All Posts
May 12, 2025
9:28 AM
Your post shows you are using the TurboTax Live Deluxe online edition.
See this TurboTax support for contacting a tax expert using the Live editions - https://ttlc.intuit.com/turbotax-support/en-us...
See more...
Your post shows you are using the TurboTax Live Deluxe online edition.
See this TurboTax support for contacting a tax expert using the Live editions - https://ttlc.intuit.com/turbotax-support/en-us/help-article/product-setup/connect-tax-expert-turbotax-live/L73wOZD5D_US_en_US?uid=malar6le
May 12, 2025
9:26 AM
1 Cheer
You got confused about the 1040ES vouchers. Those vouchers are not meant for paying your 2024 tax due in four payments. Those are for paying estimated quarterly tax for tax year 2025. If you expec...
See more...
You got confused about the 1040ES vouchers. Those vouchers are not meant for paying your 2024 tax due in four payments. Those are for paying estimated quarterly tax for tax year 2025. If you expect to owe at least $1000 for 2025 when you file your 2025 return in 2026, using those vouchers to make payments ahead of time can help you avoid an underpayment penalty and a big tax bill next year. Your 2024 tax due was supposed to be paid in full by April 15, 2025 unless you specifically set up a payment plan with the IRS for your 2024 tax due.
Call the IRS and see if you can sort out that first payment you made and get them to apply it to the amount you owe for 2024, and then sort out how and when you will pay the remaining amount you still owe for 2024.
Call the IRS: 1-800-829-1040 hours 7 AM - 7 PM local time Monday-Friday When calling the IRS do NOT choose the first option re: "Refund", or it will send you to an automated phone line. So after first choosing your language, then do NOT choose Option 1 (refund info). Choose option 2 for "personal income tax" instead. Then press 1 for "form, tax history, or payment". Then press 3 "for all other questions." Then press 2 "for all other questions." - When it asks you to enter your SSN or EIN to access your account information, don't enter anything. - After it asks twice, you will get another menu.
Press 2 for personal or individual tax questions. Then press 3 for all other inquiries It should then transfer you to an agent.
May 12, 2025
9:26 AM
1 Cheer
If you read @trust812's other post, you'd know that their father passed away in September of last year and his house was in a (presumably) grantor trust which is now at issue. That house is...
See more...
If you read @trust812's other post, you'd know that their father passed away in September of last year and his house was in a (presumably) grantor trust which is now at issue. That house is now apparently being rented out (presumably to a third party) and the general rule is that depreciation deductions follow income related to the asset being depreciated.
May 12, 2025
9:26 AM
Topics:
May 12, 2025
9:24 AM
those 4 payment vouchers were for 2025 estimated tax payments not for the balance due for 2024. if you want the money applied to 2024, you'll need to contact the IRS. you should check to see if the I...
See more...
those 4 payment vouchers were for 2025 estimated tax payments not for the balance due for 2024. if you want the money applied to 2024, you'll need to contact the IRS. you should check to see if the IRS has taken the funds.
payment of balance due can be done by
mailing in 2024 1040-V with payment or
electing direct debit on you return or
using the IRS direct pay website.
May 12, 2025
9:21 AM
Check to see if you used an online account with TurboTax to file a 2024 tax return. What does it say in the account? Does it show that a return was accepted?
Many people have multiple TT acco...
See more...
Check to see if you used an online account with TurboTax to file a 2024 tax return. What does it say in the account? Does it show that a return was accepted?
Many people have multiple TT accounts and forget how to access them. Log out of the account you are in now.
https://ttlc.intuit.com/turbotax-support/en-us/help-article/account-management/many-intuit-accounts-turbotax/L9aVfKS1Z_US_en_US?uid=ll5g6zcx
Account Recovery
May 12, 2025
9:18 AM
Even if you have been on a payment plan for the back taxes, your 2024 refund will be offset to pay toward the amount you still owe. If there is a small difference between the amount owed and the am...
See more...
Even if you have been on a payment plan for the back taxes, your 2024 refund will be offset to pay toward the amount you still owe. If there is a small difference between the amount owed and the amount of your refund, you will eventually get that small amount. Remember that the amount you have owed is subject to interest as well. The IRS will send you a letter when your tax debt has been fully paid and will issue a deposit or a check to reconcile the difference if anything is still owed to you. It sounds like the difference that might still be owed to you is pretty small.
Watch your online account with the IRS
https://www.irs.gov/payments/your-online-account
May 12, 2025
9:18 AM
1 Cheer
what kind of trust? if a grantor-type trust, there's no question that income and expenses are taxed to the grantor. even a trust labeled as an irrevocable can be a grantor -type trust if the grantor ...
See more...
what kind of trust? if a grantor-type trust, there's no question that income and expenses are taxed to the grantor. even a trust labeled as an irrevocable can be a grantor -type trust if the grantor retains significant control.
for a true irrevocable trust such as what results when the grantor dies or ceases to be in control, then it depends on the provisions of the trust. some states give the trustee great discretion. for example, the trust may say the income may be distributed, so the decision is up to the trustee. on the other hand, it may say the income must be distributed. even if there is no provision for income distribution state law may give the trustee discretion as to whether income can be distributed.
finally depreciation is part of corpus, so the net cash income could be distributed but the depreciation expense remains with the trust. Agian, the trust instrument may allow distribution of depreciation or state law may leave it at the discretion of the trustee.
May 12, 2025
9:13 AM
So I owed a sizable amount, which my efile form generated four payment vouchers. I sent the first one in on time, and the IRS site not only doesn't reflect that I owe anything, but has also applied ...
See more...
So I owed a sizable amount, which my efile form generated four payment vouchers. I sent the first one in on time, and the IRS site not only doesn't reflect that I owe anything, but has also applied the payment as a prepayment FY2025. Am on hold now waiting on an agent. Item to note, the efile downloadable form says that the form is not final. No warm fuzzies on that. Any guidance would be appreciated.
Topics:
May 12, 2025
9:07 AM
1 Cheer
In another post, you indicated that the property was being rented out. If that's so, then any net loss on the sale of that rental property to an unrelated third party would be an ordinary loss th...
See more...
In another post, you indicated that the property was being rented out. If that's so, then any net loss on the sale of that rental property to an unrelated third party would be an ordinary loss that would be distributed to the beneficiaries as such. @trust812
May 12, 2025
8:59 AM
It depends.
The amount reported on line 10 of your Schedule K-1 is for an estate tax deduction but it flows onto your personal return as part of your itemized deductions, specifically Schedule ...
See more...
It depends.
The amount reported on line 10 of your Schedule K-1 is for an estate tax deduction but it flows onto your personal return as part of your itemized deductions, specifically Schedule A, line 16. However when you prepare your tax return, if your standard deduction is higher than your itemized deductions, you would not receive the benefit of this tax deduction as you are already getting the higher standard deduction amount.
Please see Standard Deductions vs. Itemized Deductions for more details on the differences between each type of potential deduction. TurboTax will select the option that provides the greatest tax benefit for your particular situation.
May 12, 2025
8:56 AM
Topics:
May 12, 2025
8:56 AM
Is there anybody who could help me?
May 12, 2025
8:54 AM
We both had NYS income. We both had partial NY and NC income for 2024. Thanks for the quick response!
May 12, 2025
8:46 AM
I am unsure how to change this, as I have changed my permanent residency to New Jersey and would think the system would be able to figure this out. Thank you for any help!
Topics:
May 12, 2025
8:40 AM
1 Cheer
First, it needs to be an appraisal that reflects the market value on the date he died.
Second, you would distribute the loss regardless. The real question is, is it a deductible loss to the be...
See more...
First, it needs to be an appraisal that reflects the market value on the date he died.
Second, you would distribute the loss regardless. The real question is, is it a deductible loss to the beneficiaries.
Most experts on this board would say that as long as a particular beneficiary did not have any personal use of the property after he died, they can report the sale as investment property and claim a capital loss against any capital gains. Anyone who has personal use of the property can't deduct the loss, because losses on personal property are not deductible.
May 12, 2025
8:37 AM
Schedule 2, Line 3 consists of additional taxes such as the alternative minimum tax, repayment of previously claimed credits, excess advance premium tax credit repayments, and other additions to tax....
See more...
Schedule 2, Line 3 consists of additional taxes such as the alternative minimum tax, repayment of previously claimed credits, excess advance premium tax credit repayments, and other additions to tax. The 1040X instructions highlight this with a caution icon, reminding taxpayers to include any of these additions to tax from Schedule 2, Line 3 on Line 6 of their 1040X. See screenshot below of Schedule 2.
Your 1040X, Line 6, Column C, would be the total amount of tax per the new 1040. The new tax amount is calculated against your total payments. The new amount you owe (or will be refunded) will be the difference due to the changes on the 1040X.
Did your original 1040 have an amount on Line 17?
May 12, 2025
8:35 AM
IRS didn't pay for my 2024 return, me $1341 because a website says it went towards tax owed from 2023 ( I have a monthly installment with IRS of $130 monthly) -- Currently, 2023 debt is $1281. My 2024...
See more...
IRS didn't pay for my 2024 return, me $1341 because a website says it went towards tax owed from 2023 ( I have a monthly installment with IRS of $130 monthly) -- Currently, 2023 debt is $1281. My 2024 tax has been filed in February; however, they are not showing a reconciliation putting my credit from 2024 towards the 2023 balance. How long it takes for they resolve this balance?
May 12, 2025
8:34 AM
Topics: