All Posts

Tere is a table called "State and Local Income Tax Refunds from 2024 Tax Returns". Column (c) is called "Estimated Tax Paid After 12/31/2024". The amount in that column comes from a carryover worksheet, and is being calculated incorrectly: it is being calculated as the sum of the estimated tax paid after 12/31/2024 and the amount paid when the tax return was filed; the calculation should not include the amount paid when filing. This results in a total in column (e), "Total Payments and Withholding," having an amount in it which is too high. Is this error known?

I have a passive loss carryover of 6282 from 2024 .   cannot  find a method to enter this amount on my return ..is it auto filled ? because it is not reducing my passive income from 2025 .   Note passive income of 16k is from s corp 

Hello!   I am struggling to figure out how to properly input my 1098-T information without it incorrectly calculating my total income. I think the problem lies in the number I am inputting for "Actual amount paid for tuition." In that field, I am including everything I paid out of pocket and everything I paid for in student loans. However, I am not including merit scholarships that were put towards my tuition.   Because most of my tuition is paid for by my merit scholarship, the amount in Box 5 is higher than the actual amount I paid for tuition (out-of-pocket and loans). My total income at the end of my return is then being calculated as the difference between my scholarships and grants (listed in Box 5) and the actual amount I paid for tuition. In other words, my total income ends up including scholarship money that only went toward my tuition.   How can I correct this? Isn't it true that my total income should only include scholarship money that didn't go towards qualified educational expenses?   Thank you!

We $91,000 of W-2 income.  The IRA contribution work sheet states that we are not allowed a deduction, but gives no explanation.  We do not a 401K plan, so I do not understand the disallowance.   Has anyone had a similar experience?

Does all the following sound correct? In mid-January 2026, I “converted IRA to ROTH (cIRA2ROTH)” in the amount of $330k paying $80k in estimated tax. Note all my IRAs are converted from 401ks and not considered traditional IRAs. There are no after-tax contributions within my IRAs, only in my ROTHs. I will file Married filing Jointly (MFJ), where I am not labeled an HCE for this year, but was last year for 2025. As of my mid-January’s cIRA2ROTH, I know my final tax bracket will be 32%, if I do no more cIRA2ROTHs. Projecting my 2026 W4 withholdings plus the $80k estimated tax, this will be at least 101% of my 2026 total tax bill. Therefore the 90% is Safe Harbor rule for 2026 will protect me from penalty, even if I do additional cIRA2ROTHs before the end of this year. It was also recommended I calculate my maximum estimated tax rate for 2026 then divide this by 4, making four Quarterly payments of this amount (a little tricky since I need to consider Qtrly W2 withholdings, but doable). Provided I pay the estimated tax at the same time of the next cIRA2ROTH at my final estimated tax rate. using Form 2210 Schedule AI as a guideline where I can’t rely on the various MFJ tax brackets levels like I did for the mid-Jan cIRA2ROTH, must do this at my final tax rates will get penalized after the fact (post-15Apr2027) for underpayments the whole year. My main concern is I have made some bad assumptions above where in mid-Jan I needed to pay a higher estimated tax than the 25% I did on the $330K (this was due to the MFJ Tax Bracketing) where all year I will be considered making underpayments (Form2210 AI)