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Thank you so much for the information. Just one more question. If I do not move back to the rental property and opt to just sell it instead, can I still benefit from the capital gains exclusion based on having previously living in the property for 15 years? Or will I need to meet the 2 out of 5 years rule in order to do so?

The same thing happened to me (just received the IRS notice today).  Instead of getting a refund, I have to pay some tax.  As far as the TurboTax "100% Guarantee", that only covers any penalty.  We are still liable for any tax.  Pretty much a useless guarantee - who is going to bother filing some paperwork to recoup 58 cents?  There is definitely a coding error in TurboTax software for 2024.

I did link to the instructions early on. Here it is again.  https://ttlc.intuit.com/turbotax-support/en-us/help-article/amend-tax-return/amend-federal-tax-return-turbotax-business-desktop/L4Xrwpno4_US_en_US I copied and pasted the below section and made what I quoted earlier in red.  ================== You must use the edition of TurboTax Desktop for the year you're amending. For example, you must amend your 2024 return in TurboTax Desktop Business 2024.   Amend a return for an S corporation Open TurboTax. On the Work on a Tax Return screen, select Amend a Return. Select the return you want to amend. On the Filing an Amended Return screen, select Yes. Continue through your amended return, making any changes as needed. When you reach the File tab, continue through the steps to e-file or print your return. Save the amended return for your records with a different name than your original return.

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 2022 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.   Or go to this IRS website for free federal tax return transcripts - https://www.irs.gov/individuals/get-transcript For a fee of $30 you can get a complete federal tax return from the IRS by completing Form 4506 - http://www.irs.gov/pub/irs-pdf/f4506.pdf

Did you e-file your tax return and was it accepted? Only the IRS and your State control when and if a Federal or State tax refund is Approved and Issued.   You complete your tax return by finishing all 3 Steps in the File section. In Step 3, to e-file your tax return, you must click on the large button labeled "Transmit my returns now".   After completing the File section and e-filing your tax return you will receive two emails from TurboTax. The first email when your tax return was transmitted and the second email when the tax return has either been accepted or rejected.   Note - Once a tax return has been Accepted by the IRS or a State, TurboTax receives no further information concerning the tax return or the status of any tax refund.  Only the taxpayer listed on the tax return can obtain the status of a tax refund or a tax return.   To check the status of an e-filed return, open up your desktop product or log into your TurboTax Online Account. You can find your status within the TurboTax product. If accepted by the IRS use the federal tax refund website to check the refund status - https://www.irs.gov/refunds If accepted by the state use this TurboTax support FAQ to check the state tax refund status - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/track-state-refund/L3jgO8PGs_...

Did you efile or mail it? If you efiled was it Accepted? When you efile you get back 2 emails. The first email only confirms the transmission. The second email says if the IRS (or state) Accepted or Rejected your efile. Check back though your emails and spam/junk folder. When you log into your account you should also see the status and if it was Accepted or Rejected, Started, Printed, Ready to Mail, etc. What does it say?   If you efiled there should be an Electronic Postmark page. Probably near the end. That is your proof and signature. 

What's Will Builder by ARAG in Turbo Tax https://ttlc.intuit.com/turbotax-support/en-us/help-article/legal-issues/builder-arag-r-turbotax/L4MUwX8g0_US_en_US See this post for how to get started with Will Builder https://ttlc.intuit.com/community/taxes/discussion/re-i-purchased-will-builder-but-it-s-not-appearing-in-my-documents-i-can-t-find-how-to-start-it/01/3281699#M1206830

Which penalty?  There's an underpayment penalty on 1040 line 38.    That is already included in the tax due on line 37 or reduced a refund on line 35a.      Or did you get a 1099R?  There is a 10% Early Withdrawal Penalty if you are under 59 1/2.  The 10% Early Withdrawal Penalty is automatically included in your tax return and tax due (or reduces your refund). It will break out and show the 10% penalty separately on your return (schedule 2 line 6 which goes to 1040 line 23). Then you get credit for all the withholding taken out on 1040 line 25b.   Or how did it prompt you to pay a penalty?  Any penalties in Turbo Tax are included in your tax return.  You don't pay them separately.  Or did the IRS send you a letter for it?