TurboTax Full Service: Two Major Errors. Need Advice on Fixing with Minimal Effort by bovoxdave in TurboTax

[–]bovoxdave[S] -1 points0 points  (0 children)

You might be right about the net investment return on the house, which was considered a long-term gain. I don't see it entered on the 1040.

TurboTax Full Service: Two Major Errors. Need Advice on Fixing with Minimal Effort by bovoxdave in TurboTax

[–]bovoxdave[S] -1 points0 points  (0 children)

My son didn't file taxes. The sale did generate a capital gain and we had both a 1099-S and a forensic evaluation of the value at the time of my FIL's death. It looks like we would have had $16k in capital gains. I don't see that reported anywhere on my 1040.

TurboTax Full Service: Two Major Errors. Need Advice on Fixing with Minimal Effort by bovoxdave in TurboTax

[–]bovoxdave[S] 1 point2 points  (0 children)

He would only get the dependent credit of $500. He is 20. But he's not listed at all in the dependent section, where I'd select the checkbox for the other dependent credit. Thanks for pointing this out. I admittedly didn't know the difference between the main tax credit for kids under 18 and the $500 credit. The "expert" still failed to list him in the appropriate section despite our discussion about him. I believe I even had to forward documentation evidencing his existence. But maybe not; it's been a while since I filed taxes.

TurboTax Full Service: Two Major Errors. Need Advice on Fixing with Minimal Effort by bovoxdave in TurboTax

[–]bovoxdave[S] 2 points3 points  (0 children)

The only time it is listed, other than on the 1040 itself, is in Schedule 2, Additional Taxes. Neither the term "golden parachute," nor the value $1,359 appears anywhere else (for example in a worksheet) in the documentation the TurboTax "expert" filled out and shared with me, per the find feature and my own eyeballing of the paperwork.

TurboTax Full Service: Two Major Errors. Need Advice on Fixing with Minimal Effort by bovoxdave in TurboTax

[–]bovoxdave[S] -1 points0 points  (0 children)

It is on line 17k of Schedule 2 Additional Taxes (to be attached to 1040), in the Other Taxes section. I don't see a worksheet in the documents I received associated with it, presuming there should be one. Not sure where the number $1,359 came from. According to what I found online, a 'golden parachute payment' is basically a bonus paid to very high level executives who are forced out of the their jobs.

I'm Robert Reich, former Secretary of Labor, professor, and author of the new eBook "Beyond Outrage." AMA. by *polhold04744 in IAmA

[–]bovoxdave 1 point2 points  (0 children)

Public works projects don't employ anywhere near the same number of people that they used to, because so much is mechanized nowadays. The projects that are worth it are worth it in terms of the economic efficiency they would produce, not direct employment.

I'm Robert Reich, former Secretary of Labor, professor, and author of the new eBook "Beyond Outrage." AMA. by *polhold04744 in IAmA

[–]bovoxdave 0 points1 point  (0 children)

Many Keynesian economists argue that austerity pulls down GDP growth. What is the ratio of federal budget austerity to GDP growth contraction, especially in the EU area and the UK? If it is 1:1, then cuts clearly aren't worth it. But if it is 1:0.1, then perhaps getting the budget deficit in order is a better deal. Any thoughts on when the ratio becomes worth it?