How to use the Turbo expert help functions and find out the background data table

[MythSaraLee]

@Loretta P  Thanks for the 2022 Turbo links.

I double checked the fine prints. It includes "federal and state" with fed free e-filing. And then it charges $25 for each state. So that will be $105 for 2022's full filling functions with e-filing, right?  

[VolvoGirl]

Do you need to file 2022?   It is too late to efile 2022 or any year including 2023.  So you won’t need to pay the $25 to efile state.  You have to print and mail 2023 and prior now.   

[MythSaraLee]

@VolvoGirl  yes, I need to file 2022.

You may read the expert's posts above with the Youtube channels. There is a $80 software listed for 2022 and recent 3 years.

[VolvoGirl]

Yes the 2022 Desktop Deluxe program is $80.   I was just pointing out you don’t need to pay the state $25 to efile since you can’t efile prior year returns.  So you don’t have to pay $105.   

If you need to start 2022 or prior you can buy the Desktop download here,

TurboTax 2022 Prior Year Tax Prep - File Past Years' Taxes

You will need a full Windows or Mac to install it on.

If you have a simple return and want to file for free you can fill out the forms by hand.  Here are some basic forms.....

Here is the 2022 1040 return

https://www.irs.gov/pub/irs-prior/f1040--2022.pdf

or if you want bigger type use 1040SR for Seniors,

https://www.irs.gov/pub/irs-prior/f1040s--2022.pdf

2022 1040 Instructions

https://www.irs.gov/pub/irs-prior/i1040gi--2022.pdf

2022 EIC and Tax Tables

https://www.irs.gov/pub/irs-prior/i1040tt--2022.pdf

Schedules 1-3

https://www.irs.gov/pub/irs-prior/f1040s1--2022.pdf

https://www.irs.gov/pub/irs-prior/f1040s2--2022.pdf

https://www.irs.gov/pub/irs-prior/f1040s3--2022.pdf

Don’t forget your state.  And you will have to print and mail your returns.  So be sure to attach copies of your W2s and any 1099s that have withholding on them.  You have to mail federal and state in separate envelopes because they go to different places.  Get a tracking number from the post office when you mail them for proof of filing.

[MythSaraLee]

@VolvoGirl  Thanks so much.

What is "a full Windows or Mac to install"? Does it have some special requirements?

Do I need to remove my 2023 version, and then re-install this 2022 version?

Could I directly input the product code into my current TurboTax shell?

Many Thanks.

[VolvoGirl]

Oh, if you have the 2023 Desktop program installed  you have a full computer.   You need to install the 2022 program.  No,  you can't use 2023 to do a 2022 return.  You need a separate program for each year.  You don't need to remove 2023.  You can have both 2023 and 202022 installed at the same time.  I have all my programs still installed.  

[MythSaraLee]

@VolvoGirl thanks.

Usually how much c-drive space does it take for each version?

The "SS Tax" and "Med" are fixed around 6% to every one, and not included in the annual tax file, right? 

[VolvoGirl]

I don’t know about the space.   This says 1G and maybe up to 4.5G. Are you on Windows?

https://ttlc.intuit.com/turbotax-support/en-us/help-article/product-system-requirements/minimum-syst... 

Don't know what you are asking about SS and Medicare?  Do you have self employment income?

You will pay Self Employment tax (Scheduled SE) on a Net Profit of $400 or more on Schedule C in addition to regular income tax on it.   You pay 15.3% SE tax on 92.35% of your Net Profit (If it is greater than $400).  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.  

[MythSaraLee]

@VolvoGirl thanks for your kind help.

Yes, I am on Windows.

I used 1099M and Sch C. What tips/skills do we need for the Sch SE?

The "live chat" there only gives some article links.

Usually which key words could I use there for a real expert "live chat" or Q&A?

[VolvoGirl]

You got a 1099MISC?  What was it for?  If it was for work you should have got a 1099NEC instead of a MISC.  

To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax. You will need to use the Online Premium version (Online is now closed for 2023) or any Desktop program but the Desktop Home & Business version will have the most help.

Turbo Tax Beginners Tax Guide for the Self Employed
https://turbotax.intuit.com/tax-tips/self-employment-taxes/beginners-tax-guide-for-the-self-employed...

Here is some IRS reading material……
IRS information on Self Employment
https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center

Publication 334, Tax Guide for Small Business
https://www.irs.gov/pub/irs-pdf/p334.pdf

Publication 535 Business Expenses
https://www.irs.gov/pub/irs-pdf/p535.pdf

Do you have any expenses for Schedule C?

You pay Self Employment tax (Schedule SE) on $400 or more of net profit from self-employment in addition to any regular income tax. You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400. The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire.

You may need to send in quarterly estimated payments. You must make quarterly estimated tax payments for the current tax year 2024 if both of the following apply:
- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.

- 2. You expect your withholding and credits to be less than the smaller of:
90% of the tax to be shown on your current year’s tax return, or
100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)

The 1040ES quarterly estimates are due April 15, June 17, Sept 16 and Jan 15, 2025. Your state will also have their own estimate forms.

[MythSaraLee]

@VolvoGirl thank you so much for the info.

For example, I may sell some small items on eBay, but the net profits might be tens of dollars annually.

I did not often get the 1099 per year.

Then how much do I need to pay the quarterly estimated-tax payments? So if lower than $1000, maybe I could pre-pay annually, right?

Then the SSN tax could be paid to IRS, by the final tax fillings, including SSN and MED taxes, calculated based on the 15.3% of my net profits, right? The SSN points could be 4 per year, based on the average hourly pay, that is around $6000 AGI per year, right?

"Your state will also have their own estimate forms."

The data often did not go to NY state. I did not get like Sch C or SE in the state files.

Do you also have skills for the NY state filings? Many thanks.