Other financial discussions

Join TurboTax Community: Your Tax & Finance Guide for Credit Karma Members!

As you may know, getting your free credit scores through Credit Karma is just one part of your financial journey. Although understanding your credit score is crucial for making important decisions, it’s just one part of the puzzle in managing your fi... read more

Getting Over Bad Money Decisions

Last week, on the Turbo blog, we talked about ways to forgive yourself and move on from past financial mistakes. CFSW, Marsha Barnes, shared five key ways to move on and get better with your money: 1. Recognize previous spending behaviors and forgive... read more

Need in-depth tax help. Need to go over several years. Is this something that your company offers?

Using Carryover losses from prior

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 ... read more

Converted Primary residence 1985

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 ... read more

2024 desktop possible error in forms

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 peo... read more

Questions about gift tax and capital gains

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 th... read more

New tax bracket

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 c... read more

2024 TurboTax Desktop Products on Mac

I received an email from Turbotax stating that for 2024 tax returns prepared with Turbo Tax Desktop for Mac, macOS Ventura 13 or later will be required since Apple has stated they will no longer provide security updates or support for macOS Monterey ... read more

Donation to charity & Tax Saving

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... read more

Double inherited IRA

My father passed in 2015. My mom did not do a spousal assumption on the IRA or a rolloverto her own IRA. Mom passed 2024. Each of us kids have inherited a portion if this IRA. Do we have 5 years or 10 years to withdrawal since rules changed in 2019? ... read more

6% fee - Roth IRA

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 mone... read more

I moved to the US in the middle of the year in 2024, What is my modified AGI for the year 2023?

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 202... read more

LLC question

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?

insurance policy

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 ta... read more