Hi Baldie,
I totally concur and have normally used TT for the entire tax season. However this year I am trying to to take full advantage of $16k tax credits for a new EV and battery storage system, which will expire at the end of the year. I'm retired and don't generate enough income to write it off, so I'm trying to determine if it makes sense to create income by withdrawing more than my RMD from my IRA, - whether to do it via cash withdrawal or converting some of the IRA to a Roth IRA, or just forget the $16l 30% tax credit.
I know I'm in over my head and have been trying to enlist a local accounting firm that a friend and my broker both recommended for a good month. I've left word for the CPA my friend uses 3 times and another my broker at Schwab recommended twice and they haven't even had the decency to return my calls. Pretty standard treatment for service folk here on Cape Cod where there is way too much money - but CPA's? I'm pretty panicky at this point. (Yes I readily admit it is my fault for waiting 'til Thanksgiving to engage a firm.) Among other things I can't estimate MA returns bc the TT2025 MA form won't be available 'til January and ($contributions made in MD), which could well be a determining factor.
So I just spent 9 hours creating an estimated base return to which I can input various scenarios - difficult bc TT2025 doesn't allow input on some of the tax forms (my way of getting around their "no ready yet " warning). It should result in zero taxes, which it does 'til the end, then without source and for no apparent warning it says I owe 6k whereas TT2024 indicates to take full advantage of the write-off I need to make a huge additional IRA withdrawal . For me T2025 calculations are not to be trusted, so without help the only option is to recreate the return in TT2024.
So unless someone has recommendations, the only thing I can think of is to go back to recreating the return on a TT2024 form, try to incorporate the 2024-2025 changes, and see if I can get an online session with S&R Block.
Not the way I wanted to spend the holidays!
Tks for any input folks have. (grateful emoji)
Happy Holidays
Crazy Woman
