minnesotapaintlady
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Post by minnesotapaintlady on May 19, 2021 7:38:10 GMT -5
If you pay by check, they will cash it as soon as the envelope is opened. That does not mean your return is processed. As long as it is postmarked by May 17, you are good. If I owed and was mailing on May 17, I would somehow get a postmark and take a photo with my phone (is getting a postmark even possible any more?) or send it certified mail, return receipt requested. That's the advice we always gave our clients when filing on the exact due date. You want the statute of limitations to start, especially if you owe. If audited, interest starts on the later of the due date or filing date. Same for penalties. Not that it is likely you will be audited. The extra stimulus that I was deposited in my account was gone by the next day. I had never used that account with the IRS so I don't know how the money got there. I knew it wasn't mine so I wasn't going to spend it. ETA: I did have the state withdraw what I owed this year. The correct amount came out on the date specified. I ended up filing for an extension because I didn't know how to handle the fact I did not receive stimulus payments on the 1040. The one time I filed an amended form because of a mistake I made, I learned how little of the 1040 you can actually amend. I'd really like to figure that out and get it in by month end even though I should be getting some money back. Were you using software? TurboTax specifically asked what you received in stimulus payments. If it was less than you were supposed to it tacked it on as a credit.
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TheOtherMe
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Post by TheOtherMe on May 19, 2021 9:49:40 GMT -5
Don't forget Free File options. As MPL said, the software will calculate your credit if you didn't receive the stimulus payment.
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Opti
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Post by Opti on May 19, 2021 16:07:18 GMT -5
I ended up filing for an extension because I didn't know how to handle the fact I did not receive stimulus payments on the 1040. The one time I filed an amended form because of a mistake I made, I learned how little of the 1040 you can actually amend. I'd really like to figure that out and get it in by month end even though I should be getting some money back. Were you using software? TurboTax specifically asked what you received in stimulus payments. If it was less than you were supposed to it tacked it on as a credit.
Because of that issue I was thinking of using the free efile software for the first time ever. Does anyone know of which ones are good and whether they all require you uploading pics of your W2 and health insurance info? I would have to scan that into a file from work and I think the one I glanced at assumes you are going to take a pic with your phone. (Can't do that with my phone and nervous about doing it if I could.)
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Opti
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Post by Opti on May 19, 2021 16:08:43 GMT -5
Don't forget Free File options. As MPL said, the software will calculate your credit if you didn't receive the stimulus payment. That's the plan actually, the free file sw. The few I checked out really don't let you check out your options. They list what they can handle and then you are forced to create the login/pw.
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minnesotapaintlady
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Post by minnesotapaintlady on May 19, 2021 17:04:22 GMT -5
Were you using software? TurboTax specifically asked what you received in stimulus payments. If it was less than you were supposed to it tacked it on as a credit.
Because of that issue I was thinking of using the free efile software for the first time ever. Does anyone know of which ones are good and whether they all require you uploading pics of your W2 and health insurance info? I would have to scan that into a file from work and I think the one I glanced at assumes you are going to take a pic with your phone. (Can't do that with my phone and nervous about doing it if I could.) I've never had to upload pics of anything doing my taxes. My W2 auto-imports from ADP but you can manually enter the boxes if you want and you're not required to give health insurance info. I've used the Free file versions of Turbo tax and TaxAct. They're pretty similar.
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minnesotapaintlady
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Post by minnesotapaintlady on May 19, 2021 17:06:21 GMT -5
Don't forget Free File options. As MPL said, the software will calculate your credit if you didn't receive the stimulus payment. That's the plan actually, the free file sw. The few I checked out really don't let you check out your options. They list what they can handle and then you are forced to create the login/pw. But you don't have to use the software just because you created a username and password. You can go in there and play around with it and if you don't like it use something else.
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teen persuasion
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Post by teen persuasion on May 20, 2021 14:20:29 GMT -5
I've used the free file TurboTax for years.
I just enter the info in each box for our w2s, 1099s, etc.
The first time using it is probably the longest, because you need to enter ALL your info. Later years it remembers all our address, SS #, kids' SS #, employer name/addresses (even if it can't download our w2s). But MFJ w/ several dependents is more info than single, so probably not too bad for you.
Biggest thing I've learned the hard way: start from my state's tax website free file link, not the IRS's link. Otherwise the state return might not be free, too. At least, that's NY's gotcha.
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bean29
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Post by bean29 on May 20, 2021 14:42:52 GMT -5
I ended up paying Turbo Tax $25 to file DS's State Return. I have used the State link in other years to do it for free, but I was trying to do it on Monday from home, and the software form was not loading. In other years, I did it from my work computer, and I still had trouble getting the form to load, but eventually got it to work.
DS was not home, I had filed his federal Return a month or so ago, and I did not know how to extend the State when the Federal did not need to go on extension. So I just paid it. I was hoping it would let me deduct the $25 from his $601 refund, but no. I had to enter my CC info.
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tractor
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Post by tractor on May 21, 2021 10:13:34 GMT -5
I ended up paying Turbo Tax $25 to file DS's State Return. I have used the State link in other years to do it for free, but I was trying to do it on Monday from home, and the software form was not loading. In other years, I did it from my work computer, and I still had trouble getting the form to load, but eventually got it to work. DS was not home, I had filed his federal Return a month or so ago, and I did not know how to extend the State when the Federal did not need to go on extension. So I just paid it. I was hoping it would let me deduct the $25 from his $601 refund, but no. I had to enter my CC info. In sure he’ll pay you back, just like my kids do...😂
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bean29
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Post by bean29 on May 21, 2021 11:01:17 GMT -5
I ended up paying Turbo Tax $25 to file DS's State Return. I have used the State link in other years to do it for free, but I was trying to do it on Monday from home, and the software form was not loading. In other years, I did it from my work computer, and I still had trouble getting the form to load, but eventually got it to work. DS was not home, I had filed his federal Return a month or so ago, and I did not know how to extend the State when the Federal did not need to go on extension. So I just paid it. I was hoping it would let me deduct the $25 from his $601 refund, but no. I had to enter my CC info. In sure he’ll pay you back, just like my kids do...😂 He would, but I don’t plan to ask for it.
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Opti
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Post by Opti on May 21, 2021 13:56:06 GMT -5
I've used the free file TurboTax for years. I just enter the info in each box for our w2s, 1099s, etc. The first time using it is probably the longest, because you need to enter ALL your info. Later years it remembers all our address, SS #, kids' SS #, employer name/addresses (even if it can't download our w2s). But MFJ w/ several dependents is more info than single, so probably not too bad for you. Biggest thing I've learned the hard way: start from my state's tax website free file link, not the IRS's link. Otherwise the state return might not be free, too. At least, that's NY's gotcha. I think the IRS free file options hope you use them for state returns even if they charge.
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minnesotapaintlady
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Post by minnesotapaintlady on May 21, 2021 14:01:43 GMT -5
The IRS FreeFile selection tool has pretty good descriptions of each option and which include free state.
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bean29
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Post by bean29 on May 21, 2021 14:08:55 GMT -5
The IRS FreeFile selection tool has pretty good descriptions of each option and which include free state.
I always buy TT to do my own return. I am lazy-I can do about 5 federal returns free. So I use the State Dept of Revenue link, or I mail it for my kids. I was willing to pay to e-file DS’s this year b/c he is buying a house and would like the $$.
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minnesotapaintlady
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Post by minnesotapaintlady on May 21, 2021 14:48:54 GMT -5
The IRS FreeFile selection tool has pretty good descriptions of each option and which include free state.
I always buy TT to do my own return. I am lazy-I can do about 5 federal returns free. So I use the State Dept of Revenue link, or I mail it for my kids. I was willing to pay to e-file DS’s this year b/c he is buying a house and would like the $$. I'm also assuming you don't qualify for FreeFile as it's only for filers with under 72K AGI.
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bean29
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Post by bean29 on May 24, 2021 11:10:42 GMT -5
I always buy TT to do my own return. I am lazy-I can do about 5 federal returns free. So I use the State Dept of Revenue link, or I mail it for my kids. I was willing to pay to e-file DS’s this year b/c he is buying a house and would like the $$. I'm also assuming you don't qualify for FreeFile as it's only for filers with under 72K AGI. Yes, our income is too high. Also DH is self employed and we own rentals, so we need Schedule C, SE and F, I doubt they come in “Free” versions
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minnesotapaintlady
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Post by minnesotapaintlady on May 24, 2021 11:36:21 GMT -5
I'm also assuming you don't qualify for FreeFile as it's only for filers with under 72K AGI. Yes, our income is too high. Also DH is self employed and we own rentals, so we need Schedule C, SE and F, I doubt they come in “Free” versions If you meet the income requirements to Freefile, I don't think the forms matter. TurboTax FreeFile supports all these forms. My son had to file the SE form, and had taxable scholarships and Kiddie Tax on 8615.
982 Reduction of Tax Attributes Due to Discharge of Indebtedness 982WKS Cancellation of Debt Worksheet 1040 Form 1040: Individual Tax Return 1040-SR Form 1040-SR - U.S. Tax Return for Seniors Schedule 1 Additional Income and Adjustments to Income Schedule 2 Additional taxes Schedule 3 Additional Credits and Payments 1040 SCH A Schedule A: Itemized Deductions 1040 SCH B Schedule B: Interest & Dividend Income 1040 SCH C Schedule C: Profit or Loss from Business 1040 SCH D Capital Gains and Losses 1040 SCH E Supplemental Income and Losses, including rental property 1040 SCH EIC Schedule EIC: Earned Income Credit 1040 SCH F Profit or Loss from Farming 1040 SCH H Household Employment Taxes 1040 SCH J Farm Income Averaging 1041 SCH K-1 Estates and Trusts 1065 SCH K-1 Partner's Share of Income, Credits, Deductions 1040 SCH SE Schedule SE: Self-Employment Tax 1040 SCH R Credit for Elderly or Disabled 1040-ES Estimated Taxes for Individuals 1040-V Payment Vouchers 1040-X Amended U.S. Individual Income Tax Return 1095-A Health Insurance Marketplace Statement 1098 Mortgage Interest Statement 1098-C Contributions of Motor Vehicles, Boats, Airplanes 1098-E Student Loan Interest Statement 1098-T Tuition Statement 1099-A Acquisition or Abandonment of Secured Property 1099-B Proceeds from Broker Transactions 1099-C Cancellation of Debt 1099-DIV Dividend and Distributions 1099-NEC Non Employee Compensation 1099-G Certain Government Payments 1099-K Payment Card and Third-Party Network Transactions 1099-INT Interest Income 1099-OID Original Issue Discount Worksheet 1099-Q Payments From Qualified Education Programs 1099-R Distributions From Pensions, Annuities, Retirement, etc. 1099-SA Distribution for Medical Savings Account 1116 Foreign Tax Credit 1116 AMT Foreign Tax Credit for AMT 1120S SCH K-1 Shareholder's Share of Income, Credits, etc 1310 Statement of Person Claiming Refund Due a Deceased Taxpayer 2106 Employee Business Expenses 2120 Multiple Support Declaration 2210/2210AI Underpayment of Tax/Annualized Income 2210F Underpayment of Estimated Tax by Farmers 2439 Notice to Shareholder of Undistributed Capital Gains 2441 Child and Dependent Care Exp 2555 Foreign Earned Income 3468 Investment Credit 3800 General Business Credit 3903 Moving Expense 4136 Credit for Fed Tax Paid on Fuels 4137 Tax on Unreported Tip Income 4255 Recapture of Investment Credit 4506 Request for Copy of Tax Form 4562 Depreciation and Amortization 4684 Casualties and Thefts 4797 Sale of Business Property 4835 Farm Rental Inc and Exp 4852 Substitute W-2 or 1099-R 4952/AMT Investment Interest Expense Deduction/Investment Interest Expense Deduction - AMT 4972 Tax on Lump-Sum Distributions 5329 Additional Tax on Ret Dists 5405 Repayment of First-Time Homebuyer Credit 5695 Residential Energy Credit 6198 At-Risk Limitations 6251 Alternative Minimum Tax 6252 Installment Sale Income 6781 Gain/Loss Sec 1256 Straddles 7202 Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals 8283 Noncash Charitable Contributions 8332 Release of Claim to Exemption for Child of Divorced of Separated Parents 8379 Injured Spouse Claim and Allocation 8396 Mortgage Interest Credit 8453 U.S. Individual Income Tax Transmittal for an IRS E-File Return 8582 Passive Activity Loss Limitations 8582CR Passive Activity Credits 8586 Low-Income Housing Credit (for Home Builders) 8606 Nondeductible IRAs 8615 Tax for Certain Children Who Have Unearned Income 8801 Credit for Prior Year Minimum Tax 8812 Additional Child Tax Credit 8814 Election to Report Child's Int & Div 8815 Exclusion of Interest from Series EE and I Bonds 8822 Change of Address 8824 Like-Kind Exchange 8829 Expenses for Business Use of Home 8834 Qualified Electric Vehicle Credit 8839 Qualified Adoption Expenses 8853 Archer MSAs and Long-Term Care Insurance Contracts 8857 Innocent Spouse Relief 8859 Carryforward of the District of Columbia First-Time Homebuyer Credit 8862 Info to claim EIC after Disallow 8863 Education Credits 8880 Credit for Retirement Contributions 8881 Credit for Small Employer Pension Plan Startup Costs 8885 Health Coverage Tax Credit 8888 Direct Deposit of Refund 8889 Health Savings Accounts 8910 Alternative Motor Vehicle Credit 8911 Alternative Fuel Vehicle Refueling Property Credit 8915-A Qualified 2017 Disaster Retirement Plan Distribution and Repayments 8915-B Qualified 2017 Disaster Retirement Plan Distribution and Repayments 8915-E Qualified 2020 Disaster Retirement Plan Distributions and Repayments 8917 Tuition and Fees Deduction 8919 Uncollected Social Security and Medicare Tax on Wages 8936 Qualified Plug-in Electric Drive Motor Vehicle Credit 8938 Statement of Specified Foreign Financial Assets 8941 Credit for Small Employer Health Insurance Premiums 8949 Sales and Other Dispositions of Capital Assets 8958 Allocation of Tax Amounts Between Certain Individuals in Community Property States 8959 Additional Medicare Tax 8960 Net Investment Income Tax 8962 Premium Tax Credit 8995 Qualified Business Income Deduction 8995-A Qualified Business Income Deduction Simplified Computation 9465 Installment Agreement Request 14039 Identity Theft Affidavit SS-4 Application for Employer ID Number W-4 Employee's Withholding Allowance Certificate W-2 Wages and Tax Statement W-2G Gambling Winnings
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djAdvocate
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Post by djAdvocate on May 29, 2021 15:28:47 GMT -5
I have the weirdest thing going on with my taxes this year.
because I took an early withdrawl, the IRS is treating 100% of it as taxable unless I repay 1/3 of it before the first anniversary. however, if I pay back 1/3 of it, I will GET A REFUND. if I just go ahead and pay the taxes, I would owe more than that. so, this is how the choice breaks down:
pay myself and get a refund pay the IRS and get nothing
not much of a choice, is it?
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