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Re: 1040X - Turbo TaxHere is how I do it. First, I wait until the last day. I have everything ready but ... just in case some other correction shows up in my mailbox. But before that, I usually call my brokers couple of times and ask if any corrected form is in the works. They usually have pretty good idea about that. There were cases when the company of which i was a shareholder has made some changes but the broker has refused to amend any form. Second, I try to estimate the impact of the change on my taxes. Remember, the US incomes go in increments of $50 - at least that is how it was in old tables when you pick the paper forms at the library or at the post office. Then - check your tax return - it tells you your effective tax rate. If my exxpected return is less than $25 I do nothing - it is just not worth my time and postage. If I owe something I would simply wait for the IRS to let me know how much I should pay. If it is $50 or less I will just mail them a check and consider the case closed. Recalculating and fighting is not worth my time. I use TT and do everything by myself. If you use a paid tax professional, his charges might greatly exceed most of your potential saving. I am not a purist, and that is how I do it. I don't sweat about extra $25 or even $50 going into either direction. Maybe there is a reason I won a title of the Most Efficient Employee at my work for three years in a row. |
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Msg # | Subject | Author | Recs | Date Posted |
58663 | Re: 1040X - Turbo Tax | goode | 0 | 11/29/2015 6:59:45 AM |