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2024 Taxes

In 2023 I closed out all my mutual funds that I had for around forty years and had paid the yearly taxes on the dividends and earned interest, both federal and state.  This was to buy a new house that was handicapped accessible as I am retired and at 78 years I did not want a mortgage.  When I did my 2023 taxes on turbo tax, imprinted out forms 1040es for 2024.  In 2024, I will not have any large income windfall as the only thing that I will receive is social security payments and pension payments for which taxes are taken out each payment.  I also will be selling my old house that I have lived in for 50 years.  Do I have to pay estimated fed tax as on my state tax work sheet for 2024 estimated tax payments, I am not required to pay.  Also If I do pay federal es, can I pay less than what was printed on the vouchers as I want to be safe and not pay any penalty.

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1 Reply
JulieS
Expert Alumni

2024 Taxes

No, you don't have to pay the estimated taxes payments that TurboTax generated based on your 2023 tax return. You can review the estimated taxes section and get a more accurate estimate of your 2024 taxes since your income will be very different from 2023. 

 

Here's how to review your estimated taxes:

 

 

  1. Sign in to your TurboTax account.
  2. If you already filed your return, select Add State to get back into your return.
  3. Select Other Tax Situations.
  4. Expand Other Tax Forms and find Form W-4 and Estimated Taxes, click Start or Revisit to the right.
  5. Answer No to the question Do you want to change your W-4 withholdings for 2024?
  6. Select Review Now on the next screen.
  7. Answer the questions about your 2024 filing status, expected income, and deductions.
  8. On the screen titled, Which Method? Select one of the 2024 options, not the first option.
  9. When you come to the Print Vouchers? screen, answer Yes and the program will include your 2024 1040-ES payment vouchers when you print a copy of your return.

 

As far as the sale of your home, when you sell a home you have lived in for more than two years, you can exclude up to $250,000 of gain from tax. 

 

If you have ever rented your home out, or otherwise used it for business, you will have to recapture depreciation. 

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