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Your situation, with a large, unexpected tax bill and penalty, is common for couples where both spouses work. This often happens because the standard withholding calculations for two-income couples can fail to account for how their combined income affects their tax bracket.   To rectify this, you or your husband (or maybe both) must submit a new W-4 form to your respective employer(s). The goal is to increase the amount withheld from each paycheck going forward. You can use the IRS's Tax Withholding Estimator to help you fill out the form accurately.  IRS Tax Withholding Estimator  Lastly, I do believe it is worthwhile consulting a Tax Professional about the 2024 Tax Returns to see if something was missed that could reduced your Tax Liabilities for that year and perform an amendment of the 2024 Tax Return, if applicable. **Please say "Thanks" by clicking the thumbs up icon in a post ***Mark the post that answers your question by clicking on the "Mark as Best Answer"

When you sell a personal asset, it is either sold at a gain or a loss.  If there was a gain, you would have a long-term capital gain and possibly pay tax on the gain.  However, from your records, you are selling at a loss.  While a loss is not deductible, neither are the proceeds, in this case, going to be taxable.

There is a separate safe harbor for improvements that applies to small landlords, that would allow you to deduct the cost all at once, it is limited to items that cost 2% or less of the building's value or $10,000.  So that probably doesn't help you either. https://www.irs.gov/businesses/small-businesses-self-employed/tangible-property-final-regulations#Whatisthefactsandcircumstancesanalysis   Note that if you depreciate over 27.5 years but the shingles need to be replaced again earlier, the remaining depreciation can be claimed at that time.  (i.e. if the roof becomes unserviceable and needs to be replaced after 15 years, you can deduct the remains 12.5 years of depreciation then.  If the roof lasts 20 years, you deduct the remaining 7.5 year when you replace it.  And so on.)

Since you contributed to a Roth IRA for tax year 2023 and you were not allowed to do that, you would need to amend your 2023 tax return to add Form 5329 to report the excess contribution and pay the 6% penalty. Enter the excess contribution on line 23 of Part IV - Additional Taxes on Excess Contributions to Roth IRAs. Line 25 will have you enter the 6% penalty on the amount from line 22 + 23.    On the 2024 return, you will indicate in TurboTax that you had an excess Roth IRA contribution, and you will now have a Form 5329 from 2023 that you can use to properly answer the 2024 questions. But it sounds like you may have already done that, just without a 2023 Form 5329 to substantiate it. I do not see the need to amend the 2024 tax return if it was ultimately reported correctly and you paid any applicable penalties.   [Edited 9/19/25 | 2:00AM PST] @user17581396133   

You can create an online IRS account here.  You will be able to view your tax records, including  wage & income reported by others, tax returns filed, IRS action on your account. Hope this helps! Cindy

@nitingupta  , Namaste Guptaji All the items mentioned in your post are supported by TurboTax. The only exception is FBAR --- FinCen.gov form 114.  This last one does not go with your federal return, filed ONLY on-line at  --> FinCEN Form 114   Is there more one of us can do for you ?   pk

@user17581156690 wrote: Yes, there was personal use of the home.        Was it back-and-forth personal and rental?  Or was it 100% personal, then converted to 100% rental (or the other way around)?

@msgrinnell wrote: When I check "Where's My Refund" for Federal it's been sitting in 'We are reviewing your refund' state since February.   We can't help.   I would start by getting a transcript and seeing if there are any notes on the account.  Then, I would call the IRS and see if customer support can actually help (it's about 50/50 that they will).  Then if that doesn't help I would contact the Taxpayer Advocate.   However, you may have trouble with all 3 of those unless you have proof that you are entitled to speak on your relative's behalf.  You may need to get your relative to fill out and sign the IRS power of attorney form 2848 before the IRS will talk to you about their return. https://www.irs.gov/forms-pubs/about-form-2848   If your relative is not mentally competent to complete a power of attorney, you may need a court to appoint you as their financial representative before the IRS will talk to you. 

Other deductions is not considered source income.  If no income is listed on the K-1, then there is no need to file that information.  However, if there is income listed that is a loss, that would need to be filed as that will create a passive loss carryover to be used in future returns.

As an independent contractor in Illinois, you are generally required to file an annual income tax return and make quarterly estimated tax payments throughout the year. Unlike W-2 employees, no taxes are withheld from your income, so you're responsible for managing and paying all applicable taxes on your own.  Do I File Quarterly or Yearly? You must make quarterly tax payments if you anticipate owing at least $1,000 in federal taxes for the year. These payments include both your federal income tax and self-employment tax (which covers Social Security and Medicare contributions). Federal Quarterly Estimated Tax Due Dates Estimated taxes are typically due on the following dates: - **   April 15 (for income earned January 1–March 31) June 15 (for income earned April 1–May 31) September 15 (for income earned June 1–August 31) January 15 of the following year (for income earned September 1–December 31) Illinois State Taxes In addition to federal taxes, you may also be required to make quarterly estimated payments for Illinois state income tax. The payment schedule for Illinois estimated taxes aligns with the federal due dates outlined above. By staying on top of your quarterly estimated tax payments, you can avoid potential penalties and ensure you're meeting your obligations at both the federal and state levels. Lastly, you can enter your tax information in as much detail as possible in the program below to receive an estimate of your potential tax liabilities for 2025. TaxCaster  **Please say "Thanks" by clicking the thumbs up icon in a post ***Mark the post that answers your question by clicking on the "Mark as Best Answer"

If you didn't file for an extension already, the due date of your return was April 15.  If you didn't withdraw the excess prior to that due date you can't remove the penalty for 2024.  You don't need to file an amended return.  You should receive a 1099-R with a code P for the excess withdrawal to report on you 2025 return that will stop the penalties.     Code P:  Taxable in prior year. This code applies to the portion of the distribution that consists of the initial excess contribution. It signifies that the excess amount is taxable in the year the contribution was originally made. Code 8:  Taxable in current year. The earnings on the excess contribution are reported on a separate Form 1099-R with code 8. These earnings are taxable in the year they were distributed to you   Hope this helps! Cindy