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Debt management

Featured Discussion: Common Reasons You May Be in Debt

Our Turbo blog recently published an article highlighting the top reasons why people are in debt along with suggested fixes and next steps. The five categories include: Not using a budget or trying to track spending Lacking an emergency fund Borrowin... read more

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Using 401k funds to pay down debt, tax bracket concerns. R A. Miller

We want to use 401k funds to draw down a home equity line of credit balance. We're concerned that in doing so we will place ourselves in a higher tax bracket. Won't those 401k funds we withdraw to pay debts be counted as income, thus placing us in a ... read more

How or what can I do to lower my debts?

Having a lot of debts is so stressful especially when you a single mother, while living with my child's dad he got a stupid vacuum, honestly I didn't paid attention because I was busy with my son so he got a $3000 vacuum with my signature on it and w... read more

Refund

Can Miami county ohio child support garnish my earned income tax credit on taxes return for back child support they told me to ask a tax person

Dual family taxes

I suspect my stepsons father keeps claiming him as a dependent even though he lives with me year round. How can I confirm this?

Featured Discussion: Common Reasons You May Be in Debt

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Deducting IRA contribution when also having 401k

For 2023 I contributed to a retirement 401k account through work.. with that in mind I would like to also deposit about 5,000 dollars into an IRA to lower my taxable income… am I allowed to do that since I’m contributing to a 401k at work or would I ... read more

Form 8582 1a input with net section 1231 gain

In my K-1, I have a loss from box 2(Net rental real estate income(loss)) and a gain from box 10(Net section 1231 gain). When TurboTax generated Form 8582, it automatically put my net section 1231 gain into box 1a(Activities with net income). My under... read more

401K covid distribution - rolled over 10K

took complete 401k of $ 66K Distribution in April 2020.. Rolled over 10K before 60 days. So i was taxed on entire amount and I claimed 56K on tax return. I withdrew entire 10K that I had rolled over. Do I have to pay 10% penalty because I am only 59,... read more

RAL loan

For my daughter a W2 employee hair stylist in New Jersey.

Understand Federal deductions have changed, but what about NJ.Especially commercial parking costs that are not $ supported by employer.Most information is for self-employed or chair renters.

Turbotax Keeps cycling in finish and file back to review to pay with federal return

On the finish and file page you confirm pay with federal return. Then it confirms elligibility to pay with Federal Return. Then confirm payment and it goes right back to review. I tried different browser. I cleared cookies and catch. Also tried from ... read more

2022 taxes

can I file through turbotax my 2022 return now

where does turbotax account for catch up contributions?

I am reviewing old tax records. I assumed entering the information from the W2 for 401k contributions would be part of its process. I cannot find how 2020 accounts for catch-up contributions. It keeps telling me I contributed excess.

Home Office Deduction

Can someone please educate me on how to file form 8829? To my knowledge, it would be filed with my personal tax return. I have a DBA and EIN and would like to use the home office deduction to set up an office in a new apartment to establish my busine... read more