AndreaG
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- Got Cheered for To report the Traditional IRA distribution and the conver.... 2 weeks ago
- Got Cheered for No, workers compensation is NOT taxable. According to pag.... June 28, 2020 7:39 AM
- Got Cheered for To report the IRA distribution and partial rollover: lo.... April 14, 2020 12:08 PM
- Got Cheered for When you sell a noncovered security, the cost basis does.... February 23, 2020 1:52 PM
- Posted To claim the earned income credit, you have to file joint... on Get your taxes done using TurboTax. June 11, 2019 9:22 AM
- Posted Unfortunately, no. The IRS defines earned income as taxab... on Education. June 7, 2019 4:14 PM
- Posted As long as you entered the Roth IRA contribution in the "... on Retirement tax questions. June 7, 2019 4:13 PM
- Posted Did you enter your Roth IRA contribution through the Trad... on Retirement tax questions. June 7, 2019 4:13 PM
- Posted It depends. 1099-INT Forms are not required to be issued... on Business & farm. June 7, 2019 4:05 PM
- Posted If you efiled your tax return and chose direct deposit, t... on After you file. June 7, 2019 4:04 PM
- Posted Ok. I see you already got your question addressed. That's... on Education. June 7, 2019 3:44 PM
- Posted I would be happy to help. However, can you post this info... on Education. June 7, 2019 3:44 PM
- Posted There are specific requirements with respect to the educa... on Education. June 7, 2019 3:44 PM
- Posted Yes, social security income needs to be reported but may... on Retirement tax questions. June 7, 2019 3:37 PM
- Posted Workman's compensation is generally not reportable or tax... on Business & farm. June 7, 2019 3:37 PM
- Posted In order to claim the credit, both spouses have to have e... on Get your taxes done using TurboTax. June 7, 2019 3:35 PM
- Posted Yes, your Mother can qualify you to file as head of house... on Retirement tax questions. June 7, 2019 3:31 PM
- Posted How much money did you earn in 2016? How old were you as... on Education. June 7, 2019 3:12 PM
- Posted If this is social security disability income then it woul... on Get your taxes done using TurboTax. June 6, 2019 7:20 AM
- Posted No. In order to include the tuition expense to claim a be... on Education. June 6, 2019 7:13 AM
June 11, 2019
9:22 AM
To claim the earned income credit, you have to file jointly and when you file jointly, you are only filing one return for the two of you and then you claim both of the children on the return. If you were to file married filing separately, you would not be eligible to claim the earned income credit.Please refer to the following FAQ to learn about the advantages of filing married filing jointly. <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/replies/3288477">https://ttlc.intuit.com/replies/3288477</a>
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June 7, 2019
4:14 PM
Unfortunately, no. The IRS defines earned income as taxable income that you earned as an employee, such as wages, as well as profit that you earned from a business, if you are self employed. So only the earned income from your part time job would be considered earned income for the purposes of determining to what extent you supported yourself. Please refer to the following FAQs for additional clarification. https://ttlc.intuit.com/replies/5316332 https://ttlc.intuit.com/replies/4790637
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June 7, 2019
4:13 PM
As long as you entered the Roth IRA contribution in the "Traditional and Roth IRA contribution" section AND you meet all the requirements for the credit, you should get the credit. It
depends on your exact circumstances. If you took distributions from your retirement plans after
2013 but before the due date (including extensions) of your 2016 tax return,
this will reduce the eligible contributions that are used to calculate the
credit. If the distributions are greater
than your Roth IRA contributions, then there wont be any contributions for the
purposes of calculating the credit. Please see page 48 of Pub 590A
under the heading, "reducing eligible contributions", for additional
information regarding what types of distributions will reduce your eligible
contributions.
There are additional requirements concerning your age, AGI, status as a student, and whether you are a dependent taxpayer. See pages 48-49 of Pub 590A under the heading, "retirement savings contributions credit" if you would like to review all of the requirements for claiming this https://www.irs.gov/pub/irs-pdf/p590a.pdf In the retirement and investment sections you would click on "retirement savings contributions credit" to answer questions regarding the credit. Your Roth IRA contributions will not show up on the screens that you go through for the credit. The screen will actually show zero for contributions. After you answer the questions it will tell you if you got a credit.
To determine if you got a credit, you can review your Form 1040:
Log in to
your Turbo Tax account
click on
"take me to my return"
Click on
"my account" tab at the very top of the screen
Click on
"tools"
Click on
"view tax summary"
Click on
"preview my 1040". This is part of a narrow white bar at the
very top of the screen
When your
1040 form appears, you will be able to scroll through and look at the
individual line items. Line 51 on Form 1040 and line 34 of Form 1040A will show an amount if you have gotten the credit.
Click the
"back" button when you want to return to your main Turbo Tax
screen. The back button is part of a narrow white bar at the very top of
the screen.
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June 7, 2019
4:13 PM
Did you enter your Roth IRA contribution through the Traditional and Roth IRA section? If so, is the contribution showing up when you get to the "credit for Retirement savings contributions, where it says what your contribution amount is?
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June 7, 2019
4:05 PM
It depends. 1099-INT Forms are not required to be issued if the interest earned is less than $10.00. If your interest income is less than this amount, you can probably confirm the amount of interest earned by reviewing a year end bank statement. If you did have interest income of at least $10.00, then you can contact BECU to get a copy of that form and should wait to receive that form so that you can report it correctly on your tax return.
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June 7, 2019
4:04 PM
If
you efiled your tax return and chose direct deposit, the IRS indicates that the
processing time is generally within 21 days. However, this is not always the
case. There are different situations that can affect the timing
of your refund. Please refer to the following FAQ for additional clarification.
https://ttlc.intuit.com/replies/3302330. To track the progress of your tax return, please refer to the Turbo Tax
article, "where's my tax refund? how to check your refund status",
for additional information.
http://blog.turbotax.intuit.com/tax-refunds/wheres-my-tax-refund-how-to-check-your-refund-status-18855/ Also refer to the following IRS information. https://www.irs.gov/refunds/tax-season-refund-frequently-asked-questions
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June 7, 2019
3:44 PM
Ok. I see you already got your question addressed. That's great!
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June 7, 2019
3:44 PM
I would be happy to help. However, can you post this information as a question? It will be easier for me to help you as a result.
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June 7, 2019
3:44 PM
There are specific requirements with respect to the education expenses that are used to claim the credit. One of those requirements is that you have to have paid the expenses in 2016 in order to claim these expenses on the 2016 return. However, the school will report information about your tuition in one of two ways. Box 1 reports the amount of tuition that the school actually received to pay for your classes. Since box 1 only reports payments the school has received, it wont include spring 2017 tuition payments because you havent paid them. Box 2 reports the amounts that the school billed for the classes that you took in 2016 as well as the courses for the 2017 spring semester. So it depends on which box they completed. If they complete box 1, this would be the amount of tuition that was paid so no additional clarification is necessary to identify your tuition expenses for the credit. If they complete box 2, it will represent the total amounts billed so Turbo Tax will ask you for clarification regarding what amount of tuition you actually paid in 2016.
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June 7, 2019
3:37 PM
Yes, social security income needs to be reported but may or may not be taxable. Please refer to the following FAQ to learn more. https://ttlc.intuit.com/replies/3299920
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