I am a first time filer

[clnorton713]

Hi I am a first time filer and I need help on where to start

[clnorton713]

I am trying to see if I need an expert to help or if I can get help on this forum?????

[GeorgeM777 · Accepted solution]

When preparing a tax return for the first time, and using TurboTax also for the first time, if you go to the TurboTax website (enter TurboTax in a Google search bar) you will notice that TurboTax offers more than one product for preparing a tax return.  Moreover, there is TurboTax online and TurboTax CD/download.  

Before creating a TurboTax account, which you can do from the main page of TurboTax, perhaps the best approach to take at the beginning is to view the various products and pricing.  From the TurboTax main page, put your cursor over File you own taxes, then over Products & pricing, and then click on Compare all products.  On the next page you can begin to select that various boxes that contain information relating to your specific tax situation.  This process will start to guide you toward the right TurboTax product.  

One thing to keep in mind about TurboTax online and TurboTax CD/download.  TurboTax online, as its name implies, offers the convenience of preparing and e-filing your tax return from virtually any computer or mobile device with Internet access.  There is no software to install, and nothing you will need to save on your computer.  Your tax return will be saved on TurboTax servers.  TurboTax CD/download is different in that your tax return is stored on your own computer.  Unlike TurboTax online, you will need to maintain your tax return on your own computer or storage device.  

Here is a link to a TurboTax webpage where you can compare the various TurboTax online products.  

Compare TurboTax Online Products

@clnorton713

[clnorton713]

Ok great! I am in the middle of filing and I finished adding one of my W-2s and it's saying it needs a review but I dont know why

[MayaD]

Review your W-2 to make sure all entries are correct. Many times this error is caused by a missing/incorrect state ID number in box 15. 

[clnorton713]

Is there any state tax to report on a UC-1099 G?

[AamilD]

It depends on which state your are in.

The following states tax Unemployment Compensation:

Colorado, Georgia, Hawaii, Idaho, Kentucky, Massachusetts, Minnesota, Mississippi, North Carolina, New York, Rhode Island, South Carolina and West Virginia.

[clnorton713]

I received the unemployment from PA but I live in Virginia

[MaryK4]

Neither Virginia nor Pennsylvania tax unemployment benefits so you would not have to report it on a VA resident return and do not have to file a PA nonresident return.

@clnorton713

[clnorton713]

Thank you very much. I am having trouble with what I am reporting as income on my 1099-G. It said that it wasn't entered into the right place, but it's accepting it as income. It made me owe taxes back because of the extra income added to it. Is this correct?

[KrisD15]

There are several different 1099-G.

Don't enter it as a tax refund

Don't enter it as a Grant

Under Income is a separate section JUST for Unemployment

Please enter the 1099-G

(if this means you need to enter it in a different place than you had, please be sure to delete the erroneous entry)

Unemployment will be taxable on your Federal return, so it may increase your tax liability. 

Please look at your 1040 line 9 to see how much income you entered. 

Click Tax Tools on the left side-bar

Click Tools on the drop-down

Click "View Tax Summary on the Tool Center screen

Click "Preview My 1040" which now appears on the left side-bar 

[clnorton713]

Where do I enter my 1099-INT?

Where do I enter my 1095-C?

And how do I know if I received my 3rd stimulus or not?

[MayaD]

1. To enter form 1099INT:

• Login to your account.
• Select Federal from the left menu
• Go to Wages and Income.
• Scroll down to Interest and Dividend .
• Click start next to Interest on 1099-INT.

2. This Form 1095-C includes information about the health insurance coverage offered to you by your employer. You don't report this form on your return. Keep it for your own record.

3.  To find the amount of the third payment, create or view your online account or refer to IRS Notice 1444-C, which IRS mailed after sending your payment. The IRS is also sending Letter 6475 through March 2022 confirming the total amount of the third Economic Impact Payment and any plus-up payments you were issued for tax year 2021.

[clnorton713]

Why are they considering all of the extra Unemployment payments as income? I am normally falling in at about $35,000 a year for my income, but it's saying I made over $50,000 last year. It was only because of the extra payments from having to be on unemployment. I am a bus driver so I was really out of work. Is there any way to deduct this?

[MayaD]

The IRS, and most states, consider unemployment payments as taxable income, which means that you have to pay tax on these payments and report them on your return. The Extra payments received are also taxable.