You will if you are in a higher than 10% tax bracket. The 20% covers your 10% penalty and leaves the other $312 towards your federal tax on the income. ... View more

  If you qualify to be a dependent, you can't claim the stimulus, even if nobody claims you. If you are not, you can amend. You will have to mail your return.  Qualifying child   Taxpayers likely won't qualify for an Economic Impact Payment if any of the following apply: Your adjusted gross income is greater than $99,000 if your filing status was single or married filing separately $136,500 for head of household $198,000 if your filing status was married filing jointly You can be claimed as a dependent on someone else’s return. For example, this would include a child, student or older dependent who can be claimed on a parent’s return. You do not have a valid Social Security number. You are a nonresident alien. You filed Form 1040-NR or Form 1040NR-EZ, Form 1040-PR or Form 1040-SS for 2019.   If a child  can be claimed , even if they are not  actually claimed , they don't qualify.  However, if in 2020 they  do  qualify as an independent, then they should get a credit in 2021 (for the full $1200). ... View more

Delete the W-2 and then follow these steps below.   To Delete a Form Open your return in TurboTax.  In the left side bar, select Tax Tools> Tools. In the pop-up window Tool Center, choose Delete a form. Select Delete next to the form/schedule/worksheet and follow the onscreen instructions     To enter pension and annuity Payments (1099-R) •        Click on Federal Taxes (Personal using Home and Business) •        Click on Wages and Income (Personal Income using Home and Business) •        Click on I'll choose what I work on (if shown) •        Scroll down to Retirement Plans and Social Security •        On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button   ... View more

  If you qualify to be a dependent, you can't claim the stimulus, even if nobody claims you. If you are not, you can amend. You will have to mail your return.  Qualifying child   Taxpayers likely won't qualify for an Economic Impact Payment if any of the following apply: Your adjusted gross income is greater than $99,000 if your filing status was single or married filing separately $136,500 for head of household $198,000 if your filing status was married filing jointly You can be claimed as a dependent on someone else’s return. For example, this would include a child, student or older dependent who can be claimed on a parent’s return. You do not have a valid Social Security number. You are a nonresident alien. You filed Form 1040-NR or Form 1040NR-EZ, Form 1040-PR or Form 1040-SS for 2019.   If a child  can be claimed , even if they are not  actually claimed , they don't qualify.  However, if in 2020 they  do  qualify as an independent, then they should get a credit in 2021 (for the full $1200). ... View more

If your child qualifies as a Qualifying Child, double check your answers to see what you might have answered wrong.   Qualifying Child   Relationship — the taxpayer’s child or stepchild (whether by blood or adoption), foster child, sibling or step-sibling, or a descendant of one of these. Residence — has the same principal residence as the taxpayer for more than half the tax year. Exceptions apply, in certain cases, for children of divorced or separated parents, kidnapped children, temporary absences, and for children who were born or died during the year. Age — must be under the age of 19 at the end of the tax year, or under the age of 24 if a full-time student for at least five months of the year, or be permanently and totally disabled at any time during the year. Support — did not provide more than one-half of his/her own support for the year .     ... View more

If you live together but file separately, then you have to decide who claims the child on the tax return. If she does not work (non-filer) she should not have claimed the child if they are your dependent. Your return and her stimulus absolutely affect each other if you are both claiming the same child. ... View more

If his W-2 has income reported for that state, then yes.  ... View more

There is no such status as Married Filing Single. You can be Married Filing Joint or Married Filing Separate. No, he can't claim a dependent if someone else has claimed them. ... View more

If your sales of stock result in a loss rather than a gain, you can take up to $3,000 of capital loss per year until it is used up. It is carried over to the next year.   If you have a rental property and your income is too high, you are unable to take a loss. You accumulate passive losses, that can accrue and carry forward until you sell the property.   If your business losses are greater than your entire income, you have a net operating loss. The balance can carry forward on future returns until it is used up. ... View more

  If it's a living trust, you can use whichever TurboTax personal program that suits your tax situation. There is no special tax form for living trusts; the trust's income and deductions are reported on your personal tax return. All other trusts need to file Form 1041 (U.S. Income Tax Return for Estates and Trusts), which is supported in TurboTax Business.   TurboTax Business also generates the trust beneficiaries' Schedule K-1 forms, which the beneficiaries then report on their personal tax returns. (Think of a Schedule K-1 as the trust equivalent of a W-2.) TurboTax Business is a Windows-only software program available as a CD or download. ... View more