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Due to job loss, I was working for only part year in 2023. Marketplace Insurance requires you to give an estimate of your annual income. If it turns out to be lower than your actual income, you will have a penalty. I had Mkt place insurance for a few months and then got a job which paid more than my old job. in the tax form, I had a penalty ($2.7K) for the entire year. This was wrong because I canceled insurance after I started working. Turbo Tax also calculated the same penalty amount reducing my refund by that much. I asked the question in the community and the "experts" said the penalty was correct. I filed the tax manually with the reduced refund. I called and appealed the wrong penalty assessed and explained the correct reasoning. The IRS reviewed it and removed the penalty and gave me back the full refund amount! Moral of story: Do not blindly rely on experts, but learn to reason through things and your sense of right and wrong. This is a useful life lesson that I hope to pass on to my family. P.S. I wish I could see my post from last year and include the link so you can see my question to the community and the replies from the experts. However, I am unable to login directly to the community website to see my past activity - perhaps there are technical issues.

Here's a scenario (please bear with me).  Will appreciate anything here as I was not able to find, well, anything.   1. In 2019 an individual reported a capital loss of 50000 while a resident of Massachusetts. That year she took 3000 offset on Fed tax return but not on Mass State tax return because Mass does not allow it. 2. Same thing was repeated the following two years (let's assume there were no other capital losses or gains for simplicity.)  So 2021 Fed carryover to 2022 was 41000 and 2021 Mass State carryover to 2022 was still 50000. 3. At the end of 2021 this individual moves to a no-carryover state, let's say NJ. Can not carry over on state tax for the following three years (in the meantime Fed carryover is further reduced due to offsets to 32000.)  4. So here's the punchline: at the end of 2024 this individual moves back to Massachusetts and becomes Mass tax resident once again.  Let's say for the sake of the argument that in 2025 she makes capital gains.   Question:  A. What happens to the original 50000 Massachusetts capital loss carryover to 2022? Is it lost forever? Or should it be just entered into proper Mass tax form like these three years never happened? B. To play it safe shouldn't have this individual kept filing 2022, 2023, and 2024 Massachusetts non-resident tax returns (even though Mass income was zero) just for the sake of continuity of this Mass State capital loss carryover? C.  Just to make sure: there should be the same treatment in this respect for both long and short term carryovers, correct?   Thank you      

I have been using turbo tax for 15 years with no problems until this year.  First mistake.... I do not have a HSA account that I contribute to.  Turbo said I had $910 I needed to take by yesterday.... ?  I paid the Feds nearly 8K in 2024.  Yet Turbo said I owed another $1100 due to HSA.... this makes absolutely NO sense to me. Plus Turbo MADE me pay an extra $149 to do my taxes! I am going to end up paying another tax place to go over what Turbo did. Filing on the last day is a HUGE mistake.