If you were preparing a 2023 return, e-filing is no longer available in TurboTax for that year. TurboTax e-filing supports the current tax year, which is 2024. You can prepare prior year returns but they will need to be mailed.
Taxpayers can elect to claim casualty losses that occurred in 2024 on their 2023 returns, which were already due before the disaster, so due dates for 2023 returns aren't affected by IRS relief for 2024 returns.
When the IRS allows extensions due to disaster relief, they are not changing the underlying law; therefore, tax software will still calculate any penalty that would otherwise be due.
The IRS can waive the underpayment penalty in the event of a natural disaster for which they are allowing relief. If you have been impacted by a federally declared disaster area, you can revisit the topic of Underpayment Penalties under Other Tax Situations and answer accordingly based on your situation.
In TurboTax, when you get to the question about Penalty Waivers, which includes disaster declarations, answer Yes. Answer Yes to whether you want to request a penalty waiver. TurboTax provides an entry field for an explanation to be included in your tax return as to why you qualify for a waiver of the penalty.
To further clarify, IRS Memorandum 2024-10 refers to Hurricane Milton that began on Oct. 5, 2024 and provides relief for return filings or payments due on or after Oct. 5, 2024 and before May 1, 2025 and extends the time for filing and payment to May 1, 2025.
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