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

Received goods as payment, reported as income 1099-NEC. Deducting their value when goods are 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

Input sheet says that tax due will be paid according to banking info on due date, but it didn't do it, need to speak to TT representative on correcting this error

Form 4562 Depreciation and Amortization states large values? Do I need this? If yes, what should I enter? If not, how to delete?

As I have mentioned elsewhere in earlier threads that I have posted, I have two small side businesses: dog-sitting/walking/house-sitting and eBay sales (of items from our extended family). Last year these collectively made about $500. I only use my c... read more

home office deduction exceeds business income

TT shows that my home office deduction (~$200) exceeds my business income (~$100). Is this possible? I thought that allowable home office deduction for the current year is always adjusted to be less that business income for the current year. Am I doi... read more

I see where I'm supposed to get a tax credit for installing a charging station for my EV. I installed it in 2022. Where can I find this form?

This is for my 2023 EV.

Tax on foreign money to Us after property selling

Hi , I am USA citizen residing in USA , I am going to sell my property in foreign country and want to bring the money to USA , I would pay the property gain tax in foreign country/government , so do I need to pay tax in USA while bringing the tax to ... 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

Amend 2023 tax return

What form do I use to amend a return? My charitable donations of almost $6000 through rmd were not reported correctly

Foreign Tax Credit

Per IRS, "You can choose whether to take the amount of any qualified foreign taxes paid or accrued during the year as a foreign tax credit or as an itemized deduction. You can change your choice for each year's taxes".I have $650 in foreign taxes pai... read more

Non resident of Puerto Rico paid capital gains on sale of inherited home - Amend return?

I had already filed my taxes for this year when I was told don't forget the credit! by a family member and was sent a form from PR. I inherited part of my mother's home with some relatives that live in PR (I don't) and then it was sold to a different... read more

What is the charitable giving code

Trouble with figuring out charible giving code? My church says there is no such thing. They do have a tax I’d #. But I can’t finish my tax return without it

Social Security tax withheld

My employer is taking 6.2% of social security wages in box 3 plus taking another 6.2% in box 7 which is tips. I'm trying to convince her that Social Security taxes withhold is only for box 3. It's showing I overpaid way too much, but she's telling me... read more