2ffat
Member
I did our taxes a week ago BEFORE they announced this. Now we wait.
2022 Tax Return Information
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I agree. That's money very well spent to have a pro do your taxes.
OP
I received the attached document yesterday in which the IRS provides guidance to taxpayers regarding the taxability of these payments.
1. Additionally, have you received a Federal Form 1099 G ("Certain Government Payments") this year – [ https://www.irs.gov/pub/irs-pdf/f1099g.pdf ] The form should have been received after January 31st;
2. Finally, I recommend that you save the attached file, or print the file for your own tax records. You may also prepare your own memorandum for your tax records regarding the above outcome. While taxpayers usually receive their tax refunds within two weeks after filing, this does not indicate that the IRS has accepted and approved your tax return. The 2022 tax returns will not be actually processed for about 18-30 months after the return has been filed. That memorandum will become very important if you are required to answer any questions in the future.
3. Even if you use a tax preparer or anyone else to prepare your tax returns, you are still responsible for the data and information in the tax returns.
Bill
1. Additionally, have you received a Federal Form 1099 G ("Certain Government Payments") this year – [ https://www.irs.gov/pub/irs-pdf/f1099g.pdf ] The form should have been received after January 31st;
2. Finally, I recommend that you save the attached file, or print the file for your own tax records. You may also prepare your own memorandum for your tax records regarding the above outcome. While taxpayers usually receive their tax refunds within two weeks after filing, this does not indicate that the IRS has accepted and approved your tax return. The 2022 tax returns will not be actually processed for about 18-30 months after the return has been filed. That memorandum will become very important if you are required to answer any questions in the future.
3. Even if you use a tax preparer or anyone else to prepare your tax returns, you are still responsible for the data and information in the tax returns.
Bill
Neither my wife nor I received the $487.45 MN Frontline Worker Payment, so the delay to file does not apply to us.
But I started receiving SS in 2022 while my wife was still working, now I have this extra step to figure my Minnesota taxes on my SS payments, so that might delay my filing.
But I started receiving SS in 2022 while my wife was still working, now I have this extra step to figure my Minnesota taxes on my SS payments, so that might delay my filing.
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GypsmJim
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One of my coworkers had a second job nights during tax season. He was a tax preparer working for H&R Block. They gave him a book to read and of course their software and viola he was a tax pro.
fiasconva
US Veteran
Grover99, you'll eventually get your refund plus interest. Then you'll have to declare the interest on your next year's tax forms. It's happening to me this year.
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coltle6920
Member
Coloradans received money last year due to a surplus of taxes collected over what was needed. Per our Tabor law this money has to be refunded unless the voters allow the State to keep it for whatever reason they deem necessary.
Latest news from our Governor says we don't have to report it. I use TurboTax so will have to see if they updated the State form.
Latest news from our Governor says we don't have to report it. I use TurboTax so will have to see if they updated the State form.
LVSteve
Member
Report it to who, the state or the Feds? I don't have to worry here in NV but I'd be leery of a state governor making pronouncements on income tax because of the federal entanglement.
I've been using TurboTax for about nine years, and couldn't be more pleased. It walks you through the process carefully, and does so in a way you can understand.
I did my taxes last weekend in less than three hours, and that included the time for me to go through my bank statements to find my charitable donations, etc. Quick and easy...
I did my taxes last weekend in less than three hours, and that included the time for me to go through my bank statements to find my charitable donations, etc. Quick and easy...
Before Ruthie started her career in the bed pan field she worked in the City Treasurer's office. She has always crunched our numbers. Five years ago she started using TaxAct. No glitches as she is thorough.
Targets Guy
US Veteran
I use Quicken and a CPA. Easy peasy.
I use Turbo Tax, just waiting for the brokerage forms to be available. I can't see paying someone 200 or more for data entry which is what it has become with the programs available.
coltle6920
Member
Report it to the Feds,of course. That's what the stink is all about.
The way I see it is that we probably already paid taxes on that money in a previous year when it was earned income. Then we paid money to the State in the form of taxes.
Shouldn't be taxed twice on the same money but it is the IRS we're talking about.
GypsmJim
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I've been using TurboTax for about nine years, and couldn't be more pleased. It walks you through the process carefully, and does so in a way you can understand.
I did my taxes last weekend in less than three hours, and that included the time for me to go through my bank statements to find my charitable donations, etc. Quick and easy...
Owning a business, plus having interest and dividends from multiple sources means a lot of data collection. Papers need to be assembled and one must wait for the investment companies to mail all the 1099s. Bank interest must be reported in January, but other stuff can take awhile. I usually make it just under the wire.
The actual data entry takes me less than an hour. If you send a pile of papers to a tax pro on April 10th chances are you won't make it in time.
primarily
I hold a bunch of REITs and they get some interesting reporting times. Just today I got my preliminary reporting information. Based on past history a good bet my final reporting info will not be sent till March 15. Best call up and get a appointment for the first week in April. Its realy not a big deal as I normally get a hundred or so back.
Not a person that likes to give the goverment any more money any earlier, AKA doing a enforced savings!
I hold a bunch of REITs and they get some interesting reporting times. Just today I got my preliminary reporting information. Based on past history a good bet my final reporting info will not be sent till March 15. Best call up and get a appointment for the first week in April. Its realy not a big deal as I normally get a hundred or so back.
Not a person that likes to give the goverment any more money any earlier, AKA doing a enforced savings!
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I had been doing my taxes myself by hand for decades. As a Luddite, I just couldn't trust myself to do my taxes on a computer. My problem over the last few years became that by the time I realized I needed an accountant there was no way I could hire one. It was taking me 3 days straight to do just my federal return because I was constantly doing back over things because I was afraid of making a mistake. I finally wised up when last year an established tax accounting firm opened a branch office in my town and I went over and lined up one of the accountants to do my taxes this year.
IRS accepted my e-return on Feb 3rd and my refund appeared in my bank account today, Feb 13th.
OP
I just received this message from the IRS this morning. No matter who you select, be cognizant of the fact that IF that tax preparer is audited, you probably will be too. This actually happened for two of my new tax clients - What taxpayers should know when choosing a tax professional | Internal Revenue Service
Yes, with the tax program software and algorithms most people can prepare and file their own tax returns. The value of an accountant or CPA becomes important when you need to know the related tax rules, for example - a) Multiple Support Agreements, b) Qualified Charitable Distributions, c) should you file MFS or MFJ, d) community property states, e) divorces and novations, f) sale of personal residences [adjusted purchase and sale prices], g) allocation of each line item of income when you move and are a part-year resident, h) is the loss on the sale of your home deductible?, i) will and estate planning, j) rollover of your retirement account with a Code 7 in your 1099 R and not the correct Code G, etc.
The accountant/CPA should always work and dialogue with you every year to be absolutely sure that you have taken advantage of all of the tax law rules that benefit you = lowest taxes to which you are entitled.
Cheers!
Bill
Yes, with the tax program software and algorithms most people can prepare and file their own tax returns. The value of an accountant or CPA becomes important when you need to know the related tax rules, for example - a) Multiple Support Agreements, b) Qualified Charitable Distributions, c) should you file MFS or MFJ, d) community property states, e) divorces and novations, f) sale of personal residences [adjusted purchase and sale prices], g) allocation of each line item of income when you move and are a part-year resident, h) is the loss on the sale of your home deductible?, i) will and estate planning, j) rollover of your retirement account with a Code 7 in your 1099 R and not the correct Code G, etc.
The accountant/CPA should always work and dialogue with you every year to be absolutely sure that you have taken advantage of all of the tax law rules that benefit you = lowest taxes to which you are entitled.
Cheers!
Bill
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