Tax Filing - Early Bird Doesn't Get the Worm

[Texas Proud]

Quote:

Originally Posted by easysurfer Well, I definitely will be file amended returns this year. Not only did I receive a corrected 1099-OID, but also a 1099-B which I had not received when I filed earlier. The problem child is me investing in peer-to-peer lending, namely, The Lending Club. Which brings another question on the proper way to input 1099-OID info in Turbotax. On the statement, that shows the individual note number and then the Box 1 amounts (some only a few cents as in Lending Club, $25 loans are the minimum). For recording purposes of the 1099-OID, is it right to just put in the Payer and total amount (in this case, Lending Club, and say $45)? Or is it correct to input each note? (in this case, about 50 notes total, which should sum up up to the $45).

Who is listed as the payor If Lending Club, then put it all in one...

If there are multiple payor numbers (ie, the SS of every loan)... I do not know... but I would just put down "multiple payors thru Lending Club" and put down the $45...

[easysurfer]

Yes, Lending Club is listed as the payer. As for the individual note, only a note number and my account number on the description.

I'm satisfied with just listing Lending Club and the summary like you suggested.

As I was thinking, no way would I list each note as for me, that's doable as I only have about 50 notes (I'm not adding any more into Lending Club and look forward to when all the notes matue), but I can imagine someone who invests a lot would have thousands of notes. Just common sense, no way would those folks be expected to list all of them, I'd think.

[JoeWras]

After a few years of amended 1099s leading to my amending my tax form, I simply do the work in turbotax when I get around to it, and then press the button after April 1.

It is just a hassle to do the amendment.

"1099" has become a dirty word in my vocabulary.

[easysurfer]

So, I went ahead and mailed off my 1040 amended return at the friendly local post office.

A couple of things I noticed. First, the post office sure has cut down and what used to be three open windows only had one person working. Second, Delivery Confirmation is replaced with USPS Tracking and is included automatically with Priority Mail (no more slips to fill out).

[W2R]

Quote:

Originally Posted by easysurfer So, I went ahead and mailed off my 1040 amended return at the friendly local post office. A couple of things I noticed. First, the post office sure has cut down and what used to be three open windows only had one person working. Second, Delivery Confirmation is replaced with USPS Tracking and is included automatically with Priority Mail (no more slips to fill out).

My local post office has become so undependable that I don't feel comfortable mailing something as important as a tax return any more. I mailed my property taxes in early December. After a month the check still hadn't cleared, so I ended up having to pay to cancel the check. Then I paid online, plus a late fee, in mid January.

I think this is just a local problem, though, and I imagine you should be fine. Besides, with an amended return you don't really have any choice.

Anyway, I e-filed last night, and I will be getting a whole $80 refund. I'll try not to spend it all in one place!

[marko]

This is weird. Using TT, I usually enter info as becomes available.

I did NOT do any updates but when I went to enter new info today, it seemed that my return was slightly higher.

I could've sworn my return-to-date was X but when I opened the file today (and yes, before entering any info) it was X+$30.

Is this possible or just having a "senior moment"?

[W2R]

Quote:

Originally Posted by marko This is weird. Using TT, I usually enter info as becomes available. I did NOT do any updates but when I went to enter new info today, it seemed that my return was slightly higher. I could've sworn my return-to-date was X but when I opened the file today (and yes, before entering any info) it was X+$30. Is this possible or just having a "senior moment"?

If you told it to do automatic updates, could it have done a minor update without asking first? I don't recall.

Usually I do the manual updates, but this year for some reason I told it to do automatic updates. I am a little nervous that it could change things after the fact like that. However, since I began using TT (only about 6-7 years ago) the IRS has accepted all my returns without even a peep so it is hard to worry much about it.

[Original Wally]

Quote:

Originally Posted by W2R Anyway, I e-filed last night, and I will be getting a whole $80 refund. I'll try not to spend it all in one place!

Way to stoak the economy!

[Original Wally]

Anyone know when the Vanguard REIT (VGSLX) 1099 will get issued? Last piece of info then... Click.

(for 2009 I had an unusually large refund due to the withholding on a lot of vacation pay on the books @ retirement. That year, I went ahead and filed w/out a final piece to get the refund started. Then did the amended once the final piece came in and sent them a small check snail mail. Worked. )

[timo2]

IRS furloughs would begin this summer

IRS furloughs would begin this summer -- FederalDaily.com

I feel better now, as I just filed my taxes