Other financial discussions

I know you can use TurboTax in both operating environments and that you can install one product key on 5 different devices - but can some of the 5 be Macs and others Windows-based?

My boyfriend provides other things such as baby necessities and shared custody. He makes about 75,000 a year. I am on benefits and am not working but have agreed to let him claim him will this open up a child support case or cause any legal issues for me since paternity hasn’t been established and I am married to someone who refuses to get a divorce and abandoned me about a year ago. 

my husband and I have lived in our home for 25 years...the deed however is in my name and my sisters.  she has no claim to the home...how would the capital gain work here...can my husband and I claim the full exclusion of $25K each...we meet the look back requirements

My aunt got 2 stimulus checks. She sent one back But the irs said they never got it And they are charging her interest every day

My mother is on hospice watch and I'm preparing to deal with estate / will / property issues.  I believe she has a large sum of money exceeding $10K in her safe.  I know of FinCEN  / IRS form 8300 requirements if there is a large cash deposit of $10K or more, and it just feels silly to run around depositing cash deposits at other banks which might even flag structuring.   Is there a way of making this deposit that can bypass the bank reporting it? I'm not a drug lord.  I may need that cash to pay for estate-related expenses. 

So if I can’t put Ventura on my Mac and I have old returns there and I do t want to do the TurboTax cloud version is my only option to buy a new computer?

No text available

Let’s say I have $10,000 carryover losses from prior year. Filing jointly.1) Scenario 1(A) This year, I have $7,000 gain, that mean I can use  $7,000 carryover to offset all the gain, leaving $3,000 left carryover, CORRECT?(B) Can I ALSO use the last $3,000 to offset ordinary income?2) Scenario 2(A) This year, I have a loss of $3,000, does that mean only this $3,000 will be use to offset ordinary income?(B) If this year, I have $2,000 loss instead, does that mean I  need to use this $2,000 and $1,000 from my carryover to offset my ordinary income? Thanks

Primary residence purchased in 1985, converted to rental in 1990. Converted back to Primary residence in 2024. Need help finding rules impacting sale in the future.I remember reading something previously that homes owned prior to a certain date were treated differently than homes after that date however unable to find reference to that know. It was a difference in being able to count as Primary residence sale without condition of rental years and being able to use Primary residence sale exclusion.

i have installed 2024 Turbo tax Deluxe. upon reviewing I believe I found an error in 2024 Capital Loss carryover Worksheet. Line 1 and Line 9 has different numbers from the 2023 Capital Loss Carryforward Worksheet. Who do I contact? Does the tech people read the messages on these forums.

My sister did a quitclaim deed to transfer her house to our three children, with a life estate option. Are there gift tax implications? She subsequently passed away while living in the house, and the house was sold. What kind of capital gains from the sale of the house are my kids stuck with?  The house originally cost about $183,000 and sold 25 years later for $600,000, with each of our kids netting $185,000.

I recently got a raise at work. It has put me into 60,000 + a year. How will this affect the taxes I will owe this year? I'm sure it has put me in a tax bracket I have never been in before. Just trying to understand possibly how much it is going to cost me paying taxes.

I don't see the math that Donation to charity & Tax Saving is good for anyone - money wise. Why would I donate, say, $50, 000 consider if I have to pay 24% tax , that would leave me with $38,000 more in my pocket.   With 32% tax , I would have $34, 000 more.  

Hi. I left my job in May of 2021. Since then I've had no earned income. I accidentally made contributions to my Roth IRA on April 3, 2024 that went towards the tax year 2023. Does Turbotax automatically charge me the 6% annual fee for having the money in there? Will the software know to do this or do I have to tell it? 

I am asking this for the used EV rebate : https://www.irs.gov/credits-deductions/used-clean-vehicle-credit , do I qualify for that? It says I can qualify for the rebase in either of 2024 or 2023. Will I get the rebate if I purchase the vehicle in 2024. My income is above the threshold for 2024.

Let's say I started a single owner LLC and I make $100,000 in one year.   Can I just keep the profit in the LLC not taking self employment pay and distribution? 

I cashed in a long term care policy The company said it was a non taxable policy. The only thing i can see on the cover of the policy is      (This certificate is intended to be a Qualified long term care Insurance contract) Dos that statement mean non taxable  

When a grantor dies with a Removable Trust under their SSN, you need to apply for an EIN to distribute the assets of Rev Trust. When applying for that EIN, do you apply under Trust, then Rev, or Trust, then Irr, through an IRA EIN application? What is the correct process to get an EIN for a Rev Trust? Thanks.

I’m having a terrible time getting into Its Deductible. When I sign in it goes to a page telling me the page I am looking for does not exist. Is the system down? Sorry if I am posting this in the wrong place.

Our corporation just purchased a large piece of mfg equipment from an employee who purchased the equipment under a personal LLC  in 2015.  The LLC's status is under involuntary dissolution for not re-upping since 2021 and won't be renewed.  I have the original bill of sale from 2015 but with it being dissolved, does the payee default to the individual?  If so, does the individual claim the income as personal expense? 

Hi - I wanted to ask an expert about a few different items for my tax return for this year (2024). I couldn't find anywhere online to do this; I plan to use TurboTax again for filing this year, as I have in the past, but I had questions I wanted to ask about now - particularly around ensuring my withholdings are accurate - and couldn't find anything on the site about this topic. Is this something that I can schedule? These are questions I don't want to ask on a public forum like this one - please let me know where/if I can do this

I filed our taxes on 9/6/24 and both Federal and state were accepted. On Saturday, I received a tax message with another persons name saying her return had been rejected.  Should i report to IRS or Can Intuit help me?  Do not have a clue who this person is or why i received .  anyone?

The replies are not entirely correct.  Your legal fees that you personally incurred to defend your right in the capital of the trust may be added to cost of the property you received from the trust since it is a cost connected with acquiring the assets in respect of your capital interest

Questions: Assuming I bought ABC stocks at 2 different dates, say, 1000@ $5 on 1/20/2024 and another 1000@ $10 on 3/20/2024.  If I sell 1000 shares later with gain  @ $15.  I know I can pick either one (purchase date) to sell at the sale time.Can I change the purchase date I bought before 12/31/2024 or change the date before filing my tax return in 2025 to make the right tax harvesting?  Thanks

My grandparents estate was recently finalized and the money was distributed to the beneficiaries listed on the trust. Before they passed away, my grandparents requested that their sons (the listed beneficiaries) provide a portion of their part of the inheritance to each of their children. This is turning out to be a fairly substantial amount of money for each grandchild. As the grandchildren are not listed on the trust, does this now need to be reported as income for individual taxes (the estate already paid taxes on this money)? Or does this end up falling into the gift category and more taxes need to be paid by our parents? Or are the grandchildren free and clear with this money? We have an appointment with a tax advisor, but figured it wouldn't hurt to ask, as I imagine there are others who have faced this or similar scenarios.