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
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
We're taking out a $400,000 mortgage loan this year, so I understand
that we can deduct interest on up to $750,000 if filing jointly but only
$375,000 if filing separately. But can deduct interest up to $375,000
for each of us. For example, if filing...read more
We're taking out a $400,000 mortgage loan this year, so I understand
that we can deduct interest on up to $750,000 if filing jointly but only
$375,000 if filing separately. But can we deduct interest up to $375,000
for each of us? For example, if fil...read more
Hi, I don't know if there is a glitch in the system or what but my
foreign accounts question has a check mark in the yes block, however I
don't have any foreign accounts and I don't recall checking the yes
block. Will this delay my refund? Do I need ...read more
Tesla model Y bought Dec 26, 2021, Taxes and fees paid in Jan 2022 and
placed in service Jan 2022. Does this qualify for the new EV rebate and
claimed in the 2022 tax return?
In April 2024, I was able to bring my dad to live in the US using the
IR-5 visa. His job is outside of the US and he is still working there
remotely. He's planning to continue working remotely until the end of
the year. Assuming he doesn't get a job ...read more
This is my first time having any issues with taxes. We adopted our
daughter last year, so I did the adoption credit, but TurboTax showed my
refund as $8725 and IRS adjusted to $3925. $4800 less, which appears to
be the child tax credit for my 3 kids....read more
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
jason1578Posted January 30, 2023
| Latest post yesterday by
Terry65
Error message indicates that the Allocable Expense statement explanation
is required to show that foreign taxes paid are definitely related to
foreign income. This is related to a Schedule K-1 fiduciary beneficiary
form.
osgood53Posted Thursday
| Latest post yesterday by
LenaH
For the past few years TT Deluxe has said that I should use the standard
deduction. How can I determine this on my own so that I do not waste
money using TT Deluxe instead of TT Basic or even a free filing option?
I have medical expenses (doctor/dent...read more