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April 12, 2025
7:40 PM
I need to pay estimated taxes for 2025 but do not want to pay 110% of my 2024 taxes because I would be overpaying what I will likely owe in 2025. So I am basing 2025 income on 2024 income, minus sal...
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I need to pay estimated taxes for 2025 but do not want to pay 110% of my 2024 taxes because I would be overpaying what I will likely owe in 2025. So I am basing 2025 income on 2024 income, minus salary (I retired in 2024). Basing 2025 income on 2024 is subject to potential underpayment of quarterly estimates, since actual amounts will not be known until the end of the year. From reading on this forum I understand that I can "annualize my income" to avoid or reduce underpayment penalties. 2025 income will consist of SS income and income from 1099-INT and 1099-DIV. I have entered this info into a new copy of TT and TT has calculated what our taxes due would be (again, based on 2024, less salary). What input would be needed to annualize this income in the event I underpay? How would I calculate monthly income for 1099-INT and 1099-DIV which are received as lump sum amounts at end of the year? Again, looking for a way to avoid an underpayment penalty in the event that my quarterly estimates do not cover 90% of 2025 taxes. Thanks
April 12, 2025
7:38 PM
That is correct - the Supplies Expense is a business expense that goes on Schedule C or other business tax return.
April 12, 2025
7:36 PM
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April 12, 2025
7:35 PM
When entering salaries and wages paid by your business in TurboTax, you should use the gross amount paid to employees. This includes all wages before any deductions for taxes, benefits, or other with...
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When entering salaries and wages paid by your business in TurboTax, you should use the gross amount paid to employees. This includes all wages before any deductions for taxes, benefits, or other withholdings.
For more detailed guidance, you can refer to the IRS's Publication 334 and IRS Guide for Business Expenses.
April 12, 2025
7:35 PM
Topics:
April 12, 2025
7:35 PM
I am filing taxes and it says 0$ for lifetime learning credits, but then when I go to file my taxes it says I must upgrade to the deluxe version for 80 bucks because I have the lifetime learning cred...
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I am filing taxes and it says 0$ for lifetime learning credits, but then when I go to file my taxes it says I must upgrade to the deluxe version for 80 bucks because I have the lifetime learning credit. I have the 1098-T form but didnt fill out the 8863 form.
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April 12, 2025
7:34 PM
Thank you! Will try that.
April 12, 2025
7:34 PM
You can actually do it either way. If you file your state now with the additional income, then you will only amend your federal return once it's been fully processed. Whatever is easier for you.
April 12, 2025
7:33 PM
I received a filled out K-1 from the partner that runs our family farm. My share is 7%. There are 3 boxes checked in 20, as follows: AJ Aggregate Business Activity Gross Income. 7,488 AJ. Aggre...
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I received a filled out K-1 from the partner that runs our family farm. My share is 7%. There are 3 boxes checked in 20, as follows: AJ Aggregate Business Activity Gross Income. 7,488 AJ. Aggregate Business Activity Total Deductions 5, 839 AN Gross Farming Income. 7,488 The form doesn't allow me to change the AJ default, which doesn't make sense. Others have said to leave this blank. I don't know what to do.
April 12, 2025
7:33 PM
I'm soooo glad I found this post. Initially I went through the drill for doing the efile and came to a screen that said my cost for doing Federal was $0.00 and state was $15 ($25 - 10 (Amazon credit...
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I'm soooo glad I found this post. Initially I went through the drill for doing the efile and came to a screen that said my cost for doing Federal was $0.00 and state was $15 ($25 - 10 (Amazon credit when I purchased). On the next screen I selected 'take from my refund' - no cost shown for this selection. At the end I was presented with a $60 cost. I called tech support and got a song and dance that the forms that I was using negated the free Federal efiling. I was totally POed and was about to chop down trees and print many pages and mail the returns until I read these posts. Common sense would dictate that Turbotax would show the $45 cost nest to the box where you select pay from the Federal refund. I wouldn't have a problem with that if it was disclosed as it involved more effor by Turbotax to get their money. However someone came up with the brilliant idea of trying to slip it through without people understanding why they were being charged an additional $45. SHAME ON YOU TURBOTAX.
April 12, 2025
7:29 PM
First question is about disaster distribution. Second is non-deductible contributions, then about missing a required distribution, then the end.
April 12, 2025
7:28 PM
I think perhaps you are confusing a 401(k) with an IRA. Also, Roth plans are post-tax, so there is no deduction for them.
If you contributed to a Roth 401(k) or a traditional 401(k) through y...
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I think perhaps you are confusing a 401(k) with an IRA. Also, Roth plans are post-tax, so there is no deduction for them.
If you contributed to a Roth 401(k) or a traditional 401(k) through your workplace, you should not enter that information in the IRA section. The contributions would have already been properly accounted for in your W-2.
Here is some more information you may find helpful: IRA vs 401(k): Which Should I Invest in First?
April 12, 2025
7:27 PM
Thanks for replying. I don't quite understand what your stance is and was wondering if you can clarify. "Agree with the IRS in writing to extend the time limit to assess tax: The time limit is spe...
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Thanks for replying. I don't quite understand what your stance is and was wondering if you can clarify. "Agree with the IRS in writing to extend the time limit to assess tax: The time limit is specified in your agreement, plus 6 months, to claim a credit or refund." Are you saying that I need to write to the IRS to extend the time limit? I don't think this is correct. - My understanding now is that the 3 year rule starts after the tax return is filed. The 2 year rule is 2 years from when the tax was paid. Whichever is later. I have missed the 2 year rule because it's been over 2 years since I paid, but I haven't filed a return yet, so when I do, the clock starts ticking. I can file a refund claim 3 years later but since: "You file a claim within 3 years from when you file your return Your credit or refund is limited to the amount you paid during the 3 years before you filed the claim, plus any extensions of time you had to file your return." I wouldn't get any refunds from what I paid in 2021 and 2022 in this hypothetical.
April 12, 2025
7:27 PM
April 12, 2025
7:27 PM
April 12, 2025
7:27 PM
I have the same thing with stocks, bonds thing too and i go over whole things hella times and nothing.
April 12, 2025
7:26 PM
I took money out of Vanguard and put it back in. Box 7 was checked IRA/SEP/SIMPLE. I entered it manually from the beginning. I deleted it and tried again 3 times. Still no question.
April 12, 2025
7:25 PM
Why is my IRA contributions not showing up on my 1040 form even though I entered 7,000 for my spouse and I in the IRA deductions?