In doing my estimates for 2018 quarterly taxes, it asked if I would have any other “income or losses” in 2018. It showed -$29,853 for 2017. What is that loss related to?

[MichaelDC · Accepted solution]

If you had capital losses in 2017, TurboTax would account for the -$29,853 loss, if relevant in the 2018 estimated payment calculation. The questions asks if you "plan" to have any other "income or losses" in 2018. This could be cash in on a block of gains you have been sitting on and want to realize.

If you have any other details regarding this question, please feel free to post them in the comment section. 

[aliss-edwards]

That just seems like a huge loss - and I can't for the life of me think what it might be. What types of things might be considered a loss for that section?
I just want to make sure I'm not deducting anything incorrectly that would account for such a big loss - and if it is correct, I'm guessing it would apply to next year as well.
My husband is a minister so he does have a housing allowance, and we also have a home office deduction. Would those two things be in that section? Thank you!!!

[MichaelDC]

My pleasure. It's a little unclear, not knowing your entire situation. If you came out of your 2017 return not owing more than $1000, it might be easier for you to make the same quarterly payments in 2018. By paying 100% of last year (2017) tax, you'll never be penalized for underpayment next year. That will satisfy the IRS requirement for estimated payments. If you seem to be having a much better year in 2018, you'll owe money next year, but there won't be a penalty. Or you could bump up your third and fourth payments as you decide.