All Posts

Thanks for asking this question, and for the helpful answers!  I've been trying to find this exact same answer for my own first RMD in 2025!  (I'll be turning 73 by the middle of the year.  I typically make my annual 401K withdrawal in January.  I was trying to confirm that my January withdrawal (at age 72-1/2 LOL) was going to count!)  Thank you again.  

Q.  Can he itemize these taxes, on his federal tax return,  under the new $40,000 SALT tax law even though he is no longer a resident of MD? A. Yes. But, that is only an itemized deduction. Your total itemized deductions must total more than your standard deduction (Single: $15,750; head of household: $23,625; and married filing jointly: $31,500) for that to do you any good.    The 8% assessed at the real estate closing is not the actual tax due on the sale.  It is only required state income tax withholding (a rough estimate of the tax due).  Your father needs to file a MD non resident income tax return for 2025 to calculated the actual tax.  He will most likely get a refund of some of the withholding.   Both the federal and state income tax rules allow an exclusion on the capital gain (up to $250K, $500K married) on the sale of your primary residence.  However to qualify, the home must have been you primary residence for 2 out of the 5 years prior to the sale. Since he " is a resident of Florida and has been for over five years", he most likely doesn't qualify for the exclusion.     

You are posting from TurboTax Live.  You can arrange for the Live help you are paying the extra fee for with your questions from 5 a.m. to 5 p.m. Pacific time Monday- Friday.   https://ttlc.intuit.com/turbotax-support/en-us/help-article/product-setup/connect-tax-expert-turbotax-live/L73wOZD5D_US_en_US?uid=m8zw1pbb     Print out 2023  and 2024  and compare them side by side to see what is different.    https://turbotax.intuit.com/tax-tips/tax-payments/video-why-would-i-owe-federal-taxes/L3VXudPiN  

If your businesses are sole proprietorships then you can use any version of desktop download to prepare returns that require a Schedule C.   If, however, you have an S-corps, C-corps or multi-member partnership, you need TurboTax Business which works only on Windows.   Some users have been able to use this on Macs with Windows emulators like Parallels.

No.   The current 2024 software has not been re-written for any of the newly passed tax law changes.   The 2025 software that becomes available in mid to late November will include the new tax changes, but will require many updates in the early tax season.   If you are trying to use 2024 software for a 2025 estimate, you can try some "work arounds" like excluding $6000 of income in the amounts you enter.