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Did the IRS notify you of an error on your tax return that resulted in a balance due?   I suggest obtaining an copy of your 2024 Account Transcript and Tax return Transcript (or the Record of Account which combines these two) which will show your tax payments and any balance due for 2024:  https://www.irs.gov/individuals/get-transcript

Can anyone from TurboTax update the community on the status of being able to e-file Form 7206 for the upcoming tax season. So far, TT DT software says that Form 7206 will be ready on 1/29 to be paper filed, but will not be able to be e-filed. However, many have successfully e-filed 2024 returns containing Form 7206. It would really be nice if TurboTax corporate could clarify the issue.    This seems ridiculous, but many others have already made this point so I won't belabor it. I'm just curious what the companies plans are for this form for the 2025 tax season so we can plan accordingly.   Jeff

"I do not believe that correcting entries on the Federal Carryover *Worksheet* is actually an override."   You are correct, this is not an override.  You can simply leave the corrected value in place.  Still, I normally do not begin my actual tax return until it's closer to the time I'm going to file.  I consider any file I create now as being a first pass, something to compare to when I do my actual tax return.  This allows me to catch errors where the two disagree.  The first pass gets prepared by entering estimates, then replacing estimates as I receive the actual informational forms.  The final pass for filing is one that I do from scratch after I have received all of the information needed for filing.  That doesn't happen until March because I need to wait for the arrival of a Schedule K-1 from a partnership.

Yes, I would like to be able to install to a W10 computer because last year I installed to a W11 machine and it lost the passkey every time that W11 upgraded and I had to buy an additional copy, which really pissed me off.  It was not made clear that W11 was necessary prior to the purchase that I made on Amazon today and now I am unsure what to do.  Last year your support people were useless when I used up all 5 codes following W11 updates.  Can you do better this year?  I still have all my banking and other secured sites requiring enhanced sign in procedures after W11 updates, which is not true with W10.  Thoughts?

Seems kinda crazy that people would spend money to buy hardware, dual boot or other options just to get TurboTax to run. Wouldn't most people just buy TaxAct or H&R Block? No way are most of my relatives ever going to crack open their PC or complicated software installs.

    TurboTax 2025 does indeed require Windows 11, which is not made clear prior to purchase as far as I can determine.  He should be offered a refund if it will not run on Windows 10.           ed requrie Widnoows 11

@JoeTaxDad run your taxes both ways; but it's highly likely that filing JOINT is still the better way to go.  96% of married couples file JOINT.    The father apart your two incomes are the more likely JOINT is better.   Do you itemize? both of you must both itemize or both must take the standard deduction if you file Separate.   Neither of you can "mix and match".   You did not state your age, but if you are at least 65 years old and file Separate, you are NOT eligible for the new $6,000 deduction for Seniors.     Congress just does not motivate tax payers to file Separate. 

IRS Pub 544 states that a capital gain or loss occurs when the transaction is completed. Since your transaction will not be completed until 2026 the earnest money which is part of that transaction should be part of the capital gain calculation. 

@user17630568333 wrote: From what I have read, we pay taxes in the year we gained control of the money and we received $50k of the Earnest Money in 2025 so would pay taxes on that portion in 2025 even though we will receive more and close in 2026. I agree with @Bsch4477 , this should be treated as part of the sale in 2026.   While the rule of "constructive receipt" does exist, applying it to this situation can be complicated.  Under your sales contract, do you keep the money even if the buyer defaults?  Then it might be your income now.  But if you would be required to return a portion or all of the money if the sale falls through, then it is not your money yet.  And if the sale is contingent, it can be even more complicated.  (For example, you keep the money if the buyer backs out for no reason, but you return the money if the sale fails to close because of a failure to pass some required inspection or other unforeseen problem--in that case, is it really your money now?  Probably not.)   If you really do want to report this as income in 2025, then you should see a good tax accountant.  There could be some issues with splitting the transaction.  

@rkoops64 wrote: ......their business software (which I need because I file a 1041 on a trust) includes all the stuff to file my normal 1040 return.... You know what? That is a great feature and one which customers have asked Intuit to incorporate into TurboTax home products.....for YEARS. Obviously, they've never done it.   Regardless, if you need (or want) to enter donations throughout the tax year, no other DIY income tax prep software does that (i.e., as does/did ItsDeductible). However, you can use one of the new third-party programs such as Deductible Duck.

I too have been a turbo tax customer for 20+ years and because of them once again killing itsdeductible, I decided to check out H&R block.      Seems H&R block has this tool build into there software!  Also, their business software (which I need because I file a 1041 on a trust) includes all the stuff to file my normal 1040 return.  I don't have to buy two versions of the software.     Sorry TurboTax, you lost another long term customer.   ron

You will most likely be better off, if you're going to buy now, heading over to Amazon since the price of the desktop versions are currently deeply discounted.   https://www.amazon.com/s?k=turbotax&crid=KT1AK2O10HJN&sprefix=turbotax%2Caps%2C114&ref=nb_sb_noss_1

@kshk1970 wrote: ........ add  a 128GB SSD with Win11.......Amazon sells a power "switchboard" with 4 buttons that control power to 4 SATA drives.... By the time one does all that (assuming a user has the knowledge re how to install a card or the device in a bay in the desktop box), they would probably be better off just buying a cheap laptop, with W11 installed, during a Black Friday sale.

From what I have read, we pay taxes in the year we gained control of the money and we received $50k of the Earnest Money in 2025 so would pay taxes on that portion in 2025 even though we will receive more and close in 2026.