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April 7, 2025
12:27 PM
I filled out a return last year and I am trying to ascertain three things: (i) how I came to the annual depreciation for a property I own; (ii) how I came to the total depreciation so far; and (iii) h...
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I filled out a return last year and I am trying to ascertain three things: (i) how I came to the annual depreciation for a property I own; (ii) how I came to the total depreciation so far; and (iii) how this year's Turbo Tax form should be managed. It seemed that this year's Turbo Tax form showed me last year's values and asked me to agree this was right. But let me leave issue (iii) aside for now.
In terms of issues (i) and (ii). Researching the basic things again (based on my notes) it seems clear that I needed to ascertain basis and then using the 27.5 year approach and the mid-month approach remove percentage values of the full amount according to table A-6 from document p946, and page 72.
The issue I have is that according to Turbo Tax my depreciation as calculated last year is about $10 different for each year from the amount this calculation gives me!
What I'm wondering is the following ... is it possible that actually either (a) Turbo Tax takes the value information and the point you put the property in service and calculates the depreciation itself? or that (b) I consulted some IRS table which offers up the value of basis in a large number of intervals and then tells you the depreciation which applies?
I can't see how otherwise I'd have ended up with these slightly different values.
Regarding point (iii), if there is any straightforward way to clarify how Turbo Tax allows one to either make changes to or not the existing depreciation rate, and in particular whether on the usual screen that we see the user is needing to update the total depreciation for the property to reflect 2024's depreciation or not (I had the impression it was showing me the total depreciation inclusive of only 2023 and seeming to ask me to agree to that...), that would be useful.
April 7, 2025
12:27 PM
Enter each separately and for each say the entire amount is RMD.
April 7, 2025
12:27 PM
To post estimated taxes
Open TurboTax
Under Federal
Select Deductions and Credits
Scroll down the list to Estimates and Other Taxes Paid
Select Estimated Tax Payments from the dro...
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To post estimated taxes
Open TurboTax
Under Federal
Select Deductions and Credits
Scroll down the list to Estimates and Other Taxes Paid
Select Estimated Tax Payments from the drop down
On the new drop down choose Federal estimated taxes for 2024 (Form 1040-ES)
Did you pay federal estimated taxes for 2024? - YES
Where do I enter my estimated tax payments?
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
12:26 PM
Your state return shows the correct amount. In your Desktop product, you can go to Forms mode to check the latest version of your forms. In an Online product, you can preview your return before filin...
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Your state return shows the correct amount. In your Desktop product, you can go to Forms mode to check the latest version of your forms. In an Online product, you can preview your return before filing to find out how your taxes were calculated. See here for details.
Instead of a refund meter at the top of your screen, you may see your refund or taxes due in the Review section of TurboTax Online. For accuracy and simplicity, we show these totals after you enter your income, deductions, and credits instead of a running refund tracker at each step of the filing process.
This change was made for the tax year 2024 products.
Taxes are often calculated using a different method than the tax tables. For example, if you have capital gains, the tax on those is calculated at the capital gain rate for your income level. If you are self-employed, you may have self-employment taxes in addition to income taxes.
April 7, 2025
12:26 PM
Deleting the complete entry and re-entering worked. Thanks!
April 7, 2025
12:26 PM
If you want to make changes or add a document to a tax return that has already been filed and accepted by the taxing agency, you should follow these guidelines.
You must first wait until th...
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If you want to make changes or add a document to a tax return that has already been filed and accepted by the taxing agency, you should follow these guidelines.
You must first wait until the initial return is completely processed.
You will have to use the same TurboTax account that you used for the original tax return.
Once you begin your amendment, you'll see your original return.
The refund calculator will start new at $0 and only reflect the changes in the refund or tax due
Only make changes to the areas of your return that need to be corrected.
You have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment
Select your product below and follow the instructions.
Amend TurboTax Online
Amend TurboTax CD/Download
April 7, 2025
12:25 PM
April 7, 2025
12:25 PM
We value your input. TurboTax is aware of this issue and is currently looking into it.
April 7, 2025
12:25 PM
Thank you for the quick response. That worked!
April 7, 2025
12:25 PM
Where do I find the amount I contributed to my HSA?
Topics:
April 7, 2025
12:24 PM
We value your input. TurboTax is aware of this issue and is currently looking into it.
You can file an extension for your tax return using the instructions in this link: How do I file an IRS t...
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We value your input. TurboTax is aware of this issue and is currently looking into it.
You can file an extension for your tax return using the instructions in this link: How do I file an IRS tax extension?
An extension gives you until October 15 to file your federal tax return. To avoid penalties, you can file the extension and pay any balance due by the April 15 deadline. The extension is only for filing your tax return.
The desktop versions of TurboTax do not support e-filing of the Form 4868. However, you can use this link to file an extension: Free federal tax extension is now available.
April 7, 2025
12:24 PM
Im doing my daughter's returns for 2024. She worked for three companies in 2024 but only contributed to her HSA with two of them. Its her first contributions to an HSA and the total was $1250 singl...
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Im doing my daughter's returns for 2024. She worked for three companies in 2024 but only contributed to her HSA with two of them. Its her first contributions to an HSA and the total was $1250 single coverage only. As she is single and filing as such her maximum is $4150. her data automatically populated when I put in the EIN and now TT is telling me she is over the limit and must take a withdrawal. How do I get this fixed? Thank You
April 7, 2025
12:24 PM
We value your input. TurboTax is aware of this issue and is currently looking into it.
You can file an extension for your tax return using the instructions in this link: How do I file an IRS t...
See more...
We value your input. TurboTax is aware of this issue and is currently looking into it.
You can file an extension for your tax return using the instructions in this link: How do I file an IRS tax extension?
An extension gives you until October 15 to file your federal tax return. To avoid penalties, you can file the extension and pay any balance due by the April 15 deadline. The extension is only for filing your tax return.
The desktop versions of TurboTax do not support e-filing of the Form 4868. However, you can use this link to file an extension: Free federal tax extension is now available.
April 7, 2025
12:24 PM
Thank you! Sorry one more question. then the page took me to if I "made excess Roth IRA contribution for Prior Years". Does "Prior Years" include 2024, or the years before 2024? Do I enter th...
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Thank you! Sorry one more question. then the page took me to if I "made excess Roth IRA contribution for Prior Years". Does "Prior Years" include 2024, or the years before 2024? Do I enter the 2024 $7000 excess contribution here?
April 7, 2025
12:24 PM
We value your input. TurboTax is aware of this issue and is currently looking into it. You can file an extension for your tax return using the instructions in this link: How do I file an IRS tax...
See more...
We value your input. TurboTax is aware of this issue and is currently looking into it. You can file an extension for your tax return using the instructions in this link: How do I file an IRS tax extension? An extension gives you until October 15 to file your federal tax return. To avoid penalties, you can file the extension and pay any balance due by the April 15 deadline. The extension is only for filing your tax return. The desktop versions of TurboTax do not support e-filing of the Form 4868. However, you can use this link to file an extension: Free federal tax extension is now available.
April 7, 2025
12:23 PM
I would advise that you do. It doesn't cost anything, and you don't have to use it.
See TurboTax Desktop in How do I file an IRS tax extension?
Remember, an extension gives you more time t...
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I would advise that you do. It doesn't cost anything, and you don't have to use it.
See TurboTax Desktop in How do I file an IRS tax extension?
Remember, an extension gives you more time to prepare your taxes, but it does NOT extend the time to pay your taxes.
If you have an indication that you will owe taxes, you should make the payment to avoid additional interest and penalties
This will give you until 15 October 2025 to file your taxes.
You can also file a Free federal tax extension here
You may have to do your state extension
Do I need to file an extension for my personal state taxes?
If you owe taxes, you must pay by April 15th.
To file for extension in the TurboTax program
On the menu bar on the left that shows.
Select Tax Tools
On the drop-down select Tools
There will be 4 green boxes
Select Tax Topics
Type Extension
You can start the extension process
April 7, 2025
12:23 PM
Our college student dependent (over 18 years old), who has NEVER filed a tax return, does not appear to be required to file a return this year either (her income appears to be lower than the amount ...
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Our college student dependent (over 18 years old), who has NEVER filed a tax return, does not appear to be required to file a return this year either (her income appears to be lower than the amount required to file). But she may file anyway for 2024, to declare increased taxable income to allow parents to claim the American Opportunity Tax Credit. Since she's away at college and not ready to file by April 15th, we are wondering whether she must/should file an extension by April 15th. We don't think she'll owe any actual taxes, but if she does owe anything it will be a very small amount. Must/should she file an extension for this year by April 15? Thanks!
Topics:
April 7, 2025
12:23 PM
Topics:
April 7, 2025
12:23 PM
The employer has stated this is supposed to be non taxable. As they issued the 1099r should they now issue a correction? Is that the only way to show this as $0 income related to the medical insura...
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The employer has stated this is supposed to be non taxable. As they issued the 1099r should they now issue a correction? Is that the only way to show this as $0 income related to the medical insurance benefit they provided?
April 7, 2025
12:23 PM
Hello, I purchased TurboTax Deluxe from Costco for myself and finished filing my tax in March. To help a family member file their tax, I purchased Premier in April and tried to install in my comput...
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Hello, I purchased TurboTax Deluxe from Costco for myself and finished filing my tax in March. To help a family member file their tax, I purchased Premier in April and tried to install in my computer. I downloaded Premier and installed it in my computer, but Deluxe keeps appearing in my computer. I uninstalled Deluxe 2024 and deleted my 2024 tax files, but I haven't been able to install Premier. Is there anyone who knows how to install Premier? Please help! Many many thanks.