Economic Relief Legislation | TurboTax® Support

Tax law changes

Today the President signed the Inflation Reduction Act of 2022 into law, which includes new tax provisions, extensions, and expansions of tax benefits related to energy efficiency and healthcare. Here are some resources to help you understand the pro... read more

Inherited ROTH IRA 10-year rule RMD

Hello,I have an Inherited ROTH IRA that falls under the 10-year rule. Am I required to take a RMD in 2024? thank you in advance

Using Inherited IRA Distribution to Fund RMDs for Other IRAs

Hello, My wife inherited an IRA from her father. She then designated me as the beneficiary of IRA. Then she passed away, and I inherited the IRA. The statements for the inherited IRA list:Her father (deceased)My wife (deceased beneficiary)Me (benefic... read more

This answer has been verified for accuracy by an Intuit expert employee Do Dividend Income and Capital Gain Income increase which Ordinary Income tax bracket we are in?

Ordinary Income such as IRA RMD, Taxable Annuity Income, Interest, etc)$150,000 Qualified Dividend Income$30,000 Long Term Capital Gains$30,000 For our Ordinary Income, for 2024, is our marginal Ordinary Income Tax bracket 22% or 24%? Trying to under... read more

Do I Qualify for FEIE if I am paying myself a salary?

I have 5 rental properties in Illinois which I manage. I created a series LLC. 5 series with each property and the Master LLC will be my management LLC. I am moving to Morocco and UAE. I will be managing the properties from there and it's very time c... read more

Refund Delayed over 8 months

I filed my taxes in February in hopes of getting my return to take care of overdue bills. No such luck. At the end of April I went online to find I needed to verify my identity. Ok. No problem, done. In June I get a letter stating that the irs needs ... read more

Death of a Spouse

How do I file a final return for a spouse who passed away when all tax returns have been filed as joint returns? Do I file two returns?

Foreign tax credit in case of Loss on real estate property

Sold Two properties in India: Property1: Foreign property (second home) sold at a loss (LongTerm) Property2: Foreign property (plot) sold at a gain (LongTerm). Paid taxes in IndiaAnd need help with some tax filing questions.Filed the details of both ... read more

Question about Foreign tax credit in case of Loss on real estate property

Award show swag bags - MISC or NEC?

The IRS addressed this subject prior to the reintroduction of the 1099-NEC. If I understood correctly, the swag bags made available to celebrities were treated as taxable income as the items were not truly given as gifts (ie, in admiration, with no u... read more

MAGI and IRMA

A suggestion for improvement.....enable TurboTax calculation of the MAGI and compare with the IRMA surcharge tables. It would be very helpful in managing income to reduce IRMA costs.

Do I need to file FBAR with 1 foreign bank account having a balance of less than $1000?

I have only 1 foreign bank account having a balance of less than $1000. I read on this forum that FBAR is required only of foreign account(s) have a total of over $10000.But I see the form 1040 has this section:Q1) So here do I say Yes or No ?If I sa... read more

Question about Receiving money

I will be receiving 40k (via wire transfer) and was wondering if I would need to pay taxes on it? Or is it the person who is giving me the 40k the one who will be taxed on it? Which one is it? Side Note: If it is me who has to pay the taxes on it, wh... read more

Using Eventbrite ticket seller for high school reunion in 2023

I am running a high school reunion in 2023. I will receive ticket sales revenue of approx. $10,000 using Eventbrite. I will pay out these funds to various vendors for the reunion. How should I set this up in Eventbrite? I am simply the conduit for th... read more

What-If worksheet needs update

Intuit, please update the qualified dividends & capital gains brackets for 2024 in the What-If worksheet. The 2023 brackets are being used despite the fact I'm trying to calculate next year's taxes. Thanks!