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

Where to report gains from foreign insurance policy

I have some bonus for foreign insurance policy and I have reported that on form 8938. Is bonus considered gains or interest? Where should I report this on 1040? Is it similar to how we report stock gains i.e. on Schedule D? How to do that on Turbotax... read more

Transferring money to minor bank account that is not a Uniform Transfer to Minors Act (UTMA)

So I opened a joint bank account under my daughter's name with her as the primary owner and it's under her SS# and she is under 10 years. I file her as my dependent on my yearly taxes. She currently few thousand in her account that was transfer over ... read more

Vehicle Expenses Worksheet State prior depreciation (XX) should be blank. Can I add a federal amount ?

do I switch from dependent to independent ?

I recently filed my taxes and everything went fine. unfortunately I made a slight mistake and named myself a dependent under my parents when I would be classified under independent. my tax return was filed and accepted as were my parents who filed bu... read more

Repairs and improvements for real estate professional vs. non real estate professional

Hello. I am a real estate professional actively engaged in business. I inherited a condo in 2022 and throughout 2023 I personally made both improvements and repairs to the property. I also had less income than expenses in 2023 - i.e., the repairs and... read more

form 4797 and schedule 1 line 4

Hi , i used turbo tax software .Tax Year 2020 form 4797 sales and disposition of business property part 1 line 7 was a loss off $ - 42447.00. from line 7 computer automatically moved loss to part 2 line 11 and from there to line 17 and finally to lin... read more

Why does turbo tax remove my son which is 19 living at home and not going to school as a dependent?

I am having an issue with the software where it asks questions about dependents. When it gets to the section and asks Was he a Full-Time student in 2023? If you are truthful and say no it removes him from every aspect of the dependent. If you say yes... 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

Am i an Expat?

how does the IRS define one to be an expat? I have NOT renounced citizenship, but i simply reside/lived outside the US for more than 330 days of the year. When i file, I still use a US address though. Does this mean i get an automatic extension or do... read more

Question on deduction by author of new books to 501c3

I am an author who prints and drop ships new books to a 501c3 that takes the books and distributes them as part of their mission. The donated books are not resold. These books are also available at retail online and have a verifiable retail value the... read more

Filing requirements for foreign gift

If I receive $70K gift from parents in a foreign country and my spouse receives $80K as well. Do we need to file Form 3520? If Yes, does this form need to be submitted with tax return or can be submitted before tax filing? (e.g. If money is received ... read more

loss of earnest and deco money deposit from a failed real estate property

Hello, I was trying to buy a new construction property as an investment and a rental house. I spent $20,000 for earnest money and $30,000 as deco deposit. However the transaction failed since the interest rates kept high and I terminated the transact... read more