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:
- Sign in to your TurboTax account.
- If you already filed your return, select Add State to get back into your return.
- Select Other Tax Situations.
- Expand Other Tax Forms and find Form W-4 and Estimated Taxes, click Start or Revisit to the right.
- Answer No to the question Do you want to change your W-4 withholdings for 2024?
- Select Review Now on the next screen.
- Answer the questions about your 2024 filing status, expected income, and deductions.
- On the screen titled, Which Method? Select one of the 2024 options, not the first option.
- 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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