HELP! Tax questions.

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me112964
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Joined: Wed Jan 13, 2016 11:12 am

HELP! Tax questions.

Post by me112964 » Sun Apr 14, 2019 4:50 pm

Accountant filed taxes electronically before including deduction for my wife’s SEP. Now what do I do? This seriously increases our taxes due tomorrow. He did this despite us notifying him of the contribution. Do I call IRS and try an extension or do I pay the amount (a significant drain on savings) and file an amendment later. Not sure I trust the accountant after how this was handled. Should I pay for a complete revie? Any advice greatly appreciated.

jebmke
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Re: HELP! Tax questions.

Post by jebmke » Sun Apr 14, 2019 4:53 pm

me112964 wrote:
Sun Apr 14, 2019 4:50 pm
Accountant filed taxes electronically before including deduction for my wife’s SEP. Now what do I do? This seriously increases our taxes due tomorrow. He did this despite us notifying him of the contribution. Do I call IRS and try an extension or do I pay the amount (a significant drain on savings) and file an amendment later. Not sure I trust the accountant after how this was handled. Should I pay for a complete revie? Any advice greatly appreciated.
You will need to pay the amount owed on the return. After the return is processed, file an amended return to get the refund of the over payment.
When you discover that you are riding a dead horse, the best strategy is to dismount.

Topic Author
me112964
Posts: 61
Joined: Wed Jan 13, 2016 11:12 am

Re: HELP! Tax questions.

Post by me112964 » Sun Apr 14, 2019 5:01 pm

Thanks for the feedback

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Stinky
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Re: HELP! Tax questions.

Post by Stinky » Sun Apr 14, 2019 6:47 pm

jebmke wrote:
Sun Apr 14, 2019 4:53 pm
me112964 wrote:
Sun Apr 14, 2019 4:50 pm
Accountant filed taxes electronically before including deduction for my wife’s SEP. Now what do I do? This seriously increases our taxes due tomorrow. He did this despite us notifying him of the contribution. Do I call IRS and try an extension or do I pay the amount (a significant drain on savings) and file an amendment later. Not sure I trust the accountant after how this was handled. Should I pay for a complete revie? Any advice greatly appreciated.
You will need to pay the amount owed on the return. After the return is processed, file an amended return to get the refund of the over payment.
And then decide if you need to change accountants.
It's a GREAT day to be alive - Travis Tritt

Klmaxx
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Re: HELP! Tax questions.

Post by Klmaxx » Sun Apr 14, 2019 7:55 pm

As the due date has not yet occurred, you are eligible to file a superseded return by 4-15.. This is not an amended return. Simply mark the return superseded on Page1, and include the missing deduction. The 1st return filed is a null. Google “superseded tax return” for more info.

HenrySouthernCal
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Re: HELP! Tax questions.

Post by HenrySouthernCal » Sun Apr 14, 2019 10:50 pm

me112964 wrote:
Sun Apr 14, 2019 4:50 pm
Accountant filed taxes electronically before including deduction for my wife’s SEP. Now what do I do? This seriously increases our taxes due tomorrow. He did this despite us notifying him of the contribution. Do I call IRS and try an extension or do I pay the amount (a significant drain on savings) and file an amendment later. Not sure I trust the accountant after how this was handled. Should I pay for a complete revie? Any advice greatly appreciated.
That is exactly the reason I never used account or CPA to do tax return. It is not because they are not capable, but the way they possess so many returns for so many clients, there are always some clerical errors which I can never tolerate. If they do their own tax returns, I am sure there is no error because they really spent their time on them.

kaneohe
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Re: HELP! Tax questions.

Post by kaneohe » Sun Apr 14, 2019 11:17 pm

Klmaxx wrote:
Sun Apr 14, 2019 7:55 pm
As the due date has not yet occurred, you are eligible to file a superseded return by 4-15.. This is not an amended return. Simply mark the return superseded on Page1, and include the missing deduction. The 1st return filed is a null. Google “superseded tax return” for more info.
interesting.....didn't know about this. I think the term is "superseding" tho. The old one is superseded by the new superseding return.
https://wealthyaccountant.com/2018/02/2 ... ax-return/

LifeIsGood
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Re: HELP! Tax questions.

Post by LifeIsGood » Mon Apr 15, 2019 5:30 am

In reading about superseding returns, I get the impression that this is only for business returns, not personal ones. Is that correct?

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desertbandit442
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Re: HELP! Tax questions.

Post by desertbandit442 » Mon Apr 15, 2019 5:41 am

LifeIsGood wrote:
Mon Apr 15, 2019 5:30 am
In reading about superseding returns, I get the impression that this is only for business returns, not personal ones. Is that correct?
This is what I saw in the link:

“A superseding personal return should be prepared as an amended return on Form 1040X. (There is no superseding box to check.) All amended personal returns filed before the due date, including extensions, are automatically treated as superseding, incorporating the new data and modifying the original return. This means a forgotten irrevocable election CAN be made and is treated as if made on the originally filed return.”

So for a personal return you file an amended return, there really is no superseded return for personal income tax return.

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desertbandit442
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Re: HELP! Tax questions.

Post by desertbandit442 » Mon Apr 15, 2019 5:46 am

me112964 wrote:
Sun Apr 14, 2019 4:50 pm
Accountant filed taxes electronically before including deduction for my wife’s SEP. Now what do I do? This seriously increases our taxes due tomorrow. He did this despite us notifying him of the contribution. Do I call IRS and try an extension or do I pay the amount (a significant drain on savings) and file an amendment later. Not sure I trust the accountant after how this was handled. Should I pay for a complete revie? Any advice greatly appreciated.
My question would be why did he file it before you had a chance to review the return? Not a good practice IMO.

jebmke
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Re: HELP! Tax questions.

Post by jebmke » Mon Apr 15, 2019 7:29 am

desertbandit442 wrote:
Mon Apr 15, 2019 5:46 am
My question would be why did he file it before you had a chance to review the return? Not a good practice IMO.
You might be surprised at how many people file their taxes without reviewing them carefully. You can scan various tax threads on this forum and some will even admit that they didn't look before they transmitted. This year especially, it takes some time and paper to do a good review inasmuch as the forms are a bit convoluted.

Fortunately, doing an amended return is frequently not that big a deal and normally one has three years to complete the amendment.
When you discover that you are riding a dead horse, the best strategy is to dismount.

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TheTimeLord
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Re: HELP! Tax questions.

Post by TheTimeLord » Mon Apr 15, 2019 7:37 am

me112964 wrote:
Sun Apr 14, 2019 4:50 pm
Accountant filed taxes electronically before including deduction for my wife’s SEP. Now what do I do? This seriously increases our taxes due tomorrow. He did this despite us notifying him of the contribution. Do I call IRS and try an extension or do I pay the amount (a significant drain on savings) and file an amendment later. Not sure I trust the accountant after how this was handled. Should I pay for a complete revie? Any advice greatly appreciated.
Confused. :confused I thought accountants submitted a form 8879 IRS e-file Signature Authorization with electronically filed taxes? Did your accountant not do this or did you sign the 8879 authorizing him to file your taxes?
IMHO, Investing should be about living the life you want, not avoiding the life you fear. | Run, You Clever Boy! [9085]

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