Catherine Posted March 10, 2009 Report Share Posted March 10, 2009 Anyone else run into this? Or am I the lucky one? I just got a letter from the IRS on our own taxes. They claim they adjusted the recovery rebate credit amount because AGI exceeded $150K. But their own figures on the letter show that the AGI is less than $150K. For a client, I would send a letter and include a copy of their letter with the under-$150K amount highlighted, plus a copy of the recovery rebate credit worksheet, and politely request that they fix their error and pay the remaining credit amount forthwith. But if others have seen this and the IRS is catching their own mistakes, perhaps I should hold off a bit. Comments? Thanks, Catherine Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted March 10, 2009 Report Share Posted March 10, 2009 Hey, go ahead and send the letter, you will get some pleasure out of pointing out their error! And maybe speed it up a bit, as well. Quote Link to comment Share on other sites More sharing options...
cpabsd Posted March 10, 2009 Report Share Posted March 10, 2009 I haven't seen this but I am impressed that your personal return is already filed. Mine has to wait until late April or early May every year. Of course, I will fall into that FAFSA category soon, so will need fiegure out how to get it done earlier. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted March 10, 2009 Report Share Posted March 10, 2009 FAFSA accepts estimates. Take it from a procrastinator. My return it now the last one I do, and it's getting later every year. Close to 15 October last year. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted March 10, 2009 Report Share Posted March 10, 2009 That means estimated amounts when returns aren't filed yet, not estimated tax payments. Quote Link to comment Share on other sites More sharing options...
GeneInAlabama Posted March 10, 2009 Report Share Posted March 10, 2009 What is FAFSA? My mind can't keep up with all the acronyms. Lion, I'm with you, my return is usually the last one I file which is also close to October 15th. You know what they say about the shoemaker's kids going barefoot. Quote Link to comment Share on other sites More sharing options...
Tax Prep by Deb Posted March 11, 2009 Report Share Posted March 11, 2009 What is FAFSA? My mind can't keep up with all the acronyms. Lion, I'm with you, my return is usually the last one I file which is also close to October 15th. You know what they say about the shoemaker's kids going barefoot. I believe it is the paperwork that is turned in to see if you can qualify for any grants, loans, ect. when going to college. Every year I get a flood of clients one day before they are due. Deb! Quote Link to comment Share on other sites More sharing options...
Lion EA Posted March 11, 2009 Report Share Posted March 11, 2009 That's it. And, I think they're due in March, or at least during tax season. Clients think you can do it for them, but only part of it is income information. The other part is asset information, savings, investments, retirement plans, etc. And, you repeat both parts for both the parent and the child, so unless you do the child's taxes also, you're doing extra work. But, you can mark that you have not yet filed a return and use your best guesses. Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted March 11, 2009 Report Share Posted March 11, 2009 My personal return is the first one I start every year, even though I am always waiting for statements or documents to complete it. I use it as a test return to get used to the software and any tax law changes, as my return is very similar to many of my clients returns. I will be in the FAFSA boat next year. FAFSA stands for Free Application for Federal Student Aid. It is required of every college student who applies for scholarships, grants, student loans, or need based financial aid. The parent's tax return is part of the application. Tom Lodi, CA Quote Link to comment Share on other sites More sharing options...
Catherine Posted March 11, 2009 Author Report Share Posted March 11, 2009 My personal return is the first one I start every year, even though I am always waiting for statements or documents to complete it. I use it as a test return to get used to the software and any tax law changes, as my return is very similar to many of my clients returns. I will be in the FAFSA boat next year. FAFSA stands for Free Application for Federal Student Aid. It is required of every college student who applies for scholarships, grants, student loans, or need based financial aid. The parent's tax return is part of the application. Tom Lodi, CA We're in the FAFSA boat this year, too. And they want preliminary information by mid-February, so I also get a slew of early draft returns every year. However, for years I've done as Tom does -- our return first, as a test of/acclimation to the software before the season gets underway. Catherine Quote Link to comment Share on other sites More sharing options...
Lion EA Posted March 11, 2009 Report Share Posted March 11, 2009 I always used to start my return early for all the reasons mentioned by others. It sat through the season, though, so I used it to test things for months. It was my dummy return. My daughter's first year in college she panicked about her FAFSA and insisted I complete our return early -- which I did, but that year only! Now my software includes sample returns of all types. The last two years I have not even started my return until after tax season. Wait'll next year, says the Cubs fan. Quote Link to comment Share on other sites More sharing options...
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