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Yes, the IRS will contact you, and no, you shouldn't wait to make the payment. The IRS will contact you by mail, but it is best to make the payment first.  You can log into the IRS Payment Options Website to make payments Each day you wait to pay an amount you owe to the IRS could incur additional penalties and interest costs.

Thanks.  This was very  helpful.    I also clicked on the link you provided for Turbotax tax tip: closing a business.  This referenced a Form 8594: Asset Acquisition Statement under Section 1060.  This form is not available in Turbotax Home and Business.  The same information seems to appear on form 4797, which is included.  Is that sufficient to only include the information on form 4797?  If Form 8594 is required, I am not sure how I would do that since I file electronically with Turbotax.

The total value of all traditional IRA amounts is important for determining the taxable amount of distributions or conversions for traditional IRA's that have contributions in them that were non-deductible.  Even if you have several IRA accounts and only one of them has non-deductible contributions in it, IRS rules for Form 8606 require that non-deductible contributions need to be spread over all the IRA accounts in order to correctly determine the amount of conversions or distributions that are taxable.   If you have your own IRA and also an inherited IRA, any non-deductible contributions in those accounts are to be kept separate to correctly determine the taxable amount of distributions or conversion for each of those types of accounts.

I chose amend state only. At the end TT says it doesn't see any change (no change to 1040 only to Mass Form 1 and Schedule X.) I typed in an explanation. TT put the explanation on IRS Form 1040-X. Does Mass get IRS 1040-X if I submit electronically? IRS Form 1040-X is now showing amended. I do not want or need to amend 1040 to the IRS. Is it best to electronically file or paper file with a letter of explanation and a copy of last 8606? BTW - The entire credit is small and will be used in a single tax year.

@zuissjw1    It happens occasionally to folks.   I usually tell people to make sure they e-file their own tax return, before e-filing for Family members.   The filing count usually steps up by one  (unexpectedly) if an e-file is rejected for a SSN mismatch.  When corrected and re-e-filed, tha ends up counting as a new e-filing.   Might be other instances where the count unexpectedly increases, but I'm not aware of them.   Once you hit the 5....erroneous or not....the rest have to be printed and mail-filed at the post office (sign/date...attach any tax forms showing withholding, use a tracking method at the PO service counter...and [[[sorry, I have to say it]]] make sure you send the state forms separately to the state's Dept of Revenue address)

Yes.  TurboTax is designed for users to file their taxes on their own if they want to.  All you need to do is either log in to your account or download the program and then walk through the steps to answer the questions.  If you use the online program, you will start by answering a series of questions to determine which version of TurboTax is best for you and customize the interview to meet your situation.     As you go through the answers, it is similar to sitting down with someone, except you are typing the answers and reading the questions instead of them asking you the questions and entering the answers.     If you need help, you can always click the help button or you can post a question here in the community. 

Instead of entering this as a 1099-K entry, let's enter this as a sale of a capital asset. First, let's delete your 1099-K entry.   Go to Tax Tools > Tools > Delete a form.  Delete the 1099-K Worksheet and any related Capital Asset Sales Worksheets that are showing errors. This "cleans" the data. If you are working in the desktop product, go to the forms mode. Look for 1099-K and any capital asset worksheets regarding this entry.  Select one form at a time, and once selected, the form will appear in the right-side of your screen. Select delete form at the bottom of the forms. log out or close your return so the changes can take place. Now to enter as a capital asset.   Go to Federal > Wages & Income > Investment Income.  Select Stocks, Mutual Funds, Bonds, Other. When asked what type of investment, select Other or Everything Else. Description: "Event Tickets (1099-K)" Sales Proceeds: Enter the Gross Amount from your 1099-K (Box 1a). Cost Basis: Enter your Actual Cost (what you paid for the tickets plus any Ticketmaster fees you paid when buying them). Date Acquired/Sold: There will be a section that asks when you bought the tickets and when you sold them.    

Wow - - Thank you Diane!  Color me stupid: The web-based 5-year calculator I used (calculator soup.com) is different than the official IRS 200 GDS shown in the table included in your link.  Sure enough, the depreciation factors for years 4 & 5 are the same: 1 - 20% 2 - 32% 3 - 19.2% 4 - 11.52% 5 - 11.52% 6 - 5.76% Conclusion: TurboTax's calculator for 5 year, 200 GDS property works just fine. Thank you!