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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."

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 

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.

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.

OBBBA allows for the deduction of overtime pay required by the Fair Labor Standards Act - which is 1.5 times pay over 40 hours. Since your employer pays more than that, the excess is not deductible under OBBBA. The 1.5 portion is deductible due to the Fair Labor Standards Act provided you meet the other requirements. A single person can deduct up to $12,500 for income up to $150,000. Married couples have $25,000 deduction on income up to  $300,000. There is a phase out range that reduces the deductions by $100 for every $1,000 over the income limit.

Wow, that was a fast response. Loaded question then: How accurate is TurboTax's penalty calculation because if I don't check, Let the IRS Figure it out, the penalty is only $87?   However, 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."

Not TurboTax. FREETAX USA supports 2021. There may be other websites.  They are not connected with Intuit/TurboTax.  as noted, by not timely filing any refund is forfeited. You will have to print it out, attach copies of any withholding forms, and mail. Use a tracking service.  https://www.freetaxusa.com/2021   

if you have a penalty by default it will be on line 38 of your 1040 and is included (reduces) your refund on line 37.   if you select the box for IRS to calculate instead, the penalty calculated by Turbotax is removed from line 38 and your refund will go up as it's not taking into account the penalty.  You should be able to see Form 2210 in your return.   if you're using desktop, turn off the flag for IRS to calculate it and check line 38 of your 1040 in forms mode, you can double click through that line to the worksheet and double click again to show Form 2210 and the penalty calculation.   Hope that helps - not sure if this forum is still 'live' when they do these events things sometimes disappear, if you have more problems on this topic you can post for help in "Get Your Taxes Done" forum.

No, there is no deduction for having a hard time.  However, you can avoid the 10% penalty that would normally be charged for early withdrawal from a 401K if there were medical expenses that had to paid with the money you took out or if you were over 55 when you were separated from your job.    

Thank you!   quick follow up,   Since the double time is still qualifying overtime hours, is doesn’t seem right that it wouldn’t qualify at all for federal OBBBA deductible. Would it instead get taxed on the x1.5 and the additional x.5 pay is tax free? Similar to standard x1.5 over time?