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Hello, while working on my 2024 return I realized that the Business use percentage for my rental property on my 2023 return is incorrect and that the asset depreciation was calculated at 50% business... See more...
Hello, while working on my 2024 return I realized that the Business use percentage for my rental property on my 2023 return is incorrect and that the asset depreciation was calculated at 50% business use instead of 100% (consequently I took a much lower depreciation in previous years). How do I fix this for previous years (2023 and earlier)? Or do I just change the Business use for 2024 to 100% so it will be correct going forward?  I appreciate your help with this. Thankyou 
If you did not claim an itemized deduction for the state tax on your 2023 tax return, then you do not report it as a state income tax refund on your 2024 federal tax return, and you do not use the st... See more...
If you did not claim an itemized deduction for the state tax on your 2023 tax return, then you do not report it as a state income tax refund on your 2024 federal tax return, and you do not use the state income tax refund worksheet. The entire refund is taxable income in 2024. Just enter it as "other income" on Schedule 1 line 8z of your 2024 federal tax return with a description that you enter. Here's how to enter it in the desktop TurboTax software.   Go to Federal Taxes > Wages & Income. On the screen "Your 2024 Income Summary," scroll all the way down to the last section, "Less Common Income." Click the Start or Update button for the last topic, "Miscellaneous Income, 1099-A, 1099-C." On the next screen, "Let's Work on Any Miscellaneous Income," scroll down and click the Start or Update button for the last topic, "Other reportable income." The next screen asks, "Any Other Taxable Income?" Click Yes. On the next screen, "Other Taxable Income," enter a short description such as "PTET refund" and enter the amount. Click Continue. On the next screen click Done.  
In 2023, I had state taxes paid on my behalf via a pass-through entity tax (PTET). In 2024, I received a refund of some of these taxes. The taxes definitely reduced my federal tax in 2023, and I'm su... See more...
In 2023, I had state taxes paid on my behalf via a pass-through entity tax (PTET). In 2024, I received a refund of some of these taxes. The taxes definitely reduced my federal tax in 2023, and I'm sure I should pay federal tax on the refunds in 2024 (tax benefit rule). The TurboTax state tax refund worksheet doesn't seem to know how to deal with these. It only uses my 2023 itemized deductions for taxes paid. The PTET wasn't itemized; it just came out of the gross income reported to me.   Does anyone know how to handle this in TurboTax?
Please dont consider my response as an argument. I am trying to understand the process and also it might help someone in future.    This is what I did on IRS website. 1. Login to IRS portal usind ... See more...
Please dont consider my response as an argument. I am trying to understand the process and also it might help someone in future.    This is what I did on IRS website. 1. Login to IRS portal usind ID.me account 2. Clicked "Make a Payment" under Payments located at bottom left corner 3. Then selected the following option shown in the screenshot.   I selected 2024 Income Tax    
If you selected Balance Due in the first box for the reason there really isn’t a place to enter that.   I think you select you will mail a check and mentally subtract the payment to see if you still ... See more...
If you selected Balance Due in the first box for the reason there really isn’t a place to enter that.   I think you select you will mail a check and mentally subtract the payment to see if you still have a balance due.  
Thanks for your reply. When I paid the taxes on the IRS portal, I have selected the following: Tax Year & Type: 2024 Income Tax   Would this be considered for 2024 or 2025?
When you paid what description did you select for the payment?   It would probably be a payment with an extension to file.   To enter the amount you paid with an extension (including state extensio... See more...
When you paid what description did you select for the payment?   It would probably be a payment with an extension to file.   To enter the amount you paid with an extension (including state extension)  go to Federal Taxes (or Personal for desktop H&B version) Deductions and Credits Then scroll way down to Estimates and Other Taxes Paid Other Income Taxes - Click the Start or Update button   Next page second section Payments with Extension Either Visit All or Click Start or Update by the extension you paid   If you selected to pay an estimated payment in April that would be for a payment for next year’s 2025 tax return and not your 2024 tax due.   The last estimated payment for 2024 was due Jan 15.       
Hi everyone, I'm currently preparing to file my federal tax return using TurboTax, but I have a question about recording a payment I already made. In April, I directly paid my estimated taxes due t... See more...
Hi everyone, I'm currently preparing to file my federal tax return using TurboTax, but I have a question about recording a payment I already made. In April, I directly paid my estimated taxes due to the IRS via their website. Now that I'm going through the TurboTax workflow, it's showing that I still need to make a payment, as it doesn't have any record of my previous direct payment to the IRS. Could anyone please suggest which specific section or step within the TurboTax portal I should use to input these payments I already made directly to the IRS? My goal is to ensure my final forms accurately reflect this payment, so my return shows no remaining balance due and, ideally, indicates that I've overpaid and am due a refund from the IRS. Any guidance on how to correctly reflect this in TurboTax would be greatly appreciated! Thanks in advance!  
@Mike-2   Can you let me know how you get 2023 installed?   I was going to post that first link for you but I think it only works to install 2024.   When you bought 2023 did it download a file?   Go ... See more...
@Mike-2   Can you let me know how you get 2023 installed?   I was going to post that first link for you but I think it only works to install 2024.   When you bought 2023 did it download a file?   Go to your download folder and double click on it to start the install.   And you may have to activate it with the 16 digit License Code.  
MB, Thank you for your quick reply. I now have a couple of options.  Cheers ! Mike 
rjs, Thank you for your quick reply. Cheers! Mike 
Your AGI should be reduced to about $50,000.  Be sure the program knows the loss was qualified as a federally declared disaster. 
I'm not in a bind. I use a Windows 11 laptop to calibrate my TVs, so will just install Turbo Tax 2025 on it.   Also, have a test old computer that is not up to spec, that I installed Windows 11 on ... See more...
I'm not in a bind. I use a Windows 11 laptop to calibrate my TVs, so will just install Turbo Tax 2025 on it.   Also, have a test old computer that is not up to spec, that I installed Windows 11 on using the setupprep.exe /product server install.  Will see if Turbo Tax 2025 will install on it.
@ SteamTrain  I haven't seen a formal IRS news article on it yet, but here's the executive order mandating electronic payments in and out of govt agencies starting Sept. 30, 2025.  There are some li... See more...
@ SteamTrain  I haven't seen a formal IRS news article on it yet, but here's the executive order mandating electronic payments in and out of govt agencies starting Sept. 30, 2025.  There are some limited exceptions. https://www.whitehouse.gov/presidential-actions/2025/03/modernizing-payments-to-and-from-americas-bank-account/   The order does exclude "individuals who do not have access to banking services or electronic payment systems;" who must be offered "alternative payment methods" yet to be established.   Another article which mainly talks about govt dropping refund checks from the IRS, but lower down in the article it also talks about also dropping most check payments TO the IRS: https://www.investopedia.com/paper-check-free-tax-refunds-11718299 From the article:   "Can you still pay taxes by mail?   "In most cases, no. The government is phasing out incoming paper payments, too. That means if you’re currently paying your taxes, fees, or fines by check, you’ll need to start doing so by card or digital wallet beginning later this year, unless you qualify for one of the limited exceptions outlined in the executive order."
If my income in 2021 was $200,000 and I had no insurance and hurricane damage of $150,000.  Does that mean I owe taxes only on $50,000?
Once you have finished the 2023 return, if you wish, you can transfer the desktop *.tax2023 data file into your online 2024 return if you plan to use Online TurboTax for the 2024.   It will, however,... See more...
Once you have finished the 2023 return, if you wish, you can transfer the desktop *.tax2023 data file into your online 2024 return if you plan to use Online TurboTax for the 2024.   It will, however, require you to start over with the 2024 online return since you can only transfer into a blank new return.   Clearing the online 2024 return is all done during the process explained in this FAQ:   FAQ:  How do I transfer last year's desktop return into this year's Online TurboTax? https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/transfer-last-year-return-turbotax-online/L279eUvY2_US_en_US
You don't sign in to the desktop software. You have to install the desktop software on your computer. How do I get started with TurboTax Desktop? After you install the software there will be ... See more...
You don't sign in to the desktop software. You have to install the desktop software on your computer. How do I get started with TurboTax Desktop? After you install the software there will be a TurboTax 2023 icon on your computer desktop. Double click the icon to run the program, like any other software installed on your computer.  
Hi VolvoGirl,    THANK YOU! I have already performed all these steps and not sure what to do next    Thank you
Hello, I need to file for both years, 2023 & 2024.   As I started first with TY2024 TurboTax Live Assisted Premium, but I'm not quite finished.  I've now decided to start and finish 2023 first.  I ... See more...
Hello, I need to file for both years, 2023 & 2024.   As I started first with TY2024 TurboTax Live Assisted Premium, but I'm not quite finished.  I've now decided to start and finish 2023 first.  I downloaded TY2023 TurboTax Desktop Home and Business DIY to complete but when I sign in, I'm directed to my 2024 file.  Should I uninstall the 2023 software and start the process over again? Thanks in advance for your help.  Cheers !
Here’s the FAQ I found.  Hope it helps https://ttlc.intuit.com/turbotax-support/en-us/help-article/diagnostics/error-102345-error-1932147737-occurs-opening-tax/L34iSfAt1_US_en_US