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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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:
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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