Tax law changes

Will overtime deduction reduce my adjusted gross income or only my taxable income? For example, our adjusted gross income $136000 (married, filed joint return) and my qualified overtime is $5000. What will be our IRA contribution limit? With $136K it will be $3500 for each and with $131K ($136K minus $5K overtime) would be $5250 for each

I made a deal with my kids that I would match their earned income (up to the maximum) until they reach age 21 to put into a Roth IRA.    I figured it would give them a good start when they get out of college.   One of my kids just finished his Freshman year of college, and his earnings are mostly tips working as a waiter in a restaurant. Since those tips won't be taxed as income, will they be eligible to put into a Roth? Thank you

Does the entire amount of my RMD count towards my AGI?

I am 72 yr. old single male,, with SS income yearly @ $20.076,, and income from CD's yearly @ $6,400,,,,,If take 50% of $20,076 = $10,038.... and add $6,400 from CD's = $16,438,,,, So,,, can I still make $8,562 before I have to file federal taxes?? thanks so much,,,,, you guys are GREAT.

Hello,Why doesn't claiming zero seem to help? My wife and I are teachers, and each year, our tax situation seems to get worse and worse, and we still owe more taxes.  Any suggestions are welcome.Chip

Hi, I have a few questions regarding the MTM accounting.Q1. Do I have to contact the IRS and get their approval first before making changes to my account?Q2. Do I have to file anything like form 475f or 3115?Q3. How do know if I'm a qualify trader? There's no instruction on how many trades per day/limitations so that I can refer to. This is super confusing and there's no info about this on the IRS site. I have a full time job and also very active trader with about 80-100+ transactions per month.  Thanks in advance for the help answering these questions.

Hello all…As the subject states, since the time to file and pay in Florida has been extended to May 1st due to the hurricanes, is the time to contribute to an IRA also extended to May 1st? I’m seeing mixed answers…Any help would be appreciated. 

While the message has be reposted to a more appropriate board, I'd still appreciate help on this board :I have a similar question as https://ttlc.intuit.com/community/taxes/discussion/reporting-capital-gains-on-sale-of-land-in-india-...It was a different country.And also https://ttlc.intuit.com/community/tax-credits-deductions/discussion/foreign-tax-credit-california-di... I want to know whether the Foreign taxes paid can be included in the expense for Federal and California returns in TurboTax. Thank you.Best,JS

I have 0 income on 1040 and it wont let me e-file because of this. I have a 0 there because my 1099nec income was less than my expenses, thus making the 0 on 1040. how can I fix so I can e-file?

So on mine the 1099k has alot more income than the 1099nec so I use the 1099k income because it includes the 1099nec income is what you're saying

My divorce was finalized 10/2024, but my ex-spouse was still on my insurance until 12/2024. How do I calculate my percentage of the SLCSP? I was the primary person paying for the premiums every month. My spouse had no income for 2024

Sold a Foreign property  (second home) and need help with some tax filing questions. * Can a capital loss in foreign tax filing ( india) reflected in US tax return?? I assume NO.. Even though, it was reported as capital loss in the foreign tax return,  US tax filing has different capital gain calculation and shall report a capital gain for the same sale. correct ? I navigated through the following to report the sale.. I am using On the online Turbo tax edition. Please confirm if this correct. * Wages & Income * Investment and savings* Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)* Other ( land,second homes, personal items 1099-S) There is no 1099-S on foreign property sale but i still need to choose this, correct ?* Enter the name of the person or financial institution that brokered this saleNo real estate agent or institution brokered this sale. In this case, Can I enter the name of the Purchaser* What type of investment did yo

So just confused by the information being given and explained. So went to file my taxes for the first time in 3 years i think (i have not had to with my income not being enough to file) and everything went fine while filing with turbotax but then i get rejected for not providing my IP PIN which is a voluntary PIN given out by the IRS for people with cases of identity theft in the past.(from what i've read on the irs website and turbotax website) So why did i get rejected if its voluntary also if i need to have it to e-file my taxes, why isn't that stated? all it says its a PIN given out by the IRS and is voluntary so why cant i file without it? I've tried to retrieve it online but no luck because my license is invalid and cant get a state ID without it also i don't really get mail, like any so cant verify with that so what am i supposed to do?  also would love to know if its required to E-file then how is it a "voluntary" program? 

I inherited a Roth IRA from my Dad in 2014 (he was 82) and have been taking the required RMD. This year Turbo tax is asking for the required RMD amount on a RMD Excess Accumulation Worksheet and when I enter the amount it lowers my tax refund.  I thought distributions from a Roth were tax free.  

So extenuating circumstances led me to accessing this letter in March of 2025. I knew I never cashed this check because it went to the address of someone that intentionally withheld the check. I called the number today and after 4 painful hours of getting hung up on and navigating the phone prompts, a representative put me on hold again for another hour and told me that the check was to be reissued to my most recently updated address for 2024 within 6-7 business days. Is this even possible? It sounded too good to be true. Will this check actually come through in full amount since I had a CP32A notice on file even if I did not file for 2021 taxes? The IRS website was saying that to claim this, I would still have to file 2021 taxes by April if 2025 and that it would be in the form of  a recovery rebate credit which could be garnished to offset debt towards the IRS which would exclude me right? And I also owe back federal taxes and so could they end up garnishing this check? I’ve rea

I am not self-employed, I work for a corporation whose employees all work from home. We do not have a home office to go to. I do have some minor expenses every year such as print ink, paper, internet costs, etc that I do not get re-imbursed for. I am at the question in Turbo Tax about having a home office and it asks about square footage, mortgage, etc. I do not have a home business, I have a personal desk and chair I purchased 2 years ago,  but the laptop was given by my employer. Can I claim these and how ?

Do I have to file my taxes this year if I only made about 8,000 for the year, or can I wait until next year & file both years together?

I am Married but have been separated from my husband for over 10 years, and have filing single for the years we were apart. My Husband and I are back together and I'm considering file Married jointly this year, even though, I've been filing single and pay tax for those years we were apart.  Besides setting off red flags at the IRS, can I file joint this and amend the years we were apart?  Any help would be greatly appreciated.

Our Scorp purchased and EV vehicle for delivery. How do I claim the Virginia credit?

Based on the new IRS PFML guidance issued in Revenue Ruling 2025-4, my wife and I are eligible to exclude some of our Massachusetts PFML Medical Leave benefits found on MA 1099-G from our taxable income, based on the percentage of employee contributions. Since this is a brand new change, how can we go about reporting this on our 2024 return?Should we report the net taxable PFML benefit amount on Schedule 1, line 7 without any justification? Or perhaps report the full 1099-G amount and then show the reduction as an adjustment to income?

My client's wife died in 2023, but the information regarding her death was not received by Soc Sec or IRS until 2024.  Now when I try to file my client's return, the Federal Information Worksheet will not accept that she died in 2023, and subsequently will not e-file the return.  What to do?

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While enteringl my income TurboTax updated yyestetday, and my refund changed to I now owe $8K.  What happened?

I waa told I had 10 tears to draw down an inherited IRA, then I was told tou had to take an RMD in addition to the drawing down in 10 years. I was also told that the IRS waived the RMD requirement for 2023 and 2024. Turbotax is asking RMD questions for 2024. What is going on?

Turbo Tax believes there is an income limit for EV Charger installation tax credit eligibility.   My geo census is on the list, but the software values my credit at $0 because my joint income is above $150k.   The chat bot says the upper limit for Married filing jointly is $150k.  I have searched the web + IRS.gov and I can't collaborate any limit from any source.  I'm wondering if this is a bug, because TurboTax has a poor history of getting this form correct.