If you are using an online version of TurboTax, please follow these steps to calculate 2020 California estimated tax payments:   Click on State from the menu on the left-hand side of the screen Click on Continue and then Edit next to California Select Continue or Done and keep going through the sections until you get to "A few things before we wrap up your state taxes" Scroll down to "Estimated Taxes for Next Year" and click Start or Revisit Select Yes to the question "Estimated Taxes for 2020?" Answer all the questions and Continue until you get back to the screen "A few things before we wrap up your state taxes" and then select "Done with other tax situations" Your estimated tax coupons will be included with your tax return when you are ready to print   @Jeannette1     ... View more

If you have amended your tax return and your amended return shows a refund that is lower than on your original filed return, you will need to pay back the difference. The program will provide the new amount due at the top of the screen once you have prepared your amended return. You can also look at line 20 of your Form 1040-X.    If you are asking how to submit your payment, you can send a check or money order with your Form 1040-X. You can also pay your taxes online by click on this IRS Payment link.   @tundra2002- ... View more

Yes, you would need to report the LLC with its new EIN separately. A two member LLC is generally reported on a Form 1065, Partnership Return.    @ehar1 ... View more

Question 1: If you closed one of your businesses, and you had vehicle expenses related to that business, you would not be able to transfer or "assign" the prior depreciation information to another business. If you intend to use your vehicle in a different business you would be able to claim either the standard mileage rate or actual expenses as a business expense.     However, it is important that you keep a record of your vehicle expenses from the business you closed in case you decide to dispose of the vehicle. You may have a taxable gain or a deductible loss if you dispose of the vehicle and any depreciation you have claimed as a business expense will be treated as ordinary income. If you used the standard mileage rate, a portion of the amount allowed per mile is considered depreciation. (Please see IRS Publication 463 - "Disposition of a Car" on page 23)    Question 2: If you close one of your businesses, you would not be able transfer the unused carryover losses to another business. Unfortunately, those losses are not available to deduct on another business.   Again, you will need to keep a record of any depreciation claimed as a home office deduction on your closed business in case you ever sell your home. You must adjust the basis of your home for any depreciation that was allowable for its business use.    Here are some links to additional resources: IRS Publication 587  TurboTax Article - Business Use of Vehicles ... View more

Artwork is generally considered a capital asset. The sale of capital assets is reported on Schedule D. Only the gain or loss from the sale of the painting would be included in your income, not the entire proceeds.    In order to report the sale of the painting on your tax return, you will need the sales proceeds and your basis in the asset. If you paid any expenses to sell the painting, you will be able to report those as well.   It sounds like you received a 1099-Misc for the proceeds from the sale of the painting. It is somewhat confusing that it was reported in Box 7 of Form 1099-Misc. This is generally used to report amounts received as an independent contractor or self-employed individual.    Your basis (or cost) in the painting is determined by how you acquired it. For example, if you purchased the painting, the basis would be the cost. If you inherited the painting, the basis would be the fair market value at the date of death of the person from whom you inherited the painting. If the painting was a gift, the basis calculation is a little more complicated. Please refer to this IRS Tax Topic for more information on determining the basis. You can also include any costs incurred to sell the painting, if applicable.   To report the sale of the painting in TurboTax, please follow these steps:   Click on Wages and Income at the top of the screen Scroll down to Investment Income and click on Show More Click on Start or Revisit next to Stocks, Mutual Funds, Bonds, Other and Select Yes Select No to the question "Did or will you receive a 1099-B form or brokerage statement for these sales?" Answer the questions and enter the sales information    For more information on Capital Assets, please see this TurboTax Article.   @DavidaTN ... View more

Try deleting your W-2 and re-entering it manually. Even though your W-2 entries appear correct, there may be a character or some other error that is preventing you from e-filing your tax return.   Select the "trash can" icon next to your W-2 and then select Yes to confirm. Be sure you have a copy of your information or take a screenshot before you delete your W-2. Then select "Add a W-2" to re-enter your information.    Please keep in mind that if your return continues to be rejected, after 5 or more unsuccessful attempts, you will no longer be able to e-file your return for security reasons. At this point you will need to print your return and mail it.  ... View more

Although, I cannot guarantee you will receive your refund, most likely your federal refund will not be affected if it is your 2019 state return that is being audited. The process of the state reviewing your current tax return will generally take some time and it sounds like your federal refund is currently being processed.    However, if you had any outstanding debt (such as past due child support) or a past due federal or state tax liability, your refund would be used to offset that before any amount was paid to you.   If you do not receive your refund, generally the IRS will notify you by mail of any amount that was offset to pay other debt.   You can continue to monitor the status of your refund by checking on the IRS Where's My Refund website. ... View more

You should enter all the information from your W-2, including the amount reported in Box 10,  just as it is reported on the form. Next, you will need to enter the full amount of your child care expenses, including both the amount you paid out-of- pocket and the amount reported on your W-2 in box 10, in the Deductions and Credits section of TurboTax. This will ensure that you do not have to pay taxes on the amount reported in box 10 of your W-2 and it may provide you with a Child and Dependent Care Credit based on the amount of child care expenses you paid out-of-pocket.    To enter your child care expenses, please follow these steps:   Click on Deductions and Credits at the top of the screen Scroll down to You and Your Family and click on Show More Click on Start or Revisit next to Child and Dependent Care Credit and select Yes Enter the Care Provider information Next select the dependent and enter the amount you paid (Be sure to include the amount from your W-2 in box 10 plus any amount you paid) Answer any questions and select Continue   @cnviviano ... View more