State of Confusion
There Will Be Math
Product Know-How
MOAR MATH
100
A customer can file up to this many state returns with their TTO Federal filing.
100
Your customer expects to do very well in 2025 and have $75,000 in Federal income tax liability. She only had $40,000 in Federal income tax liability in 2024. Her safe harbor amount for avoiding an underpayment penalty on her 2025 1040 is THIS.
What is $44,000?
It is the LESSER of 110% of previous year (for higher incomes) or 90% of current year.
100
The current apparent difference between Federal TTO Premium and Federal TTL Premium.
What is $70?
100
The quick rule-of-thumb "ceiling" combined Federal tax marginal rate on Schedule C net profit of your MFJ client where total AGI is $250,000 and one spouse has W-2 only and one spouse has SE income only, Sched C net profit of $20,000 only.
What is 39%?
200
If you are a New York resident working from home for a New Jersey employer, New Jersey will tax your wages under this rule.
What is the "convenience of the employer" rule?
https://www.nj.gov/treasury/taxation/conveniencerule.shtml
200
Your client is a HoH filer with $80,000 in AGI, standard deduction. For her net self-employment income, her combined quick rule-of-thumb "ceiling" rate is THIS.
What is 27%? (12% marginal + 15% SE, actually 15.3% but keep it simple)
200
The discount an active duty Army warrant officer receives on TurboTax DIY.
What is ZERO?
200
Your client got married in 2024 and merged two households into one in August of 2024; one of the households was offered for rent starting January 2025 but was fixed up from August - December 2024. Total repair costs were $30,000 - how much can be claimed on the 2024 Schedule E?
Zero, and there will be no 2024 Schedule E reporting for this property. The repair costs are an addition to depreciable basis.
300
If you work in District of Columbia but live outside the District, you can fill out THIS form to have only your RESIDENT state withhold state income taxes.
300
Your client lived in New York from January 1 through April 28 of 2024; an allocation percentage based on number of days in NY is THIS.
What is 32.5%?
1/1/24 - 4/28/24 = 119
366 days in 2024
119/366 = 32.5%
300
The general navigation area, such as Wages and Income, where the in-product W-4 generator can be found.
What is Other Tax Situations?
300
A home purchased in 2021 has an outstanding mortgage balance of $1M when reported on the 2024 return; the deductible portion of the $20,000 in mortgage interest, assuming it qualifies except for the TCJA indebtedness ceiling, is THIS.
What is $15,000?
750,000/1,000,000 is the ratio applied to the mortgage interest
400
The Colorado state income tax rate for TY24.
400
Your client is in the 22% marginal bracket and only contributed $500 to their Single HSA in 2024. The basic Federal income tax savings he could still achieve from maxing out his deduction now, before April 15th, THIS.
What is $803?
22% x ($4,150 - $500)
22% x ($3,650)
$803
400
The sneaky way to get back into the interview screens of an already-filed TTO return.
What is ADD A STATE?
400
The quick-rule-of-thumb combined Federal marginal rate "ceiling" on net profit from self-employment for your self-employed single client with $200,000 in AGI, all from either W-2 or Sched C, standard deduction.
What is 27%?
Client is above the $168,600 FICA wage base, so the quick rule-of-thumb is 2.9% (round to 3%) Medicare plus the 24% Federal income tax rate.
500
One of the states, besides Pennsylvania, which still offers a broad deduction for unreimbursed employee business expenses.
(there are several possible answers)
https://community.freetaxusa.com/kb/articles/85-what-states-allow-a-deduction-for-unreimbursed-employee-expenses
One common article gives 7 states that still do:
Arkansas
Alabama
California
Hawaii
Maryland
Minnesota
New York
(Pennsylvania)
Arkansas - https://www.dfa.arkansas.gov/wp-content/uploads/2024_AR2106_EmployeeBusinessExpenses.pdf
Alabama -
500
The approximate amount you can save your $80,000 AGI, standard deduction HoH client in Federal taxes if you help them recall $1,000 in legitimate schedule C deductions.
What is (anything in the range of $230 to $270 is acceptable)?
500
The general navigation area (e.g. Wages and Income) in TTO where a customer may enter their SEP contributions.
What is WAGES & INCOME?
500
For your gambling client with meticulous session-by-session records, gross winnings on the W-2 G amount to $20,000 but net winnings from all winning sessions amount to only $5,000; this is the PLUG negative Other income needed to attain the desired result.
What is $15,000?