Is this pulling information from last years 1040? Or do I need the current 1040? And if so, how do I see my 1040 without finishing filing the taxes yet?
If you're using the same tax preparation software as you used last year, then you may be pulling information from last year's return. For this year's return (Line 18), you should be able to find a version of the Form 1040 in your software's instructions. Since I don't know which tax software you're using, I can't tell you exactly how. But if you google 'Name of tax software' and "how do I find Form 1040' you probably will see the answer page or a forum discussion from your tax software's website.
I don't have a 1040 to find the value in Line 1. I'm filing via Turbotax so the 1040 wouldn't be available until after I file, correct? In this case would Line 1 be my federal tax withheld per my Form W2?
I'm not sure how the information flows through TurboTax. However, most tax preparation software should be able to import information from your various Form 1040 lines to the forms where they need to be. However, the Line 1 for this worksheet is not necessarily the same as tax withheld on your Form W-2. Your W-2 withholdings will probably be different from the tax liability that should be in Line 18 of your Form 1040. Here is a post from a TurboTax thread with instructions on how you might find your Form 1040 within the program: The Form 1040 is the backbone of your Federal return so you can only preview it in its entirety - rather than revisiting a set list of questions in the software. To preview your 1040: Sign in to TurboTax Online. Next, click the Take me to my return button Click Tax Tools from the black menu to the left Then, select Tools To see the Tools option here, you must have moved past the orange "Take me to my return" button and you must be using a web browser (the mobile app will not show you the Tools feature) In the black menu to the left, click on Preview my 1040 to view your form
what if the standard tax deduction is better than the itemized deductions, but I own a home with solar installed in 2023. I looks like only the child/dependent would apply since i would not be taking the mortgage interest credit. What would be the process in this situation?
You would complete IRS Form 5695 to claim the energy credit. Here's a link to the video that goes over the entire form: ruclips.net/video/x5WT_h8ACQU/видео.html You report any tax credits from Form 5695 (either Part I or Part II) on Schedule 3, not on Schedule A. So it doesn't matter whether you claim the standard deduction or itemize. Here are the links to the article and video on Schedule 3: IRS Schedule 3, Additional Credits and Payments Article: www.teachmepersonalfinance.com/irs-schedule-3-instructions/ Video: ruclips.net/video/mh4XzSzrNeM/видео.html
I am not sure. I do know that there were a lot of changes to the tax forms that the IRS recently released. On 1/29, they opened the free fillable tax forms page, which also includes this tax form: www.irs.gov/e-file-providers/free-file-fillable-forms-program-limitations-and-available-forms. However, I don't know whether they've had hiccups or difficulties since they opened the page back up.
Is this pulling information from last years 1040? Or do I need the current 1040? And if so, how do I see my 1040 without finishing filing the taxes yet?
If you're using the same tax preparation software as you used last year, then you may be pulling information from last year's return. For this year's return (Line 18), you should be able to find a version of the Form 1040 in your software's instructions.
Since I don't know which tax software you're using, I can't tell you exactly how. But if you google 'Name of tax software' and "how do I find Form 1040' you probably will see the answer page or a forum discussion from your tax software's website.
I don't have a 1040 to find the value in Line 1. I'm filing via Turbotax so the 1040 wouldn't be available until after I file, correct? In this case would Line 1 be my federal tax withheld per my Form W2?
I'm not sure how the information flows through TurboTax. However, most tax preparation software should be able to import information from your various Form 1040 lines to the forms where they need to be.
However, the Line 1 for this worksheet is not necessarily the same as tax withheld on your Form W-2. Your W-2 withholdings will probably be different from the tax liability that should be in Line 18 of your Form 1040.
Here is a post from a TurboTax thread with instructions on how you might find your Form 1040 within the program:
The Form 1040 is the backbone of your Federal return so you can only preview it in its entirety - rather than revisiting a set list of questions in the software.
To preview your 1040:
Sign in to TurboTax Online.
Next, click the Take me to my return button
Click Tax Tools from the black menu to the left
Then, select Tools
To see the Tools option here, you must have moved past the orange "Take me to my return" button and you must be using a web browser (the mobile app will not show you the Tools feature)
In the black menu to the left, click on Preview my 1040 to view your form
what if the standard tax deduction is better than the itemized deductions, but I own a home with solar installed in 2023. I looks like only the child/dependent would apply since i would not be taking the mortgage interest credit. What would be the process in this situation?
You would complete IRS Form 5695 to claim the energy credit. Here's a link to the video that goes over the entire form: ruclips.net/video/x5WT_h8ACQU/видео.html
You report any tax credits from Form 5695 (either Part I or Part II) on Schedule 3, not on Schedule A. So it doesn't matter whether you claim the standard deduction or itemize. Here are the links to the article and video on Schedule 3:
IRS Schedule 3, Additional Credits and Payments
Article: www.teachmepersonalfinance.com/irs-schedule-3-instructions/
Video: ruclips.net/video/mh4XzSzrNeM/видео.html
When will irs start taking submissions with clean energy credit? I was told i cant submit it yet
I am not sure. I do know that there were a lot of changes to the tax forms that the IRS recently released. On 1/29, they opened the free fillable tax forms page, which also includes this tax form: www.irs.gov/e-file-providers/free-file-fillable-forms-program-limitations-and-available-forms.
However, I don't know whether they've had hiccups or difficulties since they opened the page back up.
Where do I find the 'Residential Clean Energy Credit Limit Worksheet' you are using?
I have done an extensive search and cannot find the form ? 😒
The worksheet is located in the form instructions, not the form itself: www.irs.gov/pub/irs-pdf/i5695.pdf
Thank You !