Follow these detailed steps with screenshots for how to adjust the cost basis in TurboTax when you sell ESPP shares. Otherwise you will get double-taxed.
If you’re self-employed and you buy health insurance from the ACA exchange, here’s how to use TurboTax to calculate the subsidy and tax deduction.
You need to file Form 1116 with your tax return when you paid more than $300 or $600 in foreign taxes. Here’s a walkthrough for how to do it in TurboTax.
If you’re self-employed and you buy health insurance from the ACA exchange, here’s how to use H&R Block software to calculate the subsidy and tax deduction.
Compare your income with the Federal Poverty Level (FPL) to calculate the premium subsidy tax credit for health insuance under the Affordable Care Act.
A step-by-step walkthrough of how to use the Case Study Spreadsheet to estimate tax rates on Roth conversion with Social Security and Medicare IRMAA.
Use this online calculator to see how much of your Social Security benefits is taxable and how much of it is tax-free.
The Inflation Reduction Act extended the ACA premium subsidy cliff to a slope through 2025. The cliff will return in 2026 unless a new law is enacted.
If you get health insurance from ACA, the government sets the percentages of income you are expected to contribute toward a benchmark policy.
An unusually high marginal tax rate isn’t a problem. You’re rewarded with paying lower taxes. You live on after-tax dollars, not rates.
TurboTax and H&R Block charge $25 to e-file a state tax return. Follow these links to e-file for free directly on your state revenue agency’s website.
I tested TurboTax, H&R Block, FreeTaxUSA, and OLT on doing a Form 1116 for the foreign tax credit. Four software packages gave three different answers.