Taxes?

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Old 03-12-2013, 12:53 PM
jazzy48 jazzy48 is offline
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Default Taxes?

We have used the same tax preparer for eight years here in TV, always having our taxes prepred and e-filed within a week. They have now had our information for six weeks, and still no prepared return. When I call, I'm told that their tax software has not been updated with the current IRS computation for qualified dividends, because the IRS has not released this information.

I'm just curious if others have run into this problem, or if you have been able to file your taxes, even though you have qualified dividends. If so, did you do them yourself, with a tax program, or use a tax preparer?
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Old 03-12-2013, 02:19 PM
Cantwaittoarrive Cantwaittoarrive is offline
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I use my CPA from back home since Florida has no state income tax. It's my understanding that many of the forms were just released in the last week so if you haven't checked in the last day or so you might want to check back. You can go to the IRS web site and they have an update on the progress
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Old 03-12-2013, 02:20 PM
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The Federal corrections for dividends have been out for a few weeks so it could be that their vendor is slow on updating their software.
I know of one company that is having serious problems with state income taxes being wrong but that is the only problem I have come across.
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Old 03-12-2013, 02:22 PM
Bavarian Bavarian is offline
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Two things: The tax code changed at last minute, remember the Fiscal Cliff. Brokerages had until end of February to send out 1099's. But I still am getting corrections. I have not really started yet and may file for an extension. Got the form from TT, but no place to send it.

I think the lesson to us all is not to consciously overwithhold, though if we don't have enough prepaid with withholding and estimated we get fined. But don't work to get a big refund. It takes longer now and who knows, with sequester, they may be delayed.
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Old 03-12-2013, 05:58 PM
JoeC1947 JoeC1947 is offline
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Turbo Tax.
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Old 03-12-2013, 08:48 PM
jazzy48 jazzy48 is offline
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Thanks for the responses!
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Old 03-13-2013, 07:58 AM
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George Bieniaszek George Bieniaszek is offline
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Been using Turbo Tax for years. Very easy to use, especially the second year when all of your common information (i.e. name, address, SS#, income sources, investment sources, etc) transfers over. Took me under 2 hours to start, check and e-file my tax returns.
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Old 03-13-2013, 09:08 PM
TomW TomW is offline
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Most brokerages have the information available on line as of March 1st. But I got a hard copy in the US Mail just yesterday from one broker. Last minute tax law changes and increased reporting requirements by brokers have things running behind this year. Take a close look at From 8949 then send your tax preparer a sympathy card.
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Old 03-13-2013, 09:44 PM
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We are never in a hurry to file. We got caught twice several years ago with the bank sending amended 1099's after we had already filed and then we had to file ammended returns which cost more money to have prepared. The last couple of years we have even asked for extensions and there is no penalty, you just have to ask, or have your tax preparer ask. We have already been informed by my wife's retirement fund that they made a mistake and will be sending an ammended 1099.
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Old 03-14-2013, 11:17 AM
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Quote:
Originally Posted by getdul981 View Post
We are never in a hurry to file. We got caught twice several years ago with the bank sending amended 1099's after we had already filed and then we had to file ammended returns which cost more money to have prepared. The last couple of years we have even asked for extensions and there is no penalty, you just have to ask, or have your tax preparer ask. We have already been informed by my wife's retirement fund that they made a mistake and will be sending an ammended 1099.
There is no penalty if you have already paid or withheld 90% if what you owe. Otherwise, there will be a penalty even with the extension.
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Old 03-14-2013, 11:30 AM
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Bill-n-Brillo Bill-n-Brillo is offline
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Quote:
Originally Posted by batman911 View Post
There is no penalty if you have already paid or withheld 90% if what you owe. Otherwise, there will be a penalty even with the extension.
To add some additional info to what batman offered, there are some other parameters around the penalty/no penalty as well for 2012:

- The total of your withholding and estimated tax payments was at least as much as your 2011 tax (or 110% of your 2011 tax if your AGI was more than $150,000, $75,000 if your 2012 filing status is married filing separately) and you paid all required estimated tax payments on time.

- The tax balance due on your 2012 return is no more than 10% of your total 2012 tax, and you paid all required estimated tax payments on time. (This is the one batman references)

- Your total 2012 tax minus your withholding and refundable credits is less than $1,000.

- You did not have a tax liability for 2011 and your 2011 tax year was 12 months.

- You did not have any withholding taxes and your current year tax less any household employment taxes is less than $1,000.


(From Publication 17 (2012), Your Federal Income Tax )

Bill
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