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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
Employee Tax Expert KarenL ‎Posted 4 weeks ago
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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
Employee Tax Expert KarenL ‎Posted January 18, 2024
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My wife is a very hard worker: she has W-2 income and also files a Sch C. On her W-2s she had in Box 12, retirement plan elective deferrals (Simple IRA) contributions of $15,600 (her age is over 50, so with catch-up contributions, she is below the an... read more
db_sedwxtfzc ‎Posted 4 hours ago | Latest post 12m ago by dmertz
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We bought a new car (Not qualified as clean vehicle) in 2023. Traded in, down payment paid, and financing the rest. Is this situation worth trying to enter information for "major purchase" or "major item" for the sales tax deduction? Turbo Tax says "... read more
PDNEP ‎Posted 14m ago
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I know everyone including tax experts and even Turbo Tax believe the $1M acquisition debt limit for pre-2017 mortgages applies when the pre-2017 mortgage is refinanced after December 2017. My question is how did this become the accepted norm? Pub 936... read more
zomboo ‎Posted Sunday | Latest post 22m ago by RobertB4444
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I made a nondeductible contribution to my traditional IRA in 2021 (6k), and another nondeductible contribution to my traditional IRA in 2022 (6k). Looking back now, My 2021 tax return doesn't have a Form 8606. I went to try to amend my tax return on ... read more
User030620 ‎Posted yesterday | Latest post 46m ago by User030620
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alvaradoa ‎Posted 3 hours ago | Latest post an hour ago by JamesG1
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Itemized deductions on Schedule A exceed the taxpayer standard deduction by approximately $6,000. However, the Line 18 checkbox on Schedule A is checked by TurboTax indicating that itemized deductions have been selected even though less than the stan... read more
Brownsfan1 ‎Posted Friday | Latest post an hour ago by DawnC
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The criteria say family health plan has a deductible of at least $2,400 and out-of-pocket of $12,100. My deductible for both in and out network > $2400, but my in-network OOP < $12100 and my out >$12100.
Kay21 ‎Posted March 7, 2020 | Latest post 2 hours ago by BillM223
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Several years ago, I inherited a portion of the mineral rights to an oil well. I did not have to invest any money and I receive a royalty check every month based on the amount of oil that is pumped/purchased. I also do not incur any expenses to recei... read more
billcw98 ‎Posted yesterday | Latest post 2 hours ago by billcw98
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