Quote:
Originally Posted by ton80
This is too complex and private to be discussed on a public forum.
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Not really but for each individual to determine, the only private issue is the amount, and even then, round numbers can be used, or made up numbers. The complexity is dependent upon the quality of the explanation, and this bbs has had many, many discussions on the same topics over and over again, so searching the forum and looking at the links many have provided will provide one with general enough information to ask intelligent questions.
What many are missing here is how all the pieces fall together, as turbo tax doesn't have a good output for that in my opinion. It is a tax return software, not an analytical software to give you strategies, which have to be in place prior to filing.
I have responded to IRS letters about a missing or bad or erroneous or late filing and its not the worst of all letters. . . although depending upon the mistake, certain ones will trigger additional audits in the future, but also pay the fee for the INtuit representation if you are unsure about the output, and they will help represent you.
I had a missing RMD one year, I actually put the missing amount into the tax return, even though it was not distributed, and paid the tax, and put a note into the return about the missing distribution. Never heard back from the IRS and its been almost 5 years. . .
The link to the 2023 excel tax workbook is an excellent place to start getting an idea, as long as you have all the paperwork to find the answers.