Filing taxes: Anyone else as hesitant as me to pull trigger

[street]

Done a week ago or so. We already got the state refund back already.

 

[Kelor]

Apparently per Turbo Tax, the Government forms for my filing aren't available until 2/20.

 

[gerntz]

I'm surprised folks are getting multiple 1099's from same brokerage firm. We got one from Schwab & one from Fidelity. Yes, one account at both.

 

[audreyh1]

We get a 1099 from each taxable account we have at Fidelity. For taxable we have two brokerage accounts and a cash management account. Each account has a separate 1099 generated.

Edited to add: I get two from Schwab as well, a 1099-INT from Schwab Bank, and a 1099-combined from the Schwab brokerage account.

 

[jim584672]

I went old school this year, paper returns completed and will be mailed in April.

 

[Tiger8693]

Not hesitant, just as usual owe a couple $k so will wait until the April 15

 

[pb4uski]

Maybe Fido vs. VG? I got my VG 1099 with VTIAX before the end of January as well.

Perhaps. Mine was VTIAX as well.

 

[pb4uski]

I went old school this year, paper returns completed and will be mailed in April.

OMG... just shoot me.

What gets me is that it is almost scary how easy tax prep is getting. 99+% of our income is imports from Vanguard, Fidelity and my pension provider and with the higher standard deduction we no longer itemize. Then it is just a matter of reviewing to see if the imports are correct.... less than an hour soup to nuts.

 

[Sirka]

Me too. I usually get couple of revisions.

 

[Sirka]

with the higher standard deduction we no longer itemize. .

I was surprised last year that California State software itemized deductions even though Federal used standard deductions. Some states do that.

 

[W2R]

I did my taxes last night and e-filed them. I generally finish during the first couple of weeks in February, so this was late for me I guess. It's nice to have that behind me! Now all I have to do is schedule my estimated tax payments for this year on EFTPS and on Louisiana's equivalent site for estimated state income tax payments.

 

[SumDay]

I owe about $2K to fed & state, so they're not getting it until April 15. Plus, I'm waiting for some amended form to pop in the mailbox and screw up the process.

 

[SecretlyFI]

I've read the advice about waiting a period of time after filing, if you need to file an amendment. I filed a week ago and right after that, realized I missed entering the non-deductible IRA contribution. The screen showed "allowable amount" which was the same as what I had contributed and I guess I thought I had entered it already. I missed the box right below it where I was supposed to enter the amount.

So, the whole first page of my 8606 is blank and then the $7000 shows up on page 2/part II of the form as the amount converted and the amount of the basis. The 0 taxable amount is right. But, since this was my first year completing an 8606, they are not going to find that non-deductible contribution in any previous year. So I would think this error would generate a question from the IRS about how I filled in the form.

So my question is, am I better off getting that amendment filed now, to try and head off the IRS question, or should I still wait a little while, which is what the conventional advice is when amending? The amendment will not result in any change to the tax amount, just the form content.

 

[gerntz]

I was surprised last year that California State software itemized deductions even though Federal used standard deductions. Some states do that.

I'd presume that's due to a much lower standard deduction than the Fed now allows. Hey, it just cost you time and effort. Why do states care?

 

[momoftwo]

Yikes, maybe I should have waited?
I just pulled the trigger on both fed and state using Turbotax.
Our taxes are boring now. Little earned income, DH small pension, SS.
I retired mid 2019, no SS yet.
No WD from IRA yet.
Some $$ in taxable savings.

Already got the electronic Federal acceptance email.
I guess we're ok with that.

Give it to NJ to START requiring doc of health coverage in year the feds stopped.

Also, was surprised to see the new senior federal form.
Wasnt up on that.

 

[Time2]

Just see my Vanguard 1099 is posted, I've been checking, got an email from Vanguard today saying it was available.

 

[pb4uski]

I did my taxes last night and e-filed them. I generally finish during the first couple of weeks in February, so this was late for me I guess. It's nice to have that behind me! Now all I have to do is schedule my estimated tax payments for this year on EFTPS and on Louisiana's equivalent site for estimated state income tax payments.

Is there a reason that you do estimated payments rather than withholdings from tIRA withdrawals/RMDs? I find it a lot more convenient.

 

[W2R]

Is there a reason that you do estimated payments rather than withholdings from tIRA withdrawals/RMDs? I find it a lot more convenient.

Wow, not for me! Perhaps you have not yet tried EFTPS for estimated tax payments? I think you might find you like it. It only takes me about 5 minutes to set up EFTPS payments for the entire year, and the amount is completely under my control which I much prefer. I'd far rather do that than deal with withholdings from half a dozen small income streams coming at me from various sources.

I have to give Audreyh1 credit! I found out about EFTPS from her, or I never would have known about it.

 

[momoftwo]

I dont know about EFTPS, I'll have to study.
I just over withhold from one income stream so only have one to play with if needed.
The other small ones I just dont withhold.
I think it works. I'll see in next year or two.

 

[pb4uski]

Wow, not for me! Perhaps you have not yet tried EFTPS for estimated tax payments? I think you might find you like it. It only takes me about 5 minutes to set up EFTPS payments for the entire year, and the amount is completely under my control which I much prefer. I'd far rather do that than deal with withholdings from half a dozen small income streams coming at me from various sources.

I have to give Audreyh1 credit! I found out about EFTPS from her, or I never would have known about it.

I have used EFTPS and my state system for many years and I found withholdings much easier. For example, let's say that my RMD is $20k and I expect to need to pay $8k to the Feds and $2k to the state based on all my income (including the RMD). When I do the RMD I do a $20k RMD with $8k withheld for the feds and $2k withheld for the state... it is all done at once with I do the withdrawal... see example below (and I did not hit submit!).

Also, since the federal and state consider withholding as paid throughout the year, I can do it just once... preferably in December while finalizing my tax planning for the year... rather than four times a year.

Besides it is much easier for me to remember my log-in info for my tIRA custodian that I log into regularly than to remember the EFTPS and state log-in info once a year.

 

[SecondCor521]

I've read the advice about waiting a period of time after filing, if you need to file an amendment. I filed a week ago and right after that, realized I missed entering the non-deductible IRA contribution. The screen showed "allowable amount" which was the same as what I had contributed and I guess I thought I had entered it already. I missed the box right below it where I was supposed to enter the amount.

So, the whole first page of my 8606 is blank and then the $7000 shows up on page 2/part II of the form as the amount converted and the amount of the basis. The 0 taxable amount is right. But, since this was my first year completing an 8606, they are not going to find that non-deductible contribution in any previous year. So I would think this error would generate a question from the IRS about how I filled in the form.

So my question is, am I better off getting that amendment filed now, to try and head off the IRS question, or should I still wait a little while, which is what the conventional advice is when amending? The amendment will not result in any change to the tax amount, just the form content.

You can certainly wait. The IRS is not that fast on asking questions.

They may not even ask. It's not exactly clear to me that the IRS tracks those things across years (although they expect us to).

Some here would say don't even bother filing an amendment.

 

[dtbach]

As soon as my K-1 comes in (late Feb) I will file. Have some refunds coming so might as well get the $$.

 

[aja8888]

Wow, not for me! Perhaps you have not yet tried EFTPS for estimated tax payments? I think you might find you like it. It only takes me about 5 minutes to set up EFTPS payments for the entire year, and the amount is completely under my control which I much prefer. I'd far rather do that than deal with withholdings from half a dozen small income streams coming at me from various sources.
.

It took me all of 5 minutes this year to set up all my quarterly withholdings for 2020 using EFTPS.

 

[Bir48die]

As soon as my K-1 comes in (late Feb) I will file. Have some refunds coming so might as well get the $$.

+1

Some of mine aren't available until mid March

 

[pb4uski]

It took me all of 5 minutes this year to set up all my quarterly withholdings for 2020 using EFTPS.

Yeah, EFTPS isn't that bad.... but our state version requires that the bank routing and account info be input for each payment so you can't do them in bulk like with EFTPS.