The Tax Man Cometh!

[clean]

I spent yesterday doing Turbotax.  I found that My Bride is short one interest form, and the bank mailed them out, so she will have to go get a copy on Monday.  After that, I can submit it! 
I am glad I am getting it done before the deadline, but i hate that it is April before I even started!   It has been a very busy term, and financial matters took a very back seat! 

And in doing it, I will try to be more organized with it for next year! 

[kaysixteen]

Nowadays, if one files one's taxes and requests direct deposit into a checking acct., assuming there are no problems with the return, how fast might one reasonably expect to get their refund?

[arcturus]

Nowadays, if one files one's taxes and requests direct deposit into a checking acct., assuming there are no problems with the return, how fast might one reasonably expect to get their refund?

Are you filing electronic or paper? I filed with paper in February and received my refund a few weeks later. I hear that it is about 1 week for electronic filing.

[evil_physics_witchcraft]

I spent yesterday doing Turbotax.  I found that My Bride is short one interest form, and the bank mailed them out, so she will have to go get a copy on Monday.  After that, I can submit it! 
I am glad I am getting it done before the deadline, but i hate that it is April before I even started!  It has been a very busy term, and financial matters took a very back seat! 

And in doing it, I will try to be more organized with it for next year!

Yep. I need to do mine!

[apl68]

My refund checks are now both in.  They're very modest--but I don't owe anything!

[Juvenal]

Lose some, win some?  The tax folk both (IRS/my tax state) thought my investments would do far better than they did, so the estimated quarterly taxes gouged holes in the checkbook every four months.  Well, "luckily," the market was not so benign last year and thus the holes will be partly filled.  Whenever the tax folk get around to disbursements.

[kaysixteen]

Without paying someone/ some tax service to do so, how does one file one's taxes electronically?

[Puget]

Without paying someone/ some tax service to do so, how does one file one's taxes electronically?

Kay, if you make less the 73k/year and have a simple return, you can do it for free using software, but you must go through the IRS portal linked  here: https://www.irs.gov/newsroom/irs-free-file-is-now-available-for-the-2023-filing-season

If you earn over that, or prefer to use the equivalent of the paper forms, you can use free fillable forms through the IRS website (also linked there). They are just like the paper forms (though they will do a bit of basic math for you), so to do those you need to be comfortable filling out the forms yourself, but you can use them for any return, even complex ones (you can add all the schedules, etc.). That's what I use.

Doing either of these options will greatly speed up your refund compared to paper forms, which can take quite some time to be processed. 

[kaysixteen]

So if I do this, this would presumably mean I would have to scan my tax return and supporting docs into a computer?

[clean]

"you can use free fillable forms through the IRS website"
They are PDF forms that allow you to enter the numbers into them. You save the PDF and the software submits it.

I use Turbotax.
My taxes are not (exactly) complex, but since I got married, they are much more complex.
For me, I have an E*Trade account and entering the sales information was a huge Pain!  Turbotax uploaded the information from E*Trade and entered it into the document.  That was the biggest time saver and my reason for going that route!
The first time you use TurboTax you will enter a lot of information, but next year, it will look on your computer and find the information and you wont have to do it again. 

Since I got married, My Bride's family has a Family Limited Partnership, so there is a Form K-1 that causes me all kinds of problems with my taxes. For one thing, I have to wait for my FIL to give the paperwork to HIS accountant, then the accountant does the document and I get a copy.  The problem is that the accountant's work product does not necessarily play nice with TurboTax. 
(Turbotax looks for a number in a box. The accountant puts an "*" in the box and "STMT".... Well, I dont know if the IRS likes that or not, but I Guaran dam tee you that TorboTax Does NOT!

My FIL pays to have the other children's taxes done, so NEXT year, I may take him up on that too! 


Anyway, IF your taxes are not complex (no rental property, no self employment income, not a lot of stock transactions, then you should be able to do your taxes with turbotax in a few hours.
Either way, you may want to start going to all of your bank accounts, stock accounts, and employer information and download all of the W2s, and 1099s. 
Turbotax gives you the option to download them for a lot of banks and employers, but will also let you enter them yourself.

Actually getting the information downloaded takes a lot of the time to do taxes, even if you are doing them by hand, with the forms). 

[Puget]

So if I do this, this would presumably mean I would have to scan my tax return and supporting docs into a computer?

Nope, paper is not involved at all. You fill out the free fillable form on the IRS website and submit it electronically. You enter the information from your W-2(s) and anything else you are required to document-- you don't scan or attach them.

[hmaria1609]

*Bump*
Tax season again! Have you started or not yet? Already filed?

We got a delivery of 1040 and 1040-SR forms and instruction booklets first at the library. Then the state tax booklets showed up yesterday.
My dad and I got our 2023 TurboTax CDs when they were on sale at Costco. 
I've had my W-2 delivered electronically for years and print it out when it becomes available.

[apl68]

Our library's delivery of tax forms arrived weeks ago.  Fastest delivery we've ever had!  Usually it's March by the time we get them.  Which means many weeks of having to tell patrons that they're on order.  That can get old.  Of course the orders for forms can't all be shipped out at once.  Guess this time we were close to the front of the queue. 

[sinenomine]

My personal taxes are filed. I volunteer as treasurer for a couple non-profits; one group's taxes are filed, and I'm almost ready to file for the other.

[evil_physics_witchcraft]

I need to get on this. I think I may mail in my state taxes because I really don't want to spend 40 bucks to efile.