Just filed my Federal tax return

[GalaxyBoy]

Still waiting for Schwab's 1099 composite statement which had been expected on 2/5 but now they show 2/18. I've already got my return filled out with estimated numbers so it won't take long. The biggest uncertainty is the amount of foreign tax paid by an international fund. I should get a refund for the first time in years, a function of withholding an amount equal to last years' tax liability which for some reason is more than this year.

 

[SecondCor521]

I should get a refund for the first time in years, a function of withholding an amount equal to last years' tax liability which for some reason is more than this year.

It's good practice to compare returns side by side, especially so if the result is unexpected. Doing so generally will reveal the reason for the different result, and can possibly clue you in to a mistake before filing which will save having to amend and/or IRS hassle later.

 

[Brat]

I am using H&R Block software. Evidently, IRS has not finalized the Social Security worksheet so I can't e-file. The next update is scheduled for 2/17. Arrah!!!

 

[SecondCor521]

I am using H&R Block software. Evidently, IRS has not finalized the Social Security worksheet so I can't e-file. The next update is scheduled for 2/17. Arrah!!!

Weird. I work for AARP Foundation Tax Aide, and have prepared and transmitted several returns with the SS worksheet that calculates how much of one's SS is taxable. So I'm pretty sure the worksheet is finalized at the IRS.

Maybe H&R Block hasn't done some of their work, or maybe you have an unusual SS situation and the worksheet you mean is not the one I'm familiar with.

 

[Midpack]

Though I was glad to get my consolidated tax info from Vanguard earlier than past years 1099-DIVs and other necessary docs - it hasn’t helped as TurboTax doesn’t have Form 1116 or 2210 working properly (even though the IRS does) and the state form isn’t working correctly either. [All three forms have TT’s “do not file” red exclamation !] I have all the docs I need now, but this year I’ll be waiting for TurboTax

TT estimates that Form 2210 will be available to the PC program on 3/17/22. The new IRS form 2210 for 2021 that is available on the IRS site. Update: TT says there is a new Form 2210 that will be out 2/24?

Form 1116, Foreign Tax Credit is estimated to be finalized on 02/17/2022. Looking on the IRS website today (01/28/2022) I see the 2021 Form 1116 available now, why would it not also be available in TurboTax?

 

[aja8888]

I'm waiting for a 1099 for my brokerage account as it won't be available until the 18th.

Also, Schwab (the Custodian) makes a filing for my K-1 (IRA holds the MLP) that comes out in March from my pipeline MLP. Last year, they filed it in October and sent me a copy. Since the MLP never has enough unrelated business income to trigger the $1,000 min. for tax purposes, the filing is just done for reporting purposes.

 

[frayne]

Downloaded the HRB tax software this week and made a first pass since I got my VG 1099B earlier than usual. Looks like I will owe ~$31. I'll still wait and file late March, early April just in case of a corrected 1099 or some other tax document out there in hiding. Doing a 1040X is a PIA, don't ask me how I know this.

 

[SecondCor521]

Downloaded the HRB tax software this week and made a first pass since I got my VG 1099B earlier than usual. Looks like I will owe ~$31. I'll still wait and file late March, early April just in case of a corrected 1099 or some other tax document out there in hiding. Doing a 1040X is a PIA, don't ask me how I know this.

Under certain conditions, 1040X's can now be e-filed, which makes it easier.

I agree with you that a paper amended is a pain, especially if it impacts the state return as well which it often does.

 

[Mark1]

Filed my Federal taxes earlier this week using the Free File link at the IRS website. I have always done our taxes by hand so not having a software package is no big deal to me.

(Truth be told, I am glad I don't have to do Form 6251 by hand anymore).

 

[jazz4cash]

I may be filing in the next two days as well.
And depending on how my withholding compares to my total tax liability, I'll be adjusting it a bit with a target of owing $300 to $500 in additional tax next year at this time.

In the somewhat unlikely event of Identity Theft, it's much better to be owing a bit more rather than expecting a refund...

I don’t think identity theft factors in. The crooks will make up whatever numbers they need to produce a fat refund.

 

[REWahoo]

I don’t think identity theft factors in. The crooks will make up whatever numbers they need to produce a fat refund.

Yep, doesn't matter whether or not you are due a refund to the bad guys.

I try to reduce my odds of identity theft by filing a return sooner rather than later, hoping to avoid being the second to file and having to prove I am really me. That's why I always try to file by mid February.

 

[Kwirk]

I am using H&R Block software. Evidently, IRS has not finalized the Social Security worksheet so I can't e-file. The next update is scheduled for 2/17. Arrah!!!

+1

 

[Helen]

We filed for an extension since we are wintering in Palm Springs. We will probably file in May or June.

 

[F.I.R.E User]

H&R Block is free again? If not I will use Cash App.

 

[Tom57]

I tried TurboTax a few years ago as a check on my spreadsheet. I got total garbage from it, and my taxes aren't that tough to do. I couldn't even fudge my numbers to try to match anything I expected. I tossed it in the trash. From my admittedly warped perspective, I have no idea how TT works correctly for anyone. I'll stick with my spreadsheet as I have done for the last 26 of the 36 years I have been completing my tax forms. I don't trust E-filing, either. I'll print out my forms and mail them in.

I also use a spreadsheet to estimate my taxes for the last 20 years or so. For my 2019 and 2020 tax years, TurboTax was within 3 dollars of my spreadsheet. For the tax year 2021, TT was off compared to my spreadsheet by 11 dollars an amount that I looked into. TT was correct and my spreadsheet was off due to the taxable portion of Social Security. I like TT and at a cost of $0.00, I like the cost also. I Efile.

 

[badatmath]

I filed today. Really irritates me state is not free efile so I sent them a paper copy. I noticed TT not have "tax history" for prior years like it usually does after importing prior year. Didn't need it but just like why are they importing less I want them to import MORE.

 

[Yipper]

Long time Turbo Tax user here and just a few weeks ago I was sent an email from Intuit letting me know they had a calculation mistake last year that may have affected my return.

What’s great is that they figured I may ignore that email (like I did actually - thinking it was an advertisement) and sent me a text message referring back to the email.

After reading the info they shared and updating the 2020 version, I did in fact have a nontrivial change in my favor. I’ve since filed amended returns and Intuit (as an apology) refunded what I paid them last year.

For comparison, I used an accountant for two years a few years back due to some complexity in my situation where I wanted a “pro” to look things over and when I took things back into my own hands I found he’d made a mistake. I’m still waiting for him to call me and let me A) know about the mistake and B) refund his fee.

 

[FLSUnFIRE]

I just got my refund (e-filed a week ago using HR Block), did I win? Earliest refund I've ever received and probably my earliest filing as well.

 

[latexman]

Life-long TT user here. I got TT Deluxe from Costco for $39.99 and downloaded it last night. I did my first pass on Federal. I owe $1.4k, which is 2.2% of my Total Tax. Not bad!

NC's D-400 form has not dropped yet. They say mid-February.

I'm not in a hurry, so I'll noodle over my Federal return some more until then.

 

[harllee]

Life-long TT user here. I got TT Deluxe from Costco for $39.99 and downloaded it last night. I did my first pass on Federal. I owe $1.4k, which is 2.2% of my Total Tax. Not bad!

NC's D-400 form has not dropped yet. They say mid-February.

I'm not in a hurry, so I'll noodle over my Federal return some more until then.

Wonder why the NC forms are late this year? I have never known NC to be late

 

[W2R]

Yesterday I got my last 1099! So, I e-filed both state and local immediately. I had already entereded the rest of what TurboTax wanted, and was just waiting for that 1099.

This is the first year when that particular 1099 didn't arrive in January, so I was worried - - but feel much better about it now. It's so nice to have my taxes done and behind me, at last.

I'll be getting small refunds for both.

 

[SecondCor521]

This is the first year when that particular 1099 didn't arrive in January, so I was worried - - but feel much better about it now. It's so nice to have my taxes done and behind me, at last.

It depends on the kind of 1099, but for several of the more common types, I think the rule is that the issuer needs to send them by 1/31. If your last 1099 was mailed from another state, it wouldn't be surprising for it to take until today or even early next week for it to wind its way through the USPS to your mailbox.

 

[scrabbler1]

It depends on the kind of 1099, but for several of the more common types, I think the rule is that the issuer needs to send them by 1/31. If your last 1099 was mailed from another state, it wouldn't be surprising for it to take until today or even early next week for it to wind its way through the USPS to your mailbox.

Sometimes, the investment companies get extensions. With one company, I have a single, national muni bond fund. While I have already received the year-end annual account statement and the percentage of dividend income exempt from my state income taxes, I am still waiting for the 1099B form because I wrote one check on the account last year. I need to see the 1099B form because it will tell me how to report the sale on Form 8949. I do not expect any of the shares I sold to have their cost basis reportable to the IRS (because I bought them before 1/1/2012, using FIFO), but until I see the 1099B form I won't know for sure (I had a surprise last year from my other investment company due to a tiny wash sale which frigged up the cost basis by a few dollars).

I probably could complete my state income tax forms but I owe them some money so there is no hurry. Still, it's kinda annoying to have to wait an extra 2 weeks to get this form because I am due a hefty refund on the federal side and would like to get the process started.

 

[SecondCor521]

Sometimes, the investment companies get extensions. With one company, I have a single, national muni bond fund. While I have already received the year-end annual account statement and the percentage of dividend income exempt from my state income taxes, I am still waiting for the 1099B form because I wrote one check on the account last year. I need to see the 1099B form because it will tell me how to report the sale on Form 8949. I do not expect any of the shares I sold to have their cost basis reportable to the IRS (because I bought them before 1/1/2012, using FIFO), but until I see the 1099B form I won't know for sure (I had a surprise last year from my other investment company due to a tiny wash sale which frigged up the cost basis by a few dollars).

I probably could complete my state income tax forms but I owe them some money so there is no hurry. Still, it's kinda annoying to have to wait an extra 2 weeks to get this form because I am due a hefty refund on the federal side and would like to get the process started.

That's why I wrote that it depends on the type of 1099.

1099-Bs, which is the type of 1099 you reference, is required to be sent by February 15th. At least as far as I can tell - the instructions on the IRS site about this kind of stuff is long and complex.

So your broker still has another 10 days or so to put your 1099-B in the mail to you (or file for an extension, which would give them another 30 days).

I agree and sympathize with you about the waiting part. My return this year might depend on my son's return (Form 8962 Line 2b), and I'm due a hefty federal refund as well. And said son is in college in Oklahoma so it'll be tricky to figure out how to work with him remotely to complete his return.

 

[W2R]

It depends on the kind of 1099, but for several of the more common types, I think the rule is that the issuer needs to send them by 1/31. If your last 1099 was mailed from another state, it wouldn't be surprising for it to take until today or even early next week for it to wind its way through the USPS to your mailbox.

Good explanation! Mine was just a very simple 1099-DIV for a small ($200) mutual fund yield, that I get every year from a company in Manhattan.

For some reason I was thinking they had to get the 1099 to me by 1/31, but you're right; now that I think about it, they only need to be *sent* by 1/31. Next time hopefully I will remember that.