I don't think I need a CPA if I am just doing my own taxes. I might understand if I had a business, tons of deductible material, etc. but I don't think a CPA is the way to go for me.
I just went through trial runs on TurboTax's website and H&R Block's website. H&R says I am getting $100 more back than TurboTax does. Since I have seen that others get similar types of responses I am going to garner it is OK. If you file through these types of online programs, are they the same as IRS e-file?
Out of curiosity, what is Block showing that is different from TurboTax? I assume you input the exact same numbers in the two programs.
Yes, I put the exact same numbers in but for some reason I am getting about $100 extra from H&R Block and on the H&R Block forms I have not even entered my tuition expenses from last year and that added extra money on my TurbooTax forms. I am not seeing much of anything that is different though.
I have already filed my federal income tax. The problem is, I got a correct tuition form from my university and the tuition I was charged is much much more than listed on my old form. How do you correct this mistake? I apologize, remember this is my first time doing taxes myself
You will have to file a 1040X. You can't e-file amended returns. It is pretty straight foward. Just fill in the original info, and fill in the corrected amounts and enter the difference in the middle column. I don't know if TurboTax or that will allow you to fill one or not. If it does, you'll just have to click for the amended and change the one number. If it doesn't, redo your return in the software and just write in the corrected numbers on the 1040-X. 1040-X Also here is the IRS chart that tells you how long you have to wait for your refund: http://www.irs.gov/pub/irs-pdf/p2043.pdf
It should. You do not have to repay any Stimulus payment you received, but you may qualify for more if your tax situation changed.
OK, so I need to do a 1040X by mail. If I am owed any monies back, how will I know this and how will I know how much? How long will it be before I receive those (if any) since this will all be done by snail mail? Is direct deposit available?
You have to recalculate the tax. You can look it up in the tax table. You pay it when you file the return. They will mail you a check back if you have a refund. Tax Table
Could I do a test run under Turbo Tax and then input the new information and the difference from what I filed previously should be what I owe or should get back if I am thinking right. Correct?
I just looked on Turbo Tax's website and I am able to amend a return I have already filed so I guess I'll be using that. Thanks for your help guys.
Turbo Tax is asking me how much of the tuition I was billed for was actually paid (including scholarships, fellowships or grants). The school pays for 75% of it because I work there and I pay the other 25% and this is what it shows on my student account (that the school made one payment and I paid the rest). I doubt the part the school pays acts as or is considered a scholarship/fellowship/grant. So do I list the entire amount or just what part I paid?
That's actually a good idea...I just bought the H&R block tax cut but have used Turbo Tax for years...I plan on doing them the next couple of days...
