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

Foreign Tax Credit - Income re-sourced by treaty - How do I enter Schedule B Interest and Dividends

Hi - I've been using TurboTax for years. I'm a US Citizen, Spanish tax resident. My income is entirely from US sources. The income consists of an IRA distribution (1099-R), US bank interest (1099-INT) and US investment company dividends (1099-DIV). I... read more

Form 3520 Part IV, line 54 (c). If several gifts are below $5k, where would I enter the total gift received?

Received more than 100k from non US parent, some gifts are higher and some are lower than $5k. If the table in 54 (a), (b), (c) is only for gifts above $5k, the total FMV in (c) will not include the all gifts. Correct? Should I enter the total amount... read more

If your LLC partnership elects to use the "Pass Through Entity Tax" form (PTET), does it apply to each partner's K-1 income only, or does it also apply to guaranteed payments?

This is the first year our state of Arkansas has the provision for a partnership to use the PTET form. I am new to this, and was wondering if it would be beneficial or not for our LLC. It made me wonder if this PTET is for each partner's share of inc... read more

Local city tax late notice

The City of LA hit me with a 'late fee' notice. I discontinued my DBA. Also, my royalty income is with companies that are out of state (Tunecore and Sound Exchange). So, is this right? Should I be owing localized taxes?

Foreign tax credit - how do I make sure to have the full amount credited

Hello experts, For the 2023 tax year I was liable to pay income taxes in another country (Denmark) on a portion of my income, even though all my income comes from a US company. This is due to how Denmark taxes stock awards that are granted while work... read more

I try put my child for tax income

How get child tax

Dependent qualifications for child lived outside us

Here's my situation:I am a resident alien living in the U.S.My spouse is a non-resident alien residing in China with an ITIN.Our child born in US, who has a U.S. SSN, has spent most of the year outside the U.S. with her mother. My questions are:Can I... read more

What is the timeframe for receiving property tax refund if I e filed in February of 2023

Property tax refund

How do I know if I had a Carryback Adjustment?

TurboTax is asking: Do you have a 2021 carryback adjustment? How do I know if I have one and where would I look? Thank you

Can new roof be added to the cost basis of a property sale?

According to IRS Publication 523 page 9, new roof is included in the Examples of Improvements That Increase Basis. But when googling there are many experts who answered "No". Why is it different, and does it have anything to do with whether it is a r... read more

Deduct Student Loans After Graduating

My daughter recently graduated and each year she received a 1098-E and 1098-T. Being she graduated, she will no longer be receiving a 1098-T. Her Federal loans are coming due so she will need to start paying on those too. Current payments are to Sall... read more

Sending money to parents back home

When sending money to my parents abroad via Western Union, should I label it as a GIFT or family support/living expenses as purpose of transfer? I'm unsure because I'm contributing to building their house, and the amounts are larger than usual. Also,... read more

How to report 1042-S

As a J-1 visa holder in the U.S., I received a stipend from a U.S. scholarship. Initially, I filed my taxes as a Non-Resident. This year, I became a Resident for tax purposes after meeting the Substantial Presence Test (SPT), prompting me to switch f... read more