Yes, your agi from "last year's return"  from 2019 tax year should be found on line 8b of the 2019 Form 1040. ... View more

If you signed up for a health insurance plan through Healthcare.gov or your state Marketplace or exchange, don't enter the premium amounts you paid in the medical section. We'll get the details on those plan premiums in the Health Insurance section. These are included on your 1095-A, a form you'll receive from your Marketplace.   We don't need any info from your 1095-B or 1095-C, but it's a good idea to hold on to them for your records.   You might verify what you entered and what the software entered in these areas to be sure.   Here is another area to look into: you can't deduct medical expenses that were paid with a health savings account (HSA), medical savings account (MSA), flexible spending account (FSA) or health reimbursement account (HRA). These are all pre-tax accounts, and you can't deduct medical expenses that were paid with a pre-tax account. When you use a pre-tax account to pay for medical expenses, you're paying with tax-free money. You're not allowed to deduct tax-free money because it's considered double-dipping. With the increased standard deduction starting in tax year 2018, the chances of being able to deduct medical expenses is significantly lower. Taking the medical expenses out of a pre-tax account is more beneficial to the taxpayer than taking the expenses as a deduction in the event you take the standard deduction.     [Edited 04/15/2021|6:39 pm pst] ... View more

No, if you are referring to your principal residence where you are living, if the floor fell in and you fixed it, it would not be am improvement, but instead a repair.   You cannot deduct repairs to your principal residence.  Repairs means to fix something back to its previous condition/use.  Those are general expenses that are not deductible nor do they add to the adjusted basis of the property for when it is sold.   If you make improvements, like a new roof, new carpeting throughout, then those costs can be added to the adjusted basis of the property for when it is sold.   Per IRS Pub 946: Improvement means an addition to or partial replacement of property that is a betterment to the property, restores the property, or adapts it to a new or different use. Generally, an improvement adds value and extends the life of the property.     ... View more

There was an email that went out to some customers on 3/25. If you received a text (SMS) from TurboTax, you should check your personal email inbox to see if you received one. Check your spam/junk folder as well. If you didn't receive an email, you can disregard the text. " ... View more

In order to include your husband on your return, you would just add his information to your return and add his personal information with yours at the beginning of the return.   You will need to change your filing status to married filing joint.  When adapting a separate return to a joint return, you will probably remain the 1st taxpayer on the return.   If you want to file joint and have him be the primary taxpayer on a joint return, then you may need to create a new account, add him first and then add your information. ... View more

No, a DBA is not required to have a business.  Most businesses just have one business name and use it to do business.   You should still be able to claim the deductions once you figure out how to categorize all of them and divide between the two years returns.   You can still file a "late filed" 2019 return.  However it is considered late, so if you owe a balance due on your return, then late filing and late paying penalties are already accumulating.   IRS has extended the filing deadline for 2020 returns  until May 17, 2021.  If you can prepare the 2019 and the 2020 so they are able to be filed by that date, then you can work on them and file them by May 17, without needing to file an extension.     If you are not sure, then you can start working on them and then when it gets close to May 17, 2021, if  you can see you won't be ready to file the 2021 return by that date, then you can file an extension for the 2020 return.  The 2019 return is already late, so you just need to get it filed as soon as possible so you can get on with the 2020 return since it is based on 2019 since that is when the businss began.   Please refer to the following IRS Publication to find out how to separate those business expenses into categories.  The category groups are handled differently on your tax return; Some expenses have to be "accumulated" or saved up and then the total of the group can be amortized or depreciated and deducted over years once the "doors are open for business".  This might be the method you use for "start-up costs" and yet you may be able to deduct a specific amount in the year you start the business and the remainder over a period of years. Some expenses are deductible in the year that you paid them.  This would apply to business expenses like utility bills or office supplies purchased after you opened the business Some expenses are only depreciable or amortizable over several years, depending on the asset class they fall under.  This could apply to machinery or equipment used to operate your business operations, like the steam machine for a T-shirt decorating shop.  IRS Publication for Depreciation Some expenses in certain ways or maybe in a "combination" of methods like car mileage...depending on your usage, it may be depreciable and you may be able to deduct all the "business" expenses on your personal car including depreciation, or you may be able to take the standard mileage rate for each business mile you drive.   IRS Publication for auto expenses A few rules to look into:   Business expenses are "ordinary and necessary expenses required to operate your business".   Depreciation of equipment and business assets is "allowed or allowable", meaning that if you are entitled to take the depreciation deduction, then you must reduce the adjusted basis of the asset by the amount of depreciation or amortization you take.  If you do not want to deduct it, that is okay, because IRS says you are still required to reduce the adjusted basis of the business assets for the amount you were entitled to take, whether you took the deduction or not.   If you carry an inventory, you will need to determine the inventory costs for 2019 and 2020 and what the ending inventory was at the end of each year.   You may qualify to deduct Office in Home expenses for your business.  For additional details, please refer to: IRS Pub 587 Home Office Deduction   For additional information please refer to the following publication for information about setting up and deducting expenses for a small business: IRS Publication 334 Guide for Small Business You are going to need to go through your expenses and divide them by category (refer to pub 334) and then divide them by date paid so you know which expenses would be deductible for 2019 when the doors were open for business and which expenses are not deductible until 2020.   Income earned will be taxed in the calendar year the money was received.   Once you divide everything up per year, then you are going to need to determine what will be on the 2019 return first and do that return and then after that, you will need to prepare and file the 2020 return.         ... View more

I am glad you were able to figure it out.  Unfortunately, different situations leading up to that point can have an effect on how things appear.   It isn't actually a "credit".  It is an "adjustment to income" (like a deduction) if you have indicated that you did "give a $300 Cash Contribution to charity" during the year.     ... View more

Ok, no problem.   If you did not have any interest income for an account you had the prior year, you don't have to enter anything in for it.   The software may ask you to delete the institution or it may let you continue, and leave it in with no income reported for the year if you still have the account open and may need it to pull in next year.   ... View more

Yes, go to the income and expenses section of your return and scroll down to Income from 1099-NEC.   The software will guide you to entering the self-employment income on your return subject to se tax. ... View more

Well, you can go back through the section when you entered the W-2 and double check all the entries.  Be careful to watch for any data entry fields that you may have accidentally entered a space before or after the number.  That will cause the field entry to be invalid.  Also, be sure the name of the employer and the ein are exactly entered as displayed on the W-2.   Once you have completed this process then try to get ready to be e-filed again. ... View more