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

TT is calculating my Foreign Tax Credit to be $0

Hi,This is for Tax Year 2023 using TurboTax Home & Business Desktop (Mac).Problem: TurboTax calculates by Foreign Tax Credit to be $0. Here's my situation:I received bank interest from some foreign banks. I paid foreign income tax on the bank interes... read more

Business training materials expense

I can't seem to find where to enter our training materials expenses. Please advise. Thank you.

carryovers for donations

Can I skip this for now? it will take a lot of research to find these figures and I'd like to finish for now and enter next year instead. Can I just delete the amount that TT entered and go on? Thanks.

Proof of losses while gambling on slot machines.

My question is if I have a spreadsheet for the year that tracks the date, place, and starting amount of money I had in my pocket, the winnings reported on W2G’s, and then at the end of the day I record what I have in my pocket is that enough proof of... read more

Problem with 2023 Minnesota Tax

I completed my taxes and went to efile federal and MN tax. The fed worked fine but the state rejected my return saying that:Schedule M1M: the sum of line 1 and line 2 cannot be greater than:line 2a on Form 1040When I view the M1M form it has 5597. Wh... read more

1099-NEC for student stipend (and standard deduction for dependent)

Hi, I am trying to help my college student with his taxes (he is over 18 but claimed on my return as a dependent). He received a stipend which is over $1,100 (but not by that much) and was reported on a 1099-NEC (his unearned income should be under $... read more

If I lost my home to a house fire July 4th of 2023 can I claim this year

Deductions for a 1099 - NEC working from a home office for 2022?

I received a 1099-NEC for a group practice of Therapists in LA while I lived in Brooklyn, NY for 2022. I worked from home and am looking for a list of possible deduction ideas and calculations. Can I deduct a portion of my rent as I used a part of my... read more

? Can you help me? Form 8938: Part III, line 14 other foreign assets, g: credits. Column d needs to be filled in (with $0 in column c). What do I fill in there?

I'm filling an amend, everything is filled in, at the check at the end, it says "check this entry. Form 8938: Credits II form must be entered. Credits II form ............." What do I write on the dots?

Clarification on commute mileage for work and between work sites

I am a home infusion/hospice nurse that works for a major hospital chain. I commute directly from my home to a patient's home, work with them, and then commute to another patient's home, etc. My work schedule is set so that I see the same patients on... read more

RSU's

My 1099 only shows 2 transactions although my broker statement shows 3. I want to make sure that I do not under/over report and need help with adjustments if necessary. This is my scenario on 2 sales on same date.1st saleQuantity released 52 with 22 ... read more

If my wife and I made $70,000.00 jointly in 2024, and I sold a house in which $487,500.00 was taxable. What would my tax rate be on the sale of the house?

I stopped working in 12/15/23. Drew on unemployment benefits (taxable) till 4/1/24 ($7200.00). Filed for retirement and started drawing a $4600.00 a month pension 4/1/24 ($36800.00). My wife is an independent contractor and her gross income is $26,00... read more

NJ Anchor benefits fwhen you own 2 family house

If you own 2 family house and rent half of it , you take 50% deduction on schedule E FROM YOUR PROPERTY TAXES YOU PAID. If my taxes in 2023 were $8000 i deduct $4000 on my schedule E.My Anchor payments $1500+$1500= $3000 i received both in 2023 for y... read more