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

California EV tax credit

Bought a Chevy Bolt in Feb '23 and the tax credit is not appearing on my return, I don't owe anything but no refund either. Is there a CA credit as well?

I bought a new energy-efficient furnace and A/C in 2022. Am I eligible for that tax credit still? I have already submitted and received my 2023 return.

I don't recall seeing anything when I was doing my taxes and I've never heard of this credit until a friend told me this year.

RV as a rental - what can be depreciated

I have a client that purchased a RV to rent out but also use personally. He had a Hitch installed on his truck for the fifth wheel? My question is the hitch a depreciating item or just a normal expense

does form 1116, foreign tax credit for $587.20, nonresident tax withheld from dividends, lower my taxes?

Will form 1116 lower my income with foreign tax credit of $587.20 ?

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

Foreign Tax Credit on dividends

Tax year 2023. Where do you enter the foreign tax paid on a dividend?

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

Are personal property taxes paid to my county government deductible on my federal or state taxes?

I paid personal property taxes on my vehicle to my local county government. Are these taxes deductible on my federal or virginia taxes?

Are "Child and Other Dependent Tax Credits and Earned Income Credit" smaller this year?

Hello I'm a novice and just want to make sure because last year I had a pretty size refund but this year my "Child and Other Dependent Tax Credits" is $0 and my "Earned Income Credit (EIC)" is only $410 for 2 child. Thank you so much.

Crypto losses

I had to pay some $8000 in taxes for Crypto gains in 2021. Right after the start of 2022 I lost most of that gain as I was still holding the Cryptos. How do I claim this loss to get back some of the $8000 I had to pay?

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