Efile taxes now or wait in case of revised 1099R
Efile taxes now or wait in case of revised 1099R
I file my elderly dad's taxes via TurboTax each year and have his 2024 returns prepared in TurboTax. I am debating whether to (1) efile shortly to prevent someone from filing fraudulently as dad or (2) wait until April in case one of the 1099R forms gets reissued. Last year, I had to file an amended return because I filed early and then received a revised 1099R at the end of March; this had never happened before. Dad does not have an IRS IP PIN and one cannot be obtained for him.
So it comes down to fraud prevention vs reducing chance of having to file amended return. Advice appreciated.
So it comes down to fraud prevention vs reducing chance of having to file amended return. Advice appreciated.
Re: Efile taxes now or wait in case of revised 1099R
I had to file an ammeded return last year. It took me maybe 10 minutes and didn't cost me anything additional. I would file now. Unless filing amended had some consequence for you.
But I also wonder - what was the correction for? Does he hold the Vanguard REIT fund for example (in my experience when I had that fund - they sent a correction for it every year in March).
But I also wonder - what was the correction for? Does he hold the Vanguard REIT fund for example (in my experience when I had that fund - they sent a correction for it every year in March).
Re: Efile taxes now or wait in case of revised 1099R
Filing the federal amended return was no big deal last year and resulted in a small refund. If the 1099R is reissued this year, it could conceivably involve a small amount of tax owed, with a small penalty. I would rather dad didn't get an IRS notice about any penalty owed.GoldStar wrote: Mon Feb 03, 2025 8:55 am I had to file an ammeded return last year. It took me maybe 10 minutes and didn't cost me anything additional. I would file now. Unless filing amended had some consequence for you.
But I also wonder - what was the correction for? Does he hold the Vanguard REIT fund for example (in my experience when I had that fund - they sent a correction for it every year in March).
Last year, I had to paper-file the state amended return, which was a bit of a hassle. The 1099-R was reissued by an insurance company for a pension with a smaller taxable amount.
Re: Efile taxes now or wait in case of revised 1099R
Revised 1099R forms are very rare. Are you sure it was not a 1099DIV?JayB wrote: Mon Feb 03, 2025 8:51 am I file my elderly dad's taxes via TurboTax each year and have his 2024 returns prepared in TurboTax. I am debating whether to (1) efile shortly to prevent someone from filing fraudulently as dad or (2) wait until April in case one of the 1099R forms gets reissued. Last year, I had to file an amended return because I filed early and then received a revised 1099R at the end of March; this had never happened before. Dad does not have an IRS IP PIN and one cannot be obtained for him.
So it comes down to fraud prevention vs reducing chance of having to file amended return. Advice appreciated.
If a 1099R and it looks the same as his last year's, file now.
Re: Efile taxes now or wait in case of revised 1099R
File for an extension (easy and free with IRS Direct Pay), then file the actual tax return in October. Why rush and file in April?
Re: Efile taxes now or wait in case of revised 1099R
Although many BHers seem to think there is a prize for filing as early as possible, I generally caution folks to wait a bit, at least until early March. As you learned, sometimes tax documents arrive late. Also, sometimes the tax software has important updates that issue mid-season.
Doing the tax returns is difficult enough. No one wants to do an amended return if it can be easily avoided. I'm curious why you are paranoid about a fraudulent return. That strikes me as low probability.
Doing the tax returns is difficult enough. No one wants to do an amended return if it can be easily avoided. I'm curious why you are paranoid about a fraudulent return. That strikes me as low probability.
The difficulty with jazz is there are too many notes. (Borrowed from Emperor's critique in Amadeus)
Re: Efile taxes now or wait in case of revised 1099R
Definitely a 1099R, and a different taxable amount than last year (or other years).Alan S. wrote: Mon Feb 03, 2025 9:11 am Revised 1099R forms are very rare. Are you sure it was not a 1099DIV?
If a 1099R and it looks the same as his last year's, file now.
I will probably file now and apply the refund to 2025 Estimated taxes. If I get a revised 1099R, I will then file an amended return, which may adjust the refund. However, the refund applied to 2025 taxes is large enough that there should not be any 2024 underpayment penalty, even if that amount is revised.
Re: Efile taxes now or wait in case of revised 1099R
if the objective is to get in before a hijacked SSN I don't think extensions will work in that regard. That said, I wait for various reasons.livesoft wrote: Mon Feb 03, 2025 9:17 am File for an extension (easy and free with IRS Direct Pay), then file the actual tax return in October. Why rush and file in April?
Don't trust me, look it up. https://www.irs.gov/forms-instructions-and-publications
Re: Efile taxes now or wait in case of revised 1099R
Not paranoid. But the probability grows as SSN's etc. get so widely disseminated on the dark web, especially in the past year. For me, it comes down to cost vs benefit. Fraudulent return => a significant and possibly prolonged hassle with the IRS to straighten things out. Amended return => fairly easy using TurboTaxJazzTime wrote: Mon Feb 03, 2025 9:18 am I'm curious why you are paranoid about a fraudulent return. That strikes me as low probability.
Re: Efile taxes now or wait in case of revised 1099R
If I recall correctly - IRS announced over $5billion was taken in fraudulent returns last year. I saw inconsistent numbers on the number of returns flagged as fraudulent but I thought it was well over a million. People here have reported having returns filed before they did. So I don't know if this is really a low probability. I am with you in that I like to file early if I can.JayB wrote: Mon Feb 03, 2025 9:59 amNot paranoid. But the probability grows as SSN's etc. get so widely disseminated on the dark web, especially in the past year. For me, it comes down to cost vs benefit. Fraudulent return => a significant and possibly prolonged hassle with the IRS to straighten things out. Amended return => fairly easy using TurboTaxJazzTime wrote: Mon Feb 03, 2025 9:18 am I'm curious why you are paranoid about a fraudulent return. That strikes me as low probability.
Re: Efile taxes now or wait in case of revised 1099R
low probability but high potential consequences. I had a client at TaxAide last year who was in year 2 or 3 of trying to recover her life after her ID was stolen. Her bank accounts were still frozen, she had no credit history (could not rent an apartment so was essentially "homeless" staying with a friend).JayB wrote: Mon Feb 03, 2025 9:59 amNot paranoid. But the probability grows as SSN's etc. get so widely disseminated on the dark web, especially in the past year. For me, it comes down to cost vs benefit. Fraudulent return => a significant and possibly prolonged hassle with the IRS to straighten things out. Amended return => fairly easy using TurboTaxJazzTime wrote: Mon Feb 03, 2025 9:18 am I'm curious why you are paranoid about a fraudulent return. That strikes me as low probability.
Don't trust me, look it up. https://www.irs.gov/forms-instructions-and-publications
Re: Efile taxes now or wait in case of revised 1099R
Maybe I should see a therapist but I don't want to be lying in a hospital bed after an accident or something thinking I was ready to hit the efile button but waited for no reason and now I can't get to my computer.
I think this is somehow related to the classic nightmares of showing up in class for exams and you forgot to study...
So I file not too long after I finish up my taxes.
I think this is somehow related to the classic nightmares of showing up in class for exams and you forgot to study...
So I file not too long after I finish up my taxes.
Re: Efile taxes now or wait in case of revised 1099R
What type of plan is this 1099R distribution from? Would be helpful to determine why the taxable amount would differ in relation to the total distribution and how much it differs.JayB wrote: Mon Feb 03, 2025 9:20 amDefinitely a 1099R, and a different taxable amount than last year (or other years).Alan S. wrote: Mon Feb 03, 2025 9:11 am Revised 1099R forms are very rare. Are you sure it was not a 1099DIV?
If a 1099R and it looks the same as his last year's, file now.
I will probably file now and apply the refund to 2025 Estimated taxes. If I get a revised 1099R, I will then file an amended return, which may adjust the refund. However, the refund applied to 2025 taxes is large enough that there should not be any 2024 underpayment penalty, even if that amount is revised.
Re: Efile taxes now or wait in case of revised 1099R
It looks like it's a lifetime annuity that has been paying out for the past 22 years to dad after his 2nd wife died. The taxable amount was stable until last year, and I had erroneously concluded that the entire payout would probably be taxable going forward because late spouse's life expectancy had perhaps been exceeded. Honestly, I can't find rhyme or reason to the now-shifting taxable amounts, but the entire annual payment is under $300, so not worth inquiring about.Alan S. wrote: Mon Feb 03, 2025 11:19 amWhat type of plan is this 1099R distribution from? Would be helpful to determine why the taxable amount would differ in relation to the total distribution and how much it differs.JayB wrote: Mon Feb 03, 2025 9:20 am
Definitely a 1099R, and a different taxable amount than last year (or other years).
I will probably file now and apply the refund to 2025 Estimated taxes. If I get a revised 1099R, I will then file an amended return, which may adjust the refund. However, the refund applied to 2025 taxes is large enough that there should not be any 2024 underpayment penalty, even if that amount is revised.
Re: Efile taxes now or wait in case of revised 1099R
Now you've really peaked my curiosity. If the entire annual payment is under $300, how much did it change with the revised 1099? A few dollars?JayB wrote: Mon Feb 03, 2025 11:28 am Honestly, I can't find rhyme or reason to the now-shifting taxable amounts, but the entire annual payment is under $300, so not worth inquiring about.
If it was only a few dollars, why are you worried about a penalty? I probably wouldn't have bothered filing an amended return to make a very minor correction. I'd let the IRS send me a letter and tell me how much more I owe, then pay it. The IRS probably wouldn't bother for a de minimis amount. The cost of sending the letter would be more than the tax owed.
I know there is a great deal of tax paranoia on this forum, but this seems a bit much even by that standard.
The difficulty with jazz is there are too many notes. (Borrowed from Emperor's critique in Amadeus)
Re: Efile taxes now or wait in case of revised 1099R
I do too; I just don't get to mine until early April and generally finish in early May.rgs92 wrote: Mon Feb 03, 2025 11:03 am Maybe I should see a therapist but I don't want to be lying in a hospital bed after an accident or something thinking I was ready to hit the efile button but waited for no reason and now I can't get to my computer.
I think this is somehow related to the classic nightmares of showing up in class for exams and you forgot to study...
So I file not too long after I finish up my taxes.
Don't trust me, look it up. https://www.irs.gov/forms-instructions-and-publications
Re: Efile taxes now or wait in case of revised 1099R
If the 1099R was mine and I was filing for myself, then this wouldn't be a potential issue. However, I don't think it's paranoia to want to avoid my very elderly (well over 100 years old) dad's receiving an IRS notice for additional tax or penalty owed. He is in assisted care and has no capacity to deal with this kind of stuff. And sometimes mail to him gets misplaced or lost.JazzTime wrote: Mon Feb 03, 2025 12:59 pmNow you've really peaked my curiosity. If the entire annual payment is under $300, how much did it change with the revised 1099? A few dollars?JayB wrote: Mon Feb 03, 2025 11:28 am Honestly, I can't find rhyme or reason to the now-shifting taxable amounts, but the entire annual payment is under $300, so not worth inquiring about.
If it was only a few dollars, why are you worried about a penalty? I probably wouldn't have bothered filing an amended return to make a very minor correction. I'd let the IRS send me a letter and tell me how much more I owe, then pay it. The IRS probably wouldn't bother for a de minimis amount. The cost of sending the letter would be more than the tax owed.
I know there is a great deal of tax paranoia on this forum, but this seems a bit much even by that standard.
Re: Efile taxes now or wait in case of revised 1099R
Curious why PIN cannot be obtained. No social security number/ITIN?JayB wrote: Mon Feb 03, 2025 8:51 am Dad does not have an IRS IP PIN and one cannot be obtained for him.
Re: Efile taxes now or wait in case of revised 1099R
+1JazzTime wrote: Mon Feb 03, 2025 12:59 pm
If it was only a few dollars, why are you worried about a penalty? I probably wouldn't have bothered filing an amended return to make a very minor correction. I'd let the IRS send me a letter and tell me how much more I owe, then pay it. The IRS probably wouldn't bother for a de minimis amount. The cost of sending the letter would be more than the tax owed.
I know there is a great deal of tax paranoia on this forum, but this seems a bit much even by that standard.
You've got that paranoia thing right!
OP: I was responsible for my elderly Dad finances for many years, and then his Estate. His taxes were done by the owner (a long-time friend of his) of a regional CPA Company who had a dozen CPA's plus all the bookkeepers, and I found the whole process enlightening.
Remember, the signature area on a 1040 only has you attest "to the best of my knowledge".
Re: Efile taxes now or wait in case of revised 1099R
I do not see how this stops someone who has your Social Security number and other information from filing a fraudulent return.livesoft wrote: Mon Feb 03, 2025 9:17 am File for an extension (easy and free with IRS Direct Pay), then file the actual tax return in October. Why rush and file in April?
Livesoft or anyone else please explain.
Re: Efile taxes now or wait in case of revised 1099R
I agree; I don't see this as helping this issue.dual wrote: Mon Feb 03, 2025 3:46 pmI do not see how this stops someone who has your Social Security number and other information from filing a fraudulent return.livesoft wrote: Mon Feb 03, 2025 9:17 am File for an extension (easy and free with IRS Direct Pay), then file the actual tax return in October. Why rush and file in April?
Livesoft or anyone else please explain.
Don't trust me, look it up. https://www.irs.gov/forms-instructions-and-publications
Re: Efile taxes now or wait in case of revised 1099R
Correct. It does not help with that. I consider it a non-issue.
Re: Efile taxes now or wait in case of revised 1099R
Google says less than 1% fraud returns. Less than my risk of dying this year. I decided to give up being paranoid.
In order to do a fraud efile, the perp will need last year’s AGI. AFAIK, No one but me and the IRS knows that number.
If they file on paper after my 30+ years of efiling, likely the IRS will kick it out for identity verfication. They have vastly improved their screening.
I’m guessing the vast majority of fraudulent returns is someone with physical access to your files, not a hacker.
Promptly file is a good idea anyways.
In order to do a fraud efile, the perp will need last year’s AGI. AFAIK, No one but me and the IRS knows that number.
If they file on paper after my 30+ years of efiling, likely the IRS will kick it out for identity verfication. They have vastly improved their screening.
I’m guessing the vast majority of fraudulent returns is someone with physical access to your files, not a hacker.
Promptly file is a good idea anyways.