I need to ask a question not already answered

[xmasbaby0]

The desktop software has a "what if" feature that allows you to enter various scenarios more easily than by using the online software.   With the CD/download you can prepare multiple returns and use the "what if" feature for planning purposes.

[Mike9241]

no software is fully updated for 2021 since the tax laws can change substantially between now and then. so virtually any app you used will be based on 2020 tax law. 

online isn't really practical for multiple scenarios. 

Turbotax has taxcaster

https://turbotax.intuit.com/tax-tools/calculators/taxcaster?priorityCode=6099000241&PID=2278782&cid=... 

it's not that sophisticated but can provide a reasonable estimate depending on your situation again more of 2020 law so the reasonableness of the calculations depends on your situation.

perhaps better is the 2020 desktop software.   once you buy it (full pc  windows 10 or mac OS?) 

you can do as many scenarios as you want without any additional cost. however, you must be aware it's using 2020 tax laws some of which will not be in effect in 2021. 

The desktop does under the estimate section have the ability to allow entry of 2021 estimated numbers to calculate your taxes. this column does not use any of the numbers enter for preparing 2020 and like other means is at best an estimate.

[Laprieta69]

Update My información

[DanielV01]

@Laprieta69  We don't understand your full question.  Do you need assistance in Spanish?  (No entendemos su pregunta completa.  ¿Necesita ayuda en español?")

[dallemon15]

please help me find out what happen to my fed and state i file with you feb/2020 i cannot get help from you or no one i do have money coming back please i been filling with you

[xmasbaby0]

@dallemon15 Are you asking about your 2019 return filed in 2020 or are you asking about your 2020 return filed in 2021?

There have been a lot of delays for 2019 and  2020  federal refunds.  Did you mail your return or e-file?

If you mailed it:

MAILED RETURNS

If  you mail a tax return (or a payment) to the IRS, it is a good idea to use a mailing service that will track it like UPS or certified mail so you will know it was received.

When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s. 

TurboTax will not know anything about your mailed return, and will continue to show “Ready to Mail” on your account.  TurboTax will not know that you put your tax return in an envelope and took it to a mailbox.  TurboTax does not get updates on mailed  (or e-filed) returns.

The IRS refund site is only showing information about 2021 refunds now so it will not show anything about your 2020 refund.

Or......

Did you e-file?  Did you click a big orange button that said “Transmit my returns now?”

When you e-file your federal return you will receive two emails from TurboTax.  The first one will say that your return was submitted.  The second email will tell you if your federal return was accepted or rejected.  If you e-filed a state return, there will be a third email to tell you if the state accepted or rejected your state return.

Does your TT account say that your return was accepted?  Or does it say something else—like “rejected”, “printed” or “ready to mail?”  If it does not say accepted then it was not filed unless you put it in an envelope yourself and mailed it.

 TurboTax does not mail your tax return for you.

If your e-file was accepted:

If you chose to have your fees deducted from your federal refund:

Santa Barbara Tax Products Group, LLC  (SBTPG) is the bank that handles the Refund Processing Service when you choose to have your TurboTax fees deducted from your refund. This option also has an additional charge from the bank that processes the transaction. 

You can contact them SBTPG, toll-free, at 1-877-908-7228 or go to their secure website www.sbtpg.com 

https://ttlc.intuit.com/questions/2580357-who-provides-the-refund-processing-service

To call the IRS:IRS:  800-829-1040  hours 7 AM - 7 PM local time Mon-Fri

Listen to each menu before making the selection.

First choose your language. Press 1 for English.

Then do NOT choose the first choice re: "Refund", or it will send you to an automated phone line.

Instead, press 2 for "personal income tax".

Then press 1 for "form, tax history, or payment".  

Then press 3 "for all other questions."

Then press 2 "for all other questions."  It should then transfer you to an agent.

TAX ADVOCATE

At the following IRS website, find the USA map and click on your state, and it will give you the number of your area's IRS Taxpayer Advocate.

http://www.irs.gov/uac/Contact-a-Local-Taxpayer-Advocate

Also see this article for more info on how the Taxpayer Advocate Service works::
http://www.irs.gov/taxtopics/tc104.html

[Taxes4me-22]

I am unable to work an on disability.can I file a.return an receive a.refund. ?

[VolvoGirl]

You can qualify for the 3rd Stimulus $1,400 check if you didn't already get it.  You will have to file file a 2021 return to get it.  Since SSDI is not taxable you might need to enter $1 of interest to be able to efile or you can print and mail your return.  Just make up a fake 1099-INT.    Did they take any withholding out of your SSDI?  You can file to get that back.  Did you have any other income?  Like W2 or any other 1099?

[C_Morr]

I am a US permanent resident and currently lives and works in the USA. I am planning to invest in Crypto current from my home country. Is there any tax advantage(s) to invest in my home country as oppose to the USA? 

[DavidD66]

No, from a US perspective, there is no tax advantage to investing in your home country.  As a US citizen or resident alien, you are tax on 100% of your world wide income.  On the other hand,if you are taxed by your home country and want to take a Foreign Tax Credit, it could create some complexities.  For more information see the following from the IRS: Foreign Tax Credit.

[beak51]

I purchased Turbo Tax Delux, last year I installed solar panels on my home in turbo tax should i report the full cost or do i calculate 26 percent of the full cost and report that 

[DoninGA]

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@beak51 wrote:

I purchased Turbo Tax Delux, last year I installed solar panels on my home in turbo tax should i report the full cost or do i calculate 26 percent of the full cost and report that 

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You report the full cost of the system including installation.  The TurboTax program will calculate the credit and enter it on your tax return.

[Liam]

I completed all required inputs as to income recieved, i.e., dividends, capital gains, pensions, social security, and IRA distrubutions. Accordingly, I am due a refund. However, when I complete the IRA Info Worksheet I have a problem. It tellss me I owe a signifcant amount of taxes due! For example, If I indcate a balance of $0, refund is $1,392; a balance of $1,000 refund is $1,242.  A balance of $10,000 reveals taxes due of $350. Now, it gets really interesting at a balance of $100,000 taxes due becomes $5,270 and a balance of $1,000,000 taxes due are now $7,528!

It was my understanding tax taxes were based upon the distributions from the IRA and NOT on the end of year balance in the account! Please enlighten me.

[ThomasM125]

@Liam The end of year balance can be used by TurboTax to calculate the taxable amount of your pension distributions received during the year. For instance, if you had an IRA balance at the beginning of the year with all non-deducted contributions of $50,000 and your ending balance was $0, then TurboTax would know that $50,000 of your distributions were non-taxable. If you entered $50,000 for the ending balance, then your taxable distributions would increase by that amount.

So, the ending balance can affect the calculation of the taxable amount of your distributions, even though it is not in and by itself such a determinant. 

[DanP0428]

My earned income was $18,000 and I had $18,000 in capital gains.  I thought that there would be 0 tax on capital gains because my total income is under $40,000.  But I am being taxed on $36,000, not $18,000.  Is this a bug in TurboTax.  Why isnt the capital gain being taxed at 0%?