46
votes
Accepted
How to report $27 in cap gains affordably
You are not the only one with this problem. When Intuit changed their pricing and services structure in 2015 a lot of people got angry, facing larger fees and having to go through an annoying upgrade ...
- 9,785
23
votes
How to report $27 in cap gains affordably
is it possible to file that single form aside from the rest of my return?
Turbotax will generate all the forms necessary to file your return. I recommend you access these forms and file them ...
- 6,839
22
votes
Accepted
I e-filed my taxes ONE SECOND after the deadline - am I in trouble?
It certainly seems like they could consider this late, but that's really up to them to decide if they want to hold you to the second or not.
If they do, however, consider appealing the fee. From the ...
- 35.8k
21
votes
Accepted
Should I choose Itemized or Standard deduction?
From the Maryland tax web site: https://taxes.marylandtaxes.gov/Individual_Taxes/General_Information/What_s_New_for_the_Tax_Filing_Season.shtml
Should I take the standard deduction or itemize? - The ...
- 2,819
16
votes
Accepted
Confused as why TurboTax asking for 2022 Tax Liability to calculate 2023 underpayment penalty
Line 4 is "current year tax". Notice that TT is asking about 2022, last year. So it is asking about the 2022 tax liability. This is to determine whether the "safe harbor" exception ...
- 174k
15
votes
Should I choose Itemized or Standard deduction?
According to Maryland State Law, the Maryland standard deduction is $2,250, and you may not itemize in Maryland if you choose the standard deduction on your federal return.
Therefore, choosing to ...
- 1,324
8
votes
Accepted
If I can be claimed as a dependent, what do I do without my parent's tax information?
The request for your parent's income comes from Form 8615, Tax for Certain Children Who Have Unearned Income.
I typically see this form appear as I'm doing my daughter's taxes and start to enter data ...
8
votes
Property Tax entry for 2018 Federal Income tax
The laws are set, however the policies and guidance are still being finalized at the IRS (as of mid-December, 2018). You can observe this yourself by searching the web for "2018 IRS Form 1040" and ...
- 4,487
7
votes
How to report $27 in cap gains affordably
Are you sure that TurboTax Deluxe won't be able to handle your capital gains?
When TurboTax removed this functionality from their Deluxe product in 2015 (for tax year 2014), sales plummeted, and they ...
- 116k
7
votes
Do I have to wait for my W-2s to fill my tax return for the previous year?
Companies like TurboTax can import data like W-2 if its available to them, but I believe entering the 1099-MISC is a manual operation.
Generally you should be paying estimated tax throughout the year ...
- 2,702
6
votes
Accepted
Turbo Tax says return was approved, IRS refund status shows processing
According to the IRS Where's My Refund page:
Where's My Refund? is updated no more than once every 24 hours, usually overnight.
Try checking again tomorrow, and if it still says "processing," wait ...
- 116k
6
votes
Accepted
Why does increasing my W2 HSA contribution in TurboTax INCREASE my tax due?
TurboTax is considering these contributions unqualified for one reason or another. Go through the questions for HSAs in your tax deductions. TurboTax must validate that you meet all the specific ...
- 664
6
votes
How to Receive Federal Refund Using TurboTax
CreditKarma is an Intuit product that, among other things, offers a high-yield savings account.
They are, essentially, promoting another of their products within the one you're using. Note the ...
6
votes
I guesstimated my taxes and overpaid a bit before April 15. But I have not filed. Where can I file and not pay?
On your 1040 line 26, you can report all past payments made for the year. https://www.irs.gov/faqs/estimated-tax/individuals#:~:text=Report%20all%20your%20estimated%20tax,your%20prior%20year%20tax%...
- 42.6k
5
votes
Accepted
Tax refund disparity arising from TurboTax, relative to other programs (H&R, TaxAct, Credit Karma)
@grade-eh-bacon was right. It turns out the culprit was $118 state tax due for 2016 in 2017. Each year, I typically get a federal refund, but owe a bit of state tax, typically, around ~$20. In 2016,...
- 456
5
votes
How to report $27 in cap gains affordably
You could also switch to CreditKarma to file taxes, it's 100% free and just launched. I'm not affiliated with them, just bringing up an alternative.
- 1,256
5
votes
Turbo Tax Reporting Income with No 1099
Yes you can add it there. You can also add it to the "gross receipt line". Note that you do not have to list where it came from, just the total.
- 10.2k
5
votes
My tax return was approved, when does the IRS debit my account?
When you e-file in TurboTax, it asks you how you want to pay the amount due, and you have to make a decision. I think they offer 'pay with ACH from my account' (the default), and 'mail a check ...
- 37.7k
4
votes
4
votes
How to report $27 in cap gains affordably
Fill out the form manually, using last year's return as an example of how to report these gains.
Or experiment with one of the low-priced tax programs; I've been told that they are available for as ...
- 46.5k
4
votes
Accepted
TurboTax - relevance of 1099-R if 401(k) came out of paycheck
You should not have to file a 1099-R unless you took a distribution from your retirement account, or if you had a rollover, conversion, or recharacterization - particularly between a regular and Roth ...
- 35.8k
4
votes
What are some factors I should consider when choosing between a CPA and tax software
Largely it comes down to the complexity of your return (likely relatively simple if it's your first time filing) and your comfort level with using software. More complex returns would include filing ...
- 14k
4
votes
Accepted
Made more than $600. Company does not issue 1099-MISC's. Enter income as general income?
I'm not sure how this gets entered in TurboTax, but this income from the company should be included in the Schedule C (or C-EZ) Line 1 Gross Receipts total, along with all of your 1099-MISC income ...
- 116k
4
votes
Accepted
Do I have to pay estimated taxes?
Paying estimated taxes avoids an underpayment penalty, so to determine whether or not you need to pay estimated taxes, you need to look at what triggers the penalty.
An IRS article on Estimated Taxes ...
- 116k
4
votes
Do I have to wait for my W-2s to fill my tax return for the previous year?
Do I need to wait for my W-2 or do companies like Turbotax etc. auto
import that stuff?
The tax software can import directly some W-2 data. It depends on what company you work for, and what payroll ...
- 140k
4
votes
Accepted
Can I choose my Roth IRA contribution belong to 2019 or 2020 made between 1/1/2020 and 7/15/2020?
The choice of 2019 or 2020 is made when you made the contribution, not when you file your tax return. (Some IRAs, like Roth IRAs, are generally not even entered anywhere on the tax return.) The amount ...
- 17.2k
4
votes
Accepted
how can capital losses carryover used be more than $3000? (in US income taxes)
If your capital losses exceed your capital gains, you can deduct up to $3k from your income and the remainder above the $3k loss is carried forward.
If in the following year your gain exceeds the ...
- 76.4k
4
votes
Accepted
My tax return was approved, when does the IRS debit my account?
Todays deadline is for filing. So long as you have filed(and submitted payment) by today, when you actually pay your owed taxes(money leaving your account) doesn't affect the "lateness" of ...
- 2,441
3
votes
Does TurboTax mail my state forms for me?
If you did not pay for electronic submission of the state forms, it is your responsibility to print and mail the state return. This is normally done as one of the final steps of the interview process, ...
- 46.5k
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