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70 replies

Level 2
March 8, 2021

There is a company here in Chillicothe zip code 45601 that will do my taxes for free because I am eligible for it because of my income and disability but I can't remember what it was called what the phone number was can you help me?

Level 15
March 8, 2021
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Level 2
March 10, 2021

I can not find my Intuit Turbo Tax install CD for 2020.  How can I download it so I can begin my taxes

Level 14
March 10, 2021

Please follow the instructions in this TurboTax FAQ to contact customer support for assistance:  What is the TurboTax phone number?

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Level 2
March 16, 2021

I sent in my tax return before the xovid 19 relief package was signed and I did receive unemployment.  How do I send in an amended tax form?

VolvoGirl
Level 15
March 16, 2021
Level 2
April 2, 2021

I want to look at my original tax form I started on my own. but it keeps taking me to the delux talk with an expert!

I want to see my original form

Level 12
April 2, 2021

Please visit the TurboTax Help article below for information on how to preview your return before filing.

 

How do I preview my TurboTax Online return before filing?

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Level 2
April 9, 2021

When should I expect my refund

DawnC
Level 15
April 9, 2021

It depends on how you filed.  If you file by mail, expect a long processing time as the IRS is behind on processing tax documents filed by mail.   However, e-filed returns are being processed as normal and will be processed much quicker.  If you e-filed your return, confirm that it has been accepted before searching Where's My Refund.  

 

The IRS issues more than 9 out of 10 refunds (from e-filed returns) in less than 21 days.  However, it’s possible your tax return may require additional review and take longer. Where’s My Refund? has the most up to date information available about your refund.  The tool is updated daily so you don’t need to check more often.    @Bigtmane100

 

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Level 2
April 11, 2021

I bought a camp in Maine in 2020 ( I live in CT)and got a 1098 B I filled out the information on the Federal piece but it did not ask for the address,  I am now working on my state taxes do I need to file in Maine as well as CT

JohnB5677
Level 15
April 12, 2021

If this is an income producing camp you will have to fill out a Federal form Schedule E for a rental property.  The address is included on the Schedule E.  The 1098 interest expense would also be included here. 

 

If this circumstance is correct you will file both a Maine and Connecticut tax return.  You would get a credit for the taxes paid in Maine on your Connecticut tax return. 

 

If this is simply a second home you will not need a Maine tax return.  You would include the 1098 on your Federal taxes.

 

@gblecl

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Level 2
April 14, 2021

We electronically filed our taxes on March 7th and still haven't received our refund yet

Level 13
April 14, 2021

Be patient -  a whole lot of people are experiencing the same issue. 

  

If you filed your 2020 taxes and haven't received your refund, your experience is very common -  the IRS is encountering major delays in processing 2020 tax returns, and is almost impossible to reach by phone.

  

The IRS Where’s My Refund? site is still the best first place to go for information. 

  

Why is this happening? Tax season (normally Jan 1 - Apr 15) is the busiest time of the year for the IRS. This year, they have also had to deal with major changes in the tax law, including ones that were passed retroactively in the past two weeks. They are also struggling with the same COVID workplace and workforce issues the rest of the country has encountered. 

  

According to  the Washington Post (Mar 12, 2021): 

  

Nearly 7 million tax filers are in limbo and facing substantial delays in getting refunds so far this tax filing season, as the Internal Revenue Service struggles to keep up with the demands of issuing stimulus checks and implementing myriad tax code changes from coronavirus relief packages, including the one President Biden signed this week. 

  

There are 6.7 million returns that have not yet been processed, more than three times the number in the same period last year, when fewer than 2 million returns faced delayed processing, IRS data shows. 

  

Level 2
April 14, 2021

My Schedule 2 Line 8 had two inputs, one from From8959 and another from Form 8960, Box C is not checked. But the total number of Line 8 is more than the sum of the numbers from 8959 and 8960. Why is that?

Level 2
April 15, 2021

Where do I input my quarterly payments I have made in2020?

Level 10
April 15, 2021

If you made estimated tax payments in 2020 towards your federal, state, or local taxes, enter them in the Estimated and Other Income Taxes Paid section.

  1. With your return open, search for the term estimated tax payments.
  2. Select the Jump to link.
  3. Choose Start next to the type of estimated tax payment you'd like to enter.
  4. Enter the amount of estimated tax you paid at each of the quarterly due dates.
    • If you paid 2019 estimated taxes in 2020, you'll enter just one amount for each state of locality.
Level 4
April 18, 2021

Hello,

 

I know that when one sells one's home after living for 2 years in the last 5 years prior to sale, one could deduct a gain to the maximum of 500K. If gain is more than 500K, the excess is taxable in the year of sale.  Given this, consider and clarify.

 

Home sale price is 2million.

Cost of home is 1Millon.

So gain in 1Million.

Then 500K is tax free.

But 500K gets whacked with Tax.

 

Suppose if one can take HELLOC and take out loan out of HELLOC or

Do a cash-out refi just prior to sale ..

 

And thus pay off the 'taken out cash' with sale proceeds to net it against the taxable portion of the gain .. thus reduce it or even eliminate and avoid taxes. I read somewhere that the cash-out is not considered income and not taxable. By the same token, paying it off appears to reduce the taxable gain as well.

 

Is that legal to do so?

 

regards

 

VolvoGirl
Level 15
April 18, 2021

Loans don't affect the gain on the sale. Just sales price - cost+improvements.   What you do with the proceeds don't matter either.  

Level 4
April 19, 2021

My question is ... how can IRS determine ...

 

- 1 million being the gain vs

- 500k (gain) + 500k (loan that is taken out of the lender at the time of sale)

 

Are you saying that the 500K loan should be proven to IRS as some additions to the property to qualify as value of the home and not as loan? If so, how do they expect that from the home seller?

 

regards

Level 2
April 23, 2021

Tax form almost completed but need to add bonus to income. How do I go back