2016 Income Tax Status

[Texas Proud]

Fidelity finally got their foreign source info posted on a Monday 3/27, way later than usual! We submitted our return the next day. Accepted, no problems.

They required lots of driver's license details for verification. It's getting tougher for the fakers.

We owe this time, so no refund tracking - actually we always apply any refund to next year estimated taxes if it's less than one quarter payment.

It is not a requirement... I filed my mom's taxes without the info since she does not have it...

 

[FIREd]

I received a form from the IRS yesterday. They need to verify my identity before they can process my return. I have to call a toll-free number on Monday and provide a bunch of information. Very strange. I can't imagine what could make them question my identity.

 

[REWahoo]

Do any of us know who we really are? Maybe the IRS will help you find yourself.

 

[audreyh1]

I received a form from the IRS yesterday. They need to verify my identity before they can process my return. I have to call a toll-free number on Monday and provide a bunch of information. Very strange. I can't imagine what could make them question my identity.

You may have been a victim of fraud? I.e. someone filed already using your credentials?

 

[NW-Bound]

Uh oh!

Or perhaps the refund amount is a big one, and they want to be sure.

I did my tax return early, then sat on it. I owe money, so if someone steals my identity, will he pay the tax for me?

PS. This thread reminds me to dust off my tax return, get money transferred into my checking in preparation for payment. Got only 2 weeks left. Darn!

 

[target2019]

Completed #2 - in-laws tax submittal. It is going to them for signature this morning, and will get mailed tomorrow.

Two LTC forms, so turbotax won't efile.

 

[Fedup]

So I have a question for anyone here. How to file extension for one of my daughters. In the past, I've filed extension but I do know roughly how much I owe and mailed in the money. In my kid's case, her CPA for her corporation is late, she changed CPA from last year, so I don't have a clue as to what amount to pay in, she is still waiting for her employee's statement. She paid estimated tax every year, never owed anything. Do I just file the form with zero amount and send it in.

 

[FIREd]

Do any of us know who we really are? Maybe the IRS will help you find yourself.

It is going to take a lot more than the IRS to find that out...

You may have been a victim of fraud? I.e. someone filed already using your credentials?

Must be. The IRS accepted my return quickly after I filed 3 weeks ago, so I thought that I was in the clear.

Uh oh!

Or perhaps the refund amount is a big one, and they want to be sure.

No big refund this year. Same mailing address, no change in marital/employment situation, 1099s from the same institutions as last year, etc... that's why I find it strange to get flagged all of a sudden.

 

[W2R]

Are you sure it's the IRS that you will be calling tomorrow? I hope it's not some scammer trying to get your personal information via the phone call.

P.S. - - I got my IRS refund 6-7 days after I e-filed with TurboTax, back in early February (post #155).

 

[FIREd]

Are you sure it's the IRS that you will be calling tomorrow? I hope it's not some scammer trying to get your personal information via the phone call.

P.S. - - I got my IRS refund 6-7 days after I filed, back in early February (post #155).

I thought about that and checked the IRS website. The phone number on the form also appears on the website. The IRS says that this phone number is to be used only for taxpayer identity verification. So it looks legitimate.

 

[MichaelB]

So I have a question for anyone here. How to file extension for one of my daughters. In the past, I've filed extension but I do know roughly how much I owe and mailed in the money. In my kid's case, her CPA for her corporation is late, she changed CPA from last year, so I don't have a clue as to what amount to pay in, she is still waiting for her employee's statement. She paid estimated tax every year, never owed anything. Do I just file the form with zero amount and send it in.

To avoid underpayment penalties, you should pay at least 90% of last year's tax liability. If her income is high enough, she would need to pay 100%. If there is a balance due she will still be liable for late payment and interest, which can get expensive.

Has her total income or deductions in 2016 changed much vs 2015?

 

[Fedup]

To avoid underpayment penalties, you should pay at least 90% of last year's tax liability. If her income is high enough, she would need to pay 100%. If there is a balance due she will still be liable for late payment and interest, which can get expensive.

Has her total income or deductions in 2016 changed much vs 2015?

I don't know, I have to ask her. She is New Orleans for another bachelorette party. But I think her tax changed from last year. She was not an S-corp last year, her CPA recommended her company to be an S-corp so her tax situation is different this year.

 

[MichaelB]

I don't know, I have to ask her. She is New Orleans for another bachelorette party. But I think her tax changed from last year. She was not an S-corp last year, her CPA recommended her company to be an S-corp so her tax situation is different this year.

Then disregard my earlier post, which assumed this was simple personal income tax. Her tax accountant should determine how to proceed.

 

[Fedup]

Then disregard my earlier post, which assumed this was simple personal income tax. Her tax accountant should determine how to proceed.

Her tax accountant only does her corporation. I do her personal income tax. This is to save her $300.

 

[gerntz]

Filed Saturday. Got LLC K-1's Tuesday, finished Wednesday & reviewed everything Friday. We didn't make as much from the LLC as I'd predicted, so grossly overpaid taxes and under withdrew from IRA's. Not the end of world. Did find $500 worth of deductions I'd missed in the review.

E-filed with TT 3.25 & got Fed refund 4.3 & State 4.4. Both PDQ IMO.

 

[sengsational]

Today I saw that the IRS deposited the check I sent in with my 1040-X.

As a reminder, I filed in early January because the IRS held so much of my cash, and I thought I had all of the accurate numbers.

The biggest number I had wrong was the cost of the second lowest silver plan. I spent quite a while isolating the number, but since I only started looking after open enrollment began for 2017, I couldn't use hc.gov to get the number. I settled on a number that was about $50 off (in my favor), thus, the check I had to write.

The other one was a situation where the 1099-DIV was $30 too low on the main line, but it was also $30 too low on the foreign tax. In other words, correcting that didn't make any difference to the bottom line.

This time, when enrolling, I took a screen shot of the second lowest silver plan. But I don't plan to file early next year because I took money out in December. Even though it had that annoying mandatory withholding, I've already got that money in my account.

 

[RobbieB]

Hehe, that's why I always wait till the end of March -

 

[gerntz]

Hehe, that's why I always wait till the end of March -

Clearly you're not worried about the identity theft so many on here were. Me neither.

 

[AllDone]

I do taxes as a volunteer for the AARP and one of the perks is doing one's own taxes and e-filing for free. Done and paid the state, waiting for the federal refund.

 

[Texas Proud]

Today I saw that the IRS deposited the check I sent in with my 1040-X.

As a reminder, I filed in early January because the IRS held so much of my cash, and I thought I had all of the accurate numbers.

The biggest number I had wrong was the cost of the second lowest silver plan. I spent quite a while isolating the number, but since I only started looking after open enrollment began for 2017, I couldn't use hc.gov to get the number. I settled on a number that was about $50 off (in my favor), thus, the check I had to write.

The other one was a situation where the 1099-DIV was $30 too low on the main line, but it was also $30 too low on the foreign tax. In other words, correcting that didn't make any difference to the bottom line.

This time, when enrolling, I took a screen shot of the second lowest silver plan. But I don't plan to file early next year because I took money out in December. Even though it had that annoying mandatory withholding, I've already got that money in my account.

I do not know where it is, but on the .gov site there is a page that will calculate the second lowest cost silver plan for you... just plug in the BD of the people on the plan... I have used it the past two years...


For this year (2017 taxes) I decided to get the credit monthly so I think they will be sending me that info... at least I hope...

 

[Fedup]

It's officially done. Everything is printed and waiting for my husband's signature. We will mail it today when we go out.

 

[38Chevy454]

Finished up mine today and e-filed. Now just send the two checks to fed and state this week. I also prepare a pretty simple trust tax return for a trust I am trustee for. I do those on paper and mail in, since I don't have the TT version that does these.

 

[meierlde]

Finished up mine today and e-filed. Now just send the two checks to fed and state this week. I also prepare a pretty simple trust tax return for a trust I am trustee for. I do those on paper and mail in, since I don't have the TT version that does these.

Note that Turbo Tax business does 1041s however at about at about $103 at Amazon you have to decide if it is worth it.

 

[Souschef]

I do taxes as a volunteer for the AARP and one of the perks is doing one's own taxes and e-filing for free. Done and paid the state, waiting for the federal refund.

I am also, but I use TT at home and it carries everything forward, so much less input from me.
It is worth it to me to pay for the state that to have to input everything.

 

[athena53]

Last year, after I completed my tax return using Turbo Tax I took it to a CPA and asked for advice, suggestions, pointing out errors. I was pleased to learn I had done a pretty good job. There were a few suggestions that helped get state income distributed more accurately between the states and probably reduced my tax in 2016. It was a pricey lesson but enabled me to feel more confident continuing to do my taxes myself.

In 2014 I got large bills from the state and the Feds for two different years- "perfect storm" of several blunders. Some easily fixable (since I hadn't attached my State B return to my State A return, State A gave me zero credit for taxes paid to State B; my former employer had correctly classified an IRA rollover as tax-free but left the "Taxable amount" field blank so the IRS decided it was all taxable). Others were blunders made when I attempted to do State A taxes using manual forms and Excel instead of paying to download software for a second state.

Long back story, but... I found a good CPA who helped me straighten it all out and asked if he'd be interested in reviewing future returns. He said he'd actually have to go through the full process of preparing it and charge accordingly. Is that what yours did? I guess I can understand why he doesn't want to just go through paper forms generated by a software program over which he has no control, but didn't want to have to pay him to essentially do it all over again. Up till then (and since then) I had a pretty good track record doing my own returns.