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You selected the Maximize function for an individual 401(k).  For an individual 401(k), you are eligible to contribute both employee salary deferrals and an employer contribution.  It's the employer contribution that is limited to 20% of net earnings.  For someone under age 50, the employee deferral limit for 2025 is $23,500.   With $40,000 of profit from self-employment, net earnings would be $37,174 after subtracting the the deductible portion of self-employment taxes of $2,826.  Your maximum total contribution to an individual 401(k) would be 20% * $37,174 + $23,500 = $30,935.   If you were to contribute to a SEP IRA instead, only the employer contribution is permitted.  20% * $37,174 = $7,435.  This would be calculated by TurboTax using the Maximize function for a SEP IRA contribution instead of the Maximize function for an individual 401(k).

The Maryland tax return in TurboTax Online will compute the Two income married couple subtraction.   Two income married couple subtraction    Maryland allows you to subtract up to $1,200 if both spouses have income subject to Maryland tax and you file a joint tax return.   See page 13 of the Maryland 2025 State and Local Tax Forms and Instructions found here.

Did you click that big orange button that said “Transmit my return now?”  If you did that, you cannot do anything to fix it yet.  You have to wait for the email that tells you if your return was accepted or rejected.   Since the IRS will not begin to accept/reject returns until January 26, you are going to be waiting in “pending” for awhile.  Your return is sitting on a server, where you cannot fix  it or get it back.   You cannot change or add anything on the return that you just e-filed, nor can you stop it.  It is too late, just like when you put an envelope in a US mailbox on the corner.  The IRS does not allow you to take it back.   If you left out a W-2, a 1099G, or a dependent, or a 1099 etc…DO NOT change your return while it is “pending.”  The changes will go nowhere.   Now you have to wait until the IRS either rejects or accepts your return.  If your return is rejected, you will be able to go into your account and make the necessary changes to your tax return and re-submit your return.     If the IRS accepts your return, however, then you have to wait longer until it has been fully processed and you have received your refund.  THEN you can prepare an amended tax return and e-file or mail  it in. You have to be able to work from that return exactly the way it was when it was e-filed originally.  You will need to use a form called a 1040X.     Meanwhile, DO NOT go in and start changing anything on your return in the system, or you will make a mess for yourself.  Sit tight and wait until you see what the IRS does with the return you just e-filed   The Form 1040X you need becomes available in late February,  But wait until your return has been processed.

Your 16 year old's return can be filed by mail.   Print it, have him sign and date it in ink and mail it in.   When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s.  Use a mailing service that will track it, such as UPS or certified mail so you will know the IRS/state received the return.   Federal and state returns must be in separate envelopes and they are mailed to different addresses.  Read the mailing instructions that print with your tax return carefully so you mail them to the right addresses.  

Where do I find my AGI?   https://ttlc.intuit.com/community/agi/help/how-do-i-find-last-year-s-agi/01/25947   Your 2024 tax return shows your 2024 Adjusted Gross Income  (AGI)  If you filed a joint return then the AGI is the same for each of you.   Form 1040        line 11   If entering the amount from your 2024 tax return does not work, then try entering “0” instead.  If that does not work and you still cannot e-file, then print, sign, and mail your tax return.   You can get a free transcript of your past return from the IRS:   https://www.irs.gov/individuals/get-transcript Note: If you filed late or amended your return, your correct 2023 AGI may not be in the system.  https://ttlc.intuit.com/questions/1944348-how-do-i-print-and-mail-my-return-in-turbotax-online Note:  If you mail your federal return, you will also need to mail your state return.  You will not be able to e-file your state return.

The 2024 AGI is on the 2024 federal tax return Form 1040 Line 11   To access your current or prior year online tax returns sign onto the TurboTax website with the User ID you used to create the account - https://myturbotax.intuit.com/ Scroll down to the bottom of the screen and on the section Your tax returns & documents.  Click on the Year and Click on Download/print return (PDF)   If you used the desktop CD/Download editions installed on your computer, the only copy of your tax data file and any PDF's will be on the computer where the return was created.  TurboTax does not store online any returns completed using the desktop editions.   Go to this IRS website for free transcripts of a federal tax return - https://www.irs.gov/individuals/get-transcript   For a fee of $30 you can get a complete federal tax return from the IRS by completing Form 4506 - http://www.irs.gov/pub/irs-pdf/f4506.pdf

Hi,  Thank you for sharing this. I think this can work, however, as I moved forward, it asked me to upgrade to deluxe version instead of standard free version which doesn't make sense. Is there a way out of keep it within free version as I don't have a complicated tax filing except fro this specific sign up bonus without a 1099.

You can't file a return for the deceased individual for any year after the year they died. Since there was no estate return filed there is no practical way to file a nominee 1099 form, as it would need to be filed by the estate. It is not likely the IRS will pursue the matter since there is no estate representative listed in their records. The worst that would happen is they would contact you about the matter if they became aware that you were a joint owner of the account, in which case you could simply explain to them what happened and that the correct tax was paid on your return.

And you do know everyone has some sort of tax liability. It might be $10 or it might be $10,000. Energy credits can offset the tax liability reducing the overall liability. So, therefore we’d get a refund based on the amount or energy credit we qualify for therefore reducing our tax liability and therefore providing us with a refund.