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Retirement tax questions
Thank you but this did not work exactly the way you said it would so I will explain. It did work, it Seems, ultimately, but I STILL had to alter that form with line 18!.
I can only HOPE I did it right. I followed your instructions (good ones!) very carefully but in the end I had to do other things. Let me explain and you tell me if I did it right, if you will, before I submit my return:
Okay so after I put in 100k income I came up with $100,129 income. (I am on social security and our business had more expenses than profit this year).
So when I did the CHECK before filing then it STILL took me to the error re LINE 18:
As you can see even though I deleted the 100k as you instructed, the remnants of it still remained! This was very disturbing but I proceeded. I figured I had to change the line 18 to 75% of 29 (from line 3) which was 22 so I did that.
I then got this notice:
Okay , now after finishing my taxes... and getting a refund of $33. I just realized that I think I FORGOT to change lines 19 and 21. I did not file my taxes yet though! Maybe I did change them but I don't think I did. I was going to go back to do it and I forgot to!
Okay I did download a copy of my Return after paying, but before filing it, and I see that my Return is 12 pages and consists of :
1040-SR which has 38 lines.
Then Schedule 1 1040 which has 22 lines.
Then Schedule C 1040 Profit or Loss From Business. 48 lines.
Then Form 8995 Qualified Business Income Deduction Simplified Computation 17 lines
Then Section 1.263(a)-1(f)
De Minimis Safe Harbor Election
The taxpayer elects to make the de minimis safe harbor election under the Regulation 1.263(a)-1(f)
Then Disclosure etc...
So there is no Line 18 stuff there.
Does that mean TT automatically deleted that form? Or is this version of my Taxes I downloaded after paying NOT the full monty?
Should I go back and check anything or is it safe to assume since the Return was accepted (by Turbo Tax not by the IRS yet; I did not submit yet) that everything is okay?
Thanks for your help.
I'm hoping this will be instructive to others in my situation.