2016 Income Tax Status

[audreyh1]

I think Fidelity gives you a personalized estimate based on the funds or other investments that you own in your brokerage account.

 

[easysurfer]

Started preparing my taxes last night and continued more this afternoon. Definitely not a one sitting deal for me. I plan on first, do my best at answering the TT questions that I think is right, second, verify that I input all the numbers correctly, third do the e-filing part. First year on the ACA for me, so took some reading and re-reading about how to handle insurance payment premiums in TT.

 

[RobbieB]

I wait for the stuff to come in the mail and enter the info statement by statement. After Ive got them all I wait some more and do my double checking. Then early April, I'll e-file them.

 

[CaptTom]

I e-filed via the free gov't "FreeFileForms" option, and my state has a similar deal.

The whole thing took about 4 hours, counting the time puttering around at other chores in between, and doing a 2017 look-ahead which involved basically doing the whole thing over again after taking out my half-year salary from 2016 and substituting values for my pension.

It'll be quicker next year, this year was a combination of w*rk and retirement.

Admittedly, without any investments outside my 401k, or any business stuff any more, it's a relatively simple return.

I think if I had to gather all my paperwork and computer records up, drive to an accountant's office for an appointment, and drive home, it would easily take more time and effort than just doing it myself.

 

[bingybear]

1099R is in, 1099-composite from brokerages are still in the either.

 

[W2R]

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.

 

[CaptTom]

For the record, the US Gov't FreeFileForms submission also asked for driver's license information this year. So it's not just the software companies. Maybe it's an IRS rule.

Keeping others from defrauding me and messing up my taxes is a good thing, and I'm glad they do it. I do wonder about the folks who don't have a license.

 

[DFA]

Done, Filed, and refunds received in 8 days.

 

[W2R]

Done, Filed, and refunds received in 8 days.

That's fast! I can't wait to see that big IRS refund showing up in my checking account.

I think that in another 5 days I'll be able to e-file my Louisiana return too since Louisiana should have the forms ready by then (according to Intuit).

 

[scrabbler1]

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.

 

[eytonxav]

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.

 

[easysurfer]

I'm sitting pretty. Have done everything but e-filed (just in case in get any 1099 corrections in about the next month before I file). The rest is checked and verified in TT.

 

[REWahoo]

Just e-filed my federal return. I'm going to blow off filing a state return this year.

 

[audreyh1]

Just e-filed my federal return. I'm going to blow off filing a state return this year.

Ha ha!

Me too!

 

[skipro33]

My 1099s are available now.

Me too. Fidelity sent me an e-mail link weeks ago to access them PDF files.

 

[sengsational]

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!

 

[Souschef]

Waiting

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

 

[athena53]

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.

 

[gerntz]

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.

 

[braumeister]

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.

 

[sengsational]

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.

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.

 

[athena53]

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.

 

[audreyh1]

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.

 

[REWahoo]

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.

 

[easysurfer]

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.