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Hello @user17581280015, Great questions!  As long as you designated your contribution made in January for tax year 2024 you will be fine.    Make sure to confirm with your broker.  The deadline to designate an IRA contribution for tax year 2024 was April 15 of 2025, so if you have not done so yet, the contribution would be for 2025.  You are correct, the maximum contribution  is $7000, keep in mind this maximum included contributions for both traditional and Roth IRA's.  So if you confirmed the contribution made in January was for 2024, you can safely contribute $7000  in total for 2025.  Here is an article with income limits to make sure you are in compliance.   Roth IRA Contributions  If you have any follow-up questions, just let us know!!

You are able to request penalty relief. The most common is the First Time Abate process with the IRS. To qualify, generally you must have what is considered a history of good tax compliance. The IRS defines this as: Filed the same return type, if required, for the past 3 tax years before the tax year you received the penalty. Didn't receive any penalties during the prior 3 years, or any penalty was removed for an acceptable reason other than First Time Abate Generally, to apply, you can call the number on the IRS notice you received relating to the penalty.  More information about IRS Administrative Penalty Relief (including First Time Abate) is available here: IRS Administrative Penalty Relief  Interest rates are adjusted each quarter and are set per federal law. Current and past interest rates and how they are calculated is available on the IRS website here: IRS Quarterly Interest Rates   

You didn't say what type of IRA you have. Any distribution from an IRA or a Roth IRA must be reported. Taking funds from Traditional IRA before you are 59 1/2 can be costly because of tax and penalties. Taking contributions from Roth IRA is allowed without tax or penalty. @user17581286132   

Different options to pay the IRS:    Credit card: You can pay for your federal taxes with your credit/debit card through a third-party payment processor. The processor charges a convenience fee.   Short term payment plan: Pay amount owed in 180 days or less   Long term payment plan: Pay amount owed in monthly payments https://www.irs.gov/payments/payment-plans-installment-agreements#costs    Offer in Compromise: An Offer in Compromise (OIC) is a program offered by the IRS that allows you to settle your tax debt for less than the full amount you owe, if you meet certain criteria. It’s designed for taxpayers who are unable to pay their full tax liability or doing so would create a financial hardship. https://www.irs.gov/payments/offer-in-compromise    If you owe a tax debt and can't pay all or part of it, the IRS can help. https://www.irs.gov/payments/get-help-with-tax-debt They can temporarily delay collection until your financial condition improves.   @user17576951830 Thanks for the question!!    

If you owe tax due, then yes, you will be subject to late filing penalties and some interest since you did not request an extension; it is too late to request an extension now.  You had to do that by April 15, 2025.     To apply for a payment plan with the IRS   Apply Online for a Payment Plan  

Yes, you should amend all three returns since ending inventory from prior year is the beginning inventory for the current year. That means your cost of goods sold will change for each year.    As for forming the LLC, you will need to provide more info. Will this be a single member LLC or multi-member LLC? If it will be single member LLC, IRS treats it as disregard entity and you will report everything still on your personal return.  If it will be multi member LLC, you will have to report income in two separate parts. Up until the date LLC starts, any income and expenses will go on personal return. Anything after that will go on partnership return.  If you will elect single member LLC, to be treated as S-corporation, same rule as above. Part income/expenses will go on personal return and rest will go on business return.    Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful! **Please cheer or say thanks by clicking the thumb icon in a post **Mark the post that answers your question by clicking on "Mark as Best Answer" Regards, TurboTax Expert

WHO CAN I CLAIM AS A DEPENDENT?   You can claim a child, relative, friend, or fiancé (etc.) as a dependent on your 2024 taxes as long as they meet the following requirements: Qualifying child They're related to you. They aren't claimed as a dependent by someone else. They're a U.S. citizen, resident alien, national, or a Canadian or Mexican resident. They aren’t filing a joint return with their spouse. They're under the age of 19 (or 24 for full-time students). No age limit for permanently and totally disabled children. They lived with you for more than half the year (exceptions apply). They didn't provide more than half of their own support for the year. Qualifying relative They don't have to be related to you (despite the name). They aren't claimed as a dependent by someone else. They're a U.S. citizen, resident alien, national, or a Canadian or Mexican resident. They aren’t filing a joint return with their spouse. They lived with you the entire year (exceptions apply). They made less than $5050 in 2024 (not counting Social Security) You provided more than half of their financial support. When you add someone as a dependent, we'll ask a series of questions to make sure you can claim them. There may be other tax benefits you can get when you claim a dependent. Related Information: What does "financially support another person" mean?

MY DEPENDENT HAD A JOB If your dependent has a W-2 for his after-school job, summer job, etc. you do not include the information on your own return. You can still claim your child as a dependent on your own return.  He/she can file his own return for a refund of some of his withheld wages from boxes 2 or 17 (he won’t get back anything for Social Security or Medicare), but MUST indicate on it that he can be claimed as a dependent on someone else’s return.  (Supervise this closely or prepare it for him!) If your dependent’s earnings were over $400 and were reported on a 1099Misc or 1099NEC then he must file a return and pay self-employment tax for Social Security and Medicare.     You might also want to use free software from the IRS Free File versions: https://apps.irs.gov/app/freeFile/

@user17581283296 TurboTax no longer provides software for any year earlier than 2021.   There might be other tax software companies that will still sell you software for 2020 or earlier.  Those refunds have been forfeited.   If you owe tax due, it is owed with late filing penalties and interest, for which the IRS will bill you.   Or...seek local paid tax help with past year returns.   You can also use paper forms  from the IRS to prepare by hand to mail in.   TurboTax does not provide expert help for past year returns.  The "Live" experts only help with current year returns---for 2024.      

You should contact the IRS at (866) 562-5277. When you answer the question in CA side for the disaster, the CA FTB will get notified about this. People do move away from the disaster zone and both of them understand this. I would file a Form 8822 with the IRS to show the change of address. This form does take 4-6 weeks to process. For California, you need to file  Form FTB 3533, Change of Address for Individuals. If you still receive the penalty notice, you will need to call them and ask for the waiver.

If you have been reporting your self employment on Schedule C in your tax return you probably have been paying the Social Security & Medicare SE tax.   It is included in your federal tax due.  Self employment tax is on the 1040 Schedule 2 line 4 which goes to 1040 line 23. You will pay Self Employment tax (Scheduled SE) on a Net Profit of $400 or more on Schedule C in addition to regular income tax on it.   You pay 15.3% SE tax on 92.35% of your Net Profit (If it is greater than $400).  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.