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Was the income not reported on a W-2?  How was the $7,000 reported on the 1040 income tax return?   In TurboTax Online, wages not reported on a W-2 may be reported as follows:   Select Federal from the left side menu. Select Wages & Income from the left side of the menu. Click the down arrow to the right of Less Common Income. Click to the right of Miscellaneous income…. Click to the right of Other income not already reported on a Form W-2. At the screen Other Wages Received, select Yes.  Continue through to the screen Any Other Earned Income.  Select Yes.  Select Continue. At the screen Enter Source of Other Earned Income, select Other. At the screen Any Other Earned Income, enter the description and amount. The entry will be reported on line 1h of the Federal 1040 tax return.

Yes, you can calculate your estimated taxes using TurboTax Deluxe.   When you print your tax return, the quarterly estimated tax vouchers for 2025 should be printed out for you.  These should have the amounts and dates on them.    You can also try going to "Other Tax Situations" and click on "Start" or "Update." On the screen that says "Estimated Taxes for 2025" it will ask, "Do you want to prepare estimated taxes for 2025?" If you select "Prepare Now" it will show the dates and amounts and give you the option to print them.       Your TurboTax screens will look something like this:           Click here for additional information on "How to Determine What to Pay and When"   Click here for common questions on Estimated taxes.   Click here for Can TurboTax calculate next year's federal estimated taxes?

There is no requirement that interest is only deductible when loans are furnished by a licensed lender or finance company.    The lender may have a requirement to report the interest as interest income, but whether or not it is deductible depends on the vehicle's use.  Is this a business use or personal use only vehicle?  Or some combination of the two? 

Yes, it is correct. The gain from property sold from a rental property is passive income, since the rental activity is passive, so it is entered on Form 8582 to be netted with passive losses in the current and prior years. That is used to determine how much passive loss from the rental activity is allowed in the current year. The section 1231 gain is taxable as capital gain income, so it appears on Schedule D. 

It's unlikely a TT glitch, TT core tax calcs are solid and it follows Form 2210 for penalty calculation.   To avoid underpayment penalty in 2024 you need to have paid either 100% of your 2023 tax (110% if AGI > 150k), or 90% of your 2024 tax, whichever is smaller (the 'safe harbor' amount).  If you are paying estimated taxes these need to paid evenly each quarterly (safe harbor amount divided by 4) as the underpayment is calculated on a quarterly basis, just meeting (or even overpaying) the target annual number by Q4 is not enough if you didn't pay enough from Q1.  If you have a large unplanned tax event like a Roth conversion and paid estimated taxes later in the year due to that, you can adopt the "Annualized Income" method on Form 2210 to show the timing and reduce/eliminate the penalty.   If you don't pay estimated taxes but have an underpayment penalty this means your withholding is too low.   So the $394 depends on your situation for 2024, what the safe harbor was for your return and what you paid in withholding or estimated taxes or when.   In TT desktop version you can drill down in Forms view to get to Form 2210 there is a lot more flexibility to get to these details at any time you are preparing your return. I'm not as familiar with online but Form 2210 may be in the PDF with "all forms and worksheets"   See Form 2210 instructions for more info  https://www.irs.gov/pub/irs-pdf/i2210.pdf  

State and local tax is made up of the state withholding on your forms, such as on your W-2. Sales tax is based on your sales tax rate and your income, plus any large purchases you report.    This is state tax that would be reported on Schedule A Line 5a, either the income tax or the sales tax.  If you live in a state that has no state income tax, such as Texas, you would most likely choose Sales tax.    Most of the state income tax is entered via your W-2 or other income documents.  Sales Tax is entered under Deductions & Credits Estimates and Other taxes Paid Sales Tax   After the choice between Income tax and Sales Tax, you will choose between Itemized Deductions and taking the Standard Deductions.    If you go through the Deductions & Credits section and click "Done with Deductions" the program will give you the totals of your deductions.    @guill48    

This happens when the information on the form doesn't match what the IRS has in their database. When something's missing or mismatched, your return gets rejected.   Visit this link to learn more about other situations that may have caused the error, and how to correct it:    How do I fix e-file reject F8962-070?   Health Insurance Marketplace Statements | Internal Revenue Service  

Hi Mindy, I'm back again.  I went back to my parents' home today and was able to get rid of the federal penalty with a few steps before it got to asking about annualized income (I had to go back to their 2023 return to get some numbers.  So the federal is all set.   Still having trouble with Virginia, though. Yesterday before I wrote to you I had tried going in to the Virginia return to get rid of the penalty, and got to a page where it asked about annualized payments, so I put in the estimated tax payments they had made for the first three quarters (that's all it asked for). The next screen asked for their income for the first three quarters and at that point I backed out because I wasn't sure how to respond.    After clearing up the federal today, they also no longer owe a penalty for Virginia. However, when running the Smartcheck for Virginia, I got a screen showing the form 760C and saying that the annualized payments must be less than or equal to the actual payment.  It shows right on the form that the annualized payment I put in is equal to the actual payment, and I can't figure out any way to get rid of this "error." I tried to find my way back into what I was working on yesterday when trying to get rid of the Virginia penalty, but couldn't.     Any ideas on how to get rid of this error message (which really doesn't seem to be an error)? I seem to have made things worse.  

Federal Taxes Wages and Income Scroll down to Investment Income Select Contracts and Straddles - answer yes to Any Straddles or section 1256 contracts, don't check any elections (unless they apply to your situation), check the box Section 1256 contracts market to market, continue through the interview. Here's more discussion on Reporting Futures Trading and Form 6781.   @SanD8