@douglasx1 wrote:
This is what is confusing me: https://steube.house.gov/taxrelief/
"Further, your net casualty loss wouldn’t need to exceed 10% of your adjusted gross income to qualify for the deduction."
I have not read the law, and the specific wording of this sentence makes no sense, but if it means what I think it means (that the 10% loss deductible does not apply), then I can 100% guarantee that neither Turbotax nor the IRS is ready to process a tax return that claims a loss without using the 10% deductible, given that the law was just signed. It will likely take the IRS weeks or months to produce a new casualty loss form that does not contain the 10% deductible and program their computers to accept returns (and not consider them math mistakes and reject them).
Once the IRS has updated their forms, turbotax might or might not fix their 2022 program to allow you to amend (they might decide there are not enough people affected). There's no way to know and it's not going to happen for a long time if it does.
I will flag this to the moderators. Sometimes they create a signup for notifications when forms and changes are ready.
