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View Poll Results: When do you file your taxes?
I usually file in February 65 50.39%
March 29 22.48%
April 23 17.83%
May-september 5 3.88%
October or later 7 5.43%
Voters: 129. You may not vote on this poll

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Old 02-10-2021, 07:16 AM
 
Location: SW Florida
15,202 posts, read 10,210,220 times
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Got a rather unpleasant surprise when I filed yesterday. The previous 4 years I received an earned income tax credit because I was (and still am) working. But apparently once you hit 66 you are not given that credit. So I went from expecting around $2k back and instead had to pay H&R Block $74 for filing for me. Turns out I don't even need to file anymore either.
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Old 02-10-2021, 07:22 AM
 
Location: Watervliet, NY
6,916 posts, read 3,910,500 times
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Quote:
Originally Posted by fishbrains View Post
I usually do it very early in the tax season. This year I have already filed, although the IRS will be sitting on them until they officially start accepting them February 12.

Same here. Already filed through Turbo Tax last week.
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Old 02-10-2021, 07:23 AM
 
Location: Watervliet, NY
6,916 posts, read 3,910,500 times
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Quote:
Originally Posted by Lowexpectations View Post
This is misguided thinking. Folks should file as soon as possible and if you owe it’s not due until April 15th. Delaying your filing only increases the exposure/time that someone could file a fraudulent return on your behalf. If you file first theirs gets rejected and vice versa

And if you do file through Turbo Tax, and owe, you can set the date when they can do the withdrawal. I owe on both taxes, and I set the payments for on April 15.
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Old 02-10-2021, 07:27 AM
 
26,176 posts, read 21,441,832 times
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Quote:
Originally Posted by ddeemo View Post
Why would you ever file early if owe taxes?
Because the earlier you file the less risk you have of someone else entering a fraudulent return for you. You can file and pay 4/15


Quote:
For me, I am normally waiting for a K1 (partnership) so I am always filing for an extension - any tax refund is normally applied as an estimated tax payment for the next year so no rush - I am not getting anything back.
If you are pending documents that’s one thing. If you are waiting to file simply because you owe that’s something entirely different and misguided
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Old 02-10-2021, 07:30 AM
 
26,176 posts, read 21,441,832 times
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Quote:
Originally Posted by ContraPagan View Post
And if you do file through Turbo Tax, and owe, you can set the date when they can do the withdrawal. I owe on both taxes, and I set the payments for on April 15.
Absolutely correct
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Old 02-10-2021, 01:27 PM
 
Location: Phoenix, AZ
20,270 posts, read 14,508,110 times
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I'm always eager to see what's going on, what's new in the tax codes. Research and data analysis, compilation of tax components as they shift over the years...these things are fun to me, a hobby of sorts. I have spreadsheets!

I'm usually trying to plug in numbers and cook up estimates before the year even ends, especially once I've got my last paystub, if not sooner. I'm not filing yet of course, I'm just crafting calculations and looking for the new forms and tables, trying to predict what the outcome will be and wanting to compare it to other years.

I file as soon as humanly possible once I have the docs that I need. Although by then I usually have accurate numbers from other sources, I get nervous to make it official with the IRS without the actual docs, I want to see what various entities I do business with have reported, and reconcile any differences. I just got the last documentation I needed yesterday, for 2020, and I had my e-file submitted by 8AM, while drinking my coffee.
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Old 02-10-2021, 05:29 PM
 
Location: Central IL
20,726 posts, read 16,250,320 times
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Quote:
Originally Posted by Lowexpectations View Post
Because the earlier you file the less risk you have of someone else entering a fraudulent return for you. You can file and pay 4/15




If you are pending documents that’s one thing. If you are waiting to file simply because you owe that’s something entirely different and misguided
What are the odds of a fraudulent return? Does that differ by income level? Seriously, I want to know if it's even worth considering. And the first return always "wins" - no questions asked?
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Old 02-10-2021, 05:36 PM
 
13,011 posts, read 12,987,549 times
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Quote:
Originally Posted by reneeh63 View Post
What are the odds of a fraudulent return? Does that differ by income level? Seriously, I want to know if it's even worth considering. And the first return always "wins" - no questions asked?
During the 2013 tax season, about 5 million fraudulent returns were filed.

In 2017, that number had dropped to a bit less than 250,000

I am not exactly sure what happens if somebody files a false return under your SS#, but it cannot be good, and is likely to be a bureaucratic hassle best avoided.
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Old 02-10-2021, 06:05 PM
 
8,302 posts, read 5,644,670 times
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Quote:
Originally Posted by citidata18 View Post
I already filed mine at the end of January.

Just waiting for the IRS to accept my return on 2/12.
The IRS accepted my return 2 days early!
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Old 02-10-2021, 06:08 PM
 
26,176 posts, read 21,441,832 times
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Quote:
Originally Posted by reneeh63 View Post
What are the odds of a fraudulent return? Does that differ by income level? Seriously, I want to know if it's even worth considering. And the first return always "wins" - no questions asked?

The odds aren’t high but why take the risk if you have everything you need? Simply delaying because you “owe” is as I’ve said misguided, there’s literally no reason to wait.

The first return accepted by the IRS is the one accepted, the second one would be rejected. That’s how it works
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