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Firstly, if you are legally married, you can always choose to file jointly, as long as you agree, even if you filed separately last year.   Generally speaking, you pay more tax filing MFS (married filing separately) than MFJ, due to certain deductions and credits being limited or disallowed for MFS.  As a result, the withholding tables calculate slightly higher withholding when filing separately.  If you decide to file jointly, and don't change your withholding at all, you should probably expect a bit higher combined refund that you both received together last year.  If you both change your withholding to married filing jointly, you will have too little tax taken out, because you will both get credit for the joint standard deduction, even though you can only take it once.  The best way to calculate your withholding is to use this IRS calculator.  Use it once for your combined finances, and file your W-4s based on the result. https://www.irs.gov/individuals/tax-withholding-estimator   The student loan issue is more complicated.  In general, if you have applied for income based repayment and you file MFJ, your payment will be based on your joint income.  The only way to have your IBR payment calculated only on your income is to keep filing MFS.  (If you are not using IBR, your payment is just fixed based on how much you borrowed and your interest rate, of course.)   The problem with filing MFS to get a lower payment is that the end game is uncertain.  If your loan is not forgiven, then you just end up paying more over time.  If your loan is forgiven, the amount that is forgiven is usually considered taxable income.  So you could have a lower payment for 10 or 20 years, and then suddenly a huge tax bill when the loan is eventually forgiven.  And in the mean time, you are paying higher taxes every year, due to the limitations of filing MFS.  Those limitations become even more severe when you have children, because you can't qualify for the child care credit or EITC if you file MFS.  And the chances of loans being forgiven in the future, and whether those forgiven loans will be taxable or tax-free, depends on future politics.   So, filing MFS to have a lower loan payment through IBR is a bet on the future political climate of the US.  One way that things fall out is, you make smaller loan payments and eventually the balance is forgiven and you are free and clear.  (You pay higher taxes along the way, but save in the long run.) The other way things could fall out is your loan is not forgiven and hangs over your head forever, or is forgiven but taxable, and you still paid higher taxes along the way.    There are probably financial advisors who can help with this.  There's no one-size-fits-all answer.  

@bgoodreau01    All of your questions have been answered in earlier replies, but I'll go over it again 1. He will have "earned" income in excess of half the support his parents will have provided him this year, hence the kiddie tax does not apply. Is that correct? (...but his parents will have provided more than half that support). No that's not correct. To avoid kiddie tax his earned income has to be more than half of his total support for the year, not just the support that his parents provided. Surely he will have provided some of his own support, especially now that he is working.  Furthermore, we don't know whether his earned income will actually be more than half of his support. Until someone actually adds up all of his support, such as by completing the worksheet, we are not really sure how much it is. Also, you are making an assumption about how much his earned income will be for the year. There are still five months left in the year. Unexpected things could happen that increase or decrease his earned income. It's his actual earned income for the year that matters, not how much you think it will be based on what you know in July. 2. Because 1 above is true, then he is not required to complete form 8615. What is not clear is just because he does not have to complete Form 8615, does that in itself mean the kiddie tax does not apply? Well, as I just said, we don't know for sure that "1 above is true." Whether kiddie tax applies, and whether he has to file Form 8615, are the same thing. Form 8615 calculates the kiddie tax. If kiddie tax applies, he has to file Form 8615. If kiddie tax does not apply, he does not have to file Form 8615. If he has to file Form 8615, it's because kiddie tax applies. If he does not have to file Form 8615, it's because kiddie tax does not apply. 3. As it relates to the kiddie tax it does not matter if his parents claim him as a dependent (they will not claim him even though he meets the definition of a qualified dependent) but I have read elsewhere it is not "if they did/will", it matters "if they could" claim him. (By the way my tax accountant said because they don't claim him, that in itself means the kiddie tax does apply. I'm not so sure he is correct and that is why I went to this TT community for help). All of this concern about being a dependent is an unnecessary distraction. Being a dependent or not being a dependent has nothing to do with whether kiddie tax applies or whether Form 8615 is needed. Claim / not claim / meets the definition / did / will / could / don't is all irrelevant. It has nothing to do with kiddie tax. Your accountant is wrong. Whether or not the parents claim your grandson as a dependent has nothing to do with whether kiddie tax applies. Maybe you need a new accountant, preferably someone who can read the rules for kiddie tax. Thank you for your expertise and patience with me... My patience is wearing thin. You have gotten the same answers multiple times, from multiple people.  

It sounds like you've already filed and were assessed some sort of interest payment from Massachusetts.  If this is correct and you feel there was an issue with the software, please see this link for guidance on filing an Accurate Calculation Guarantee claim.

The original 42% was calculated by TurboTax in my TY2022 return, as it was the first year of the rental to start in Aug 2022.   TurboTax did not automatically adjust the busines usage to 100% for me in TY2023 & TY2024. Now I am manually making the adjustment. When I amended the TY2023, TurboTax was not prompted for 3115 and I could save and filed the 1040X in mail.   I am amending the TY2024, I am checking here if it's ok to ignore the missing form 3115 warning and go ahead to file 1040X. By doing it, will I am facing issue in Turbotax or audit when I start the filing for TY2025?

@wkassin wrote: Got it, I am going to sit tight until 10-15, one never knows if it will be addressed and to avoid the hassle of a return revision. In theory, Congress will be working on budget and finance bills in September.  You should know well before 10/15 if changes to the disaster loss rules are on the table or not.  

Thank you all for your time to help me understand. I did review Pub 501 and specidfically lines 6 thru 19. I guess I don't fully understand the difference between expense and support because both are used there, but I do understand the calculation of support and "yes" my grandson and his parents will complete Form 501. If I may I would like to confirm what I think you all have said and confirm the kiddie tax would "not" apply: 1. He will have "earned" income in excess of half the support his parents will have provided him this year, hence the kiddie tax does not apply. Isthat correct? (...but his parents will have provided more than half that support). 2. Because 1 above is true, then he is not required to complete form 8615. What is not clear is just because he does not have to complete Form 8615, does that in itself mean the kiddie tax does not apply? 3. As it relates to the kiddie tax it does not matter if his parents claim him as a dependent (they will not claim him even though he meets the definition of a qualified dependent) but I have read elsewhere it is not "if they did/will", it matters "if they could" claim him. (By the way my tax accountant said because they don't claim him, that in itself means the kiddie tax does apply. I'm not so sure he is correct and that is why I went to this TT community for help).   Thank you for your expertise and patience with me...

Again, it depends upon your specific situation and how the aircraft is being used.  As mentioned above, IRS Publication 946 gives more specific details on aircrafts and depreciation as it applies to business use. Please see this link for specific guidance within the publication which directly references business use or this section for specific guidance on noncommercial aircraft rules.   @mp565 

Typically, you wouldn't amend for a REV-1882 form since it is an informational form. It does not include any calculations that would change your tax return and would require an amendment. You can contact Pennie directly to discuss your options. 

Where do you see the terms "stock basis" and "tax basis"? Those are not common terms in relation to income tax. The usual term is just basis. You will also see "cost or other basis," which often gets shortened, somewhat illogically, to "cost basis." Basis is your cost for acquiring an investment or other asset. If you purchased the asset, your basis is the amount that you paid for it. When you sell the asset the difference between the amount that you sell it for and your basis determines your gain (profit) or loss. You report the selling price and the basis on your tax return for the year that you sell the asset. Other than that there is no reporting of any kind of basis, at least as far as income tax is concerned.  

@AmeliesUncle Thank you   <<But the point that the OP and I were making is that the child does NOT need to pay any support with that earned income. >>   yes, I agree as well.    <<The Kiddie Tax is merely comparing the amount of support with the amount of earned income, regardless of who actually pays the support.>>   I agree, and that is the way the worksheet works (lines 6-19), but from the OP's responses, I am not confident that the OP understands how "support costs" are defined.  I'd just like to see the OP acknowledge with "Yes, I will complete the worksheet" to answer the questions I am asking."       thank you again! 

@NCperson wrote:   The IRS publication states "support costs"; where does it state "expenses"?    The support cost is determined on lines 6-19  of the worksheet (page 16 of Pub 501), so if his earned income is more than 1/2 of Line 19, then no "kiddie tax" implications .  How would any of us know whether that is true?    I agree that it is "support", not "expenses".  Thank you for that clarification.   As you said, the taxpayer need to know the amount of support, and using that worksheet in Publication 501 is a great way to do that.   Once a person knows the amount of support, then it can be contrasted with the amount of earned income.  But the point that the OP and I were making is that the child does NOT need to pay any support with that earned income.  The Kiddie Tax is merely comparing the amount of support with the amount of earned income, regardless of who actually pays the support.    

to further clarify,    if you did not work, then it would take unearned income that exceeds the standard deduction to be eligible for CTC.   Let's say you file Head of Household.  The 2024 standard deduction was $21,900. So to be eligible for CTC, you would need more than $21,900 of unearned income to be eligible for the first dollar of CTC.    if you did work, then it would take more than $2500 of earned income to be eligible for the first dollar of CTC (and technically, it would be the refundable aCTC).     

Si ya presentaste la declaración y esta fue aceptada (o si la enviaste por correo postal), ya no puedes cambiar la cuenta bancaria que se usa para el depósito directo. Si no la has presentado, puedes cambiar tu información de depósito directo siguiendo estos pasos: Abre o continúa la declaración. Selecciona Presentar. Selecciona Comenzar o Volver a revisar o Continuar junto al Paso 2 Información de tu reembolso/pago. Selecciona Ver todas las opciones en la pantalla Obtén tu reembolso hasta 5 días antes. Elige Depósito directo y sigue las instrucciones en pantalla.