went into forms 8899T and 8899S and manually changed data that the interview had improperly put into the form of the HSA owner, which in my case was the Spouse, so it was on Form 8889S Situation: Joint Tax return, TurboTax Home and Business, Windows Taxpayer, no HSA so From 8889T all zeros, but covered on Spouse HSA Form 8889T, Taxpayer, all zeros, was correct. Covered by spouse. HSA, form 8889S - Line 3 Smart Worksheet - Enter Either X for family if covered every month by the same amount, OR Enter the coverage for each month. The Bug in TurboTax Checked the Box AND entered the data for each month. The result was a rejection because the data sent to the IRS as a result of this was interpreted that you had Marketplace coverage and had not entered a 1095-A. REJECTED! The solution that worked for me was to go into forms mode, select form 8889S, and uncheck the Family box on line 3 of the Smart Worksheet. This clears the monthly amounts in the Family column, which is equal to your maximum eligibility for the year if it didn't change. I went down the columns, put in that full amount in each, and then closed the form. Ran through the Federal Review, State Review, and did the steps for E-filing. This time, instead of the 2 rejections on the hour, I got Federally Accepted 11 minutes after the hour. State acceptance I am confident will follow later once Federal contacts them. Good luck. TurboTax - FIX THE BUG, PLEASE.
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yesterday
We are full time Arizona residents. Lived in Colorado until 2022, retired & rented the house there. We sold the rental property in Colorado in 2025 that was our primary residence for 2 of the last ...
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We are full time Arizona residents. Lived in Colorado until 2022, retired & rented the house there. We sold the rental property in Colorado in 2025 that was our primary residence for 2 of the last 5 years. So while we are eligible for the Capital Gains exclusion, we are required to pay taxes to Colorado on the depreciation recapture ($59K) while it was rented. Thus, we need to file a 2025 Colorado tax return. When filling out the Colorado return on the very first income page, it asks about Social Security, Pension & Annuity Exclusion - it's appears that even a non-resident we are eligible for $28,507 exclusion ($20K for one tax payer, $8,507 for the other). Then later on it asks to "Enter the Colorado portion of your subtractions from federal income" and puts that $28,507 under the Federal column. My understanding is it wants me to allocate the amount that belongs to Colorado. Should this be $0 because the retirement income was earned in AZ or should it be $28,507 because it's a Colorado income exclusion that TT calculated at the very beginning of the CO return? Or do we just enter $0 at the very beginning when it asks about the Social Security, Pension & Annuity Exclusion knowing that the income is not from Colorado? There is a $150 difference in tax owed doing it this way versus claiming the Social Security, Pension & Annuity Exclusion and then saying $0 allocated to Colorado. But there is a very large $1K difference if I can use the full $28,507 under the "Colorado portion of your subtractions from federal income". Help!
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yesterday
How about if you're taking a home office deduction? Then does this play into things?
yesterday
In TurboTax Online, to report interest income, follow these steps:
Down the left side of the screen, click on Federal.
Down the left side of the screen , click on Wages & Income.
Click...
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In TurboTax Online, to report interest income, follow these steps:
Down the left side of the screen, click on Federal.
Down the left side of the screen , click on Wages & Income.
Click on the down arrow to the right of Investments and Savings.
Click to the right of Interest on 1099-INT.
At the screen Let's finish pulling in your investments, select Add investments.
At the screen Save time and connect your financial accounts, click Enter a different way.
At the screen How do you want to add your docs?, select Type it in myself.
At the screen OK, let's start with one investment type, select Interest and click Continue.
yesterday
Click on Add a State to let you back into your return. Do not click on Amend. You are not actually adding a state, it will just let you back in.
yesterday
the answers I got is about something else!
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yesterday
I provided the shortcut method above to go directly to the section for estimated tax payments made for 2025 in Online TurboTax. If you want to use regular navigation, here's how. So between the 2 ...
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I provided the shortcut method above to go directly to the section for estimated tax payments made for 2025 in Online TurboTax. If you want to use regular navigation, here's how. So between the 2 methods, you should be able to use one or both of them. When you click in the left column tab for Deductions & Credits and in the dropdown choose the Deductions & Credits Summary, it may take you to a page called "Your Tax Breaks". That shows the "Tax Breaks", i.e., deductions, that someone has already worked on this year or that TurboTax is expecting from what was entered last year. Lower on that same screen should be a button or link for "Add more tax breaks" or "Show more tax breaks" or similar wording. When clicked, then the screen should expand, and all the deduction topics are displayed including "Estimates and Other Taxes Paid." Then that topic can be expanded further to get the subtopic Estimated Tax Payments.
yesterday
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yesterday
State estimated tax payments and Federal estimated tax payments made for 2025 are both entered on the Federal side. For Online TurboTax, here's a tool that should get you directly to the section...
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State estimated tax payments and Federal estimated tax payments made for 2025 are both entered on the Federal side. For Online TurboTax, here's a tool that should get you directly to the section for estimated tax payments made for 2025. I've also provided an alternate navigation method in a comment that follows this one. With the return open, go to the left menu column and click on TAX TOOLS, then the subtab TOOLS. In the Tools Center choose the blue button Topic Search. In the topic search line enter the phrase estimated tax payments without quotes. Make the selection in the list (it may already be highlighted), and either double-click it or click the GO button. Next screen is Estimates and Other Income Taxes Paid. Use the subtopic Estimated Tax Payments. Choose the appropriate category and tax year you are reporting (Federal, state, local) and click START or Revisit. NOTE: Before filing, make sure your Federal estimated tax payments correctly show on the Form 1040, Line 26, and that any state estimated tax payments (if applicable) show up on your state return.
yesterday
I need to amend my 2024 tax return, but cannot figure out how to do this in my desktop version of TurboTax 2024. Can you help?
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yesterday
Stae Estimated paymnets
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yesterday
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yesterday
I do have four dependents, and that part is correct. It is saying I don't qualify for the additional child tax credit because none of them are under age 17. The date of birth is correct, 2015.
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yesterday
No, but your spouse may be liable for income earned in Missouri.
Some states use an adjusted gross income method to compute part-year / nonresident state income tax returns. So, even if your...
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No, but your spouse may be liable for income earned in Missouri.
Some states use an adjusted gross income method to compute part-year / nonresident state income tax returns. So, even if your income is not taxed by the other state, your income may be counted in the adjusted gross income.
In TurboTax, in the Missouri nonresident state income tax return, at the screen Income Ratio - Part-year and Nonresident Filers, it states:
Missouri used the information you just gave us to calculate your income ratio. Tax is first calculated on your Adjusted Gross Missouri Income. Then the ratio is applied to calculate the tax assessed on your return.
yesterday
I was nearly done catagorising my expenses, when I accidently hit the "Looks Good" button. Do I have to start over?
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