Economic Relief Legislation | TurboTax® Support

Tax law changes

Today the President signed the Inflation Reduction Act of 2022 into law, which includes new tax provisions, extensions, and expansions of tax benefits related to energy efficiency and healthcare. Here are some resources to help you understand the pro... read more

This answer has been verified for accuracy by an Intuit expert employee 2025 additional standard deduction for age 65+ and the new $6,000 senior deduction

There is an additional standard deduction for taxpayers age 65 and over, which was $1,550 each for married filing joint (MFJ) on the 2024 federal Form 1040, which I believe is $1,600 per person MFJ on the 2025 return (to be filed in 2026). The recent... read more

How overtime deduction will affect my adjusted income for IRA contribution?

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... read more

Does the "No tax on tips" affect a Roth IRA Contribution?

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 ye... read more

TurboTax Update due to Big Beautiful Bill Tax

Will there be an update for 2024 TurboTax Deluxe with the new tax regulations due to the New One Big Beautiful Tax Bill so that we can properly calculate 2025 estimated Taxes? If so when might that update be available? Thanks

This answer has been verified for accuracy by an Intuit expert employee RMD

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

Does the one,big, beautiful ,bill affect my taxes.??

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?? t... read more

Claiming zero and we still have to pay thousands of dollars is owed taxes?

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

Need help with Wash Sales and MTM for upcoming year 2025 tax.

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? T... read more

Deadline to file in Florida extended to pay and file, is the IRA contribution also extended?

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.

Reporting capital gain on land sale overseas in Federal and California returns

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 diffe... read more

why can't I e-file if

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?

1099k/1099nec reporting

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

Schedule K-1 11S STCG and LTCG reporting

I have a final schedule K-1 with box L showing Box 11.ZZ amount + STCG + LTCG - Investment interest expenseBox 11.S is set STCG + LTCG.Box 11.ZZ is DIVIDEND INCOME + INTEREST INCOME - MANAGEMENT FEES - OTHER DEDUCTIONS + OTHER INCOMEI am unable to en... read more

Second Lowest Cost Silver Plan (SLCSP) Percentage after Divorce

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