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Updated over 2 years ago on . Most recent reply presented by

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17
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Aaron Rosenberg
  • New York, NY
12
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17
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Help! I have a tax bill and not a refund for the first time!

Aaron Rosenberg
  • New York, NY
Posted

I'm not sure if I've succeeded or failed.  

This is my 8th year using TurboTax.  I put in the Schedule E's for my two completely-owned properties and for my mortgaged property.  I put in my W2 and my wife's W2.  The software was reviewing and asked me to uncheck a box.  All of a sudden, what was looking like an $8,000 return became a $4500 bill.

The team of me and TurboTax has never turned up such a substantial loss before.  Have I succeeded because we made enough extra money to have to pay this tax, or failed because I'm paying tax that neither me nor TurboTax knows how to avoid?  

Naturally, there's $4500 on the line here so I have to ask if there's something I can be doing better.  If you are a tax professional I will definitely pay you some of the money you can save me.  

Can you help?  

Most Popular Reply

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19,081
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Chris Seveney
  • Investor
  • Virginia
16,676
Votes |
19,081
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Chris Seveney
  • Investor
  • Virginia
ModeratorReplied
Quote from @Aaron Rosenberg:

I'm not sure if I've succeeded or failed.  

This is my 8th year using TurboTax.  I put in the Schedule E's for my two completely-owned properties and for my mortgaged property.  I put in my W2 and my wife's W2.  The software was reviewing and asked me to uncheck a box.  All of a sudden, what was looking like an $8,000 return became a $4500 bill.

The team of me and TurboTax has never turned up such a substantial loss before.  Have I succeeded because we made enough extra money to have to pay this tax, or failed because I'm paying tax that neither me nor TurboTax knows how to avoid?  

Naturally, there's $4500 on the line here so I have to ask if there's something I can be doing better.  If you are a tax professional I will definitely pay you some of the money you can save me.  

Can you help?  


 definitely not enough information in this post for anyone to provide any sound advice. Get a CPA to do your taxes. 

  • Chris Seveney
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7e investments
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