Help! I have a tax bill and not a refund for the first time!

New York, New York
Tax, SDIRAs & Cost Segregation
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Help! I have a tax bill and not a refund for the first time!

Aaron Rosenberg
New York, NY · Member since 2018 · 17 posts · 12 votes

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?  

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Chris SeveneyBusiness Member
Moderator
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
3y
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. 

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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    3y
    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. 

    7e investments53 Reviews
    WebsiteView Page
    2Reply
  • Theresa HarrisPro Member
    Member since 2019 · 15k+ posts · 11k+ votes
    3y

    There is more than $4500 on the line, there is $12500.  What box did the software ask you to uncheck?  Talk to an accountant who can look at all of your information.

    1Reply
  • Scott E.
    Contractor · Scottsdale, AZ · Member since 2010 · 2k+ posts · 3k+ votes
    3y

    Time to invest in a CPA. A good one will help you minimize your tax liability and do so legally.

    For a cost reference my CPA only charges me ~$2,000 per year for everything (personal and business). And my tax returns are much more complicated than yours.

    0Reply
  • Chris Picciurro
    Accountant · Franklin, TN · Member since 2023 · 204 posts · 91 votes
    3y

    I agree - time to work with a tax professional. The stakes are high for you. Turbo Tax does have an option to have a tax pro help you with the return. I would start there.

    0Reply
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