All Posts

Amend 2024 tax return to report any positive earnings accrued by the 2024 excess and retract any reported penalty. assuming you gave the custodian the correct instructions for your situation, only the earnings on the contribution for 2024 were calculated and sent back with your 2024 contribution, If you are not sure, confirm this with the custodian before proceeding any further.   Amend 2024 if that is an amount > Zero.   To amend now, you will have to fabricate a 1099-R document since you don't have one at this time. This trick is discussed elsewhere on this forum. If you amend now, you can e-File 1040-X. @neutron450    

Your basis is what you paid for the home, plus the cost of any improvements, and minus an adjustment for business use of the home (if you used the home for a business, took home office deduction, etc.)   The amount of your mortgage or the payoff amount has nothing to do with cost basis.  If you bought the home for $100,000 and sold it for $300,000, your gain was $200,000.  Even if you refinanced for $300,000 and received nothing at the closing, your gain is still $200,000 (you received that gain when you borrowed the money, instead of when you sold the house).    The information and a worksheet are here. https://www.irs.gov/forms-pubs/about-publication-523   If you owned the home and lived in it as your main home, you may qualify to exclude up to the first $250,000 of gain if single or $500,000 if married filing jointly.  Those rules are also in the linked publication. 

If you have owed a tax payment at the end of the year, that means you did not have enough tax withheld during the year.  You may need to file a new W-4 with your employer.  Be sure to read the instructions carefully, and complete the extra worksheets if you have more than one job or are married and your spouse works.  (If married and your spouse works, do the calculations once for you and your spouse and then both should submit revised W-4s, don't do them separately.). Download the form here, or use the IRS online calculator to set up your withholding. https://www.irs.gov/forms-pubs/about-form-w-4   https://www.irs.gov/individuals/tax-withholding-estimator    

Was it a 2024 1040V?  A 1040V was probably for 2023.   The 2024 form might not have been ready yet.  I would check with the IRS and see what year they applied it to.   You should have sent it with a 1040ES form for an estimated payment.  I think the only spot you can enter it would be as an Estimated payment and hope the IRS matches it up.   To enter Federal or State Estimated Taxes Paid, including a state estimated payment made in January for the prior year, go to Federal on left or at top (Personal for Home & Business) Deductions and Credits Then scroll way down to Estimates and Other Taxes Paid Estimated Taxes - click the start button   Federal Estimated payments should be on 1040 line 26.

Condo associations typically file an 1120 or 1120-H with the IRS.   See https://www.irs.gov/instructions/i1120h#en_US_2024_publink24935gd0e231   In Illinois, if there is any taxable income and an 1120H was filed, an IL-1120 will be required.   See https://tax.illinois.gov/questionsandanswers/answer.458.html

You can no longer use TurboTax Online to file for 2023. TurboTax Online is only for the current tax year, which is now 2024. To file for 2023 you have to use the desktop TurboTax software for 2023. You can purchase a download at the following link. Past Years' Products The desktop TurboTax software can only be used on a Windows or Mac computer, not on a mobile device or a Chromebook. Tax returns for past years cannot be e-filed. You will have to print your 2023 tax return, sign it, and file it by mail. When you file by mail you have to attach copies of your W-2s and any W-2G or 1099-R that has tax withheld. We suggest that you mail it by certified mail with a return receipt so that you get tracking and confirmation of delivery. Mail your federal and state tax returns in separate envelopes, because they go to different places. Follow the filing instructions that TurboTax prints.  

To access your prior year online tax returns sign onto the TurboTax website with the User ID you used to create the account - https://myturbotax.intuit.com/   Start the 2024 online tax return by entering some personal information then click on Tax Home on the left side of the screen.   On the Tax Home webpage - Scroll down to the section Your tax returns & documents.  Click on the Year and Click on Download/print return (PDF)   If you used the desktop CD/Download editions installed on your computer, the only copy of your tax data file and any PDF's will be on the computer where the return was created.  TurboTax does not store online any returns completed using the desktop editions.

There have been hundreds of data breaches that have exposed cell phone numbers, it's probably one of the least private pieces of personal information.  Or it could even be a program sending messages to random numbers.