Faster Tax Acceptance this year!

JanJ

Finished taxes and E-Filed both....
As I was cleaning up the desk Email popped up! Federal was accepted... Less than 10 min! Seem to remember it was nearly an hour last year...
An hour later... State Accepted, too! That I think was the next day!

Done!

I prefer to E-File as it finalizes things far faster than snail mail does... and I get an email receipt that Fed and then State returns were accepted... Something Snail Mail doesn't do...

AMDUSER

JanJ Already e-filed state / fed taxes... Already accepted as well. I need to check if refunds were processed. 🙂

broknsymetry

Countdown to audit letter begins. /s

Rich221976

I feel strange this year. Normally I would have already have my taxes filed. I don't even need all of my tax forms to come in since I know exactly what the information will be so I can file it right away. Especially like my RSU's that I get from my employer. I usually sell them right away, and then put the money away. However, I have to report that sale and its the same each year.

This year, I am waiting on some forms to be updated and the estimate date is 2/20. I keep checking to see if the forms got updated yet or not.

However, I won't get my refund until March anyway because of the Earned Income Credit. That makes the refund wait.

JanJ

Fed Refund arrived... This also faster than last year!

AMDUSER

JanJ Thanks, I need to check if my state / fed refunds arrived yet. 🙂

JanJ

Last year state took a few weeks

Rich221976

I am still stuck waiting on some forms to be finalized. However, I wouldn't get my refund until after March 3, since I get the EIC. However, I am normally used to being able to have it filed right when the forms are being accepted. This year I have to wait until February 20th.

Rich221976

So I was able to finally file on 2/14/24. It was accepted the same day. Going by my transcripts from the IRS website, I should be getting my refund on Monday 24th. Which was pretty fast, considering I had to file later than I am used to. Usually I will have it filed in January since usually I know what is on my forms for the 1099s but get my W2 by January 15th.

Which isn't that bad.

Astyanax

Rich221976 I should be getting my refund on Monday 24th.

My 1099s aren't even going to be available until at least the 28th let alone think about filing anything. 🙄

InternetJeff

Astyanax My 1099s aren't even going to be available until at least the 28th let alone think about filing anything.

Indeed. And if corrected 1099s come out later, people who filed too early will have to do a 1040-X. Typically, issuers have until March 31 to provide corrected 1099s.

Rich221976

I got my refund yesterday. It would have been Monday Feb 24th, but I paid the Turbo Tax fee of 25 bucks to get the refund 5 days early. I never did that before until this time around. It show up in the account around 6 pm yesterday.

Most of my 1099 are stocks. So I know what that is each year, so I don't need to wait for the 1099 b stock forms to come. I can get the information I need from the account and then file it. However because I was delayed in filing they all came in before I filed. Verified my information to the actual forms and I was on the dot.

That's how I usually get away with filing the taxes in January before I receive the forms. Plus I keep detail records of everything plus my spreadsheets.

Rich221976

InternetJeff

I don't even wait for my 1099s to come out. Since mine is from both stock income and 401k withdrawals, it was pretty easy to get all of my information.

With my Employee stock, I can refer to my stock confirmations. I list all of my stock transactions one by one. Takes little time entering it all but I can make sure it's 100% right.

Same thing with the employee stock. If I need a reference, then I can look at the year's before. I can also pull up the total amount of the 401k withdrawal as well, and fill out the appropriate information.

I been doing this since 2015 with my current employer. Once Tax season opens up, I start entering all of the information. I can also figure out my W2 numbers except for the SS wages since they are always higher due to the way they do our health insurance.

So I will take that information from my last check of each year and make a temporary W-2 for my employer. It gives me an estimate of what my refund will be. I will then update my W2 once it is released. Usually around Jan 16, 17th.

Of course it won't be processed until at least February 15th due to the EITC

JanJ

I’ve seen a corrected Tax Form arrive after I file Twice!
The difference was less than $20. Once $5 less than what I entered.

I did not amend the taxes either of those years, and there were no repercussions!

I can see filing an ammended tax form if you FORGOT TO ADD SOMETHING BIG…..

But isn’t that the reason you doublecheck things Before Filing???

I have a cheat sheet indicating all the entries from last year's taxes, on this years “Envelope” that we put stuff aside for next year’s filing as time goes on this year… And we check off the items as we put the receipts in the “Envelope”. Or, if something new, add it to the list, which gets updated and applied to next year's "Envelope".. This way, we know at a glance, what we have, and what we are waiting for....

Rich221976

JanJ

I had a few years like that. Mostly because of typing in the wrong number. However, one year it was an error in favor for me for 5 bucks and I didn't file an amended tax return for that.

The only time I filed an amended return was for three straight back when I didn't realized that I was allow to claim my brother on my taxes. This was back in 2017. So I amended 2016, 2015, 2014, and 2013. Made a big difference that year.

HooRU

What is a bummer is the EITC doesn't apply once you are 65. With so many retirement age workers having to work, it seems wrong.

Rich221976

HooRU

That's not 100% correct.

Your age doesn't matter if you have qualifying children/dependents for the EITC.

Edit: Source: https://finances.extension.wisc.edu/articles/federal-earned-income-credit/

Astyanax

Rich221976 I don't even wait for my 1099s to come out. Since mine is from both stock income and 401k withdrawals, it was pretty easy to get all of my information.

How many pages is your Schedule D? Just curious.

Rich221976

Schedule D itself is only 2 pages. Form 8949 is only 2 pages as well.

My employee stock purchases was only three stocks this period, and the RSU's that I sold was only 7 this year. Previous years I have sold much more.

The most I have to report is about 15 stock sales, and usually it's all of the same stock.

GeekGirl1

If you are due a refund, the IRS has a website where you can check status. Where's My Refund? | Internal Revenue Service