All Posts

Thank you. What is general rule of thumb to define "owing too much" from the experience?  E.g. is it maybe owning ~50% of what you supposed to pay for full year when combined in 'married filing jointly'; or more than 10%...

What type of 2024 information? If this is in reference to asking for the 2024 AGI so that you can e-file the 2025 tax return, this information does not transfer over from the 2024 tax return.  You need to enter the 2024 AGI from your 2024 federal tax return, Form 1040 Line 11.   See this for AGI information - https://ttlc.intuit.com/turbotax-support/en-us/help-article/internal-revenue-service/find-last-year-agi/L0SiDtTNI_US_en_US?uid=mm2hmf10

It depends.  If you are an employee and received a W-2, then NO, you cannot claim any expenses.  Employee job related expenses are not federally deductible.  They may be deductible on your state return depending on which state you live in.   If you are self employed, (received a 1099 or no documents) then YES, you can enter your lodging and travel expenses as business expenses.    To enter your self-employment income select the following: Federal Income and Expenses Show More next to Self-Employment Start next to Self-Employment Yes, to you have any self-employment income or expenses Enter the type of self-employment work you do and you can select that you use your name for your business Click through a few more screens and you will get to a screen that says "Your XX info" Click Looks good Then you will come to a screen that says Let's enter the income for your business.  It will give you the option of 1099-NEC or Other self-employed income including the 1099K , cash and checks.  If you do not select one, it will not let you enter your income Enter your self-employment income on the next screen Continue and on the next screen click add expenses * Please note navigation may differ slightly depending on which version of TurboTax you are using* The income and expenses as an independent contractor  will be reported on Schedule C which is part of your overall tax return. This also means you will be subject to the 15.3% SE Tax.  If you did not pay Self Employment (SE) Taxes in 2025, and if you plan to do this again in 2026, it may be a good idea to make estimated quarterly payments to avoid penalties. Taking Business Expense Deductions  

When you update the asset entry, you should see a screen that says Tell us more about this asset and the response you should choose is this item was sold, retired, stolen, etc... There are several responses available on that screen, you may have missed the one I mentioned. Once you choose that response you will be asked to enter the date sold and later you will be prompted to enter the sales proceeds to process the sale of the asset properly.         

Thank you for the reply. I will prefer to file as "married but filing separately" , in that case also I will have to mail in my return? both federal and state?  Also, can you please clarify about the capital loss carry over part please.   Thanks again!

I guess the CSV files come only from Schwab. They will not send it individual investors directly nor can you download them from the site. Not sure how to move forward as Schwab says it is a T/T Intuit problem.