Securely add donations, mileage, cash, bonds, and mutual funds—anytime, anywhere. With all of your donations in one place, you’ll be able to import everything straight into TurboTax when you’re ready. Track your donations year-round and import them into TurboTax at tax time to get every dollar you deserve. Yes, if you earn more than $400 in net earnings from self-employment from your side hustle, you’ll need to file a Schedule C. So before trying that maneuver above, log out of all Intuit/TurboTax accounts.

Small Business Tax Credits: Claim What’s Yours

Figuring out the value of your donations on your own can be difficult and potentially time-consuming. TurboTax offers the ItsDeductible tool to streamline the process for you, which can be especially handy when you’re on the go. The following TurboTax Online offers may be available for tax year 2024.

For tax year 2024, this means that if your AGI is $50,000 or less, you can only deduct medical expenses that exceed $3,750. 4.) To be fair, since TT wants to end Its Deductible, they should allow users to use it for the remainder of 2022, and then allow access through April 15th, 2023 (Fed tax date). That’ll give users enough time to finish what they started in 2022, and hopefully find a better solution than Mint for itemized donations.

Answer yes to the next question about having an ItsDeductible account. On the next screen, select your donations and click “Import Now.” Click continue to review your final list. When you file your tax return, you may list all the non-cash donations on the same day under one listing, “used household items” for example, with a value you set yourself.

But, it worked for me for a long time and would have paid something for this product to have the documentation and feed the data into TurboTax when I did my taxes. Sorry, no excel or word options available.Nice job Intuit…it must be paying off with your constant ads at tax season …. You could have waited to close out CY 2022 for the 2023 filing…Great job at fumbling the ball with a loyal Turbo-Tax customer base that endured a declining investment in a nice adjunct to TurboTax.

Do you have an Intuit account?

TurboTax, a brand of tax preparation software, offers a tool called ItsDeductible that estimates the value of your noncash donations for you. You can then import that data into TurboTax to prepare your taxes. The good news is there may be a silver lining in the way of non-cash charitable donations.

However, if you prefer to do it all at tax time, that’s an option too as ItsDeductible is included in TurboTax Deluxe and above. IF you use the TTX Online tax software, then your ItsDeductible account UserID must be exactly the same as your tax account UserID. IF it isn’t, then you won’t be able to import your ItsDed data into the Online tax software. IF your Online tax account UserID has already been established, you cannot change a pre-existing ItsDed UserID to be the same if it is different. Go through all the closets, cabinets and drawers and figure out what I really need to keep and realistically, what can I live without.

This is actually a win-win for you if you itemize on your taxes, making you eligible for a deduction, saving you money. And, even better, you can feel good knowing you donated your valuable items to a worthy charity. Surprisingly, most people underestimate the value of their donations, missing out on savings in the way of deductions at tax time. To the rescue is a great free online tool I’ve used to help answer the question of how much is my “stuff” worth. This app has been discontinued by Intuit as it was used by a small group of users and did not meet Intuit’s standards for their brand experience. I get it, as frankly they had invested in no real updates to the app in user experience and functionality for years.

My practice for the past several years is to keep an itemized list and to often (but not always) take pictures of the items, but I liked getting input from itsdeductible about values of the items I was donating. In other words, I was keeping an itemized list but relying on itsdeductible to help show how I determined the value. Today, Tuesday, Dec. 3 is #GivingTuesday, a global movement to create a national day of giving at the start of the holiday season. For those who give today, or any day, whether they donate their time, in-kind goods or money, the TurboTax ItsDeductible app helps make charitable giving even more rewarding with tax-time savings.

  • Combining the popular ItsDeductible Online program with the convenience and portability of mobile devices, the TurboTax ItsDeductible app helps people easily track their charitable contributions anywhere, anytime.
  • Certain discount offers may not be valid for mobile in-app purchases and may be available only for a limited period of time.
  • Go back to the tool again, but this time leave the data field blank, and choose the small blue link that says “Try something else”, and it will look you up by SSN and other parameters.
  • Like other medical expense deductions, you can only deduct what exceeds  7.5% of your adjusted gross income (AGI).
  • Copy and paste the account recovery website link onto a new web browser window and run the tool.

More Products from Intuit

When you go to that page, do not use the Sign-In link at the top right (which is for TurboTax.)   Instead, click on the button “Start ItsDeductible” to get the log-in interface. You have clicked a link to a site outside of the TurboTax Community. By clicking “Continue”, you will leave the Community and be taken to that site instead.

  • “We then perform a statistical analysis to determine the fair market value of the item, which in turn gets translated to a high, medium, or low value.”
  • If you do not use TurboTax to prepare income taxes, you can use the figures on a printed report from TurboTax ItsDeductible.
  • IF you use the TTX Online tax software, then your ItsDeductible account UserID must be exactly the same as your tax account UserID.
  • ItsDeductible works best for people who prepare their annual income tax return with TurboTax.
  • By maintaining accurate records, understanding the specific rules for your industry, and seeking professional advice when needed, you can ensure you’re taking advantage of all eligible deductions and credits.

Intuit Inc. creates business and financial management solutions that simplify the business of life for small businesses, consumers and accounting professionals. Save tax deduction-related digital images and receipts on a drive and store it with your yearly tax documents along with reports printed from ItsDeductible. “Every day, we’re collecting info from thousands of completed eBay auctions to capture valuations that are not commonly found in thrift, consignment, or specialty stores,” the website states. “We then perform a statistical analysis to determine the fair market value of the item, which in turn gets translated to a high, medium, or low value.” The developer, Intuit Inc., indicated that the app’s privacy practices may include handling of data as described below.

More products from Intuit

It’s an invigorating and almost cleansing time, driven not only by the need for “less stuff, more space”, but also the idea that someone else could benefit and even enjoy something I donated. So, I take on the daunting task of facing the tough questions…do I really need this, when was the last time I used/wore this…and really, I’m not getting back into my “skinny jeans” any time soon. You’ll need to sign in or create an account to connect with an expert.

Common Deductions for Small Business Owners

To ensure you’re taking advantage of all the tax breaks available to you, it’s essential to keep accurate records and consult with a tax professional if you’re unsure. As the tax filing deadline approaches, many individuals and families are left wondering what expenses are tax-deductible and what aren’t. From mortgage interest and itsdeductible intuit medical expenses to funeral costs and student loans, the rules can be complex and confusing.

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This is because TurboTax directly imports data from ItsDeductible. If you do not use TurboTax to prepare income taxes, you can use the figures on a printed report from TurboTax ItsDeductible. TurboTax ItsDeductible is easy to navigate, with intuitive links and drop-down selection lists. The service does not support uploading digital images as evidence of non-cash donations, however.