All Posts

Did you claim a qualified dependent?   (A GF or BF cannot be a qualified dependent for HOH filing status).   Am I Head of Household?   https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-filing-status/qualify-head-household-2021/L0NxUtVc2_US_en_US?uid=m5x19jkx What is a "qualifying person" for Head of Household?   If you qualify as Head of Household, when you enter your marital status (single or married filing separately) into MyInfo, and then enter your qualifying dependent, TurboTax will offer HOH as your filing status.  

The federal tax system is a pay as you go system.  As you make money, you have to pay taxes on that money. You may have an underpayment penalty if you didn't have enough taxes withheld from your income throughout the year on your W-2 or if you're self-employed and you didn't pay enough estimated taxes.   To try to reduce or eliminate it, review the TurboTax article Why am I getting an underpayment penalty?   For more information, refer to the TurboTax help article Guide to IRS Tax Penalties: How to Avoid or Reduce Them for tips to use in the future.   You can contact the IRS to request a one-time abatement of your underpayment penalty. For individual tax returns, call 1-800-829-1040, 7 AM - 7 PM Monday through Friday local time.  

You can do that directly at the IRS website - IRS Payments, click that link.    If you pay using the IRS website, you can tell TurboTax that you are mailing a check so you are not requested to pay twice.   

Hi @Opus 17 , revisiting your answer while finalizing NY state tax return for 2024. The most confusing part to me is that, on IT-196 instruction for 2024: Lines 5 through 7 If, on your federal income tax return, you claimed an itemized deduction for state and local taxes you paid, enter the applicable amounts from federal Schedule A, lines 5a, 5b, and 5c. -> But this should NOT include NY state and local taxes included in 5a, 5b or 5c, is this correct?   I'd appreciate it if you could answer this question.

It sounds like you sold stock you received from a Restricted Stock Unit (RSU) award.  If that is the case, then you have to adjust your cost basis to account for the fact that the value of your RSUs was included in your taxable income.  You also could have acquired the stock from Non-Qualified Stock Options (NQSO).  You need to determine exactly what kind of company stock award you got the stock from to determine how to report the 1099-B.   See the following TurboTax article:  What are restricted stock units (RSUs) and how do I report them?