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

Can I loan a family member a large amount of money without charging interest or reporting it to the IRS?

Or, should I give them the money as a gift, and. then they pay me back after they sell their house?

Used and New EV Tax Credit Same Year

If I were to purchase a used EV and utilize the $4000 credit upfront on the purchase (assuming all qualifications are met) and then trade that in for a new EV later in the same year, can I then also claim the $7500 credit upfront (assuming all qualif... read more

I made unnecessary state extension payments in 2023 for 2022, resulting in refunds. Shouldn't those refunds be netted against the extension payments?

I made extension payments in 2023 for 2022 state taxes. The payments ended up being unnecessary, resulting in refunds for which 1099Gs were issued. I have entered in the 1099G amounts, as well as the extension payment amounts. On the state and local ... read more

FOREIGN ACCOUNTS QUESTION ON FEDERAL TAX RETURN

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

Was there a change to the child tax credit?

I filed as early as I could, but i thought something changed to where we receive more now?

Gift Tax Considerations for a $220k Lump Sum Mortgage Payment Gift from a Friend

My friend plans to pay $220,000 directly to my mortgage company as a gift, but I'll still have mortgage payments to make. Would I need to pay gift tax on this amount?

Excess Contribution to both 401K and 401Roth

Here is my problem. My wife had two different employers in 2023. Both contributed $22,500 to a combination of traditional 401K and Roth 401K. We confirmed this only after we filed our taxes (turbotax did give the notice) and after April 15th, 2024. W... read more

LLC business address vs home office?

My business address is listed at a family members permanent address in another city. However, all the work will be conducted at my home address. Am I still able to write-off home office etc. for my address (different from LLC address)?

How do I get Per Diem credit as a truck driver

I am tying to see where I add Per Diem on Turbo tax for being as truck driver. Indiana gives us $63/day credit

Last year 2023 I was homeless residing in a homeless shelter, & facing hardships (Feb. 19th-Dec. 1st). Now have my home, still hardships. How to show this to file taxes?

Do I claim the EITC, or what is it called?My income tax info stated that I didn't reside at a main address in the U.S. ("less than 6 months"), yet I have. I was homeless for a while and had to use the shelter's address. Thus most of my funds that wer... read more

How do I change the name of the charity after I have started entering donations

Need help with deductions for dog

K1 income not flowing through to schedule SE or section D2

K1 income is correctly accounted for in calculating income taxes and SS taxes BUT not flowing through into self-employed income for social security admin calculations? This is a 2022 return problem. 2000 through 2021 are correct -- i must have ticked... read more