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4 hours ago
FYI - And if you let Turbo Tax calculate a penalty on your return, it is just an estimate so it is possible for the IRS to recalculate it and send you a refund or a bill for more.
4 hours ago
A state return cannot be accepted until the IRS has accepted your federal e-file. If you already e-filed your federal return, you will have to wait until the IRS accepts your return. The IRS will ...
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A state return cannot be accepted until the IRS has accepted your federal e-file. If you already e-filed your federal return, you will have to wait until the IRS accepts your return. The IRS will not begin to accept/reject 2025 returns until January 26.
Another possibility is that many state forms are not finalized
Tax form availability tool
Dates are subject to change
4 hours ago
@ 1776OldTimer That was also happening until recently in the personal desktop products, but an update 2 days ago supposedly cured it, and at least in the personal products it was corrected to now s...
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@ 1776OldTimer That was also happening until recently in the personal desktop products, but an update 2 days ago supposedly cured it, and at least in the personal products it was corrected to now show 2025. I don't know if the correction was in this week's Business Edition update or not. Be sure you have run the "check for updates", and then also restart your computer and relaunch TurboTax.
4 hours ago
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4 hours ago
Thank you, I misunderstood what it meant by tax liability. Yes I had to pay taxes in 2024, but had a small refund. Thank you for clarifying that. I did import from 2024. Guess when that form is a...
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Thank you, I misunderstood what it meant by tax liability. Yes I had to pay taxes in 2024, but had a small refund. Thank you for clarifying that. I did import from 2024. Guess when that form is available officially, I will get a better handle of everything. At least the initial question was answered!
4 hours ago
if using Schedule D/Form 8949, just add up those costs yourself and enter as basis. You could also use the home sale worksheet. What's regarded as a second home may qualify for the home sale exclusio...
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if using Schedule D/Form 8949, just add up those costs yourself and enter as basis. You could also use the home sale worksheet. What's regarded as a second home may qualify for the home sale exclusion if it was your principal residence for 2 out of 5 years before the sale. The related worksheet allows you to enter various details of costs, even if it doesn't qualify.
4 hours ago
1 Cheer
Check line 24 of last year's return. If there is an amount there, you did have a tax liability.
4 hours ago
Check back after January 22 when hopefully that function will be working.
4 hours ago
Form needed
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4 hours ago
That function is not ready. Check back after January 22.
4 hours ago
having trouble adding state before payment. thoughts?
4 hours ago
Create two Schedule C’s for your separate businesses and split expenses between them according to your best judgment of how much each expense is attributed to each business.
4 hours ago
@Themushj wrote: ... right now if I try to click the box on form 2210 line B "Check if you had no tax liability for 2024" it won't let me. I actually had a small federal refund. I can only check th...
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@Themushj wrote: ... right now if I try to click the box on form 2210 line B "Check if you had no tax liability for 2024" it won't let me. I actually had a small federal refund. I can only check the line C, "Check to have the IRS figure the penalty and send me a bill if penalty due." If you were to say you had "no tax liability in 2024", then that would be saying that you owed no Federal taxes at all in 2024. Did you not owe and pay any Federal taxes at all in 2024? That's not referring to a final "tax due" amount, but the overall taxes you would be responsible for paying throughout the year. Even if you had a "small Federal refund," you likely paid taxes at some point on your taxable income, which, if so, means you did have a tax liability, which you slightly overpaid. When you started your 2025 return, did you transfer your 2024 tax data into your 2025 return? If so, then it likely transferred the 2024 tax liability data from last year's return to be used for Form 2210 purposes. If it did, and if you indeed had a tax liability in 2024 (that doesn't mean final tax due as explained above), then that's likely why you cannot check that you had "no tax liability."
4 hours ago
Filing as a nonprofit requires approval of nonprofit status by filing Form 1023 with the IRS. TurboTax does not support any non-profit forms. Here is the link for a do-it-yourself preparation and fil...
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Filing as a nonprofit requires approval of nonprofit status by filing Form 1023 with the IRS. TurboTax does not support any non-profit forms. Here is the link for a do-it-yourself preparation and filing of Form 1023-EZ
https://www.pay.gov/public/form/start/62759871
There are also numerous websites that can do this. Use at your own risk. Until then you may have a for profit partnership which would require filing form 1065. There is also the possibility it's operating as a hobby. As a hobby, income is taxable, but expenses are not deductible.
see this webpage from the IRS as to hobby.
https://www.irs.gov/pub/irs-news/fs-08-23.pdf
4 hours ago
Yes, a custodial account will allow you (the custodian) to invest money for the beneficiary (your child). The custodian (you) can withdraw money at any time, but it must be used for the "benefit of...
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Yes, a custodial account will allow you (the custodian) to invest money for the beneficiary (your child). The custodian (you) can withdraw money at any time, but it must be used for the "benefit of the minor." This can include things like a first car, tuition, or travel, but it cannot be used for the parent’s personal expenses.
Note for tax purposes - If the account earns significant interest or dividends, you may have to file a separate tax return for the child.
4 hours ago
January 21
4 hours ago
Yes the form isn't available till 21st of January. Is that why the box cannot be checked?
4 hours ago
I checked forms availability for the 2210, it shows a date closer to filing than now. Please check here to verify the form is ready for you to make the accurate choice closer to filing time. The IRS ...
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I checked forms availability for the 2210, it shows a date closer to filing than now. Please check here to verify the form is ready for you to make the accurate choice closer to filing time. The IRS opens January 26, 2026.
4 hours ago
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