All Posts

For 2024, you can claim property taxes paid for the potential rental property on your Schedule A itemized deductions if you use itemized deductions.  Also, if there is a mortgage on the property and it could be considered a second home for you, then you can claim the mortgage interest.     Otherwise, all of the property improvements that were made will be added to the basis of the property as of the date it was placed in service as a rental (March 2025).  This will be included on your 2025 tax return when you are reporting your rental income and expenses.  So, be sure to keep records of the expenses for the improvements.      

Very sorry for your loss.  For the year that your spouse died, you can still file a joint return.  That way, you will get the married filing jointly standard deduction of $29,200 (+ $1550 for each spouse 65 or older) which will lower the amount of income you are taxed on.   In My Info, you will need to indicate that your spouse died. When her name is in My Info,  there is a screen early in the interview that asks "Do any of these apply to [name] ?’” where you will do that, and then a drop down will appear where you can enter the date she passed.   If you have qualifying dependent children you will be able to file as a qualifying surviving spouse  (QSS) for the next two years after this tax return.  Post back if you need further help.     https://accountants.intuit.com/support/en-us/help-article/tax-filing-status/claiming-qualified-surviving-spouse-filing-status/L7al83jU1_US_en_US

To E-file your tax return, you will need EITHER last year's self-created 5-digit PIN, or last year's AGI (adjusted gross income). Your 5-digit PIN isn't saved anywhere; in this case you can use you AGI instead.    Your 2023 AGI is located within your prior-year tax documents Form 1040, Line 11.   Also, there are a few reasons why your AGI, even if it is correct, it might not work, such as if your 2023 return was processed after April 15th, 2024. In this case, you can try putting "0" for the AGI. See the link below for more details and scenarios. If after trying with "0" it keeps getting rejected, you will have to paper-file your return.   How do I find last year's AGI?  

Several  states do not have a state income tax.  So these states will not show up in certain drop down lists.   Leave boxes 15, 16, and 17 blank when you enter a W-2 for these states.   Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming

Your signature ID (also called a self-select PIN) is a random 5-digit number you entered last year, right before you submitted your return.   If you need to use the IRS website ID.me to request it. This IRS issued PIN is 6 digits long.

Hawaii does not tax Social Security benefits, but it does tax some kinds of retirement income such as 401k and IRA distributions, so it is possible that you owe tax on some retirement income to the state.   You do not mention what kind of retirement income you entered.

You can contact the employer and have them fix this.  An employer cannot issue a 1099-NEC to an employee even for commissions. Issuing the 1099-NEC keeps them from paying their share of the FICA taxes.  It also stops them from withholding his FICA taxes which means he will need to pay them.    You will need to enter your income by selecting the following:   Income Show More next to Less Common Income Start next to Misc Income Start next Other income not already reported on a form W-2 or Form 1099 Yes to did you receive any other wages Continue through to did you earn any other wages and answer yes Select employee compensation that was not reported on a W-2 Hit continue Report your wages and select I received a 1099 for this income use reason code H   Myths About Misclassification  

I don't think there is much you can do to apply 2025 withholding against 2024 tax, it will be on your 2025 W2.   So it sounds like you only paid tax thru withholding and no estimated tax payments for 2024, but the withholding was variable and not enough to meet safe harbor?   There is probably not much you can do to reduce the penalty in this case I don't think Annualized Income method (see interview questions under Other Tax Situations / Underpayment Penalty) will provide any relief as withholding is already treated as evenly applied against the safe harbor quarterly requirement.  The more typical situation where annualizing helps is an unexpected tax event late in the year (e.g. Roth conversion) accompanied by a one-time estimated tax payment.   Not a CPA/Expert just my thoughts based on what you've described.

If you had to verify your Identity with the IRS, and successfully verified, it usually takes about 9 weeks for processing (after you successfully complete the verification), and it takes between 2-3 weeks for you to see any kind of update on the website. This is just an estimate of the processing time frame based on what the IRS provides. This information is typically given to you once you verify your Identity. Keep in mind, TurboTax has no control over the processing of your return or refund once the IRS has accepted it for processing. The IRS website have the most accurate and up to date information. It gets updated once a day. If you have any inquiries regarding any refund delay, you should contact the IRS or your state Department of revenue directly.   

If you are referring to the consent forms in the "review and file" section of your return, some consent forms are required to be signed if you want to file electronically through TurboTax. If you do not want to sign a specific consent, you will need to change the method of filling, and select to file by paper (and mail your return)

There is no version called "sole proprietor."    If you have self-employment income for which you prepare a Schedule C (or even two Schedule C's for two businesses) you can use online Premium or desktop Home and Business.   If you have a S-corps, C-corps or multi-member partnership, you need TurboTax Business.  

How can I see my TurboTax  fees?  https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-account-billing/review-fees-turbotax-online/L1XnIzgzg_US_en_US?uid=m682vq7k   If your TurboTax fees are higher than expected, you can reduce them by removing add-ons     (BEFORE you e-file) :   Remove Premium Services Remove MAX Defend & Restore Remove a state Remove PLUS Help & Support Remove Pay With Your Refund

The usual reason for the qualified business income (QBI) deduction mysteriously showing up on your tax return is that you have an amount in box 5 of a 1099-DIV (Section 199A dividends).   This is income from REITs (Real estate investment trusts). Your mutual fund has holdings (investments) in REITs. It qualifies for the QBI deduction. Don't try to remove.  The alternative is delete the box 5 amount at the 1099-DIV screen.  The amount is already included in box1, so it gets reported and taxed, even if your remove it from box 5. 

Do you have a qualified dependent in order to file as Head of Household?    If you filed married filing separately or Single and entered a qualified dependent, the software would have offered HOH as a filing status when you prepared your return.   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.