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

[W2R]

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.

Hope your state gets that figured out eventually. [-]Our state version is like EFTPS.[/-] Our state does that too, but it doesn't take long at all. Setting up quarterly payments for 2020 with both takes less time than it takes to post about it.

(Edited because I realized I was wrong when setting up estimated tax payments tonight!)

 

[aja8888]

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.

No state tax here. I see your point.

 

[RetMD21]

I was in the group that got Vanguard 1099s posted yesterday. I had forgotten that I sold some shares of a long held fund and I have to figure out the basis. That's fine. Having had revisions in 1099s I am not in a rush to file anyway. One of the things I like about e filing is that you can file early (relatively) but not pay until April.

 

[audreyh1]

I was in the group that got Vanguard 1099s posted yesterday. I had forgotten that I sold some shares of a long held fund and I have to figure out the basis. That's fine. Having had revisions in 1099s I am not in a rush to file anyway. One of the things I like about e filing is that you can file early (relatively) but not pay until April.

That is nice.

But we occasionally had to paper file due to some form anomaly, and I’m pretty sure that I still used eftps to make the payment on April 15.

 

[lemming]

Turbotax just released info last week that their electric car credit was figured incorrectly and they are going to have to update .

 

[kaneohe]

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.

How do folks who use EFTPS remember to have enough bucks in the account at the right time?

 

[Lagniappe]

How do folks who use EFTPS remember to have enough bucks in the account at the right time?

I just put a reminder on my calendar at the same time that I schedule the payments for the year.

 

[KB]

I don't schedule my payments all at once. I go in a couple of weeks ahead of each quarterly payment and schedule and deduct the money from my checking account balance.

 

[audreyh1]

How do folks who use EFTPS remember to have enough bucks in the account at the right time?

I finally got brave enough to link it to one of my savings accounts.

But I only had one year where I prescheduled all payments. I usually schedule each payment a week in advance.

That year with the prescheduled estimated payments - it sure was nice not to have to do anything!

 

[aja8888]

I finally got brave enough to link it to one of my savings accounts.

I have it linked too (Ally). But no big deal as the Gov has ALL your account information for ALL your accounts anyway.

 

[RunningBum]

How do folks who use EFTPS remember to have enough bucks in the account at the right time?

I use a spreadsheet to track and balance my checkbook. I write all 4 quarters in that spreadsheet, each put approximately when I expect it to hit, so I'll see it coming and make sure I won't have a negative balance, just like I make sure I won't overdraft on my other bills. I also set up a reminder on my google calendar.

 

[kaneohe]

I finally got brave enough to link it to one of my savings accounts.

But I only had one year where I prescheduled all payments. I usually schedule each payment a week in advance.

That year with the prescheduled estimated payments - it sure was nice not to have to do anything!

That's why I was wondering.........not brave enough to link to savings account either w/ presumably higher balance. Seems somewhat similar to the idea of not using debit cards since the w/d could be hard to reverse.

I guess if you preschedule all payments you save some time logging in but the time to schedule each payment is the same as if you did them individually.

 

[scrabbler1]

Taking a second or third look at my tax forms sometimes exposes something I had not realized before. Yesterday, for example, I discovered that I didn't have to include one page of a form once I read a note buried in the text printed on the form. The numbers changed a few cents, so the ripple effect had me changing some other forms a little.

 

[Gumby]

Taking a second or third look at my tax forms sometimes exposes something I had not realized before. Yesterday, for example, I discovered that I didn't have to include one page of a form once I read a note buried in the text printed on the form. The numbers changed a few cents, so the ripple effect had me changing some other forms a little.

I've seen that too. Like many things, it is often wise to put something aside for a few days and return to it with a fresh mind. It worked well for me with legal briefs. I may not have been consciously thinking about it during the pause, but my subconscious was churning away and I often had a new perspective when I returned to the task. That's why I never put writing (or doing taxes) off to the last minute.

 

[audreyh1]

I missed a chunk of interest paid from maturing CDs in Jan 2019 because I had mis-categorized them as “interest earned” instead of “*int income” in Quicken. So I have to go back and recalculate my annualized income. At least I pad my quarterly estimated tax payments.

DH is doing the taxes, and we noticed a discrepancy in total interest income, so I had to go track it down.

I do the estimated taxes and DH does the tax return.

 

[RobbieB]

I enter each 1099 as it arrives into TT, same for estimated payments and the SS and health insurance stuff, mark it as such and file. So never a long session for the taxes at the end as all the input has been done as it arrives in the mail.

 

[Chicago_FIRE]

It's my first year of tIRA to Roth conversions. I'm just going to rip off the band-aid and get the pain over sooner rather than waiting until April.

 

[Souschef]

I cannot file until I get one last 1099 from FIDO. I inputted the "Preliminary" I got from them, and would rather wait instead of having to file an amended return
+1 for W2R's suggestion about EFTPS. I use part of my RMD to pay my taxes. I have scheduled the withdrawals for the 4 quarter payments in a spreadsheet along with where the balance of the RMD goes.

 

[jimbee]

I filed my taxes today. H&R Block finally fixed the bug that was blocking my efile attempt.

 

[Leroy Jones]

Instead of paying taxes quarterly, I just go on Vanguard at the beginning of the year and set it up to have the Federal and State taxes withdrawn from my monthly payment. I use a spread sheet to guesstimate taxes due and ride it out for the year. Covers pensions, SS and monthly withdrawals. Simple.
Leroy Jones

 

[lem1955]

I'll have to wait until mid to late March for K-1's. But I also made a number of mistakes last year and had to file 1040X for 2018. I haven't yet received the additional refund from the Feds but I did from CA and VT. I won't make these mistakes again:
No need to input the 1099-G Refund of State Taxes if you take the Standard Deduction rather than itemize.
Be sure to claim Health/Dental Insurance Premium payments for self and spouse as business deduction.
Put estimated tax payments and withholdings from tIRA in the correct places in TT.
I didn't pay enough estimated tax in each quarter last year but found the annualized method and only owe $2 for late payment. In addition to tIRA withdrawals (automatic withholdings), I have part-time consulting income and private REIT income that I need to pay taxes on too. This year, I increased the tIRA withholding to cover but will need to verify it is adequate soon!

 

[jollystomper]

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

I tried the tIRA/401K withdrawal method and it last year for the first time, and it worked well for my situation. I track my income over the year and was able a few (less that quarterly) withdrawals. It worked out well, I hit the state tax amount almost exactly. I would have been close on the federal, but the end of year change that lowered the medical expenses deduction percent helped us, so we'll be getting a refund (which I am not complaining about ).

 

[Shardo]

Got my last 1099 Friday so the whole pile goes to the accountant Monday.
I like to get it out of the way, refund or not.

 

[RetMD21]

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.

I looked at my TT return for 2018 including all the worksheets etc it was 215 pages! A lot of it was bs like worksheets for each charitable donation. I streamlined prep this year by not entering stuff that won't matter with the standard deduction.

 

[rayinpenn]

Even though I have a masters in tax I do our return the last possible minute. Why I hate doing it. The Mrs bugs me to get it done as well.