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

How to report removal of excess Roth IRA contribution?

I contributed $7500 towards my 2024 Roth IRA in Feb 2024 expecting that I would have the income to be eligible for it. At the end of the year (first week of Jan 2025) after I realized that I would not be eligible for it I had Schwab (where my Roth IR... read more

Who deducts the mortgage interest after a divorce?

Final divorce decree 5/2025. Marital home was quit claimed deed to me. Mortgage is in both my name and my ex-husbands' name. He will continue to make the PITI but I reimburse him for TI. His payments are considered part of the marital asset distribut... read more

NOL for Estate in TurboTax Business Desktop

When I finished and checked the 1041, the program suggested the NOL since there was a negative number on line 23. It pointed me to IRC 172 (b)(3) in "Other Forms You May Need." I've been over the program a million times, and can't find this. I've alr... read more

Do I report taxes as a 1099 B or section 1256 contracts and straddles for Coinexx Ltd, which is a foreign trading platform using metatrader 4 or 5 does futures contracts

RRSP t1-ovp question

Hello, turbotax community, I would like to ask a question about the rrsp overcontribution and t1-ovp calculation. Consider the following hypothetical scenario:1. In June, I over contributed $15,000. (In May I was not over-contributed. The $15,000 exc... read more

I just sold my primary home in 2025 and want to begin documenting my deductions to reduce capital gains. Is there a turbotax worksheet available now to do this?

TurboTax isn’t prompting for entering FTC carryover from prior years

I paid foreign taxes for tax year 2024.TurboTax calculated about 1/3 of it for FTC.I have lots of FTC carryover from prior tax years (2021, 2022, 2023).I am unsure whether for this tax year (2024) I can use any amount from the prior years carryovers.... read more

Foreign individual retirement Account

I have foreign (supplemental) individual/private retirement account (like ROTH-IRA, deposits paid after taxes by my parents) that my (non-US citizens living overseas) parents have been maintaining since they opened it when I was in college overseas. ... read more

i have a duplicate child on california tgaxes. how do i remove

cost basis per child

Selling moms home. She signed it over to the four kids, (me included) in 2018. She is still living. How do I figure the cost basis to determmine the captital gains to enter on line 7 of form 1040.