MonikaK1
Expert Alumni

Get your taxes done using TurboTax

Yes the home office deduction is limited. It can't be used to create or increase a net loss. However, the deduction you can't take this year can carry over to a year in which you have a net profit from which to deduct it. See this TurboTax tips article for more information.

 

If TurboTax is showing an underpayment penalty on your return, visit or revisit the Underpayment Penalty section under Other Tax Situations and answer the interview questions. The penalty calculation may change based on your answers, including information about when your withholding was applied. In addition, if you believe you qualify for a waiver of the penalty, you can request a waiver in that section.

 

The IRS may reduce an underpayment penalty if any of the following apply:

The penalty for underpayment of estimated tax can also be removed to the extent that the underpayment is the result of a casualty, local disaster, or other unusual circumstance such that it would not be fair to impose the penalty.

 

See here for information about different TurboTax tools you can use to calculate withholding and estimated taxes.

 

@Rockpowwer 

 

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