Tax Credits and Tax Deductions | TurboTax® Support

Deductions & credits

Favorite Tax Deductions & Credits for Families!

Everyone knows there are tax benefits to having children and dependents and some are pretty amazing! If you’ve ever had questions about the popular Child Tax Credit (CTC) or Earned Income Credit (EIC), this is the place to be! TurboTax does the think... read more

Tax Deductions Worth Looking Into!

It seems the most popular question at tax time is “Can I deduct this…?”. Of course you don’t want to pay more taxes than you need to; and you want to get all the tax deductions and credits you’re entitled to take. The resources below have helped many... read more

Can I deduct overdraft fees that occured in a business account? If so, how?

What is the correct procedure to write off a Ponzi-Scheme investment lost in our personal income tax?

My husband is a victim of the Ponzi-Scheme investment. He invested 500K in 2022 which created a huge tax burden on Federal and MA state income taxes. He could not get a penny out of his investment account to pay for the huge amount of tax a few weeks... read more

Local city tax late notice

The City of LA hit me with a 'late fee' notice. I discontinued my DBA. Also, my royalty income is with companies that are out of state (Tunecore and Sound Exchange). So, is this right? Should I be owing localized taxes?

How to tax US citizens overseas capital gain

US citizens buy and sell property overseas

Nonqualified Use concerning sale of home

I purchased my home May 2012 and lived in it until November 2016. At that time I rented it until I sold it in 2023. Since it was my primary residence initially, can I take the Section 121 exception?

Dependent qualifications for child lived outside us

Here's my situation:I am a resident alien living in the U.S.My spouse is a non-resident alien residing in China with an ITIN.Our child born in US, who has a U.S. SSN, has spent most of the year outside the U.S. with her mother. My questions are:Can I... read more

State Rental Expenses Exceeds income amount

Lived in Florida home as primary residence Jan - Sep 2023. Moved to Wisconsin Oct 2023. Rented Florida home Oct 2023. I received rental income from the tenants prior to becoming a Wisconsin resident (Sept 2023). With expenses and assets deducted I ha... read more

Sponsoring or Supporting an Athlete for Advertising with Product and Expenses

We are a tackle store, an S corporation, and we sponsor a couple of freshwater anglers to fish tournaments. We pay for their entry fees, lodging costs, and give them product. We use Quickbooks for bookkeeping, so my question is how to we expense thes... read more

Form 3520 Part IV, line 54 (c). If several gifts are below $5k, where would I enter the total gift received?

Received more than 100k from non US parent, some gifts are higher and some are lower than $5k. If the table in 54 (a), (b), (c) is only for gifts above $5k, the total FMV in (c) will not include the all gifts. Correct? Should I enter the total amount... read more

In Oregon, is there a limit on how much capital loss carryover can be used to offset the next year's capital gains?

Let's assume I've lived in Oregon all my life. I understand that there's a $3,000 limit as to how much capital loss I can carry over to offset my non-capital-gains income in future years. What about capital gains income? Is there a limit on how much ... read more

1099-Q related question

Thank you in advance for any useful advice on this issue. Here's the situation and then the question: I'm the recipient (trustee) of my two kids' 529 plans (each has his/her own plans). While one kid is still a dependent and I claimed under me and my... read more

Reporting earnings on 1099-Q for dependent children

Hello - earlier I had a question about reporting earnings (box 2) in 1099-Q for my "non-dependent" child (I'm the recipient) and am very thankful to @AmyC of TT for her insightful advice. Now I have a question re reporting earning (Box 2) in 1099-Q f... read more

How to report 1042-S

As a J-1 visa holder in the U.S., I received a stipend from a U.S. scholarship. Initially, I filed my taxes as a Non-Resident. This year, I became a Resident for tax purposes after meeting the Substantial Presence Test (SPT), prompting me to switch f... read more