What method of valuation should I use in Turbo Tax for a donated car that sold at auction and that I have the 1098-c with the price?
I donated a car which was then sold at auction. I received the 1098-C with the proceeds after sale. All fine, so far. I'm using turbo tax and have to enter a method used to determine the value. None of the drop down items to select seem right. The Turbo Tax community has offered little help here, giving multiple choices that I should use. Is there a right answer? The two that look most promising are "Present Value" and "Consignment Shop Value" (this last one offered by a CPA, so I'm tempted).
Do I need to file income tax return if I earn from foreign donation given to me by the readers of my online stories?
It doesn’t matter how much money you recive you have to file return and have to disclose each and everything. Filling ITR will benefit in future too. So don’t take it otherwise file return whethere you have earned anything.You can Messages me how you can do it.I am not charging any or whatsoever fees from you.
Which one is better? Turbo Tax or H&R Block?
Neither of them have any features to increase your refund. They just implement the rules of the IRS for your situation as you tell them. Just because one gives you more refund than the other does not make it better; it may be flawed and get you in trouble with the IRS later. Not to scare you, just putting your question in perspective. That said, this year you can deduct your state sales tax on the new car, even if you don't itemize. (Of course, there are limits on how much you deduct.) As always, your donations are deductible only if you are itemizing. Watch out for this in your returns regardless of the software you use.
Using TurboTax how/where do I enter income from nonprofit association?
If the nonprofit has IRS tax exempt status, you don't put it on your personal tax return. You file form 990 with the IRS. Turbo tax doesn't do that. An EIN number is NOT the only requirement. Have you filed form 1023 to request tax exempt status? If not, talk to a CPA.
Does my plasma donation income count as income to the IRS?
I would call your local IRS agency with this question. Check it out before someone reports you for NOT reporting it and receives a "bounty" for their call. Because you received monetary reimbursement, I would say it counts as income. HOW MUCH MONEY IS POSSIBLE IN PLASMA DONATIONS? $20/unit X 2 times a week = $40 X 12 weeks in a year = $480
Should I do the TurboTax Free Edition or TurboTax Deluxe Edition? How do you file your taxes?
When I check “I want to maximize deductions”, “I’m paying off student loans”, and “I own a home”, it suggests the Deluxe version. Am I not able to get homeowner tax breaks if I use the Free version? If you are a homeowner or have student loans, how do you file your taxes? I also notice that State is extra with the Deluxe version.
How can I control what my tax money is spent on with tax deductions?
Strictly speaking, money that you pay in tax passes out of your control into what in Australia is called the Consolidated Revenue Fund, whence it can only be spent by the Parliament making appropriations.What you can do with tax deductions, though, is reduce the amount you pay in tax by spending it on things you can control. Most of the time this means business expenses, but certain charities and cultural organisations will accept tax-deductible donations.This isn’t perfect control - you can’t spend the money directly on yourself or your family - but it is probably the best control you are likely to get.