Just filed my Federal tax return

[OnFire]

I filed online using the Free Fillable Forms on Sunday, February 6th, and our refund was deposited on Monday, February 14th. It was a modest Valentine's Day gift from the IRS (~$70) but still appreciated.

Every year I try to get my parents to e-file, but they are old school. They will probably be waiting months for their refund this year.

 

[Plantman]

I snail mailed my return on 1/24 and had my refund direct deposited on 2/23. Not too shabby, about half the time of last year.

 

[Sunset]

My Federal return using H&R Block software has been a bummer. I have used that software for years, no problem, joint returns. I transferred last year's return (Fed return submitted electronically - no problems) and assumed the personal info was correct. When I went to file electronically it was rejected. Typos on both my and my husband's SSNs, middle initials dropped. Once I fixed that IRS rejected it because they claimed that it didn't match my husband's AGI didn't match their records. Ah, we have filed jointly for years. I verified the AGI on last year's return, the names are in the same order.

I updated H&R Block file today, in the hopes that they had found a glitch in their software. No luck, file rejected.

I will file a paper return. I owe money so not in any great hurry.

Not a happy customer.

Did you try using $0 for the AGI value ?
Some say that it will accept the return then.

 

[OnFire]

I snail mailed my return on 1/24 and had my refund direct deposited on 2/23. Not too shabby, about half the time of last year.

That's not bad! I imagine it helped that you filled so early.

 

[pb4uski]

Got the mail today, and saw an envelope from the Treasury Dept, my paper I-bond from my refund is here! Yay! Wait, another envelope...a lot of envelopes. Maybe they issued 10x$500 bonds? I opened one...$50. WTF? I was on my way down to my son's and the weather was a little sketchy so I didn't want to open them all up. Spent 2.5 hours driving and wondering what the deal was and if they screwed up. Got there and counted 11 envelopes total. Another $50...then a $100. Then a $500. Then a $1000. I'm counting along, and I'm up to $2950 with 3 envelopes left. 2x$1000, then the final $50.

I guess they figured I might want to redeem a smaller amount at some point, and this gives me a lot of flexibility. I wonder how much more work to convert them to E-bonds or virtual or whatever you call what I bought from Treasury Direct.

I was tempted to have $2,500 of i-bonds issued to DW with me as the named beneficiary and vice versa, but I ultimately decided to keep it simple... $5k tme this year, $5k to her next year, etc.

 

[Plantman]

That's not bad! I imagine it helped that you filled so early.

That was the idea and I guess it worked! I wanted to beat the rush. Fortunately I had a simple return this year and was able to get all of my necessary information online.

 

[Brat]

Did you try using $0 for the AGI value ?
Some say that it will accept the return then.

Didn't work.

 

[GenXguy]

I haven't e-filed before.

Does TurboTax Free version or some other free e-file handle a matured brokered CD with a market discount? I didn't sell any shares of stock, so just have basic capital gains distributions and dividends. Wasn't sure if this means I would have to buy a Premier version because of the brokered CD that matured and has a market discount.

 

[ArmchairMillionaire23]

I haven't e-filed before.

Does TurboTax Free version or some other free e-file handle a matured brokered CD with a market discount? I didn't sell any shares of stock, so just have basic capital gains distributions and dividends. Wasn't sure if this means I would have to buy a Premier version because of the brokered CD that matured and has a market discount.

I have not used Turbo-Tax. I went to IRS.gov/freefile and was directed to a page where I could choose between free programs to use. I chose OLT.com and was amazed at how thorough the site was for all the information I needed to enter. I hadn't e-filed in over 10 years, but I was able to take out last year's returns and use them as a guideline for what to enter this year.

 

[GenXguy]

I have not used Turbo-Tax. I went to IRS.gov/freefile and was directed to a page where I could choose between free programs to use. I chose OLT.com and was amazed at how thorough the site was for all the information I needed to enter. I hadn't e-filed in over 10 years, but I was able to take out last year's returns and use them as a guideline for what to enter this year.

I see OLT is one that I might qualify due to my high retirement contributions bringing down my AGI below $73K.

Would it kick me over to a paid version if I had a brokered CD that matured last year and has an accrued market discount? Looks like that requires form 8949. Otherwise, just W2, cap gains distributions, and dividends. Didn't sell stocks.

Or what would be recommended without overbuying to a level I don't need?

I feel like if I'm going to have to pay more due to the brokered CD with market discount, maybe I should just get the H&R Block Deluxe download.

 

[ArmchairMillionaire23]

I do not know if there would be a charge. I see they do include that form as available.

https://www.olt.com/main/vita/supportedforms.asp

I used forms:

• 1040
• Schedule 1
• Schedule 3
• 8995
• Schedule B
• Schedule D
• 8880
• 8889
• 8889 (it shows twice)
• 9325
• Capital Gain
• IRA Deduction Worksheet
• F8880 - Credit Limit Worksheet
• SchD Capital Loss Worksheet
• Carryover Worksheet Information
• SchD Capital Loss Worksheet for 2022

Filing my federal and state returns were free with OLT.

YMMV.

Good luck!

 

[cathy63]

I see OLT is one that I might qualify due to my high retirement contributions bringing down my AGI below $73K.

Would it kick me over to a paid version if I had a brokered CD that matured last year and has an accrued market discount? Looks like that requires form 8949. Otherwise, just W2, cap gains distributions, and dividends. Didn't sell stocks.

Or what would be recommended without overbuying to a level I don't need?

I feel like if I'm going to have to pay more due to the brokered CD with market discount, maybe I should just get the H&R Block Deluxe download.

Do you have a 1099-OID or a 1099-B or both? If you just have a 1099-OID, you file Schedule B. All the free programs should be able to create a Schedule B, since that's the same form you use for reporting interest on a savings account, but I don't know whether they all have an entry screen for a 1099-OID. It's not hard to fill out a Schedule B by hand, so you could use the free fillable forms and the instructions in IRS Pub 1212.

If you also have a 1099-B, then you need a program that can handle 8949 and Schedule D as well. Investment income other than interest and dividends is beyond of a lot of the free apps, but you could still do the free fillable forms, especially if this is the only thing you need to report on the 8949.

 

[GenXguy]

Do you have a 1099-OID or a 1099-B or both?
If you also have a 1099-B, then you need a program that can handle 8949 and Schedule D as well. Investment income other than interest and dividends is beyond of a lot of the free apps, but you could still do the free fillable forms, especially if this is the only thing you need to report on the 8949.

Thank you for the response.

Yes, I have 1099-B, not 1099-OID. It's using the default election method for market discount.

I actually made a previous post (link below) specific to that, which is what indicated I needed the 8949 to make the adjustment to the cost basis of the brokered CD and pay the unadjusted gain as interest income (the unadjusted gain was the letter amount vs. the market discount). I do not need the 8949 for anything else other than that small adjustment to the brokered CD's cost basis.

https://www.early-retirement.org/fo...market-discount-gain-and-interest-113155.html

So, I'll still need Schedule B for reporting that adjustment as interest income as well as the standard interest income earned on that CD and some bank CDs, and for dividends from Vanguard. I didn't sell shares of anything.

I've done it by paper in the past, so I was just trying to figure out an easy way to do it electronically, not overpay, and make sure I'm handling the market discount correctly (per my other post).

 

[GenXguy]

I do not know if there would be a charge. I see they do include that form as available.

https://www.olt.com/main/vita/supportedforms.asp

I used forms:

• 1040
• Schedule 1
• Schedule 3
• 8995
• Schedule B
• Schedule D
• 8880
• 8889
• 8889 (it shows twice)
• 9325
• Capital Gain
• IRA Deduction Worksheet
• F8880 - Credit Limit Worksheet
• SchD Capital Loss Worksheet
• Carryover Worksheet Information
• SchD Capital Loss Worksheet for 2022

Filing my federal and state returns were free with OLT.

YMMV.

Good luck!

I don't see form 8949 listed there, but your return looks more complicated than mine.

 

[ArmchairMillionaire23]

I did not need 8949. But it is listed in the above link as available.
If you register at the OLT site, as you enter your information and your AGI gets narrowed down, they'll tell you if you qualify for free filing. My state (WI) was also free with my AGI but again, YMMV.

 

[cathy63]

Thank you for the response.

Yes, I have 1099-B, not 1099-OID. It's using the default election method for market discount.

I actually made a previous post (link below) specific to that, which is what indicated I needed the 8949 to make the adjustment to the cost basis of the brokered CD and pay the unadjusted gain as interest income (the unadjusted gain was the letter amount vs. the market discount). I do not need the 8949 for anything else other than that small adjustment to the brokered CD's cost basis.

https://www.early-retirement.org/fo...market-discount-gain-and-interest-113155.html

So, I'll still need Schedule B for reporting that adjustment as interest income as well as the standard interest income earned on that CD and some bank CDs, and for dividends from Vanguard. I didn't sell shares of anything.

I've done it by paper in the past, so I was just trying to figure out an easy way to do it electronically, not overpay, and make sure I'm handling the market discount correctly (per my other post).

If you're used to doing your return on paper, you should be able to use the free fillable forms to e-file.

Based on your other post with the numbers in it, you would put the CD on form 8949 Part II with box D checked.
Column (d) = $5000, (e) = $4980, (f) = D, (g) = -20, (h) = 0

The same info goes on Schedule D line 8b since you'll have nothing else to add to those numbers.

Also enter the +20 as interest on Schedule B Part I.

 

[GenXguy]

If you're used to doing your return on paper, you should be able to use the free fillable forms to e-file.

Based on your other post with the numbers in it, you would put the CD on form 8949 Part II with box D checked.
Column (d) = $5000, (e) = $4980, (f) = D, (g) = -20, (h) = 0

The same info goes on Schedule D line 8b since you'll have nothing else to add to those numbers.

Also enter the +20 as interest on Schedule B Part I.

Great, that's what I was thinking, as noted in my update in that post after I read the 8949 instructions. I know I did it wrong last year, not even using 8949, and I paid a bit more tax. But mostly, I just wanted to do it correctly. Thank you,.

 

[scrabbler1]

I mailed out my LF's state (NY) tax return on February 10th, from the PO. Her refund was direct deposited yesterday, February 28th. NY has free fillable forms which generate a bar code for many of them. Her return is simple: single filer, no dependents, 1 job (W2), no other income, standard deduction.

 

[FloridaJim57]

UPDATE: Since I started this thread, here goes. On 2/28 I received a letter in the mail from the IRS requesting hard copies to prove withholdings claimed on all income including pension, SS, etc. My tax guy reviewed my return and told me it was done perfectly. He said to follow their instructions and mail the forms in using the envelope they provided. For the record, I was 100% honest and did not cheat a bit. I mailed it back to them the very next day.

 

[Midpack]

All the Desktop CD/Download programs have all the same forms. You just get more help in the higher versions.

If you are asking about the Online web versions they have different forms.

It can be hard to find forms that aren't part of the easy step interview process, but they are all there. I was buying the Premier version, only to find that Deluxe had all the forms and I was able to file a more complex tax situation with Deluxe - even though Intuit led me to believe I had to have Premier. If you're clever enough (I'm not quite), you could file almost ANY tax situation using nothing but Desktop TT Basic.

 

[RetMD21]

All the Desktop CD/Download programs have all the same forms. You just get more help in the higher versions.
.

WTF? I paid extra for TT Home and Business for schedule C but got zero actual help additional help. Good to know for the future. Thanks

FWIW Vanguard 1099 now has a "document number" so you can import w/o entering your account login info. I thought that was a nice enhancement

 

[braumeister]

WTF? I paid extra for TT Home and Business for schedule C but got zero actual help additional help.

TT Deluxe has everything that 95% of us will ever need, and I always recommend that version.

If it should happen that you need something not included in Deluxe, you can always upgrade from within the program so there is nothing lost by going with the lower tier in the beginning.

 

[RetMD21]

TT Deluxe has everything that 95% of us will ever need, and I always recommend that version.

If it should happen that you need something not included in Deluxe, you can always upgrade from within the program so there is nothing lost by going with the lower tier in the beginning.

I just looked at the comparison grid. H&B is designed for this and that and has "extra help" for some other things, but it looks like you don't really have to have it unless you need to create W2s and 1099s

 

[Midpack]

WTF? I paid extra for TT Home and Business for schedule C but got zero actual help additional help. Good to know for the future. Thanks

FWIW Vanguard 1099 now has a "document number" so you can import w/o entering your account login info. I thought that was a nice enhancement

FWIW I bought Premier for at least 3 years (investments, Roth conversions, etc.) before someone here tipped me off that I could easily get by with Deluxe - confirmed as I’ve used Deluxe for several years now by filling in a couple boxes manually (not covered in interview). Intuits comparison table only references what the interview process covers, and the difference is slight in some tax situations.

 

[Sunset]

UPDATE: Since I started this thread, here goes. On 2/28 I received a letter in the mail from the IRS requesting hard copies to prove withholdings claimed on all income including pension, SS, etc. My tax guy reviewed my return and told me it was done perfectly. He said to follow their instructions and mail the forms in using the envelope they provided. For the record, I was 100% honest and did not cheat a bit. I mailed it back to them the very next day.

Maybe they are wondering about the places that supplied you with the forms. As perhaps the tax sent to them for your withholding doesn't match what you are being told.
Someone could skim the tax money instead of remitting it.