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
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
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
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
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
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
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.
Kay21Posted March 7, 2020
| Latest post 2 hours ago by
BillM223
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