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

Mortgage Interest Loan Maximum for Married Filing Seperately

We're taking out a $400,000 mortgage loan this year, so I understand that we can deduct interest on up to $750,000 if filing jointly but only $375,000 if filing separately. But can deduct interest up to $375,000 for each of us. For example, if filing... read more

Mortgage Interest Loan Maximum for Married Filing Separately

We're taking out a $400,000 mortgage loan this year, so I understand that we can deduct interest on up to $750,000 if filing jointly but only $375,000 if filing separately. But can we deduct interest up to $375,000 for each of us? For example, if fil... 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

Tesla Model Y EV credit

Tesla model Y bought Dec 26, 2021, Taxes and fees paid in Jan 2022 and placed in service Jan 2022. Does this qualify for the new EV rebate and claimed in the 2022 tax return?

If a US resident (not citizen) only works outside of the US (remotely), and resides in the US for the whole year, do they have to file taxes?

In April 2024, I was able to bring my dad to live in the US using the IR-5 visa. His job is outside of the US and he is still working there remotely. He's planning to continue working remotely until the end of the year. Assuming he doesn't get a job ... read more

Adoption Credit/Child Tax/Advanced Child Credit Applied Order

This is my first time having any issues with taxes. We adopted our daughter last year, so I did the adoption credit, but TurboTax showed my refund as $8725 and IRS adjusted to $3925. $4800 less, which appears to be the child tax credit for my 3 kids.... read more

How do i deduct expenses for a truck driver like meals showers etc?

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

What is the Allocable Expense Statement explanation required for for form 1116 foreign tax deduction entries?

Error message indicates that the Allocable Expense statement explanation is required to show that foreign taxes paid are definitely related to foreign income. This is related to a Schedule K-1 fiduciary beneficiary form.

Trying to determine ahead of next year's filing season if I can use TT Basic or Free Filing options

For the past few years TT Deluxe has said that I should use the standard deduction. How can I determine this on my own so that I do not waste money using TT Deluxe instead of TT Basic or even a free filing option? I have medical expenses (doctor/dent... read more