Other financial discussions

In this example, I am a former student, with an annual student loan interest payment ofof $10. The student loan principal is not a part of this example. My example AGI is $100. On my example 1040 form, my student loan annual interest of $10, has the effect of lowering my AGI from $110, to $100.Example 1099E$10Example 1040$100My question is not about my state tax return. My question is about a stateform that is not tax related.My state is asking me my AGI, and on a separate box, my student loan annual interest.The answer to their question is the same as above.Example 1099E$10Example 1040$100The state form implies that it may use this to reduce their calculation of my incometo $90.Does my state want to double count my student loan annual interest? If I reply with $10on the state form, then my $10 is counted on the 1040 form to reduce my tax liability, and again on the state form, for a total of $20?I don't know why or how the state is going to use my studen loan annual interest number in

I have used TurboTax for the past 15 years to do income tax with reporting a rental property in Georgia.In reviewing my 2025 income tax return, TurboTax shows:1. In Form 8995 line 16  a large amount ($$$$) for Total Qualified Business (loss) carry forward. 2. In Form 4562 worksheets for Depreciation and Amortization Report shows ($$$$) in the Prior Depreciation column and ($$$) in Current Depreciation column.I am planning to sell this rental property in this Summer 2026 and file income tax in 2027 reporting this sale with TurboTax and would expect a large amount ($$$$$) of Capital Gains from this transaction.Questions:1. Will TurboTax automatically use the entire Qualified Business loss amount in part 1 above to alleviate the amount of Capital Gains tax and other incomes taxes if any?2. As for the Recaptured Depreciation tax amount calculation, will TurboTax use the total amount reported in the Prior plus the Current Depreciation columns and half 2026 depreciation used in par

My spouse and I were both widowed from our first spouses in 2018.  We each owned a home (both purchased in 2005 or before).  We were then married in 2000, but each continued to reside in and occupy our respective homes since purchase.  (Our primary residence for each of us).  We file our taxes jointly and have done so since marriage.  We are now considering selling both homes and buying one together.  How will selling both homes affect us regarding capital gains exclusions?  (IE:  Married Couples Filing Jointly: Can exclude up to $500,000 of capital gains from the sale of a primary residence).   Can we exclude that amount on each home?  Or can we each only exclude $250,000 capital gains on each home?  If that is the case, how to we indicate such since we file jointly (as I believe it would automatically want to apply the $500,000 exclusion).   Do we need to wait 2 years in between selling each home?&nb

My late husband and I had an LLC that owned 1 piece of rental property (the LLC was the listed owner, but we were the only people involved with the LLC).  He and I were the only owners and managers of this LLC.  My late husband died in 2018.  I sold the rental property in 2022.  I reported it on taxes using the original purchase price in 2013.  Since it was owned by the LLC, was I able to use the “Step-up basis rule” to use as the adjusted cost basis?  2) If so, I was unaware that I should have gotten the property appraised at his death in 2018,  so can I use the 2018 property tax value as the cost basis, (my state is a community property state and assesses the property taxes at the Fair Market Value)?  3) I am considering filing an amendment to my tax return & understand that I have 3 years from when it was reported on my taxes (April 15, 2023), so I need to decide by April 15, 2026.  Will an amendment such as this most likely cause an

I have separately inherited percentages of a family-owned property at different times, via the deaths of my mother, aunt, and two uncles from 6/2004 - 7/2021. This property was sold earlier this year. How do I determine the stepped-up basis in order to pay capital gains taxes for this property?

The latest version of the Minnesota State Tax program (March 18, 2026) has introduced a new issue with the barcode printing at the top right of the form.  The barcode for the number 251111 is extremely fuzzy and appears to be double-printed on both pages of the form.  In addition, the control number at the bottom of the form's two pages should be 1555, but it appears to be overlaid with the number 9995.  This is not the case with the previous update which prints both perfectly.  I have not heard from the Minnesota Department of Revenue if there have been any rejections of TurboTax-prepared state returns due to the illegibility of the barcode and control number.  I am using TurboTax Premier 2025 Desktop. 

My trust received a Form 1099 from a brokerage firm which included 199A dividend income. I entered this information into TurboTax Business and received a message that said the trust didn't qualify for the QBI deduction which I have filed successfully in the past through a CPA-prepared return. Yet all online sources affirm such dividends do qualify for QBI. The trust's total income is approximately $30K. Why did TurboTax Business say my trust didn't qualify for QBI and include a Form 8995 for filing?

I filed my s-corp return, and was offered a 20% discount to file the personal return.  I clicked that button, and filed the personal taxes.  However, the pricing at the end was not obviously reduced ... it claimed I saved $15, but should have been more like $50 or 70.  And, the amount was $199 for federal, which is more or less full retail version.  I paid it so I could file, but was wondering how I might be able to raise the question to anyone in support at Intuit.  When I call the number, it routes me to options for various products.  My tax expert that I was able to reach told me that it would be applied at checkout, but, it wasn't.  It isn't a big thing, but I'd like to trust these big "click here" buttons on the site!  Suggestions for whom or how to contact? 

I'm having an issue with filing my return. I was claimed as a dependent for health insurance, thus I do not have a 1095-A form myself. However, whenever I try to file my return, TurboTax tells me to delete 1095-A, but I never had this form in the first place. This is preventing me from e-filing. I've already had expert help on TurboTacx, but they were equally as confused on why this issue kept popping up. We went to delete a form and it wasn't there, I've put my SSN in the box, and deleted 1095-A, but the issue kept popping up. I've been told to clear cache/cookies, switch browsers, etc. I've tried to restart but since I already sent a submission and got rejected for the return, I cannot restart. Just very confused on this whole issue, I'm considering just filing by mail, since 1095-A doesn't even seem to exist. 

The customer service phone number, [phone number removed] is currently not working.

I did my return last week and I have my cousin using my laptop using a second account to prepare his return.  Why is TT asking for update all the times as million of people have already submitted their return when he first started. I told him to skip the update and he was able to finish his return. But when he was submitting, he got this Failed Validation.  What the hell is TT wants?  What the fxxx they want?  I may have to switch to HR Block next year>

I have two 1-ounce bars of gold that were given to me with no records from a friend a couple of years ago. I want to pass them along to my son and daughter as Christmas gifts, one bar to each of them. I would not want them to have to pay capital gains on the entire amount when they choose to sell them. I don’t know how to establish the base price.  Does anyone have any instructions on how to do this correctly and establish a record? 

I ran my tax return review and it came up with an error on taxable SS benefit that need to fix. See attached. I didn't have SS payment but my wife did  in 2024.  I had SS spousal support payments several years ago before I retired and then was disqualified.  However, the Windfall Elimination   Program kicked backed in and I started to received it again in 2025  together with a lump sum 2024 backpay in 2025. The error has 17,275 and look like it said it has to be 0 that does not make sense.  Is the 0 referred to prior year before 2024 that I did not get any lump sum payment? The number referred to 2018-2021 and not 2024 or 2025 . Confuse. Please help.Thanks

I took my required RMD (not the first year) and did Roth conversion from my IRA account last year.  That means my 1099R includes the RMD taken and the ROTH conversion. TT asks: RMD due by Dec. 31, 2025.  See attached.I have taken all required. I believe  is zero in my case. Is the number asked referred to the required RMD for year 2025 or what is left to be taken?Thanks

I received two 1099-Misc for oil royalties for the same property. The first company was purchased by a second company so about half of the income was provided by one and the second half provide by the second company.  I entered both 1099-misc, each under its company name, but how do I enter the depreciation, taxes and deductions? Are these items combined together on one Schedule E or is a separate Schedule E need to be filled out for each company's 1099-misc?  Turbotax Deluxe seems to want the depreciation, taxes and deductions combined on the schedule E.Thanks for your help on this topic.

Hi,I accidentally bought a turbotax package for the US. Is there a way to exchange it or get a refund?! I need a Canadian Turbotax package!  

Is there an easy way to calculate my educational expenses including taxes online for the course I’m taking? I want to know the total cost I’ll actually pay after taxes. Are there any reliable online calculators or tools that can help with this? I’d like something simple and quick to use.

How do I calculate RMD on a double inherited IRA? I inherited an IRA from my spouse who recently died 12/2025. He inherited his IRA from his brother in 2022. RMD for 2025 was already withdrawn. How do I calculate future RMD? Form 590B did not seem to address this situation directly. My spouse use life expectancy for the 2years. Can I use 10 year rule, how? my life expectancy or continue with his?

So I have a small job where I created and contributed to a Roth account for the last 3 years.  In 2024, I also did a traditional IRA conversion to a Roth.  So, these are two different Roth accounts at two different institutions.When going through TT it asks me to enter my 2025 (And early 2026-for TY 2025) Roth contributions.  All fine.  Then it asks me if I had opened ANY Roth's in 2024 or a previous year--OK, I guess that would apply to both accts--The PT job Roth from 2023, and the Roth conversion.  Right?  Then It asks me if I want to track the Roth account's  Basis--but I have TWO Roth accounts.  Opened in different years.  Are they talking about only the one I'm currently contributing to?   I guess the language used isn't specific enough for me.

I can't find it.

In the past, I installed TT on my laptop running Window 10 and let 2 family members used a guest account to work and file their returns without problem.  This year, TT said it will not work on Window 10..I just installed last year TT on a Window 11 laptop and have it activated under my username. When I login to the guest account and run 2024 TT,   the software wasn't activated and required sign in to activate TT . Does that mean 2025 TT cannot be used by different users on the same PC?

My wife & I are both retired and took our RMDs. She made about $42,000 and I made about $172,000.So, our MAGI is about  $214K to $220K filing jointlyAs our joint income is expected to surpass the standard threshold for Medicare standard premium and IRMAA is likely to kick in.Now our pre-tax retirement accounts are also going up now and would need to take more RMDs.Since our joint income has just pass the threshold, it would be wise to convert some of our pre-tax account to Roth so that it would stay below for RMDs in future years.The facts are next 2026 MAGI Bracket is $218K to $274K, and we have to pay $96 more each for Medicare Premiums B&D. But there is only $56K leeway to convert so as not to get pass $274K.Next level 2026 MAGI Bracket is $274K to $342K, and have to pay $240 more each for M P, and higher tax bracket which is not viable to exceed that MAGI threshold.I know I can use TT to run our tax returns to see which filing would save more.  Just wonder anyone

I have a small business (LLC) where I am able to sell used (and new) items.  I have some relevant stuff I own personally that I'd like to sell through the business.  Can I pay myself through the company checking account (I would write a biz check) for the items?  (I would pay myself a reasonable amount that allows for profit on the business side, so no funny business.) If so, would the amount I pay for the items (to myself) be an expense/cost for tax purposes?

I saw a pretty nasty video on YouTube that started with a Turbo Tax advertisement. The video title uses the words "Welfare Addicted Jews" and the video itself shows the channel owner harassing Jewish people on the street! Is this really where you want your brand to be seen?

No text available