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- Posted Excess contributions to a Coverdell ESA (contributions mo... on Get your taxes done using TurboTax. June 4, 2019 7:31 PM
- Posted If you earned interest income in your escrow account, you... on Deductions & credits. June 4, 2019 6:59 PM
- Posted Please see corrected answer: If you have a minimum tax c... on State tax filing. June 4, 2019 3:36 PM
- Posted The Credit for Prior Year Minimum Tax is available for "A... on Get your taxes done using TurboTax. June 3, 2019 12:27 PM
- Posted To qualify for the Credit for the Elderly or the Disabled... on Retirement tax questions. June 1, 2019 10:17 AM
June 4, 2019
7:31 PM
Excess contributions to a Coverdell ESA (contributions more than $2,000) are entered under Education in the Deductions & Credits section. Say yes to "Were you the beneficiary of a Coverdell Education Savings Account (ESA)?" and hit Continue. You will be able to enter the excess contributions on the next screens.
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June 4, 2019
6:59 PM
If you earned interest income in your escrow account, you can enter it in TurboTax under Interest on a 1099-INT. You may not have received a 1099-INT since interest income less than $10 is not required to be reported on a 1099-INT.
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June 4, 2019
3:36 PM
Please see corrected answer: If you have a minimum tax credit carryover from a prior year, but owe AMT in 2016 you will not be eligible for the minimum tax credit in 2016. However, you can carry over the credit from the prior year(s) into future years. Since you owe AMT in 2016, you are not eligible for the minimum tax credit.
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June 3, 2019
12:27 PM
The Credit for Prior Year Minimum Tax is available for "AMT liability and adjustments or preferences other than
exclusion items". See additional information under Who Should File in the instructions for Form 8801 https://www.irs.gov/pub/irs-pdf/i8801.pdf. The program calculates the type of item, depending on where they are entered.
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June 1, 2019
10:17 AM
To qualify for the Credit for
the Elderly or
the Disabled, an individual must meet the following criteria:
You are a qualified individual for this credit if you are a
U.S. citizen or resident alien, and either of the following
applies.
1. You were age 65 or older at the end of 2018.
2. You were under age 65 at the end of 2018 and all
three of the following statements are true.
a. You retired on permanent and total disability (explained later).
b. You received taxable disability income for 2018.
c. On January 1, 2018, you had not reached mandatory retirement age (defined later under Disability
income).
Additional information can be found in the IRS Publication 524 https://www.irs.gov/pub/irs-pdf/p524.pdf:(
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