CarolC
Level 6
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Activity Feed for CarolC
- Got Cheered for You are smart to plan. You can pay online at the time of.... September 3, 2020 3:56 PM
- Got Cheered for First, enter savings bond interest on your federal return.... July 13, 2020 4:07 PM
- Got Cheered for Yes. You can correct the Alabama withholding by filing a.... June 30, 2020 12:07 PM
- Got Cheered for Yes. You can deduct your health insurance premiums and t.... June 24, 2020 2:29 PM
- Got Cheered for First, enter the amount reflected on the Form 1099-G, Cer.... April 6, 2020 10:15 PM
- Got Cheered for For tax-exempt and taxable bonds, this adjustment happens.... April 4, 2020 4:18 PM
- Got Cheered for Use Part V of Form 8938 to report your Mutual Fund as mut.... March 20, 2020 11:00 AM
- Got Cheered for Yes. You can deduct your health insurance premiums and t.... March 19, 2020 11:55 AM
- Got Cheered for Follow these steps to deduct U.S. Government interest for.... March 14, 2020 11:56 AM
- Got Cheered for I'm not certain if your 1099-Misc entries are correct as.... February 26, 2020 7:13 PM
- Got Cheered for Your school will issue you a Form 1098-T. This will refl.... February 10, 2020 6:09 PM
- Got Cheered for Follow these steps to make a manual adjustment for the bo.... February 5, 2020 9:13 AM
- Got Cheered for Depending on how you run your business, to make a profit.... January 21, 2020 12:51 PM
- Got Cheered for It sounds like your SEP contribution may have been entere.... January 3, 2020 4:31 PM
- Got Cheered for Yes. You can deduct your health insurance premiums and t.... November 15, 2019 7:30 AM
- Got Cheered for You will not receive the full $1,000. California will wi.... June 15, 2019 8:41 PM
- Posted @kaylene Yes. Since you have a foreign bank account, Tur... on Deductions & credits. June 7, 2019 4:44 PM
- Posted Yes, if you are reporting your foreign financial account... on Deductions & credits. June 7, 2019 4:44 PM
- Posted You can enter the accrued interest adjustment in the 1099... on Investors & landlords. June 7, 2019 4:39 PM
- Posted Enter Form 1099-R exactly how it appears. Answer Yes to... on Retirement tax questions. June 7, 2019 4:27 PM
June 7, 2019
4:44 PM
@kaylene Yes. Since you have a foreign bank account, TurboTax is requiring you to upgrade to report this information. The IRS says you need to disclose whether you "had a financial interest in, or signature authority over, a financial account in a foreign country or you received a distribution from, or were a grantor of, or transferor to, a foreign trust. Part III of Schedule B has questions about foreign accounts and trusts."
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June 7, 2019
4:44 PM
Yes, if you are reporting your foreign financial account then you will need to upgrade to Deluxe. Your tax return needs to disclose your foreign bank account even if you are not required to file other financial disclosure forms. Not reporting this foreign account would be inaccurate.
Here is what the IRS states:
If you have a foreign account you must report this on your tax return. The taxpayer must disclose whether or not there is a financial interest, or signature authority over, a financial account or trust, in a foreign country. If your answer is Yes to any of these then this information is reported in Part III of Schedule B.
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June 7, 2019
4:39 PM
You can enter the accrued interest adjustment in the 1099-INT section of TurboTax.
Follow these steps to make an adjustment for the accrued interest paid on your taxable bonds:
Select Federal Taxes
Under Wages & Income select Interest on 1099-INT
Enter your 1099-INT information, select Continue
Select I need to adjust the taxable amount, select Continue
Enter the accrued interest paid in the Adjustment box
Select the Reason for Adjustment as My accrued interest is included in this Form 1099-INT
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June 7, 2019
4:27 PM
Enter Form 1099-R exactly how it appears. Answer Yes to the question, if you were Employed as a Public Safety Officer (law enforcement officer, firefighter, chaplain, or member of a rescue squad or ambulance crew).
Answer Yes, if the Pension Administrator Paid for Health Insurance. Enter the total annual premium paid for the Health Insurance Payment Amount. TurboTax will reduce the deduction to the $3,000 allowed.
"To qualify for this deduction, the distribution must be made directly from the plan to the insurance provider. You can only make this election for amounts that would otherwise be included in your income. The amount excluded from your income can't be used to claim a medical expense deduction."
Click IRS Publication 575 for additional PSO deduction information.
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June 7, 2019
4:18 PM
It depends. If you received Form 1095-A, which is issued to report Marketplace Health Insurance coverage, then you may need to file a tax return. Look at Column C on the form. If there are dollar amounts listed, then this means you received assistance towards your health insurance premiums. In this case, you are required to file a tax return. Even though you only have Social Security income, a tax return is required to reconcile any Advance Premium Tax Credit received. You will complete Form 8962, which will determine if you received too much credit or too little. If Column C is blank, you are not required to file, but you should. You may be eligible for a refund. This means you may have paid too much for your health insurance premiums. See this TurboTax FAQ below for more information. Click "See entire answer" for the full page view.
https://ttlc.intuit.com/replies/4234767
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June 7, 2019
4:17 PM
It depends on the type of credit you are taking. The credits and deductions available have different income limitations and phase-outs. American Opportunity Credit - Your modified adjusted gross income is $90,000 ($180,000 if married filing jointly) or less (The credit is reduced between $80,000 and $90,000 ($160,000 and $180,000). Lifetime Learning Credit - The credit is reduced between $56,000 and $66,000 ($112,000 and $132,000). Tuition and Fees Deduction - Your modified adjusted gross income (MAGI) can't be more than $80,000 ($160,000 if filing a joint return). See the TurboTax FAQs below for information on the income thresholds for the education credits. Click "See entire answer" for the full page views.
https://ttlc.intuit.com/replies/5358150
https://ttlc.intuit.com/replies/5358151
https://ttlc.intuit.com/replies/3302271
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June 7, 2019
4:15 PM
Form 8834, Qualified Electric Vehicle Credit, is available in TurboTax. The form only applies to qualified electric vehicle passive activity credits from prior years (allowed on Form 8582-CR or Form 8810 for the current year). If you are instead referring to Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit (Including Qualified Two-Wheeled Plug-in Electric Vehicles), then this form is scheduled for release on 3/8/18. You may view the TurboTax FAQ below with the expected release date of Form 8936 and other IRS pending forms. Click "See entire answer" for the full list view.
https://ttlc.intuit.com/replies/3319876
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June 7, 2019
4:11 PM
TurboTax calculates both
the sales tax paid to your state and local government as well as the sales tax
paid for certain major purchases like your car.
Follow these steps while in TurboTax Deluxe to correctly claim the
deduction:
1.
From the Federal Taxes
tab, go to the Deductions & Credits
section. 2.
Scroll down to Estimates and Other Taxes Paid. 3.
Click on the button to the right of Sales Tax (Start or Update). 4.
Click Continue with Sales Tax. 5.
Select EasyGuide. 6.
Click the Edit button (omitting this edit will
omit state/local sales tax paid). 7.
Enter the dates you lived
in your state(s), click Continue. 8.
Enter your combined local
and state sales tax rate, click Continue.
9.
Click Yes to enter information about your
major purchase. 10. Enter information about your major purchase, click Done.
See these screen shots attached for further clarification.
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June 6, 2019
1:54 PM
If your total gross income, including the interest paid on the Series EE savings bond, is below the filing threshold, you do not need to file a federal income tax return. To exclude Series EE interest for qualifying education expenses, the bond must have been issued in your name (or spouse) and the owner must be at least 24 years old when the bond was issued.
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June 6, 2019
1:50 PM
You can enter your fan in the solar electric costs box. See the screenshot attached. This qualifies for a 30% credit, which includes installation. Click this TurboTax article for more information:
https://turbotax.intuit.com/tax-tips/home-ownership/energy-tax-credit-which-home-improvements-qualif...
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