Thanks!

Ashley

I was surprised that the University sent my wife a 1099-MISC from the $1,000 grant she received to do a research project. I found the place on TurboTax to add this information, but I’m puzzled that we have to pay 350 dollars in taxes on a grant that she is forced to spend on the study. The IRS document on 1099-MISC says: Do not use Form 1099-MISC to report grants that are taxable to the recipient because they are paid for teaching research. How do I report it on TurboTax? Do I have to pay taxes on it like Income? 1099 Misc is also used by people with rental properties, lottery gains etc.

Thanks for your help. I love the product, and I admire TurboTax for hiring pros like you.

http://blog.turbotax.intuit.com/tax-tips/turbotax-tweets-tax-and-tech-answers-on-twitter/

Thanks,

Ashley

Can you answer, or direct me to the answer of the following question.

My wife and I are retired and have an investment account, which consists of IRA’s, with a local bank. The bank charges “Account Fees” which I would like to know if we can deduct on our Federal Tax Return?

First, on your tax question. We’ll have one of our tax folks respond here as I don’t have the background to answer that.

Second, I assume you’re talking about the refund transfer option when you file with TurboTax.

TurboTax does NOT charge any fee to have your refund direct deposited into your bank account– and never has. The bank fee you are talking about is for the customer’s option of having the bank pay the TurboTax fee directly to us. It has nothing to do with direct deposit. Direct deposit is always free. Most of our customers pay with a credit card in which there is no bank fee. The option to pay using the bank’s services is clearly disclosed on at least 5 screens prior to filing the return. At all points, the customer can opt out and select the free option, which is to pay by credit card. This is the option almost all our customers select. So in summary, direct deposit is always a free option with TurboTax.

Thanks…let me know if you have any other questions.

Last year I was fortunate to have a salaried job and received a tax refund from OVER Paying tax but I didn’t get a stimulus payment either.

This year I could finally afford to contribute to a 401K BEFORE I got laid off end of June and drew unemployment compensation.

OOPS…I made too much last year to benefit from an IRA. I expected to receive a larger refund since they took so much out all at once when laid off.

Will I receive any kind of additional stimulus payment or is the $400 work credit all there is this year?

I also think non-disclosure of the double fees for Turbo Tax and automatic deposit were dissappointing when I expected to be using the free version. I paid the fees so I wouldn’t have to start all over again. But it left a really bad taste in my mouth to have to eat the fees!

Last year I was fortunate to have a salaried job and received a tax refund from OVER Paying tax but I didn’t get a stimulus payment either.

This year I could finally afford to contribute to a 401K BEFORE I got laid off end of June and drew unemployment compensation.

OOPS…I made too much last year to benefit from an IRA. I expected to receive a larger refund since they took so much out all at once when laid off.

Will I receive any kind of additional stimulus payment or is the $400 work credit all there is this year?

I also think non-disclosure of the double fees for Turbo Tax and automatic deposit were dissappointing when I expected to be using the free version. I paid the fees so I wouldn’t have to start all over again. But it left a really bad taste in my mouth to had to eat the fees!

1- Isnt there a video guide that i can watch and teach me how to do it.

2- Im a homeowner that is facing foreclosure, I took last year home credit cause i bought my house in 2008.. do i have to pay anything this year from what i took. if yes what do i have to do?

3- I work in one state and live in another. I have to fill up (2) 1040 forms from each state how does turbo tax do that?

4- how do i include my girlfriend in my taxes. we have almost 3 years living together but we are not Married.