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Anonymous
Anonymous asked in Business & FinanceTaxesUnited States · 1 month ago

Tax question?

Hello, so this year for the first time I decided to do my taxes myself.. and now I feel like I shouldn’t have..... I think I filed too early because health insurance tax forms Have come in the mail and also another tax form from buying a couple of stocks on Cashapp. IRS has already taken in my taxes but has not accepted it and it has been a week now, most people I talk to have received their refund after 4 days even with claiming dependents (which btw, I do have dependents) - my question is, is it too late to make corrections? Should I have a professional fix it or it’s too late? I just don’t  want my taxes to be delayed because they have before for 3 months when I first claimed my newborn :-/

Update:

If it helps.. I filed through Turbo Tax. 

7 Answers

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  • 1 month ago
    Favorite Answer

    When TurboTax filed your federal return, did they send you an email saying it was "accepted" or just "pending"?  If it was "accepted," you can file an amended return (if you need to, if you SOLD your stocks during 2020) for free through TurboTax.  If the original federal filing is still "pending," you need to wait until that filing has been "accepted" to file any amended return.  Either way, your initial refund will not be delayed, but you may owe some money with the amended return if you had a gain on the stock sale.  You do not need a "professional" to "fix" anything.

    As others have noted, your health insurance forms are usually purely informational, so they should not trigger the need for an amended return unless you need to adjust the amount of any subsidy you received when purchasing health insurance through the Affordable Care Act (Obamacare).

  • 1 month ago

    You can't even PAY TurboTax to file an amended return. TurboTax doesn't do 1040X forms, which can't be filed electronically.

  • 1 month ago

    Thanks for jumping the gun.  Now you have made more work for everybody and IRS, which has been short staffed for years will have to deal with your mess instead of people doing things properly.

  • 1 month ago

    Send an amended return now.

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  • 1 month ago

    There is no tax document from BUYING stock, unless it's for a retirement program

    Traditional IRA - gets included in your taxes

    Roth IRA - doesn't.

    There is tax documents from selling stock.

    The health insurance form 1095-A/B/C is informational only. 

    If you have a 1095B/C, this related to the personal insurance health mandate that is not longer in effect.  Unless you live in NJ, CA, MA or another state with mandated health insurance the B or C form is not used for filing taxes.  In every state, it's not part of federal taxes.

    Again, all of these documents are informational only and, if the information, was relevant to your tax situation, you you should have included the info on your taxes without the paperwork.  The only document you need to file your taxes in a W2, all other documents are information to confirm your records match the company's records.

    -- These documents might not be needed depending on your specific situation.  The biggest is that you don't appear to know.  And since you don't appear to know, what else did you do incorrectly on your taxes because you didn't bother to fully read the instructions.  You should definitely be able to use turbo tax when filing your taxes.  However, you actually have to pay attention to the questions to get accurate results and it doesn't appear that you did that. 

    So it's based on the documents you received and what other errors you made whether an amended tax return is needed. 

  • ?
    Lv 7
    1 month ago

    No one gets a refund from the IRS in 4 days. They try to get them out within 2 - 3 weeks.  If the health insurance form you received is a 1095A, your refund will be held up until you do the premium credit reconciliation. If it's a 1095B or C it has no impact on your federal taxes, but it might on your state if your state imposes a penalty for not having health insurance.   The IRS will send you a letter with instructions on how to submit it.  It's one of the few things you can submit by fax.  Buying stocks is not reported on your tax return. Selling them is.   Wait until your return has been fully processed and then amend it if you need to.  I would recommend you see a professional to do it as they can e-file the amendment and review your return to see if there are other errors.

  • Anonymous
    1 month ago

    You have years to file an amended return if you need to.

    Your medical insurance tax forms...how exactly do you think that will change your tax bill?    It won't.

    Buying stocks won't affect your tax bill either as long as you still own them.  

    "I just don’t  want my taxes to be delayed"   What are you talking about?   You PAY taxes.   If you're referring to an overpayment refund, you have to just wait.   If you don't want to wait, stop overpaying your taxes.  No, "most people" do NOT receive their refund in four days.

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