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yesterday
The TurboTax formula is wrong! Playing around with the formula, the more Military Time I add, the less my Return Money is. I should get credit for the military time, NOT PAY MORE. My phone number ...
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The TurboTax formula is wrong! Playing around with the formula, the more Military Time I add, the less my Return Money is. I should get credit for the military time, NOT PAY MORE. My phone number is [phone number removed] if you want me to clarify.
yesterday
Thank you for confirming that. Unfortunately, TurboTax includes an NOL deduction with out limiting it to 80%. I did not understand that I needed to calculate how much of the NOL deduction I could i...
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Thank you for confirming that. Unfortunately, TurboTax includes an NOL deduction with out limiting it to 80%. I did not understand that I needed to calculate how much of the NOL deduction I could include, so I entered the entire amount. Now I have to redo two years of past returns (and may have to pay someone else to do it) in order to correctly claim the NOL deduction correctly.
yesterday
TurboTax does not receive any kind of tax refund, federal or state.
If you requested to have the TurboTax account fees deducted from your federal tax refund, the IRS will send the refund to a...
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TurboTax does not receive any kind of tax refund, federal or state.
If you requested to have the TurboTax account fees deducted from your federal tax refund, the IRS will send the refund to a third party processor to have the fees and the $40 service charge deducted. The third party processor will deduct the TurboTax fees plus the $40 service charge and then attempt to direct deposit the remaining refund balance into the account that you entered on your tax return.
For the status of your tax refund you will need to contact the third party processor, Santa Barbara Tax Product Group, using their website - https://www.sbtpg.com/
Tax Products Group Contact Information - https://help.sbtpg.com/hc/en-us/articles/230084587-Contact-Information
Call 1-877-908-7228
Or email - TPG-CSsupport@greendotcorp.com
yesterday
The costs should be what you actually ended up paying for the windows - not their list price. So you need to subtract the discount.
yesterday
This is to handle a missed RMD.
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yesterday
My tax forms have shown a completely different amount than what turbo tax has deposited into my account. As well as being charged twice for services. All the reps I’ve spoken with are rude, don’t know...
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My tax forms have shown a completely different amount than what turbo tax has deposited into my account. As well as being charged twice for services. All the reps I’ve spoken with are rude, don’t know what they are doing and have very loud noises in their background. Definitely going to be seeking a lawyer
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yesterday
If you a self-employed sole proprietor for your business and have not incorporated then you need complete the Schedule C which is included with your personal tax return.
You need to amend the tax r...
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If you a self-employed sole proprietor for your business and have not incorporated then you need complete the Schedule C which is included with your personal tax return.
You need to amend the tax return that you filed to add Schedule C.
See this for self-employed income - https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/01/26653?search-action-id=617583741422&search-result-uid=26653
See this for self-employed expenses - https://ttlc.intuit.com/community/self-employed/help/what-self-employed-expenses-can-i-deduct/01/25566?search-action-id=617583117703&search-result-uid=25566
An amended return, Form 1040-X, can only be printed and mailed to the IRS if the original tax return was not e-filed. The IRS will take up to 12 weeks or longer to process an amended tax return.
Before starting to amend the tax return, wait for the tax refund to be received or the taxes due to be paid and processed by the IRS.
See this TurboTax support FAQ for amending a current year tax return - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-federal-tax-return-current-year/L7eS6o1qh_US_en_US?uid=lfunevhk
yesterday
I didn't have a foreign country info last year
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yesterday
yesterday
You can connect with a TurboTax Live expert directly from your return and they can assist with helping to file your return and applicable education credits.
Go into the tax return.
1. Select ...
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You can connect with a TurboTax Live expert directly from your return and they can assist with helping to file your return and applicable education credits.
Go into the tax return.
1. Select Expert Help
2. Connect with Expert Help in the chat window to start a live session.
You’ll have the option to share your screen so the expert can review everything with you in real time. If you’re using the mobile app, you can access Expert Help there as well.
If you would like to upgrade to live expert review, you can do so using the steps in the appropriate links:
TurboTax Online Live Assisted Review
TurboTax Desktop Live Tax Advice
yesterday
L'analyste me répond qu'au Qc, si le conjoint décède dans l'année, le couple est encore considéré marié au 31 décembre. Selon le guide TP-1 Oui, vous devez indiquer le revenu net du con...
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L'analyste me répond qu'au Qc, si le conjoint décède dans l'année, le couple est encore considéré marié au 31 décembre. Selon le guide TP-1 Oui, vous devez indiquer le revenu net du conjoint décédé pour le caclul de crédits et déductions pour la période de 2025 où le couple vivaient ensemble. Décès ou séparation c'est la même question. La nouvelle allocation pour épicerie remplace le crédit de TPS. L'ARC gère ce nouveau crédit et donc le logiciel ne caclule pas ce crédit. Allocation canadienne pour l’épicerie et les besoins essentiels
yesterday
Dealing with a large number of T5008 entries and "Date of Disposition" errors can be quite frustrating, especially since the CRA now requires a specific date for every transaction.
There is...
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Dealing with a large number of T5008 entries and "Date of Disposition" errors can be quite frustrating, especially since the CRA now requires a specific date for every transaction.
There is no "grid view" in the online version. You usually have to view them in a list:
Go to the Income section and find T5008 - Statement of Securities Transactions.
You will see a summary list of all your entries. You’ll need to click Edit on each one that has a flag to fix the date.
If you have dozens (or hundreds) of entries from a brokerage and many are missing dates, many users find it easier to consolidate:
The "Consolidated" Approach: Instead of entering 100 separate slips, you can enter one single T5008 for each "Type of Security" (e.g., one for all your bank stocks).
For the Date of Disposition, use December 31, 2025.
Use the Total Proceeds and Total Cost from your year-end tax package provided by your broker. This is perfectly acceptable to the CRA and clears those date errors in seconds!
If you imported via Auto-Fill my Return (AFR), sometimes the date field comes in blank from the CRA. Double-check your broker's actual T5008 PDF to find the correct dates.
Hope this helps!
Thank you for choosing TurboTax.
yesterday
1 Cheer
Yes, you can contribute to both any given year but are limited. The IRS article How much salary can you defer if you're in more than one retirement plan? states:
The amount of salary deferrals you ...
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Yes, you can contribute to both any given year but are limited. The IRS article How much salary can you defer if you're in more than one retirement plan? states:
The amount of salary deferrals you can contribute to retirement plans is your individual limit each calendar year no matter how many plans you're in. This limit must be aggregated for these plan types:
401(k)
403(b)
SIMPLE plans (SIMPLE IRA and SIMPLE 401(k) plans)
SARSEP
The article goes on to explain Contribution Limits and give examples like your situation.
yesterday
Hello, I had new windows installed in 2025 and would like to claim them on my taxes. I have the original cost of each window and then there was a discount taken off the whole project at the end. Not...
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Hello, I had new windows installed in 2025 and would like to claim them on my taxes. I have the original cost of each window and then there was a discount taken off the whole project at the end. Not sure what to put for costs. Thanks!
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yesterday
My husband and I are both self-employed (in different fields). We deduct the mileage on our cars. Last year, we traded in my husband's car. I primarily drive the new car; he primarily drives the c...
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My husband and I are both self-employed (in different fields). We deduct the mileage on our cars. Last year, we traded in my husband's car. I primarily drive the new car; he primarily drives the car that I used to always drive. However, we switched cars during the summer month and plan do that that in the foreseeable future (he needs the ventilated seats). We kept track of our business miles driven on each car and which business those miles were specific to. These are our only two cars, and they are each available to us for personal use as well. Should we be using this level of detail and specificity, or should we "assign" a car to each business? He's putting about 30k - 35k miles on the cars, while I only put about 8k - 10k.
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yesterday
1 Cheer
There are several costs that you are allowed to add to the stock basis in a trade. These include commissions and fees for transfer or recording. Stock splits usually just spread the basis across mo...
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There are several costs that you are allowed to add to the stock basis in a trade. These include commissions and fees for transfer or recording. Stock splits usually just spread the basis across more shares and reverse splits usually increase the basis of what was paid for the shares by combining costs. TurboTax will ask you if you need to adjust the basis and why so you should do so if you have reason for it. But make certain to maintain any and all records that support your numbers in case you're ever asked.
Here's some IRS guidance on stock basis. It's wordy but it's handy to know.
yesterday
1 Cheer
Answer "NO" to "Did you contribute to a traditional IRA?
The program handles recharacterizations by having you enter the original contribution first and then telling the program you "switched" ...
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Answer "NO" to "Did you contribute to a traditional IRA?
The program handles recharacterizations by having you enter the original contribution first and then telling the program you "switched" it.
In the "IRA Contributions" section, check the box for Roth IRA (do not check Traditional IRA if your only original contribution was to the Roth).
Enter the total amount you originally put into the Roth IRA.
Answer "YES" when asked, "Did you switch (recharacterize) any of this contribution to a traditional IRA?"
Enter the amount of the original contribution you moved (not including the earnings/losses).
The program will then prompt you to write an explanation. State that you recharacterized the original "[Amount] plus [Earnings/Losses] from a Roth to a Traditional IRA on [Date]."
Note: If you received a 1099-R for the recharacterization (usually with Code R or Code N in Box 7), you should also enter that in the "Income" section (for most people, the "IRA Contributions" section is what generates Form 8606).
The program will eventually ask if this was a nondeductible contribution (because you moved the money to a Traditional IRA). If you are doing this as part of a "Backdoor Roth" strategy, ensure you track your "basis" so you aren't taxed again when you convert it back to Roth.
yesterday
Your refund is likely held up by processing errors, identity verification, or missing information.
Another common reason is that your refund is offset. What is a refund offset?
If you ha...
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Your refund is likely held up by processing errors, identity verification, or missing information.
Another common reason is that your refund is offset. What is a refund offset?
If you have any inquiries regarding any delay, you should contact the IRS directly for further assistance. IRS Contact Page.
You can also keep track of your refund status by clicking on the link below:
Where's my Refund
yesterday
How can I confirm when an e-check will be paid
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yesterday
Here is the procedure to obtain the foreign tax credit for foreign taxes paid on foreign capital gains/losses. It is assumed that the reporting of all income including foreign capital gains/losses f...
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Here is the procedure to obtain the foreign tax credit for foreign taxes paid on foreign capital gains/losses. It is assumed that the reporting of all income including foreign capital gains/losses for U.S. tax purposes has been completed and the next step is to obtain foreign tax credit for foreign taxes paid using form 1116. Some preliminary work has to be completed. Download the “2025 Instructions for Form 1116” and “Pub 514”. Open the f1116 instructions and go to page 10. Under the heading “Adjustments to foreign capital gains and losses,” you will be using either worksheet A or B or the worksheet in Pub 514. The instructions will guide you to determine which worksheet to use. Whichever worksheet is used, after completion, you will have the amount to insert into f1116 line 1a if there is a gain or line 5 if there is a loss. Next go to the foreign tax credit interview. Herein is a screen by screen presentation of a simplified scenario whereby the only income for foreign tax credit is the foreign capital gains. 1. Foreign Tax Credit Yes 2. Before We Begin Yes 3. Foreign Taxes Continue 4. Tell Us About Your Foreign Taxes Continue 5. Foreign Taxes Continue 6. Do You Want a Deduction or Credit? Credit 7. Reporting Foreign Taxes Paid Continue 8. No Other Income or Expenses No 9. Completing Forms 1116 Continue 10. Foreign Tax Credit Worksheet Continue 11. Choose the Income Type Make the selection then Continue 12. Country Summary Add a country. 13. Country Name Select from the list 14. Other Gross Income-Country If there is a gain from the worksheet: In the description, enter “ Cap. Gains.” Enter the amount from the worksheet. 15. Definitely Related Expenses Enter any applicable amount. 16. Foreign Losses If you had a net foreign loss from the worksheet, enter it here. 17. Foreign Taxes Paid Enter the amount 18. Country Summary Done 19. Any Foreign Source Qualified Dividends or Long Term Capital Gains? Here, Long Term Cap. Gains refers only to capital gain distributions from a 1099-DIv. Continue thru the remaining screens until finished.
