2016 Income Tax Status

[audreyh1]

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

 

[easysurfer]

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/thieves-nab-irs-pins-to-hijack-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.

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/secure-access-how-to-register-for-certain-online-self-help-tools

 

[gerntz]

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.

 

[audreyh1]

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/secure-access-how-to-register-for-certain-online-self-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.

 

[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.

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.

 

[GrayHare]

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/artic...g-soon-for-high-income-medicare-beneficiaries

 

[W2R]

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/artic...g-soon-for-high-income-medicare-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.

 

[bingybear]

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.

 

[gerntz]

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.

 

[aja8888]

Waiting on K-1's and they won't show up until March.

 

[IMATERP]

I filed on the 30th of January and saw my refund on the 4th of Februay direct deposited into our account.

I didn't have my Fidelity statements but was able to piece together the total when looking at the Tax section of 2016. Only dividends and a couple of stock sales.

I also filed timely due to the recent news articles regarding scams.

Michael

 

[exnavynuke]

I filed Friday. I decided to use H&R block's software this year (been using TT for years) to save some money. Turned out I didn't save much money (didn't take into account the cost of efiling state) and really didn't care for the software. I'll be going back to TT next year I think.

 

[whatnot]

I filed today. Expecting a large refund - which I guess is better than a large payment due. I generally do a better job in projecting taxes. Hope the refund comes quickly

 

[RobbieB]

Just received the tax stuff from the broker today. 27 pages long.

I know what I'll be doing tomorrow.

 

[Souschef]

I called the company today, and was told it would be available on line by the February 28th or sooner. I am getting a large refund this year (Yes, I know it is MY money)

 

[Gumby]

Mailed my returns last week. Owed $270 to the state. Due a refund of $230 from the feds. It is the closest to even that I've come in the last 35 years or so.

 

[kimcdougc]

Going to get taxes done tomorrow. Expecting some $ from the ACA exchange since we paid it all up front. Fun fun. Now where to go when we get all that doe? Think a month or two down to California and over to New Mexico maybe.

 

[RobbieB]

A couple of hours and the big statement went in. One more 1099 to go, not here yet.

 

[calmloki]

Collected all the 1099s, gathered together all the rental reports, pulled together all the property sale and loan interest amounts. Divided them all up betwixt me and the gal. In December we had sent in our state and Federal quarterlies and a rude amount of $$ due to the sale (on time payments) of a little rental house. Pulled down the savings accounts a fair amount. Sunday we sent all the paperwork to our tax person and i expect a thick return with nasty new amounts due and quarterlies for the coming year. We will both be paying more for medicare part D and drug coverage.

In the whole scheme of things, an absurd problem to complain about.

 

[RobbieB]

Yeah Baby!

If you have to pay lottsa tax it's because you made lottsa dough.

That's why I love to pay taxes -

 

[Philliefan33]

Pushed the button to e-file our federal return today. I'll finish up our state(s) and mail them in late March.

 

[Sue J]

I e-filed with FreeTaxUSA.com on Feb 12th. The refund is approved and should be in our bank on Feb. 27th according to "Where's My Refund" at irs.gov

I filed our state tax at the state website (free vs $12.95 at freetaxusa) and the refund was deposited today.

Much better than last year when we had issues with missing 1095-A forms.

 

[Gotadimple]

I efiled on Feb 19, income tax refund was deposited in my checking account today. So, 11 days to process, approve and send the money.

- Rita

 

[madsquopper]

Drat. Thought I had pretty much optimized our estimated tax payments throughout last year, which I had, until I got all the way through and got the dreaded AMT hit (first time it ever happened). Hopefully won't be a recurring problem; there were a few one-time income boosts that likely triggered it.

 

[audreyh1]

Wel, we've done all our taxes, but we're still waiting for foreign income info from a Fidelity mutual fund. It's usually 100%, and we entered that, but we've got to know for sure.