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October 1, 2025
11:40 AM
Update October 8, 2025: The IRS announced that it was furloughing employees. According to the IRS, essential workers will still process e-filed tax returns.
A government shutdown can create u...
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Update October 8, 2025: The IRS announced that it was furloughing employees. According to the IRS, essential workers will still process e-filed tax returns.
A government shutdown can create uncertainty, especially if you filed a tax extension for tax year 2024. If you’re wondering how it might impact your tax return, here are the answers you need.
Key Takeaways:
File by the deadline: The extended tax deadline of October 15 is still in effect for tax year 2024.
E-file for speed: The IRS continues to process e-filed returns and issue direct deposit refunds.
Should I still file my 2024 taxes by the extension deadline?
Yes. The October 15 deadline still applies, and you should file by this date to avoid potential late-filing penalties. The only exception is if you’ve been granted a specific extension due to a recent federally declared disaster.
E-filing is the fastest way to get your return processed, and you’ll receive an electronic confirmation once your return is accepted by the IRS.
Will the shutdown delay my tax return or refund?
According to the IRS, processing for most returns and refunds will continue as usual. If you e-file and choose direct deposit for your refund, the IRS will process your return and issue your payment as they usually do.
I have to file by mail. Will my return still be considered on time?
Yes, it will be considered “filed on time” as long as it is postmarked by the October 15 deadline.
Can I file late without penalty because of the shutdown?
No. The IRS still expects you to file by the October 15 extension deadline to avoid late-filing penalties. This deadline is firm unless you have been granted a specific extension for disaster relief.
What if I owe taxes?
You should still pay the amount you owe by the deadline. Electronic payments submitted with your e-filed return will be processed and posted to your account as usual.
What if I need to contact the IRS?
During a government shutdown, live phone support and other in-person IRS services may be unavailable or have longer than normal wait times. For specific tax questions, TurboTax Live experts are available to provide help and guidance year-round.
Will I still get my Social Security check?
Yes. Social Security is considered a mandatory program, so payments will continue to be sent out. Other federal benefits, like Medicare and Veterans’ benefits, will also continue.
Originally published on our TurboTax Blog on October 1, 2025 / Lisa Greene-Lewis
October 1, 2025
11:39 AM
1 Cheer
You need the tax file in order to transfer 2023 in to a new 2024 return. A pdf of the return from the CPA will not have much--if anything-- that helps you. A pdf only transfers a little personal ...
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You need the tax file in order to transfer 2023 in to a new 2024 return. A pdf of the return from the CPA will not have much--if anything-- that helps you. A pdf only transfers a little personal information like your name and address, SSN, etc. None of your 2023 tax information will transfer from a pdf.
October 1, 2025
11:32 AM
My 2023 tax return was prepared by a CPA. There are some carry over expenses that the system could easily pick up. I do not want to overlook anything. I do not see an import option.
October 1, 2025
11:26 AM
1 Cheer
@Atif-benyosef-alsiddiqi , salam aliquom.
Agreeing with my colleagues @xmasbaby0 and @Opus 17 for their excellent response to your question as articulated, I am just wondering as to what you are...
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@Atif-benyosef-alsiddiqi , salam aliquom.
Agreeing with my colleagues @xmasbaby0 and @Opus 17 for their excellent response to your question as articulated, I am just wondering as to what you are trying to achieve. So I would just to add the following :
(a) Currently the dependent deduction is zero
(b) For Head of Household filing status generally requires the qualified child to be residing with you in the US ( except for child in Canada or Mexico ) --
(c) Child and Dependent care credit requirements are here -- > Child and Dependent Care Credit information | Internal Revenue Service
(d) For Earned Income Tax Credit the qualifying child rules are here --> Qualifying child rules | Internal Revenue Service
(e) For Child Credit , the requirements are --> Child Tax Credit | Internal Revenue Service
While I do recognize that some of the information herein may be duplicative, I just put these here just for completeness.
Is there more one of us can do for you ?
October 1, 2025
11:12 AM
You can enter Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to Premium version. Or use any of the Desktop Download programs. Where to enter busine...
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You can enter Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to Premium version. Or use any of the Desktop Download programs. Where to enter business expenses https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-my-self-employment-business-expenses-like-home-office-vehicle-mileage-and-supplies/01/27109
October 1, 2025
11:08 AM
I need to deduct 1099 expenses. Where do I do that?
October 1, 2025
11:08 AM
Yes, probably half (50%) with that setup. The issue is it is difficult to argue that your wife was added to a JTWROS deed with your mother-in-law reserving a life estate as opposed to a QC deed (...
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Yes, probably half (50%) with that setup. The issue is it is difficult to argue that your wife was added to a JTWROS deed with your mother-in-law reserving a life estate as opposed to a QC deed (in which case it could be argued that your mother-in-law actually did reserve, by implication, a life estate). The result is likely just a 50% step up to FMV.
October 1, 2025
10:34 AM
This is the only money left in the US and I want to cash it all out now. Does this money need to go to my RRSP or can it be used? What's the tax implications?
Topics:
October 1, 2025
10:28 AM
The deed is joint tenant with survivorship. So she got the whole property. Outside of state inheritance tax (another story). ...does this mean she gets to use 100% of FMV? Just trying to get an idea...
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The deed is joint tenant with survivorship. So she got the whole property. Outside of state inheritance tax (another story). ...does this mean she gets to use 100% of FMV? Just trying to get an idea of tax implications when it sells. Thank you!
October 1, 2025
10:19 AM
Did you get this resolved? I received the same cp2000 notice this year and I also never received my 1099c from capitol one creditor. Not sure what to do next. Any info would be greatly appreciated
October 1, 2025
10:11 AM
I am a MA resident with a recent investment in a partnership that does business across the country, but specifically CA. I am required to file a non-resident CA tax return, because I also have partn...
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I am a MA resident with a recent investment in a partnership that does business across the country, but specifically CA. I am required to file a non-resident CA tax return, because I also have partnership investments that do all of their business in CA and have non-trivial CA source income. For the multi-state partnership, the income line entry on the CA partnership is (line 2): Amounts from federal k-1 (column b): $4,080 California adjustments (column c): ($3430) Total amounts using California law (column d): $650 California source amounts: (column e) $40. In the step by step process for entering the K-1, there is only one possible amount to enter. Do I enter the column d amount ($650) or the column e amount ($40). Presumably, if I enter the column d amount, I include the column e amount as required on Schedule CA (540NR).
October 1, 2025
10:10 AM
I'm not sure we can help you, if you don't have your own records.
I believe your basis can be increased, if the funds pay dividends that are reinvested in the fund, but they are also declared o...
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I'm not sure we can help you, if you don't have your own records.
I believe your basis can be increased, if the funds pay dividends that are reinvested in the fund, but they are also declared on your 1099-DIV and you pay tax on them, they increase your basis. (Dividends that are used to buy new shares, that are not taxed to you at the time, do not increase your basis.)
If you bought shares over several years, and you don't have records, and the broker doesn't have records, I don't know what to tell you. Seems like the broker's job to keep track, whether they used paper ledgers or computers or an abacus. I might contact whoever regulates brokers in your state, or the SEC, and try to poke them to do a better job for you.
If audited, the IRS does not have to allow any basis you can't prove, so you should at least make the best, most reasonable estimates you can, and write them down with an explanation. You can update it with better facts if you get them.
October 1, 2025
9:40 AM
@tcampbe962 wrote: How is the FMV determined? Typically, and optimally, a date of death appraisal would be done (retrospective appraisals are done frequently). @tcampbe962 wrote: ...
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@tcampbe962 wrote: How is the FMV determined? Typically, and optimally, a date of death appraisal would be done (retrospective appraisals are done frequently). @tcampbe962 wrote: Does she only get to use 50% off the FMV? Your wife would use 50% of the FMV depending upon how the property is titled (i.e., look at the deed) and whether or not a case can be made for an implied life estate. For example, if your mother-in-law executed a quitclaim deed whereby she and your wife were tenants in common and that deed was executed within a reasonable time prior to her death (and perhaps in anticipation thereof), then your wife would be able to use 100% of the FMV as her basis (i.e., your wife's basis would be stepped up to the property's FMV on the date of your mother-in-law's death - 100%).
October 1, 2025
9:38 AM
Thank you for your response. Unfortunately the pervious broker did not have the full history as it was transferred to them back in the 93. So, we have the details from 93 and those were transferre...
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Thank you for your response. Unfortunately the pervious broker did not have the full history as it was transferred to them back in the 93. So, we have the details from 93 and those were transferred to the current broker. Its the longer term history that is the issue as that was before they had the statements online.
October 1, 2025
9:35 AM
My son has already graduated and there are money left in his ESA. The account has cash only since I sold all the assets a couple years ago. When I rollover his ESA to 529 plan, there was no cost ba...
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My son has already graduated and there are money left in his ESA. The account has cash only since I sold all the assets a couple years ago. When I rollover his ESA to 529 plan, there was no cost basis provided from my brokerage firm to the 529 plan administration, so the total rollover amount was all considered as earnings. The brokerage firm told me that they didn't keep the record for retirement fund (they considered ESA as retirement fund). Anyway, I kept all my record and provided the information to my brokerage firm but they still took no action in providing that information over to the 529 plan administrator. First, for the rollover from ESA to 529 plan, what do we do with the tax reporting regarding cost basis? Second, what can I do to report cost basis if we transfer the 529 plan money later to his sister's 529 plan for her education expense? Is there a way that I can just enter the cost basis on my own using the documents that I kept for either case.
October 1, 2025
9:22 AM
unclesame deserves not only a Nobel Prize but a job offer from TurboTax. I can't overstate how helpful you have been.
October 1, 2025
9:11 AM
transferring a mutual fund from one broker to another does not change its tax basis. how can you properly report their basis, except using specific identification, since you don't seem to know the ba...
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transferring a mutual fund from one broker to another does not change its tax basis. how can you properly report their basis, except using specific identification, since you don't seem to know the basis for the earliest shares acquired? didn't you statements from the previous broker properly reflect the tax basis.
guidance is provided in IRS PUB 550 starting on page 67 as to allowable methods
https://www.irs.gov/pub/irs-pdf/p550.pdf
October 1, 2025
8:50 AM
My mother in law passed away. Her house was titled in both her name and my wife. If we sell it now....does she pay capital gains? What portion? How is the FMV determined? Does she only get to use 50%...
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My mother in law passed away. Her house was titled in both her name and my wife. If we sell it now....does she pay capital gains? What portion? How is the FMV determined? Does she only get to use 50% off the FMV? Thanks for any help.
Topics:
October 1, 2025
8:38 AM
Maybe. Provide some details. You have not mentioned whether the "household resident" is related to you, or if they are a GF or BF, etc etc. There are some people who can be claimed as "qualifi...
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Maybe. Provide some details. You have not mentioned whether the "household resident" is related to you, or if they are a GF or BF, etc etc. There are some people who can be claimed as "qualified relative" dependents for the non-refundable $500 credit for other dependents.
IRS interview to help determine who can be claimed:
https://www.irs.gov/help/ita/who-can-i-claim-as-a-dependent
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?
What is a "qualifying person" for Head of Household?
Does a dependent for 2020 have to live with me?
Do I qualify for Head of Household in 2020?
Can I claim myself or my spouse as a dependent?
DOES A DEPENDENT HAVE TO LIVE WITH ME?
https://ttlc.intuit.com/turbotax-support/en-us/help-article/taxation/dependent-2021-live/L0n7tISmk_US_en_US?uid=m5zptiek
WHAT IS THE CREDIT FOR OTHER DEPENDENTS?
https://ttlc.intuit.com/turbotax-support/en-us/help-article/family-tax-credits-deductions/500-credit-dependents-family-tax-credit/L8nYkfc1Q_US_en_US?uid=m6cdu6in
October 1, 2025
8:33 AM
I have a fund that was recently transferred from one broker account to another, and we are trying to update my cost basis. I have the basis since 2012. However, the basis prior to that did not tra...
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I have a fund that was recently transferred from one broker account to another, and we are trying to update my cost basis. I have the basis since 2012. However, the basis prior to that did not transfer over. What is the tax rule on calculating a mutual fund tax basis. Can I use average cost or am I required to manually try to recreate it if I can recover the history (which may be hard to do given the long history)?