*** Official 2013 Taxes *** (1 Viewer)

[slackjawedyokel]

FWIW, I did my taxes with TaxAct first, then last night I went through TurboTax.

With Taxact, I had a federal refund of $17, and state refund of $10.

With TurboTax, I had a federal refund of $1064 and owed the state $33.

Tried to determine how they are calculating differently. The only variable I can imagine is the ACA requirement of listing employer sponsored plans and dollar amount on W-2. It asked it differently between the two as far as I know.

 

[shadyridr]

FWIW, I did my taxes with TaxAct first, then last night I went through TurboTax.

With Taxact, I had a federal refund of $17, and state refund of $10.

With TurboTax, I had a federal refund of $1064 and owed the state $33.

Tried to determine how they are calculating differently. The only variable I can imagine is the ACA requirement of listing employer sponsored plans and dollar amount on W-2. It asked it differently between the two as far as I know.

ypu made a mistake somewhere

 

[Snotbubbles]

Interest rates are crap. You'll piss away an extra $100 per week without even realizing it. But get $5,200 at tax time.... that's something you're going to notice. Just saying this notion of allowing the government to use a little extra money "for free" is really overrated.

Yeah, the OP's $7,000 would have earned, what, $5 in interest or less in the bank? In this low rate environment, no need to fret it. As you note, the extra $100 or more per week would get whittled away. Now, it's a nice chunk for something.

Interesting way to look at it. Using it for our spring break/son's grad party...

7K is only 250 a pay period (bi-weekly), my problem is that I'm up to a 14K return this year. I am getting way too much withheld, I'd prefer to be in the 2500-3000 range.

 

[Courtjester]

Do I really have to spread my single premium mortgage insurance payment over 84 months? I don't think it's appropriate to say it is allocable to later years, it's not like I get it back if I get rid of the mortgage and those 'later years' never materialize.

And the difference is worth over $1k (and I won't qualify to deduct more than 1 more year, if that, if the deduction even sticks around.

Anyone have an opinion? Am I destined to be bunking with Wesley Snipes if I deduct this?

Not a tax expert: If it is a refi where you pre-pay it, I believe you do have to spread it out. If It is just your yearly premium you physically paid, you can claim it all in one year.

I was in the same boat, refi in January of last year--$6,000 in PMI listed on the 1099 they sent me---oooohhh, so tempted to claim it all (especially in light of the government possibly taking this deduction away next year). It would have gave me another 900.00 in refund, but decided to do the right thing and pro-rate it. The 900.00 just was not worth holding up my return or risking an audit.....

 

[Dragons]

Do I really have to spread my single premium mortgage insurance payment over 84 months? I don't think it's appropriate to say it is allocable to later years, it's not like I get it back if I get rid of the mortgage and those 'later years' never materialize.

And the difference is worth over $1k (and I won't qualify to deduct more than 1 more year, if that, if the deduction even sticks around.

Anyone have an opinion? Am I destined to be bunking with Wesley Snipes if I deduct this?

Not a tax expert: If it is a refi where you pre-pay it, I believe you do have to spread it out. If It is just your yearly premium you physically paid, you can claim it all in one year.

I was in the same boat, refi in January of last year--$6,000 in PMI listed on the 1099 they sent me---oooohhh, so tempted to claim it all (especially in light of the government possibly taking this deduction away next year). It would have gave me another 900.00 in refund, but decided to do the right thing and pro-rate it. The 900.00 just was not worth holding up my return or risking an audit.....

I had an FHA refi, where I paid the ripoff upfront mortgage insurance and 11 monthly mortgage insurance payments. I deducted the entire upfront and the monthly payments. My 1099 reported the amount I deducted (upfront & monthly). I'm probably wrong, but I did the same thing with a refi a few years back and haven't had a problem. Yet. My opinion is monthly is allocatable to later years (and this is obviously true, it disappears when hitting the right equity), but the upfront is in addition to that and is thus different.

On a non-FHA purchase, I paid a single PMI payment up front to forgo the monthly payments (I took a lender credit to pay most of this, figuring the higher interest rate I took would always be deductible whereas PMI would go away one way or another (phase-out and/or deduction going away completely). Since this is a replacement to the monthly premium, I can see there being a much stronger argument to this being allocatable to later years. Except, there is no credit if those years never materialize, so I can see the argument that it's not, too.

 

[skycriesmary]

I received, and promptly sold some restricted stock units last year, and am not able to locate the cost basis on my 1099-B. When they were granted to me, the company immediately sold enough of the stock to pay my taxes on them. Would I be safe to have my cost basis the same as the sales price? I know the company sold enough to cover all taxes on them, at a rate of about 45%!

 

[Keerock]

Just received a corrected 1098 from 2010... friggin' BoA under reported my mortgage interest. Need to file an adjusted return. Anything special I need to know about Form 1040X and what to include with my return? TurboTax has prepared it all for me, but I'm wondering how much of it I need to send in... just the forms/schedules that changed?

 

[Doctor Detroit]

I found my 1099's and pounded out my taxes last Thursday. I got my Maryland state back today, damn that was quick (not very much but enough for a good steak dinner I suppose).

 

[Keerock]

Pro Tip for those using TurboTax. If you are using Premier (required if you have any stock/mutual fund transactions), prepare as usual, but once you are ready to submit, call and ask to be downgraded to Deluxe ($40 cheaper). They will give you a code to discount you, but they do NOT actually downgrade the software.

 

[The Commish]

Just received a corrected 1098 from 2010... friggin' BoA under reported my mortgage interest. Need to file an adjusted return. Anything special I need to know about Form 1040X and what to include with my return? TurboTax has prepared it all for me, but I'm wondering how much of it I need to send in... just the forms/schedules that changed?

I filed an amended return this year through TT....I printed the 1040x "plus supporting docs" as determined by TT and sent it. We'll see if that was enough. ETA: Make sure you look at your state taxes too. A 1098 will probably affect them as well.

 

[Keerock]

Just received a corrected 1098 from 2010... friggin' BoA under reported my mortgage interest. Need to file an adjusted return. Anything special I need to know about Form 1040X and what to include with my return? TurboTax has prepared it all for me, but I'm wondering how much of it I need to send in... just the forms/schedules that changed?

I filed an amended return this year through TT....I printed the 1040x "plus supporting docs" as determined by TT and sent it. We'll see if that was enough. ETA: Make sure you look at your state taxes too. A 1098 will probably affect them as well.

I did the same. Copied and sent the revised 1098 as well.

I checked and state taxes were unaffected... thanks.

 

[Rayderr]

FWIW, I did my taxes with TaxAct first, then last night I went through TurboTax.

With Taxact, I had a federal refund of $17, and state refund of $10.

With TurboTax, I had a federal refund of $1064 and owed the state $33.

Tried to determine how they are calculating differently. The only variable I can imagine is the ACA requirement of listing employer sponsored plans and dollar amount on W-2. It asked it differently between the two as far as I know.

Print out the forms of each version and compare. You had to have made a mistake on one of the 2.

 

[Mr. Ected]

I found my 1099's and pounded out my taxes last Thursday. I got my Maryland state back today, damn that was quick (not very much but enough for a good steak dinner I suppose).

My CPA wife filed our taxes on March 15th. Received our state (VA) refund on March 21; Federal was received on March 22ish (it is sitting in our account as "pending.")

Damn that's fast!!!!

Told Mrs. Ected that it was the quality of the person doing the submission that resulted in the quick return. Agree DD?

 

[General Malaise]

TaxAct has a new Data Archive Fee that seems compulsory in order to continue. Anybody else notice this? Not a deal breaker, but I don't recall it in past years. Is there a way around it?

#backtoTurboTax