ontrack
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Post by ontrack on Jan 25, 2012 14:51:54 GMT -5
So previously I wrote about an issue where I put more money than the max in my 401k. I got that straightened out, and got a refund of the extra in my last paycheck. My payroll servicer said I will eventually get a corrected W-2 that shows the corrected amount.
My question is do I have to wait for it to file my tax return, or can I just add the extra to my taxable income and subtract it from the 401k line. If it helps, I'm doing my taxes online with turbotax so don't have to send in the hard copy W-2. Thanks.
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Plain Old Petunia
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Post by Plain Old Petunia on Jan 25, 2012 16:06:56 GMT -5
If you are sure you have the right numbers to use, go ahead. It will only be an issue in the event there is some sort of question on your return resulting in an audit or mini-audit. By that time, you should have your W-2C.
But do keep an eye out for it, make sure you receive it, and file it away with the rest of your tax records.
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ontrack
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Post by ontrack on Jan 26, 2012 9:23:05 GMT -5
Thanks Petunia. It ended up being a moot point anyway since I got my corrected W-2 yesterday.
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Post by Savoir Faire-Demogague in NJ on Jan 26, 2012 9:30:30 GMT -5
You should not be filing your tax returns until March, late February at the earliest.
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ontrack
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Post by ontrack on Jan 26, 2012 9:39:25 GMT -5
Yes, well, my husband and I are filing now because we are getting a refund. Bad YM form, but we weren't sure what the change in marriage status would do to our taxes since we both work, so we overwitheld to be safe.
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Post by Savoir Faire-Demogague in NJ on Jan 26, 2012 9:48:52 GMT -5
Yes, well, my husband and I are filing now because we are getting a refund. Bad YM form, but we weren't sure what the change in marriage status would do to our taxes since we both work, so we overwitheld to be safe. By filing early, you may have to refile later due to corrections and changes. Most firms are not sending out 1099s until late February. |
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Plain Old Petunia
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Post by Plain Old Petunia on Jan 26, 2012 10:05:36 GMT -5
I efiled 2 days ago.  |
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Deleted
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Post by Deleted on Jan 26, 2012 10:06:52 GMT -5
We still haven't sent out w-2s to most of our employees... I am still trying to fix them. i hate this shiz.
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salserabarby
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Post by salserabarby on Jan 26, 2012 10:23:21 GMT -5
The IRS isn't going to start processing returns until 2/14/12 anyways.
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Rocky Mtn Saver
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Post by Rocky Mtn Saver on Jan 26, 2012 10:29:59 GMT -5
Yes, well, my husband and I are filing now because we are getting a refund. Bad YM form, but we weren't sure what the change in marriage status would do to our taxes since we both work, so we overwitheld to be safe. By filing early, you may have to refile later due to corrections and changes. Most firms are not sending out 1099s until late February. Don't most 1099's have to be provided to recipients by 01/31, same as W-2's? www.irs.gov/businesses/article/0,,id=243429,00.html |
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Post by Savoir Faire-Demogague in NJ on Jan 26, 2012 10:33:38 GMT -5
By filing early, you may have to refile later due to corrections and changes. Most firms are not sending out 1099s until late February. Don't most 1099's have to be provided to recipients by 01/31, same as W-2's? www.irs.gov/businesses/article/0,,id=243429,00.html No. 1099s for Remics do not get sent out until March 15. Cost basis reporting is in affect for the first time for 2011 tax reporting, and most, if not all firms have filed for extentions. If all you have are W2s and maybe a 1099 from your bank you should be okay. If you have a brokerage account and mutual funds you should wait. |
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salserabarby
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Post by salserabarby on Jan 26, 2012 10:38:01 GMT -5
No. 1099s for Remics do not get sent out until March 15. Cost basis reporting is in affect for the first time for 2011 tax reporting, and most, if not all firms have filed for extentions. If all you have are W2s and maybe a 1099 from your bank you should be okay. If you have a brokerage account and mutual funds you should wait. what's 1099 for Remics? |
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Post by Savoir Faire-Demogague in NJ on Jan 26, 2012 10:45:55 GMT -5
No. 1099s for Remics do not get sent out until March 15. Cost basis reporting is in affect for the first time for 2011 tax reporting, and most, if not all firms have filed for extentions. If all you have are W2s and maybe a 1099 from your bank you should be okay. If you have a brokerage account and mutual funds you should wait. what's 1099 for Remics? Remics are "Real Estate Mortgage Investment Conduits". 1099s are generated for them. |
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Plain Old Petunia
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Post by Plain Old Petunia on Jan 26, 2012 11:21:19 GMT -5
The IRS isn't going to start processing returns until 2/14/12 anyways. I think you may be thinking of last year, when last minute changes to several forms delayed processing until 2/14/11. |
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Plain Old Petunia
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Post by Plain Old Petunia on Jan 26, 2012 11:24:12 GMT -5
By filing early, you may have to refile later due to corrections and changes. Most firms are not sending out 1099s until late February. Don't most 1099's have to be provided to recipients by 01/31, same as W-2's? www.irs.gov/businesses/article/0,,id=243429,00.html The real deadline for 1099s is 2/28, when Copy A along with form 1096 must be submitted to the IRS. Nobody gets excited about the copy sent to the recipient. |
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Plain Old Petunia
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Post by Plain Old Petunia on Jan 26, 2012 11:25:57 GMT -5
No. 1099s for Remics do not get sent out until March 15. Cost basis reporting is in affect for the first time for 2011 tax reporting, and most, if not all firms have filed for extentions. If all you have are W2s and maybe a 1099 from your bank you should be okay. If you have a brokerage account and mutual funds you should wait. If you receive an amended 1099, you just amend your return. No biggie. Some of us are chomping at the bit to get our hot little hands on our refunds.  |
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Rocky Mtn Saver
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Post by Rocky Mtn Saver on Jan 26, 2012 11:28:47 GMT -5
The real deadline for 1099s is 2/28, when Copy A along with form 1096 must be submitted to the IRS. Nobody gets excited about the copy sent to the recipient. The statement was about when firms would be sending out their 1099's, which someone said was late February. I just pointed out that most business send out most 1099's to recipients by the IRS deadline of the end of January. Whether they're correct or not is another matter. ;D |
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The J
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Post by The J on Jan 26, 2012 11:41:11 GMT -5
No. 1099s for Remics do not get sent out until March 15. Cost basis reporting is in affect for the first time for 2011 tax reporting, and most, if not all firms have filed for extentions. If all you have are W2s and maybe a 1099 from your bank you should be okay. If you have a brokerage account and mutual funds you should wait. Most people who also have brokerage accounts and mutual funds don't have REMICs to worry about. |
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Post by Savoir Faire-Demogague in NJ on Jan 26, 2012 12:39:38 GMT -5
Some of us are chomping at the bit to get our hot little hands on our refunds. 
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Post by Savoir Faire-Demogague in NJ on Jan 26, 2012 12:40:36 GMT -5
Most people who also have brokerage accounts and mutual funds don't have REMICs to worry about.
I tossed out the remic's issue as an illustration, not that everyone holds them.
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moon/Laura
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Post by moon/Laura on Jan 26, 2012 20:16:56 GMT -5
moving to the TAX board..
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mwcpa
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Post by mwcpa on Jan 26, 2012 21:14:46 GMT -5
generally, 1099 forms are due to recipients on or before 1/31 (postmark), but in practice only little guys have to follow this rule as almost every single big bank asks for and is granted permission to provide them later.... I actually had a client be notified by his broker last year that he would get his 1099 after March 15.... once I had a client get 5 "amended" 1099s.... exotic investments have lead to this.....
one should wait for the proper w-2 before they file their tax forms...
and "The IRS will begin accepting e-file and Free File returns on Jan. 17, 2012." (from IRS.gov)
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mcmurraychick
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Post by mcmurraychick on Feb 22, 2012 17:54:45 GMT -5
The IRS isn't going to start processing returns until 2/14/12 anyways. [/quote wrong! the irs began processing returns on 01/1/2012 i received my refund on01/28/2012. i can file early as i only worked one job ( and had my w2 on 01/08/2012) and NO 1099 forms |
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taxref
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Post by taxref on Feb 22, 2012 20:35:25 GMT -5
Its a moot point now, but MWCPA is correct.
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