Tax Credits and Tax Deductions | TurboTax® Support

Deductions & credits

Maximize Personal Tax Deductions: Itemized vs Standard

If you’re confused as to whether it’s better to take the Standard Deduction or Itemize Deductions on Schedule A, you’re not alone. Personal tax deductions include such things as charitable donations, mortgage interest, property taxes, state income ta... read more

Dependents: Children, Relatives & Others

If you want to get those juicy dependent tax credits and benefits, it’s important to get it right. Getting it wrong can create an IRS mess you don’t want to be a part of - trust me on this one! If the result isn’t in your favor, not only will you lik... read more

Charitable Donations: A Tax & Giving Win!

It’s always wonderful to donate to charitable causes. But did you know that the type of organization you donate to can actually make a difference on your taxes - and even whether or not you can actually deduct it? For example, donating cash through a... read more

Favorite Tax Deductions & Credits for Families!

Everyone knows there are tax benefits to having children and dependents and some are pretty amazing! If you’ve ever had questions about the popular Child Tax Credit (CTC) or Earned Income Credit (EIC), this is the place to be! TurboTax does the think... read more

Tax Deductions Worth Looking Into!

It seems the most popular question at tax time is “Can I deduct this…?”. Of course you don’t want to pay more taxes than you need to; and you want to get all the tax deductions and credits you’re entitled to take. The resources below have helped many... read more

What the need for Cost Basis information when reporting Stock Donations to Charities? The entire market value of the security on the day of donation is deductible.

I used Fidelity Charitable Account and they don't provide the Cost Basis for donated stocks.

New Home Purchase - Property Taxes and Supplemental Property Taxes

I am completing my 2024 federal taxes in TurboTax Deluxe. In the 1098 form section, TurboTax is asking for "Property (real estate) taxes paid." I purchased a home in 2024 (California.) I received a 1098. Box 10 Other is empty, however, my mortgage co... read more

Can I claim my son who has been serving a full-time mission for our church and I have paid all of his living expenses?

He has been living in a different state for almost 2 years now serving his mission.

Noncash donations

I donated appreciated stock to a charity in 2024 and am completing the info in TT. It is asking for my cost basis. I inherited this stock in 2014, so this should not be necessary (as it is long term). According to the IRS guidelines, it states NOT to... read more

Depreciation when sole proprietorship is closed

I started a sole proprietorship in 2024 and want to claim depreciation on equipment purchased which I understand will be depreciated over 5 years. What happens if I have to close the business before the equipment depreciation value is down to zero? H... read more

Smart Check on Form 8889-T: Line 12 Wks, line B

Most questions about this error have to do with numbers getting "stuck" and having to re-enter. However, in my case I really do need to enter an amount greater than the excess contribution. The reason being, we had two different HSAs and due to a mis... read more

How do I address return of excess Roth 401(k) contributions?

Hello, I am under 50 and worked for two employers in 2024. I ended up making $23,433 of Roth 401(k) contributions (total) between the two employers in 2024. I realized this in early 2025, contacted the plan administrator for one of the employers, and... read more

Claiming Education credit AND I-bond interest creit

I am using TT Desk Top. I have higher education expenses on my 1098-T and trying to use some of the expenses for I-Bond interest exclusion and some for Life Long Learning credit. I enter I-Bond interest information followed by education expenses. Thi... read more