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February 8, 2021
Question

Hello. When I enter expenses against my rental units, my federal return goes down. I don't qualify for EIC. Any idea why that is? I would have expected the opposite.

  • February 8, 2021
  • 1 reply
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By entering expenses, I decrease my net income from these properties. In the past the bigger my expense the more my refund would be. Now it is the opposite. Any help would be appreciated. Thank you.

1 reply

Critter-3
February 8, 2021

One thing can affect several others ... to diagnose what is happening may I suggest you print a copy of the form 1040 & Sch E  before and after entering the expenses to see which lines are being affected.

 

You can peek at only  the Federal form 1040 (and Sch 1-3) and the summary of the state info by going here:

1) lower- Left side of the screen...click to the left side of the "Tax Tools" text selection.
2)  then select "Tools"
3) then select "View Tax Summary" from the pop-up
4) then back to the left-side and "Preview 1040"

Then hit the "Back" on the left side to get back to your tax entries.

                                              

             

To view your entire return using the online editions (including the state) before you file, you will need to pay for your online account.

                    

To pay the TurboTax online account fees by credit card, without completing the 2020 return at this time, click on Tax Tools >>> Tools  and then Print Center.  Then click on Print, save or preview this year's return.  On the next page, to pay by credit card, click Continue.  On the next screen it will ask if you want Audit Defense, if you do not want this option just click on the Continue button.  The next screen will ask for all your credit card information so you can pay for the account.