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

My siblings and I inherited a small house and I ended up buying them out for a total of $6,000. I renovated the house and sold it. Can I add the $6,000 to calculate FMV?

The house was in disrepair and we renovated it. I know I can add the FMV, renovation costs, and realtor/broker commission when calculating the cost basis for the home, but can I add the amount I spent buying out my brother and sister to take full own... read more

Non-Cash charitable donations: Is $5000+ FMV trigger per donation or per year?

Suppose I have a collection of rare baseball cards that I want to donate to a qualified charity and claim a FMV of $12,000 on my return. My understanding is that, because this exceeds $5000, I need a professional appraisal. However, does that $5000 c... read more

What IRS forms do I need for a small home I inherited in 2022 and sold in 2024?

My brother never married and never had children. After he died in 2022, I filed a small estate affidavit as his only heir, allowing me to avoid probate in Arizona to take possession of his property and home. I sold the house this year making it a lon... read more

Hobby Loss 3-year rule & Covid year .... Any adjustments in Cares act or regs for Covid year?

Doing tax for my son (25) here this weekend. He has an ocean fishing charter business. Florida. He juuuuuuust started it up in the last month of 2019. Then 2020: All tourists left in March/April or so. Ghost town, and ghost beaches. No-one around for... read more

I'm looking for my home heating Credit refund check

Yes

Flagged by TurboTax for High audit risk because of lower side business income, small business loss, and educational expenses.

I just finished my TurboTax form and the program flagged my tax return as being a high audit risk because:* My side gig had significantly lower income this year. That's because I cut back on the side businesses because my W-2 job took much more of my... read more

1099S

401k withdrawal and tax withholding

I'm 62 years old, semi-retired, and planning to withdraw $2,500 from my 401k every month. When I checked it, I have to pay about $693 in estimated taxes (federal 20%, state 7.75%), so my net would be around $1,806. So, this is my question: is it mand... read more

local sales taxes

hair salon - do i report local sales tax paid when purchasing products to perfprm service?

I am a U.S. Sailor stationed in Japan but TurboTax wants me to submit a Foreign Earned Income which I do not make. What do I do?

The only income I make is from the U.S. which shows on my W-2. However, on the Form 2555-T, it keeps bringing me back asking how much foreign income I made, which I haven't. I do not know how to move on, any help would be appreciated.

Can you remove Form 2555 from my Taxes please? I keep trying to submit my Taxes but says to fix that form but I did not recieve any Foreign Earned Income last year at all

I am at the very last step to file my taxes but at the very end it keeps telling me to fix Form 2555-T: Total Foreign Earned Income. But I did not receive any Foreign Earned Income last year so I do not understand why it keeps appearing. Very aggrava... read more

Received goods as payment / income on 1099-NEC. Can I deduct their value when used in business or re-sold?

I receive goods as part of a review program. The company that runs the program sends me a 1099-NEC for the estimated tax value (ETV) of all the items I receive. The ETV reported is the full price of the new item. I do this for profit. I have a busine... read more

What is the penalty if I've over contributed to my HSA and fail to withdraw them by the tax due date?

Hi, I have over contributed to my HSA and I mark in the TurboTax that I will withdraw them by the tax due date. However, I just realized that I missed deadline. If I withdraw the amount right now, what is the penalty I will get? Thanks