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.
How To Enter 2024 ESPP Sales In TurboTax: Adjust Cost Basis
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.
Fidelity Private Client Group But No Free TurboTax, Why?
Fidelity gives a selected group of customers free TurboTax. See how to check if you have the offer and what to do if you weren’t selected.
Roth IRA Withdrawal After 59-1/2 in TurboTax and H&R Block
Detailed record-keeping is not required when you withdraw from a Roth IRA after age 59-1/2. See a walkthrough in TurboTax and H&R Block tax software.
Tax Planning with TurboTax What-If Worksheet: Roth Conversion
After you file your taxes with TurboTax, use the hidden What-If Worksheet to plan for the current year. See how to use it to plan for a Roth conversion.
Get Rid of Estimated Tax Payment Vouchers from TurboTax
Seeing estimated tax payment vouchers (Form 1040-ES) from TurboTax doesn’t mean you must pay estimated taxes now. You can remove them to avoid confusion.
Opt Out of Underpayment Penalty in TurboTax and H&R Block
Decline the help from tax software in calculating the underpayment penalty. Let the IRS calculate the penalty and bill you when necessary. They often won’t.
One 1099-R Form for Two Rollovers in TurboTax and H&R Block
How to enter a combined 1099-R form for two rollovers in the same year to both Traditional IRA and Roth accounts in TurboTax, H&R Block, and FreeTaxUSA.
The Best Tax Software for Foreign Tax Credit (IRS Form 1116)
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.
When TurboTax and H&R Block Give the Wrong ACA Subsidy
If you’re self-employed on ACA health insurance, TurboTax and H&R Block software may give wrong numbers for the subsidy. Use this calculator instead.
TurboTax 2021 CARES Act 2.0 $600 Charity Donation Deduction
You need some patience to find the right place in TurboTax for the $300/$600 charity donation deduction for 2021 when you take the standard deduction.
Overpay Your Taxes to Buy $5,000 in I Bonds
I Bonds offer a better yield than all other safe investments. After you max out your annual limit, you can buy another $5,000 by overpaying your taxes.