All Posts

I assume you are referring to a rental property. You need to edit your rental entries and when you are done with the income and expense entries, you will come to a screen that says Let's see if you are eligible for the QBI safe harbor. On that screen you can choose the response that says "no I don't or can't (most common)."  You can still take the QBI election by indicating on the next screen that says Is this Qualified Business Income? that you want that choice.

The NY inflation refund checks are not exactly a refund of your NY income taxes.  These one-time payments provide relief to New Yorkers who have paid increased sales taxes due to inflation.    See this NY Revenue document.   Your NY inflation refund check is taxable at the Federal level.   You need to report this income as Other Reportable Income.   In TurboTax Online, open your return and follow these steps: Click on Federal in the left-hand column, then on Wages and Income Navigate to the list of Income categories Locate the Less Common Income section and click on the arrow on the right Click Start next to Miscellaneous Income, 1099-A, 1099-C at the bottom On the next page, click Start next to Other Reportable Income.   This payment is not taxable at the NY state level.

Probably the tax withholding from W2 box 2 was not enough to cover the tax on your income so you owe more.   If you owe too much there is a penalty.   If Turbo Tax calculates a penalty on 1040 line 38…..You might be able to eliminate it or at least reduce it.  You can go to Federal Taxes tab or Personal tab, under Other Tax Situations and select Start by the Underpayment Penalties. You will answer a series of questions that may reduce or eliminate the penalty. Or you can elect to have the IRS figure the penalty for you.  It's form 2210.   It's under Federal or Personal (for Home & Business Desktop) Other Tax Situations Additional Tax Payments Underpayment Penalties - Click the Start or update button

@MrMikeS yes there are other Win 10 variants supported through 2032 etc but Intuit clearly doesn't care about these small desktop user bases at this point, their focus is online.  Folks should be able to set up a Win 11 VM for a few weeks to do taxes regardless of what decisions Intuit makes.

Do not amend until the IRS is done processing your return and sent you the first refund.   You probably won’t have to amend.   The IRS should catch the missing payments and add them in for you and adjust your refund or tax due.   

To stop having double depreciation for your building now that you have closed the retail portion, you need to retire the asset from the retail side and then enter it on the rental side with its existing tax history. Here's are the steps to do this in TurboTax Business:   First, "dispose" of the asset by going to Federal Taxes, then Rental Real Estate   Scroll down to Dispose of Rental Real Estate Property and click Start When asked if you sold or disposed of this asset, select Yes Click Edit to the right of the building asset Select, disposed of by some other means, Continue Enter the date you closed the retail portion in the Date you disposed of box This will calculate the partial-year depreciation for the retail side so that it does not run for the full 12 months   Next, since you have already created the asset in the rental section, you need to ensure the basis and prior depreciation match the retail records exactly   Ensure the date placed in service is the date the building was available to rent, not the date you originally bought it Ensure you use the adjusted basis of the building at the time of conversion (your original cost, minus all depreciation already taken during the retail years) Note: the cost of the new rental building should be the lower of the adjusted basis, or the Fair Market Value (FMV) at the time of conversion If TurboTax asks you for prior depreciation on this new asset, enter zero (0). Note, if you enter the original purchase price as the cost, you must enter the total depreciation taken during the retail years in the prior depreciation box to prevent TurboTax from depreciating the full value again.   Next, in Forms Mode, click on Asset Entry Worksheet, or Open Form at the top left and type in Asset Entry Worksheet, then select the building under the retail section to verify the date sold/disposed of is correct   Then, open the Asset Entry Worksheet for the building in the rental section to verify that the accumulated depreciation correctly reflects what was taken, which should only be the remaining months after conversion Review Form 4562 to ensure you see two entries for the building, one for the retail and one for the rental to ensure that when you add the two depreciation amounts, they do not exceed what your standard year of depreciation amount is typically. If it looks about the same, you're set.