Sign In
Howard1948
Level 7
Member profile
Activity Feed for Howard1948
- Got Cheered for If the taxes you paid this year related to a prior year w.... August 6, 2020 5:42 PM
- Got Cheered for No. You can only include student loan interest paid in 2.... July 11, 2020 10:19 AM
- Got Cheered for To be a dependent, a minor child must have lived with the.... July 6, 2020 5:55 PM
- Posted IRS RMD Rollover of early 2020 distribution on Retirement tax questions. June 24, 2020 8:02 AM
- Got Cheered for Any business should keep books and records of its busines.... May 5, 2020 4:18 PM
- Got Cheered for If you are an Iowa, Kentucky, Michigan, or Wisconsin resi.... February 7, 2020 6:41 AM
- Got Cheered for To be a dependent, a minor child must have lived with the.... January 5, 2020 7:48 PM
- Posted Because you own rental property, I would suggest the Prem... on Investors & landlords. June 7, 2019 3:51 PM
- Posted Yes. Each year's program is unique to the tax laws for t... on Get your taxes done using TurboTax. June 7, 2019 3:45 PM
- Posted If you are required to file a Federal income tax return,... on Get your taxes done using TurboTax. June 7, 2019 3:45 PM
- Posted Married Filing Jointly is usually the best recommendation... on Get your taxes done using TurboTax. June 7, 2019 3:45 PM
- Posted You need to understand that the Married Filing Jointly fi... on Get your taxes done using TurboTax. June 7, 2019 3:41 PM
- Posted Each TT online account is good for only ONE Federal incom... on Deductions & credits. June 7, 2019 3:39 PM
- Posted Your adjusted gross income (AGI) must be less than: ? $... on Deductions & credits. June 7, 2019 3:36 PM
- Posted If her only income is SS benefits and gifts from her chil... on Retirement tax questions. June 7, 2019 3:36 PM
- Posted The Federal and state refunds do not come together. One... on After you file. June 7, 2019 3:35 PM
- Posted A joint return is just that -- one return covering both o... on After you file. June 7, 2019 3:35 PM
- Posted When you prepared the amended return, did you split the r... on After you file. June 7, 2019 3:35 PM
- Posted I suggest you read the rules about using the MFS filing s... on After you file. June 7, 2019 3:34 PM
- Posted No, the amended returns will not be the same in total as... on After you file. June 7, 2019 3:34 PM
June 24, 2020
8:02 AM
The IRS just released a notice that all early distributed 2020 IRA RMDs are eligible for a rollover to avoid paying tax on that distribution under the COVID rules. The notice is pretty understandable but appears to leave out one particular situation. Let's say one took the RMD in January 2020 and had 25% of the RMD sent directly to the IRS as withholding. Say the total distribution was $40,000 -- the taxpayer received $30,000 and the IRS (US Treasury) received $10,000. Now the taxpayer wants to "undo" the RMD by returning the money to the trustee. But the taxpayer only has $30,000 available to return. How does the taxpayer get the $10,000 tax payment returned from the IRS? Or does he just have to come up with the other $10,000 from other available funds? Or can he just return $30,000 and treat the other $10,000 as a normal distribution and have to wait until he files his 2020 return to get a refund of the taxes?
... View more
June 7, 2019
3:51 PM
Because you own rental property, I would suggest the Premier version which has a special expanded interview for rental property.
... View more
June 7, 2019
3:45 PM
Yes. Each year's program is unique to the tax laws for that year. You cannot use a 2015 program to prepare a 2016 return.
... View more
June 7, 2019
3:45 PM
If you are required to file a Federal income tax return, you must include all taxable income earned during the year. While the amount may be small, the IRS will still try to match their copy of the W-2 against your filed return and question why it is missing if you leave it out.
... View more
June 7, 2019
3:45 PM
Married Filing Jointly is usually the best recommendation for a married couple. Only your marital status as of 12/31/16 is used to determine which filing status you can use. So file MFJ as if you were married the entire year.
... View more
June 7, 2019
3:41 PM
You need to understand that the Married Filing Jointly filing status means to create one return that covers the income and expenses of both spouses in the same return. You can use this filing status even if one spouse had no income. It is usually one of the better filing status' to use resulting in the lowest tax. Your only other alternative is to use the Married Filing Separately filing status for him which is the WORST filing status in the tax law.
... View more
June 7, 2019
3:39 PM
Each TT online account is good for only ONE Federal income tax return and related state returns. People who need to prepare more than one return, including state return(s), are usually better served by the CD/Download version.
... View more
June 7, 2019
3:36 PM
Your adjusted gross income (AGI) must be less than:
?
$47,955 ($53,505 for married filing jointly) if you have three or more qualifying children,
$44,648 ($50,198 for married filing jointly) if you have two qualifying children,
$39,296 ($44,846 for married filing jointly) if you have one qualifying child, or
$14,880 ($20,430 for married filing jointly) if you don't have a qualifying child.
... View more
June 7, 2019
3:36 PM
If her only income is SS benefits and gifts from her children, she does not have to file a federal income tax return.
... View more
June 7, 2019
3:35 PM
The Federal and state refunds do not come together. One comes from the US Treasury and the other from the State Treasurer's office. The chance of them both hitting your bank account on the same day is small.
... View more
