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Taxes.....Filing, Amending and Owing

swcrow

Autocross Champion
Location
Virginia
Car(s)
7.5
Yeah....smh......it happened.

I literally filed my taxes, was looking at a nice return, THEN got a 1099-R I had completely forgotten about from Jan of last year eliminating some debt using an old life insurance policy.

So........

I went back into turbotax and started to amend my taxes. Huge hit (go figure) and now I owe both federal and state.

This is where it gets tricky. Federal allows for an e-file to amend taxes, whereas state does not...had to print out and mail in. Okay, seems "easy" enough.

Now....Turbotax is telling me that I will STILL get the money owed from the first set of returns I filed, and I owe the amount from my amended taxes. Why are they two separate transactions and aren't just reducing my "owed" amount from what I was supposed to get back? Do I wait to get the money back and THEN pay the amount I owe?

I now need to get on a payment plan with the IRS....is this hard?

Any tax gurus in here?
 

swcrow

Autocross Champion
Location
Virginia
Car(s)
7.5
SRSLY? With all the nerdies in this forum....no one is smart at taxes?
 

Acadia18

Autocross Champion
Location
Rhode Island
Car(s)
2016 GTI SE
I'm nerdy enough to know Turbotax is literally the tax devil, and you get what you f'ing deserve.

Real talk, I will tell you this. Getting ahold of someone at the IRS is painful as fuck. So hopefully you don't have to speak to someone there.
 

swcrow

Autocross Champion
Location
Virginia
Car(s)
7.5
I can send you my accountants information if you’d like...?

I'm nerdy enough to know Turbotax is literally the tax devil, and you get what you f'ing deserve.

Real talk, I will tell you this. Getting ahold of someone at the IRS is painful as fuck. So hopefully you don't have to speak to someone there.
Haha. Yes I use TurboTax and for the last 10+ years it’s served me well... don’t really have enough reason to use an accountant... until now 😜
 

ChrisAttebery

Go Kart Champion
Location
Gilroy, CA
Car(s)
2011 GTI
I've been using TT for about 20 years. My best advice is to ask questions on the TT forums/community/whatever they call it. I wouldn't ask TT questions on a car forum just like I wouldn't ask car questions on a TT forum. ;)

I had some issues with double withholding on taxes when the reporting rules on RSUs and ESPP changed about 5-6 years ago (actually everyone who gets ESPP/RSUs had the same problems). TT made entering the stock purchases and sales really confusing. Someone on the TT forum wrote out how to do it in fairly plain English and I was able to get it done.

BTW: You haven't really lived until you've entered 10-20 purchases (because they are from different vestings) and then had to enter sales with the fair market value from when they were purchased, sales price, vesting dates, etc. I also have a personal business. First world problems...
 

Strange Mud

Autocross Champion
Location
Small Town CT
Car(s)
2017 GTI (+3 more)
send me all your paperwork including SSN/DOB/W2/1099's etc. I will prepare them at home for you and return them promptly. A large refund is guaranteed.

Mud
 

sterkrazzy

Autocross Champion
Location
United States
Car(s)
2018 R
send me all your paperwork including SSN/DOB/W2/1099's etc. I will prepare them at home for you and return them promptly. A large refund is guaranteed.

Mud
You can't fool us Tom Robben!
 

swcrow

Autocross Champion
Location
Virginia
Car(s)
7.5
I've been using TT for about 20 years. My best advice is to ask questions on the TT forums/community/whatever they call it. I wouldn't ask TT questions on a car forum just like I wouldn't ask car questions on a TT forum. ;)

I had some issues with double withholding on taxes when the reporting rules on RSUs and ESPP changed about 5-6 years ago (actually everyone who gets ESPP/RSUs had the same problems). TT made entering the stock purchases and sales really confusing. Someone on the TT forum wrote out how to do it in fairly plain English and I was able to get it done.

BTW: You haven't really lived until you've entered 10-20 purchases (because they are from different vestings) and then had to enter sales with the fair market value from when they were purchased, sales price, vesting dates, etc. I also have a personal business. First world problems...
Yeah true point, but I don't want to join yet another forum. I just wanted to try and attempt to pull from the masses....we've got some geniuses on this board, don't let anyone fool you. And wow....I'd have went straight to a CPA with what you just mentioned. Crazy.
send me all your paperwork including SSN/DOB/W2/1099's etc. I will prepare them at home for you and return them promptly. A large refund is guaranteed.

Mud
I'll send it in trade for some summer air tires
 

Charlotte.:R

Autocross Newbie
Location
Charlotte
Car(s)
'18 Golf R 6MT
I'm nerdy enough to know Turbotax is literally the tax devil, and you get what you f'ing deserve.

Real talk, I will tell you this. Getting ahold of someone at the IRS is painful as fuck. So hopefully you don't have to speak to someone there.

Dealing with the IRS is terrible. Hours and hours and hours spent on hold.

3 years in a row the IRS "adjusted" my taxes and I got huge refunds--like $15K. They refused to tell me what my CPA did wrong. They were at least modest and told me 'The IRS doesn't make mistakes' 🤣
 

Acadia18

Autocross Champion
Location
Rhode Island
Car(s)
2016 GTI SE
Haha. Yes I use TurboTax and for the last 10+ years it’s served me well... don’t really have enough reason to use an accountant... until now 😜

I've been using TT for about 20 years. My best advice is to ask questions on the TT forums/community/whatever they call it. I wouldn't ask TT questions on a car forum just like I wouldn't ask car questions on a TT forum. ;)

I had some issues with double withholding on taxes when the reporting rules on RSUs and ESPP changed about 5-6 years ago (actually everyone who gets ESPP/RSUs had the same problems). TT made entering the stock purchases and sales really confusing. Someone on the TT forum wrote out how to do it in fairly plain English and I was able to get it done.

BTW: You haven't really lived until you've entered 10-20 purchases (because they are from different vestings) and then had to enter sales with the fair market value from when they were purchased, sales price, vesting dates, etc. I also have a personal business. First world problems...

When I say Turbo Tax is evil, I don't necessarily mean the software is bad or it doesn't work. Just that Turbo Tax is the reason you even have to file taxes in the first place.

In many other developed countries, you just get sent a summary. If you agree with it, you don't have to do anything.

The IRS already knows how much you made, and a nearly damn spot on estimate of how much you owe. The only reason you have to even go through the hassle of filing your taxes instead of having it all done automatically, is because the tax preparation industry lobbied for it to be that way.
 

sterkrazzy

Autocross Champion
Location
United States
Car(s)
2018 R
In many other developed countries, you just get sent a summary. If you agree with it, you don't have to do anything.
I've always liked how Australia does that stuff. They tell you exactly where all your money went too.

 

Charlotte.:R

Autocross Newbie
Location
Charlotte
Car(s)
'18 Golf R 6MT
I've always liked how Australia does that stuff. They tell you exactly where all your money went too.


This really begs the question why don't we do this? Aside from charitable donations and a few other minor things, the IRS has pretty much everything they need to prefill ones taxes.
 

sterkrazzy

Autocross Champion
Location
United States
Car(s)
2018 R
Can you imagine the shitstorm that would occur if Conservatives got an itemized breakdown like that?

"What do you mean I paid $4,858 for the welfare of others!?!?"
The guy I was driving behind today with all the stop socialism, immigrants are ruining this country, and his H8U stickers would love it.
 
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