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Deductions & credits
@charlesray wrote:
According to the new law, IAN is now a "Qualified Disaster". Those of us who DID NOT check the "Qualified" button were subject to the 10% deduction. Now, that 10% deduction is waived. So, can we just amend the 2022 return by checking the appropriate button and resubmitting (on paper now), or do we have to wait until the IRS and Turbotax update the process and software? It seems to me the only change is the checking of the appropriate box, printing, signing and sending it in. BTW, same thing applies to the 2023 return, but it can be submitted electronically.
No, it's not just checking a box. Both Turbotax and the IRS computers need to be reprogrammed to process disaster losses in a completely different way (no 10% deductible, and making the loss an "above the line" deduction that you can take even without itemizing your other deductions. It changes the rules and calculations completely. You will need to wait for updated forms from the IRS to file on paper, and for updated programming if you want to use the software.