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April 7, 2025
12:18 PM
The underpayment penalty will be assessed if any of these apply:
"If you don’t pay enough tax through withholding and estimated tax payments, you may have to pay a penalty."
"You also may hav...
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The underpayment penalty will be assessed if any of these apply:
"If you don’t pay enough tax through withholding and estimated tax payments, you may have to pay a penalty."
"You also may have to pay a penalty if your estimated tax payments are late, even if you are due a refund when you file your tax return."
To avoid the under payment penalty:
The amount you owe is less than $1,000, after subtracting withholding and refundable credits.
You paid 90% of the tax that you owed for the current year.
You paid 100% of the previous year tax, (110% for higher incomes).
If your previous year's adjusted gross income was more than $150,000 you will have to pay in 110% of your previous year's taxes to satisfy the "safe-harbor" requirement.
"Typically, underpayment penalties are 5% of the underpaid amount, and they're capped at 25%.
Underpaid taxes also accrue interest at a rate that the IRS sets annually."
To avoid this situation it is recommended that you adjust your W-4 with your employer or pay estimated taxes.
Underpayment of Estimated Tax by Individuals Penalty
April 7, 2025
12:18 PM
1 Cheer
The workaround for this experience is to remove/delete the amount from the QBI column on the Carryovers to 2024 Smart Worksheet that appears with the Smart Check message. This edit will allow the wor...
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The workaround for this experience is to remove/delete the amount from the QBI column on the Carryovers to 2024 Smart Worksheet that appears with the Smart Check message. This edit will allow the worksheet to pass final review so you can file your federal return.
The amount of that carryforward is also recorded in the continuation of that table on the line for the year that generated the carryover. In future years, this carryover loss may be applied as allowed.
April 7, 2025
12:18 PM
April 7, 2025
12:18 PM
The zero needs to be deleted. Once both fields are blank, the error goes away.
April 7, 2025
12:18 PM
Got it. Thank so much, @DaveF1006 !
April 7, 2025
12:17 PM
Yes, you entered it correctly.
April 7, 2025
12:17 PM
You do not have to upgrade to include states on your tax return.
If your in the Online version of TurboTax.
On the left sidebar, Next to State Taxes,
Click the arrow to up
Select Prepar...
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You do not have to upgrade to include states on your tax return.
If your in the Online version of TurboTax.
On the left sidebar, Next to State Taxes,
Click the arrow to up
Select Prepare State
[Lets Get Started]
[Add Another State]
April 7, 2025
12:17 PM
I live in NY. I work in NJ. My New Jersey W-2 has the FLI and UI/WF/SWF in some of the state boxes (17 & 19) where they don't belong. One of the other posts said to move these items to Box 14 O...
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I live in NY. I work in NJ. My New Jersey W-2 has the FLI and UI/WF/SWF in some of the state boxes (17 & 19) where they don't belong. One of the other posts said to move these items to Box 14 Other where my retirement 414H is. I did that and now my New York return can't be filed electronically. What should I do to fix this so both states accept their returns? Or can I leave these 2 items off the W2?
April 7, 2025
12:16 PM
1 Cheer
You built an ADU and are renting it out. You are filling out the Sch E for your rental income and expenses. You built the ADU so all of the expenses to build it are added together to create the basis...
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You built an ADU and are renting it out. You are filling out the Sch E for your rental income and expenses. You built the ADU so all of the expenses to build it are added together to create the basis for your new asset. It won't have a land value. You will just be depreciating the asset with the lower of fair market value or what you paid to build it.
It is a rental unit and will be depreciated over 27.5 years. Enter the ADU as an asset. Enter furnishings as an asset to depreciate as well. Appliances are an asset to be entered. They can be part of the basis but you will replace them sooner so I prefer them as a separate asset from the ADU.
Follow these steps:
Open to federal income
Select rental
Rental and Royalty summary
select the property and Edit
Summary of your rental shows
Locate the asset/ depreciation section
Edit/Update
$2500 of items or less, select no to get to the house and get it added. You can come back later and say yes.
Make improvements- select no for now. Again, you can come back later and say yes.
Select to add an asset
Enter the house as an asset
select add asset
Enter any other assets/ improvements
done
April 7, 2025
12:16 PM
To clarify, what is the code in box 7 of your Form 1099-R?
If you had the Roth IRA for 5 years then your distributions should be Qualified Distributions and tax-free. Your Form 1099-R should ha...
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To clarify, what is the code in box 7 of your Form 1099-R?
If you had the Roth IRA for 5 years then your distributions should be Qualified Distributions and tax-free. Your Form 1099-R should have code T or Q. Please check your Form 1040 line 4b for the taxable amount.
To preview Form 1040 in TurboTax Online:
Click on "Tax Tools" in the left menu
Click "Tools"
Click "View Tax Summary" in the Tool Center window
Click on "Preview my 1040" on the left
April 7, 2025
12:15 PM
It depends. If you do not have any income on your Schedule C for self employment then you may not have a concern. The following questions will come up for a 1099-MISC (not Form 1099-NEC) when it is ...
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It depends. If you do not have any income on your Schedule C for self employment then you may not have a concern. The following questions will come up for a 1099-MISC (not Form 1099-NEC) when it is entered if the income is in Box 3. For Paid Family Leave it's important to answer the question(s) 'No'. It may depend which box the income is in (box 3 would be the normal place for this type of income).
Open your TurboTax Online/Mobile or TurboTax Desktop tax return
Search (upper right) > type 1099misc > click the Jump to... link
Begin your entry of the 1099-MISC.
Be sure to select No this did NOT involve work and No it did not involve an intent to earn money
Continue to complete this section.
@water-fire
April 7, 2025
12:15 PM
We cashed out a Traditional IRA this year. The amount invested was $10,000 post tax, filed form 8606, interest of $976. I am over 65 and Turbo Tax is saying I owe taxes on the full amount. I should o...
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We cashed out a Traditional IRA this year. The amount invested was $10,000 post tax, filed form 8606, interest of $976. I am over 65 and Turbo Tax is saying I owe taxes on the full amount. I should only owe on the interest amount as I paid taxes on the original investment. Plus, it appears to be charging a 30% penalty. Help!
April 7, 2025
12:15 PM
If you are referring to the question in the Review where TurboTax wants to know if you had a Self-only or Family policy, then you can answer "Family" just as a workaround. It won't matter since you a...
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If you are referring to the question in the Review where TurboTax wants to know if you had a Self-only or Family policy, then you can answer "Family" just as a workaround. It won't matter since you already told TurboTax that you did not have any HDHP coverage in 2024, so line 3 and the subsequent lines will be correct.
The only reason you have to attach the 8889 this year is because you spent money out of the HSA in 2024 and got the 1099-SA. For your 2025 return, I don't imagine you will have anything to do with the HSA or form 8889.
April 7, 2025
12:15 PM
2 Cheers
I called about 2 weeks ago and they told me everything looks good no notices or holds and to just wait it out.
April 7, 2025
12:15 PM
Hi Dana, I followed your advice and entered the 1099-R I received from broker without changing anything. clicked continued , entered 0 at Roth IRA contribution, then chose "I had conversion ...
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Hi Dana, I followed your advice and entered the 1099-R I received from broker without changing anything. clicked continued , entered 0 at Roth IRA contribution, then chose "I had conversion from Traditional IRA" entered 2020, and 2021 nondeductible contribution $6000 each, and was able to see the tax on $7000 was removed. then the page took me to if I "made excess Roth IRA contribution for Prior Years". Do I enter the 2024 $7000 excess contribution here? Does "Prior Years" include 2024, or the years before 2024? Thank you for your help!
April 7, 2025
12:15 PM
Thanks for replying. The reason is that I am waiting for Voided1095-A and looks like I won't get it before the Tax deadline. Is it still OK not to file for extension?
April 7, 2025
12:14 PM
Topics:
April 7, 2025
12:14 PM
You can deduct your mortgage interest if you itemize deductions, and meet the conditions listed here.
To report mortgage interest on your return:
Type 1098 in the search box, select the Jump ...
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You can deduct your mortgage interest if you itemize deductions, and meet the conditions listed here.
To report mortgage interest on your return:
Type 1098 in the search box, select the Jump to 1098
Answer Yes on the screen Did you pay any home loans in 2024?
April 7, 2025
12:14 PM
When I login there are no options except to start my 2024 tax return. When I go to my intuit account and I look at documents there are no Comp completed 2024 return returns. It is as if I never compl...
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When I login there are no options except to start my 2024 tax return. When I go to my intuit account and I look at documents there are no Comp completed 2024 return returns. It is as if I never completed my tax returns yet I have emails Confirming my completed tax return my payments and everything. It is as if my login is wrong though I’m using the same email address that I have for my 2024 receipts from this February
April 7, 2025
12:12 PM
1 Cheer
If you did not have any type of other income or are not filing a joint return, then you would not need to file a return to report this as you are well under the filing threshold. If you are claiming...
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If you did not have any type of other income or are not filing a joint return, then you would not need to file a return to report this as you are well under the filing threshold. If you are claiming a refund of taxes withheld, then you would need to get the employer EIN and enter this as a W-2 marking the box that says Didn't get a W-2 (manually calculate my earnings)