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Old 02-10-2017, 08:37 PM   #141
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Originally Posted by DFW_M5 View Post
I e-filed on 1/27 and got my refund on 2/3. I also do not like to wait too long to file due to all the fraudsters.
I submitted my return to H&R Block on 1/5 and got the check today. You you guys are killing me on turn-around time! Of course I went with the check. When direct deposit works, it's great, but if it doesn't work, it's a nightmare. To add to the fun, tomorrow I need to drive to the bank. I think next year it's going to be a direct deposit!
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Old 02-10-2017, 09:01 PM   #142
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I am waiting for one 1099 from FIDO (due 2/18) and one from UBS due (?).
Everything else is entered into TT.
I still cannot work up to my standard deduction on schedule A
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Old 02-10-2017, 10:06 PM   #143
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Fidelity just sent me their regular e-newsletter with a list of reasons you should file early. Well, yeah, I might, but I'm sitting here waiting till I can download my results, not only from Fido but another brokerage as well.
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Old 02-11-2017, 08:32 AM   #144
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Since I try to not receive an IRS or state check, there's zero incentive to do this early. Why one would want to receive a check from them escapes me.
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Old 02-11-2017, 08:53 AM   #145
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I decided to try out TurboTax as a check on my DIY tax preparation. It was free from Fidelity. It was terrible for my federal forms. Nothing matched until I entered some fake numbers to make my own stuff match. The insurance premiums on Schedule A were all messed up. It was double-counting them, but even after an hour trying to figure that out I still couldn't get TT to match my numbers. In the 1095-A form, it wouldn't accept the annual figures so I had to ender the 3 columns of monthly ones, a PITA.


I'll stay with doing my own taxes. TT is going into the recycle bin.
Very surprising. I have my own spreadsheets that mimic the federal forms, so I always have a good idea about what they will look like. Never had a problem, and in a few years I've found errors courtesy of TurboTax.

One thing I find interesting is that a few years ago when I used both Block and Turbo side by side, the numbers were just slightly different. Drove me crazy until I realized that they used different rounding conventions in different parts of their forms. No reason for that, they just do.
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Old 02-11-2017, 09:09 AM   #146
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One thing I find interesting is that a few years ago when I used both Block and Turbo side by side, the numbers were just slightly different. Drove me crazy until I realized that they used different rounding conventions in different parts of their forms. No reason for that, they just do.
I did a side-by-side once, and it was a few bucks different. It annoyed me a bit, but not enough to figure out where the differences crept in.

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Since I try to not receive an IRS or state check, there's zero incentive to do this early. Why one would want to receive a check from them escapes me.
If you're talking about motivation to have more taxes withheld than is necessary, then of course! Why give them an interest free loan, as the old saw goes. But in my case, there was no choice: my 401k provider withholds 20%. No way around it, and I argued with several levels of management there.

If you're talking about getting a check versus direct deposit, there is a security issue related to having your account and routing number snatchable. Of course the same information is on the bottom of a personal check, so there's that. But in fact, thieves have a scam where they look in mailboxes for utility payment envelopes, steal those, then use the check inside to make a book of paper checks. They have a few days of expenses, writing checks as if they were you, then disappear. Also, I had a bad experience with direct deposit. Actually two bad experiences, one of those with a tax refund. It had to do with banks going through a computer system change over, so not my fault, but left a bad tasted in my mouth. Wasted a bunch of time trying to get it straightened-out. I realize now, though, that it was a one-off case and that will probably be the last check I have them mail.
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Old 02-11-2017, 09:37 AM   #147
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Since I try to not receive an IRS or state check, there's zero incentive to do this early. Why one would want to receive a check from them escapes me.
One point was that it would head off identity thieves, who tend to file very early using others' information. I still can't do anything about it- I don't have the forms yet although I've run an approximation.

It's hard for me to control refund vs. owing money. I have a lot of mutual funds and ETFs in after-tax investments. I'd made installment payments for 2015 (first year with zero wages) and we owed nothing so got it all back. Made no installment payments for 2016 and due to great investment results I owe a boatload.
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Old 02-11-2017, 09:53 AM   #148
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Since I try to not receive an IRS or state check, there's zero incentive to do this early. Why one would want to receive a check from them escapes me.
Most of us who do so early are simply trying to reduce the chances of someone else filing a fraudulent return on our behalf and causing us quite a bit of hassle even if we are not getting a refund.
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Old 02-11-2017, 09:58 AM   #149
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Most of us who do so early are simply trying to reduce the chances of someone else filing a fraudulent return on our behalf and causing us quite a bit of hassle even if we are not getting a refund.
+1

Even if you owed the IRS money I think whatever the cost of filing/paying early would pale in comparison to the major issues resulting from identity theft.
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Old 02-11-2017, 09:59 AM   #150
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Most of us who do so early are simply trying to reduce the chances of someone else filing a fraudulent return on our behalf and causing us quite a bit of hassle even if we are not getting a refund.
One of the benefit of having my tax info hacked a previous year is now get an identity PIN every year in the mail so others can't file as me.
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Old 02-11-2017, 10:15 AM   #151
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One of the benefit of having my tax info hacked a previous year is now get an identity PIN every year in the mail so others can't file as me.
They were still having security holes with that identity PIN last year, making tax fraud victims vulnerable again, but I think the IRS finally worked them out.

The IRS had a hard time managing the situation when someone calls in claiming they have "lost" or "never got" their PIN that was supposed to be mailed to them. The obvious solution would be to send out another to the same address as previously, but the IRS attempted to provide this info over the phone using the same insecure methods of identity verification (credit report query) that had often been guessed/spoofed by identity thieves in the first place. Thieves Nab IRS PINs to Hijack Tax Refunds

more: IRS Suspends Insecure Get IP PIN Feature
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Old 02-11-2017, 10:56 AM   #152
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They were still having security holes with that identity PIN last year, making tax fraud victims vulnerable again, but I think the IRS finally worked them out.

The IRS had a hard time managing the situation when someone calls in claiming they have "lost" or "never got" their PIN that was supposed to be mailed to them. The obvious solution would be to send out another to the same address as previously, but the IRS attempted to provide this info over the phone using the same insecure methods of identity verification (credit report query) that had often been guessed/spoofed by identity thieves in the first place. https://krebsonsecurity.com/2016/03/...k-tax-refunds/

Looks like the IRS did some clamping down. I went ahead a looked at the IRS website to see what's involved in getting a new PIN. One good thing is if there's a credit freeze (which I have), need to unfreeze that first. Also, need a mobile phone in your name.


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To better protect taxpayers, the IRS recently upgraded its identity verification process for certain online self-help tools. The purpose is to prevent taxpayer impersonations and account takeovers by identity thieves. Because the Secure Access Authentication platform is more rigorous, it helps if you prepare to register in advance.
Currently, the Secure Access Authentication process applies to the Get Transcript Online and Get an IP PIN tools.
Here’s what new users need to get started:
  • A readily available email address;
  • Your Social Security number;
  • Your filing status and address from your last-filed tax return;
  • Your personal account number from a:
    • credit card, or
    • home mortgage loan, or
    • home equity (second mortgage) loan, or
    • home equity line of credit (HELOC), or
    • car loan
      (The IRS does not retain this data)
  • A readily available mobile phone. Only U.S-based mobile phones may be used. Your name must be associated with the mobile phone account. Landlines, Skype, Google Voice or similar virtual phones as well as phones associated with pay-as-you-go plans cannot be used;
  • If you have a “credit freeze” on your credit records through Equifax, it must be temporarily lifted before you can successfully complete this process.
https://www.irs.gov/individuals/secu...elf-help-tools
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Old 02-11-2017, 11:32 AM   #153
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One point was that it would head off identity thieves, who tend to file very early using others' information. I still can't do anything about it- I don't have the forms yet although I've run an approximation.
Well, since we don't get our LLC K-1's till late-Feb, no way to stop early file identity thieves anyway.
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Old 02-11-2017, 01:54 PM   #154
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Looks like the IRS did some clamping down. I went ahead a looked at the IRS website to see what's involved in getting a new PIN. One good thing is if there's a credit freeze (which I have), need to unfreeze that first. Also, need a mobile phone in your name.


https://www.irs.gov/individuals/secu...elf-help-tools
A credit freeze is indeed the best way to protect yourself from tax fraud thieves trying to steal your identity.

I think last year when we were finally able to access our IRS accounts again they required phone number.
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Old 02-11-2017, 02:24 PM   #155
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Federal is done and filed!

Turbotax says that Louisiana tax forms that I need are not yet ready, but they will send me an e-mail when I can e-file for Louisiana. I could do it on the state website for free, if they have the forms there, so I might do that. The only reason I use Turbotax for state is that it is more fun and that makes doing taxes less of a drag.

My taxes came out much, much lower than in previous years for a variety of reasons. I am getting a big refund that I did not expect. Also, taking the refund into account I spent less last year than the year before. I don't know why this matters to me but it does.
What a nice surprise to find that I got my IRS refund today. Or maybe earlier; I didn't look at my checking account balance yesterday and it still says "pending" under the date, and probably will for several days (knowing my bank). So anyway, 6-7 days from the day I filed. This is the way it should be! I love that they are getting the refunds back to us so quickly this year.

Also, today I was finally able to update TurboTax with the new Louisiana tax forms, and then e-file for Louisiana. In the past my Louisiana refunds have taken months, so I'm not exactly holding my breath for that one.
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Old 02-11-2017, 09:27 PM   #156
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Don't forget that it is your 2016 MAGI that will be referenced when the new IRMAA brackets start next year. This link has a table of the brackets http://www.investmentnews.com/articl...-beneficiaries
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Old 02-11-2017, 09:49 PM   #157
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Don't forget that it is your 2016 MAGI that will be referenced when the new IRMAA brackets start next year. This link has a table of the brackets http://www.investmentnews.com/articl...-beneficiaries
This is great for me, because my Medicare Part B cost went up this year due to too much 2015 income. But now I'm back in the bottom category again, so they should drop somewhat next year. (whew!)

It's been a good day.
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Old 02-12-2017, 05:11 AM   #158
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still waiting for all 5 1099-composite forms and 1 1099-B. I do like getting them done early
That said.... I usually wait for 1099 corrected to come. Most years I get at least one with some small corrections. It saves me from doing ammended returns.
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Old 02-12-2017, 06:59 AM   #159
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It's hard for me to control refund vs. owing money. I have a lot of mutual funds and ETFs in after-tax investments. I'd made installment payments for 2015 (first year with zero wages) and we owed nothing so got it all back. Made no installment payments for 2016 and due to great investment results I owe a boatload.
I have similar issues + LLC's. I keep comparing this year's income to to the previous & see what's changing. I guesstimate what the total mutual funds & ETFs will payout in Dec., then make IRA withdrawal with tax payments in Dec. & hope I'm close enough. So far so good over 5 years. If I'd owe a penalty for being over $1K low, OK & adjust the next year's tax payment.
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Old 02-12-2017, 07:31 AM   #160
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Waiting on K-1's and they won't show up until March.
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