Tax Credits and Tax Deductions | TurboTax® Support

Deductions & credits

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

Purchase of a small business

I started a new business by purchasing a business in May 2023 for 208,000. Where do I deduct the expense of the new business. I assumed to expense was a startup cost. But after reading posts I am not sure anymore. Can I expense the first 5000 and amo... read more

No Place to Enter Small Employer Pension Plan Startup Costs

Under Other Business Situations --> Other Business Credits is the sub-section Pension plans - Startup Costs, Auto-Enrollment, and Military Spouse Participation Credits. Clicking to update this sub-section leads to a screen saying the following: "Smal... read more

What are Tax tables for TY-2022

for Married filing jointly

Is there a limitation on expense deduction for conservation expenses related to the Eqip program? Pub 225 on page 30 says yes there is limitation of 25%? It is unclear?

Some community forums say you can deduct the entire amount expensed to offset the income related to Eqip program so is unclear to me.

Home Energy Credit Didn't Carry Forward

We installed solar in 2022 and claimed the HEC for 2022 taxes. We had $6521 in credit carryforward for 2023. When we filed for 2023 the IRS reduced our return and said they didn't show any carryforward from 2022. Line 16 of form 5695 from 2022 clearl... read more

Where to enter foreign pension income and foreign tax credits?

My wife receives a pension from Brazil government and a private pension from Brazil.

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The system is defaulting to standard deduction even though my itemized deduction is over $ 20,000

i loose $500 in an energy credit for next year if i use standard deduction this year

Can a 501(c)(19) organization receive a QCD?

I live abroad and have a foreign income, which turbo tax version or assistance I can have?

Are prepaid orthodontics expenses eligible for HSA reimbursment?

I just paid for my child's multi-year orthodontic treatment plan. I paid in-full my part of the cost of the treatment plan (the difference between the total cost of the treatment plan and what my insurance will pay). I have an HSA. Can I reimburse my... read more

1 old business. 1 new business. 1 vehicle

I have a rental property that I used a truck 100% for and it's fully depreciated.I started a new business last year (schedule c) and used that truck for this new business as well as the old business.I plan to sell the rental properties this year.How ... read more

Minnesota EV Tax Rebate

Will the 2024 $2,500 Minnesota Rebate (Rebate, not Tax Credit) for purchase of an electric vehicle (all electric or plug-in hybrid) be considered taxable on my 2024 federal return? 2024 Minnesota state return?

Should I check the 'FATCA filing requirement' checkbox if I am adding a 1099-INT for interest earned on a foreign bank account?

I have more than $10,000 worth of deposits& interests but less than $50,000 in my foreign accounts in India (which would mean FBAR is applicable but 8938 is not). Hence, I understand I am required to file FBAR. On my tax return, I have to include the... read more