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April 15, 2025
4:49 PM
Should I also only list 50 percent of the value of the house when it asks for the fair market value ?
April 15, 2025
4:49 PM
I think the 2025 estimated payment vouchers are separate from your 2024 payment and any plan for that. To avoid an underpayment penalty in 2025 you need to have paid thru withholding or timely es...
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I think the 2025 estimated payment vouchers are separate from your 2024 payment and any plan for that. To avoid an underpayment penalty in 2025 you need to have paid thru withholding or timely estimated taxes, either 100% of your 2024 tax (110% if AGI > 150k) or 90% of your 2025 tax, whichever is smaller (the 'safe harbor' amount). By default TT will calculate ES vouchers for 2025 based on paying "100% of your 2024 tax" and assumes your 2025 withholding will be the same as 2024, and the difference is made up by estimated tax divided into 4 equal quarters. If you go thru the interview questions under Other Tax Situations / Form W4 and Estimated Taxes you can provide estimates for 2025 which will likely then trigger the "90% of 2025 tax" option and reduce the vouchers to a more sensible level. The "100% of 2024 tax" method is useful if you expect a significant increase in taxable income in 2025 e.g. Roth conversion.
April 15, 2025
4:49 PM
Since she didn't file a tax return in 2023, you shouldn't use the AGI from 2023. Try entering 0 instead.
How do I find last year's AGI?
April 15, 2025
4:48 PM
1 Cheer
You started using the furniture for business purposes in 2024 and may depreciate the furniture in 2024.
April 15, 2025
4:48 PM
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April 15, 2025
4:48 PM
TurboTax automatically creates four estimated tax payment vouchers for you to print out with your tax return.
These do not get transmitted to the IRS. You do not have to use them.
You can...
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TurboTax automatically creates four estimated tax payment vouchers for you to print out with your tax return.
These do not get transmitted to the IRS. You do not have to use them.
You can discard them if you like.
April 15, 2025
4:48 PM
This is definitely a bug and it’s extremely frustrating. I had to file my return with this S Corporation form and I’m concerned this will be flagged. I’m going to save this issue and response for I...
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This is definitely a bug and it’s extremely frustrating. I had to file my return with this S Corporation form and I’m concerned this will be flagged. I’m going to save this issue and response for Intuit if I need to explain why I filed my taxes incorrectly
April 15, 2025
4:48 PM
You would need to go back and amend the returns for each year you missed the required minimum distribution. You can do this in TurboTax going back three years or so but before then you may have to ge...
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You would need to go back and amend the returns for each year you missed the required minimum distribution. You can do this in TurboTax going back three years or so but before then you may have to get a tax preparer to help you. Although you can only go back three years to amend a return to receive a refund of taxes, you can go back as long as necessary to amend returns if you owe taxes. For practical purposes, the statute of limitations on collecting federal income tax is ten years, so you wouldn't have to go back beyond then.
April 15, 2025
4:47 PM
Extensions must be made BEFORE the due date for the tax return so it is too late to file an extension for 2023. For 2024, follow these steps:
On the left rail menu in TurboTax Onl...
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Extensions must be made BEFORE the due date for the tax return so it is too late to file an extension for 2023. For 2024, follow these steps:
On the left rail menu in TurboTax Online Select Tax Tools (You may have to scroll down on the left rail menu.)
On the drop-down select Tools
On the Pop-Up menu titled “Tools Center,” select File an extension
Follow the instructions to start the extension process
Also, you may have to do your state taxes: Do I need to file an extension for my personal state taxes?
Remember, an extension gives you more time to prepare your taxes, but it doesn't extend the time to pay your taxes. If you have an indication that you will owe taxes, you should make the payment by the original due date of the tax return to avoid additional interest and penalties.
April 15, 2025
4:47 PM
Yes! Here you can file an extension for 2024: Free Federal Extension
Keep in mind, this is an extension of time to file, not an extension of time to pay.
April 15, 2025
4:47 PM
Am I suppose to reduce the value of the home by half so that it calculates the correct amount ? Why wouldn’t TurboTax do that automatically? I told it I own 50 percent of the property.
April 15, 2025
4:46 PM
Hi, I have a W2 from the Army and box 15 has the state I.D. but box 16 and 17 are empty. Does that mean they are exempt from withholding?
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April 15, 2025
4:46 PM
Should I enter the amount under other
April 15, 2025
4:46 PM
You can try deleting Form 5405. You can revisit your TurboTax screens regarding this credit to get rid of this requirement to update your credit by using the instructions below.
To get to the H...
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You can try deleting Form 5405. You can revisit your TurboTax screens regarding this credit to get rid of this requirement to update your credit by using the instructions below.
To get to the Homebuyer Credit entry screens in TurboTax to review your entries, you can do the following:
Click on the search icon in the upper right of your TurboTax screen
Type "homebuyer credit" in the search bar
Click on the link "Jump to homebuyer credit"
Your screen will say "Tell Us About Your Homebuyer Credit"
Select "Yes but the home I received the credit for stopped being my main home on or before December 31, 2023"
If you never received the credit, select "No, I never got this credit"
To search for your homebuyer's credit screens
Select "Yes" to confirm the deletion of Form 5405
Click here for Can You Still Take the First-Time Homebuyer Credit?
April 15, 2025
4:45 PM
Thank you for this answer. I had this exact situation, printed out my return, found a mistake, hadn't mailed it yet, and needed to make an edit.
April 15, 2025
4:45 PM
2023and 2024
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April 15, 2025
4:45 PM
After thoroughly searching the 529 website, I feel confident that a married couple is allowed the full deduction even if only one owns the account. The link above was to NYC employees participating i...
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After thoroughly searching the 529 website, I feel confident that a married couple is allowed the full deduction even if only one owns the account. The link above was to NYC employees participating in the 529, which would be different.
Tax benefits | NY 529 Direct Plan states: If you're a New York State taxpayer and an account owner, you may be able to deduct up to $5,000 ($10,000 if you're married filing jointly) of your Direct Plan contributions when you file your state income taxes.
Who can open a 529 plan account?
Just about anybody can open a 529 account—parents, grandparents, other relatives, friends—as long as he or she is a U.S. citizen or a resident alien. As an account owner, you'll pick investments, assign a beneficiary, and determine how the money is used. If you're a New York State taxpayer, you can also benefit from the state tax deduction.**
**Contributions of up to $10,000 are deductible annually from New York State taxable income for married couples filing jointly; single taxpayers can deduct up to $5,000 annually.
@Nadia123
April 15, 2025
4:45 PM
I opened an account with gmail instead of yahoo
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April 15, 2025
4:45 PM
You can enter it as Other Reportable Income. You can search for other reportable income (use that exact phrase) and use the Jump to other reportable income link in the search results.
Here's...
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You can enter it as Other Reportable Income. You can search for other reportable income (use that exact phrase) and use the Jump to other reportable income link in the search results.
Here's how to enter them/it into TurboTax:
With your return open, go to Federal then Wages & Income
Open the Less Common Income section and select Start or Revisit next to Miscellaneous Income, 1099-A, 1099-C
On the next screen, select Start or Revisit the very last entry, Other Reportable Income
Answer Yes on the Any Other Taxable Income? screen
On the next screen, enter a description and then enter the total USD amount
Select Continue then Done