I just submitted our taxes (federal and CA) this afternoon, and the returns have already been approved. The problem is when I went to save the forms and worksheets in PDF (TurboTax), I noticed one of the worksheets had some additional numbers that shouldn't have been there.
The error deals with the basis calculation of the house we sold last year. My mistake was looking back at the house we sold in 1995 and the deferred capital gains when we purchased the latter house we sold in 2018. For some reason, while going through the various menus in TurboTax, I entered in a couple of closing fees and the title insurance we paid in the sale of the house in 1995. The problem is those costs (~$800) are already accounted for in the basis adjustment when I filed Form 2119 in 1995.
So, now I need to file amended tax returns, something I've never had to do in 40 years of tax filings. But, if I understand correctly, I can't amend the returns until the payments to federal and CA are processed. I did set those up for later this month, rather than near April 15. I guess I was paranoid about this year's returns, which also included a part-year return in CA since we moved to TX in October 2018.
Just a reminder to look closely at the forms *and* worksheets rather than rely on the step-by-step process with TurboTax or any other tax preparation software. Ugh.
The error deals with the basis calculation of the house we sold last year. My mistake was looking back at the house we sold in 1995 and the deferred capital gains when we purchased the latter house we sold in 2018. For some reason, while going through the various menus in TurboTax, I entered in a couple of closing fees and the title insurance we paid in the sale of the house in 1995. The problem is those costs (~$800) are already accounted for in the basis adjustment when I filed Form 2119 in 1995.
So, now I need to file amended tax returns, something I've never had to do in 40 years of tax filings. But, if I understand correctly, I can't amend the returns until the payments to federal and CA are processed. I did set those up for later this month, rather than near April 15. I guess I was paranoid about this year's returns, which also included a part-year return in CA since we moved to TX in October 2018.
Just a reminder to look closely at the forms *and* worksheets rather than rely on the step-by-step process with TurboTax or any other tax preparation software. Ugh.
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