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TurboTax does offer a self-employed expense monitor.  You must have a TurboTax account and be logged in to launch it.  You can connect your banks and credit cards to categorize expenses as you go through the year and then import into TurboTax.   @davidandyvette Hope this helps! Cindy      

Yes, for the current year you can update the Form W-4 to withhold the extra $150-200 per month from payroll since you owe $2,000 this year and want to avoid owing taxes on the next filing. Keep in mind any additional income earned compared to prior year. Any increase could affect your tax liability and the amount to withhold.   Increase withholdings to cover shortfall and align with annual tax liability: Estimate your total annual tax liability for 2025. Based on your recent filing, include the $2,000 owed plus your expected liability for the year. Calculate monthly withholding: Divide the total annual tax liability by 12. For example, if your total liability is $24,000 that will be $2,000 per month. Adjust the Form W-4 to withhold this amount. Use the IRS Form W-4 and the Withholding Estimator to determine the correct allowances or additional withholding amount. You can specify an extra $150-200 per month in the "extra withholding" section of the Form W-4. The extra withholding line item can be found on line 4c.  Submit the updated W-4 to your employer before June to ensure the new withholding starts on time. Additional Resources IRS Publication 505: Provides detailed worksheets and examples for tax withholdings and estimated tax. Form W-4 with Instructions TurboTax Withholding Estimator Have an amazing day! Zachary W (CPA 9+ years) I would love a thumbs up + Mark the post that answers your question by clicking on "Mark as Best Answer"  

Yes, if you are half owner of rental property, you need to report 50% of rental income and deductions on your tax return.  You're a CA resident and you have rental properties in AZ.  You do need to file an AZ Non-resident tax return.  If you pay any taxes to AZ due to your net income from the rental properties, you will get a credit on your CA return for paying taxes to Other State.  Your resident state taxes you on all your world-wide income. 

The IRS requires you to pay your tax throughout the year. An employee should have enough tax withheld to cover 90% of their tax liability or 100% ( 110% if income exceeds 150K) of their previous years liability. Self employed persons are required to make quarterly estimated tax payments. You must have received these vouchers as you had an amount due and did not meet the above thresholds. To answer your question, yes you can submit a new W4 to your spouse's employer and increase the amount of tax withheld. Here is the link to our W4 calculator where you can estimate the amount of tax you should have withheld or opt to have an additional amount held each pay. W-4 Calculator Mary, tax expert

The W-4 form (seen here) asks for four key pieces of information:   Your filing status (Single, Married Filing Jointly, etc.) Number of dependents Other income and deductions Additional withholding amount (in dollars for each paycheck) When you provide a W-4 to your employer, they update their payroll system based on the information you provide on the W-4. The easiest way to calculate/fill out the W-4 is to utilize a withholding calculator. These calculators require information regarding all sources of income for the year for you (and your spouse if applicable), and will generate a W-4 based on your overall estimated income for the year. It's best to revisit these calculators anytime you have a change in income or any of the information you utilize to complete the calculators (dependents, new job, investment income, etc.). Here are links to a few W-4 calculators and an article for your reference: IRS Withholding Estimator TurboTax W-4 Calculator Form W-4 and Your Take Home Pay Thank you for your question and for joining us today!

Before we discuss joint ownership of rental property income, let’s take a quick look at how to calculate income and expenses from a rental property. According to IRS Topic No. 414 Rental Income and Expenses, rental income includes:   Amounts paid to cancel a lease – If a tenant pays you to cancel a lease, this money is also rental income and is reported in the year you receive it. Advance rent – Generally, you include any advance rent paid in income in the year you receive it regardless of the period covered or the method of accounting you use. Expenses paid by a tenant – If your tenant pays any of your expenses, those payments are rental income. You may also deduct the expenses if they're considered deductible expenses. Security deposits – Don't include a security deposit in your income if you may be required to return it to the tenant at the end of the lease. If you keep part or all of the security deposit because the tenant breaks the lease by vacating the property early, include the amount you keep in your income in that year. If you keep part or all of the security deposit because the tenant damaged the property and you must make repairs, include the amount you keep in that year if your practice is to deduct the cost of repairs as expenses. To the extent the security deposit reimburses those expenses, don't include the amount in income if your practice isn't to deduct the cost of repairs as expenses. If a security deposit amount is to be used as the tenant's final month's rent, it is advance rent that you include as income when you receive it, rather than when you apply it to the last month's rent Expenses are:   Depreciation – Allowances for exhaustion, wear and tear (including obsolescence) of property. You begin to depreciate your rental property when you place it in service. You can recover some or all of your original acquisition cost and the cost of improvements by using Form 4562, Depreciation and Amortization (to report depreciation) beginning in the year your rental property is first placed in service, and beginning in any year you make improvements or add furnishings. Repair costs – Expenses to keep your property in good working condition but that don't add to the value of the property. Operating expenses – Other expenses necessary for the operation of the rental property, such as the salaries of employees or fees charged by independent contractors (groundkeepers, bookkeepers, accountants, attorneys, etc.) for services provided. When there is joint ownership of a property with a non-spouse, typically each party reports his or her share of income and expenses on their individual tax return using Schedule E.      You could also choose to create an LLC, partnership or S-Corp for the ownership  of the property.   That would require the filing of a Form 1065 or 1120-S depending upon the choice.   The question of having to file an Arizona tax return is based upon how much net income this property generates plus a proration of all your income.   See:  Income Tax Filing Requirements for the 2024 Arizona filing requirements for non-residents.  If you are operating at a loss you would not have needed to file a 2024 Arizona tax return.     This answer is limited to the tax implication, though I would be remiss to tell you, and by extension your father, that both Arizona and California are community property states.  You should check with a licensed attorney preferably one licensed in both states, if possible.  I wanted to make you aware, so that you do not limit your research just to the tax implications.    Thank you for your question @rosasanc8    All the best,   Marc T. TurboTax Live Tax Expert 28 Years of Experience Helping Clients

If you e-filed your tax return there is no written signature on the form. You signed it electronically when you e-filed. If someone insists on having a signed copy you can print your tax return, sign it on page 2 of Form 1040, and give them the signed copy. Form 8879 is not used when you file your tax return yourself with TurboTax. Form 8879 is used only to authorize a paid tax preparer to e-file your tax return for you. You don't have to authorize yourself to file your own tax return. If someone is asking you for Form 8879, either they think you paid someone to do your tax return, or they don't understand how tax returns are filed. It sounds like you are dealing with someone who doesn't know much about tax returns. They may be working off of an outdated checklist with little or no understanding of what they are asking for. You might want to ask to talk to someone, perhaps higher up, who is more knowledgeable about tax returns. Or, if possible, consider going to a different organization.  

The standard deduction, which is the amount you can exclude from taxable income, varies on your filing status:   Married filing jointly - 30,000 + 1,600 for each spouse 65 or older. Head of Household - 22,500 + 2,000 if 65 or older Single - 15,000 + 2,000 if 65 or older   The dependent credits vary depending on the age of your children: 16 and under - 2,000 17 and over - 500 Depending on your specific situation the amount will vary based on the numbers above.   Here is our withholding calculator.  It should help you determine the amount you need have withheld.   @Wyatt811 Hope this helps! Cindy

As you both work be sure that you fill out W-4 forms for each of you.   To adjust your withholdings TurboTax has an amazing tax caster to generate an updated W-4:   W-4 tax calculator    In the tax calculator tool you will include that you have a child and you can choose different filing options to compare the results of Married Filing Jointly vs Married Filing Separately.     When completing the tax calculator for updated W-4 forms, ensure you account for all sources of income.    You may want to adjust your withholdings as you are the higher income earner for simplicity. Married filing jointly vs separately affects more than just how you fill out your taxes and typically filing jointly provides the best tax advantages.   Couples who file separately typically get fewer tax benefits. Separate tax returns may result in more tax.  Here is a link for details:   MFJ vs MFS  

  As a W2 employee , you are not required to make quarterly estimated payments. You can increase your withholding by submitting a new W4 to you employer. TurboTax has a W4 calculator and you can enter your information and estimate how much tax you should withhold . It will create a new W4 for you to give your employer. Here is the link to our W4 calculator:W-4 Calculator Mary, tax expert  

My first year using TurboTax and I'm running into the same problem.  This is absolutely a TurboTax issue.  I have been efiling my NJ return with a PTE credit for years using professional software without any problems whatsoever.   This is significant enough for me to search for a new tax software company (next year - I just found this problem after entering ALL of my 2024 tax information, so now I'm stuck with TurboTax).   Very disappointed in TurboTax.  I expected more from them. 

Being a 1099 contractor means you are self-employed by IRS definition.  You pay 15.3% FICA tax - Social Security and Medicare - in addition to income tax.  You only pay 7.65% FICA as an employee because your employer covers the other half, and that is automatically withheld from each paycheck, so you don't really notice it.  We have some great resources here at our Self-Employment Tax Hub that may help you going forward.  You can either start paying quarterly estimated taxes based on your projected profit, or you can adjust your W-2 withholding to cover the additional tax burden.   As an example:  If you have $20,000 profit for the year your self-employment tax would be calculated on schedule SE as 20,000 x .9235 = 18,470 x .153 =  2,825.91 plus your overall income tax rate, this will be based on your overall taxable income.  So if it's, say, 12%, 20,000 x .12 = 2,400.  The total tax generated by the self-employed income would be $5,225.91.  This is only on the self-employment income, not the W-2 income. @KD416  Many people are caught off guard by this when they start side jobs.   Hope this helps! Cindy