Quick Summary - Have filed my own taxes for years, with little to no issue with the amounts refunded or owed. Usually end up paying a bit, which I am fine with and typically hold to pay until April 15th. This year, my amount owed has grown 3x which makes me think either I massively messed up my withholding, or TurboTax and I are not on the same page with income vs. deductions.

I've never had to file a extension before, but I am thinking about it in order to have a tax professional review and confirm amount owed. I know the form needed for the extension, but should I expect that a tax professional would be willing and able to review, post filing date? Review fees paid are worth it at this point, but just dont know what to expect from a CPA (or other) to review in a timely manner?

I'm in the same boat except I'm showing to get a significantly larger refund than I ever have. About to re-enter everything in Freetaxusa to see if it matches up.

Pretty simple, just a W-2, 1095A, and a little interest income.

Turbo Tax told me I owed about $7500. A pro said I owed $275. Do the math.

I am a CPA (retired) and I have three returns of my own and five returns for family members that I prepare. I always extend my three returns, wait for the IRS transcripts to be fully updated, and do the things without the pressure of a deadline. I am typically plus or minus a couple thousand so not a big deal. In fact, will be headed to the post office in about a half hour, lol.

Edit to add that now that the deadline is passing, you should have no trouble finding a tax professional that would take a look at what you have done to see if you messed something up. Shouldn't cost very much either.

one safe place said:

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I am a CPA (retired) and I have three returns of my own and five returns for family members that I prepare. I always extend my three returns, wait for the IRS transcripts to be fully updated, and do the things without the pressure of a deadline. I am typically plus or minus a couple thousand so not a big deal. In fact, will be headed to the post office in about a half hour, lol.

Edit to add that now that the deadline is passing, you should have no trouble finding a tax professional that would take a look at what you have done to see if you messed something up. Shouldn't cost very much either.

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quick question - how important is it to wait for the transcripts to fully update?? what if I extend, but then file within a couple weeks?? any issues/ramifications with doing this?? (i.e. I already did that with a business return this year...and quite certain I did with my personal return one of the last couple years)

I imagine most CPAs are a little too busy today to be fielding phone calls

Oh yeah definitely file the extension and call tomorrow.

Can't wait too long. Gotta catch them before they go on vacation.

EnronAg said:

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one safe place said:

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I am a CPA (retired) and I have three returns of my own and five returns for family members that I prepare. I always extend my three returns, wait for the IRS transcripts to be fully updated, and do the things without the pressure of a deadline. I am typically plus or minus a couple thousand so not a big deal. In fact, will be headed to the post office in about a half hour, lol.

Edit to add that now that the deadline is passing, you should have no trouble finding a tax professional that would take a look at what you have done to see if you messed something up. Shouldn't cost very much either.

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quick question - how important is it to wait for the transcripts to fully update?? what if I extend, but then file within a couple weeks?? any issues/ramifications with doing this?? (i.e. I already did that with a business return this year...and quite certain I did with my personal return one of the last couple years)

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Generally it is not important if you are sure you have all your documents. If you feel you do, no need to wait very long to go ahead and file. On a couple of occasions, I would have left something fairly important out of the return had I not gotten the transcripts (one for me, one for my wife).

Since I never intended to file before October, I would get the transcripts just to be sure I had not overlooked anything. On two occasions, something on the transcript was reported to me in error.

I would file the return as is.

Then hire a CPA to look things over. If you are off on numbers, they can amend the return.

Biggest hurdle will be finding a CPA. They are booked solid now. Then they take a month long vacation starting April 16th.

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Biggest hurdle will be finding a CPA. They are booked solid now. Then they take a month long vacation starting April 16th.

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Sure hope not. My CPA filed an extension last night. I'm getting money back so it's not a big deal.

birdman said:

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Biggest hurdle will be finding a CPA. They are booked solid now. Then they take a month long vacation starting April 16th.

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lol

File an extension - that's why we have that rule. Just pay an estimate of what you think your tax might be (less what you have already paid.

I file an extension almost every year as I've got to get my wife's S Corp done first, then wait for various other K-1's etc. to trickle in. I can count on one hand the number of times I've filed on Tax Day.

ToddyHill said:

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Biggest hurdle will be finding a CPA. They are booked solid now. Then they take a month long vacation starting April 16th.

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Sure hope not. My CPA filed an extension last night. I'm getting money back so it's not a big deal.

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I had to file an extension this year and don't expect to hear back from my CPA until early June. I am expecting to get a few grand back so no worry on having to pay any interest. Last year was my first full year retired and I withheld too much for my qualified dividends the majority of which are now taxed at 0%

birdman said:

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I would file the return as is.

Then hire a CPA to look things over. If you are off on numbers, they can amend the return.

Biggest hurdle will be finding a CPA. They are booked solid now. Then they take a month long vacation starting April 16th.

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Someone forgot to tell my mom this growing up. She had her own practice and was never off for a month until she retired.

My mom was an accountant too but only did business so she was working year round too