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Just wanted to FYI in case somebody else was not aware of it.
As far as claiming back funds, I'm not going to pursue it since it was basically my ignorance which cause the issue.
I appreciate your altruism, but your entitled to go back either 2 or 3 years. I feel particularly strongly about this because it's due to you for you military service. (For which I thank you.)
TurboTax does specifically ask about Bailey Settlement eligibility as part of its step-by-step process for entering a 1099-R, so this would be a filer error, not a TT one.
Everyone is so happy using software solutions to file their taxes certain in their belief that it's reasonably as effective as using an accountant, but much cheaper. Until you discover that it's cost you thousands of tax dollars.
Most people do not need an accountant. Just look at how many people don't even have enough deductions to itemize (even before the recent changes) and used the Standard Deduction. If you have things like self-employment income, rental income or significant investment income, you should already a CPA, but for the majority, TurboTax, etc should be fine.
Quote:
Originally Posted by NYC2RDU
But two years ago, when literally all of my friends who had children over the age of 18 shared that they owed a substantial amount of taxes due to the Trump administration tax plan (not intended to stir up a political debate), I received a small refund.
It is very easy to guarantee a refund. Just change your withholding, increasing what the IRS gets. This is not intended at you NYC, but I am always amazed at how many people don't understand that filing taxes is just a true-up of what you owe vs what you have already paid. Likewise, many don't understand that instead of getting a $2k refund, you could have had $166/month extra all year.
Most people do not need an accountant. Just look at how many people don't even have enough deductions to itemize (even before the recent changes) and used the Standard Deduction. If you have things like self-employment income, rental income or significant investment income, you should already a CPA, but for the majority, TurboTax, etc should be fine.
It is very easy to guarantee a refund. Just change your withholding, increasing what the IRS gets. This is not intended at you NYC, but I am always amazed at how many people don't understand that filing taxes is just a true-up of what you owe vs what you have already paid. Likewise, many don't understand that instead of getting a $2k refund, you could have had $166/month extra all year.
I believe that many people prefer to send extra to the IRS and get a refund. Its like FORCED SAVINGS and they wouldn't have the motivation to put $166 a month into a savings account. I don't blame that...we did that when we were younger so that we'd have money for Christmas!
Most people do not need an accountant. Just look at how many people don't even have enough deductions to itemize (even before the recent changes) and used the Standard Deduction. If you have things like self-employment income, rental income or significant investment income, you should already a CPA, but for the majority, TurboTax, etc should be fine.
It is very easy to guarantee a refund. Just change your withholding, increasing what the IRS gets. This is not intended at you NYC, but I am always amazed at how many people don't understand that filing taxes is just a true-up of what you owe vs what you have already paid. Likewise, many don't understand that instead of getting a $2k refund, you could have had $166/month extra all year.
I would prefer to pay $1-$250 every year versus a refund, but good luck trying to hit that target. All things being equal, I'd rather receive a refund of $2k as opposed to having to pay an additional $2K.
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