I am eligible to claim a Health Care Tax Credit for 2009, however the IRS (I just called) has not yet published the 2009 version of form
8885. Without any assurance from the IRS that the form will be available before April 15, does it makes sense for me to file my 1040 now, receive my refund and then file an amended form with the 8885 for the HCTC later in the year?
I could e-file today, then paper file the amendment later.
First - the form is available. I have it in my software.
Second - you'll sign that return saying you believe it to be and accurate to the best of your knowledge. Does sending it in knowing its missing a form you know belongs subject you to perjury - some will say yes. Frankly, I've done this myself on more than one occasion. I'm not saying don't do it, I'm saying be careful and KNOW what you're doing.
Third - original returns seldom get looked at by humans. All amended returns get looked at my humans. Is there anything on your return that might raise a question or cause a problem if looked at?
Fourth - this form generally requires that you send in supporting documentation if you meet certain circumstances. Make sure you have what you need together and you submit all you're supposed to.
Fifth - I just got off the phone with IRS regarding an amended return we filed in December. They told me it is taking between 16 & 20 weeks for them to process an amended return. Do you want to wait that long?
Both the IRS and the office of the US Dept. of Labor that handles Trade Adjustment benefits have independently asserted that the 2009 form is not available as of this writing. I presume your software may not be the commercial TurboTax, for example?
Thank you for that insight!
I do, the extra IRS form and all requisite documentation. I was prepared to e-file and then print out and mail these documents.
Due to unemployment and other circumstance, I have a substantive refund coming. In lieu of that, I need to take fund from my IRA for living expense. The 10% hit on the IRA withdrawal is painful so my thought was to get the
1040 refund ASAP, defer another IRA withdrawal, and submit an amendment for the relatively smaller HCTC credit later in the year.
UltraTax has included several forms, for which it says the IRS has not yet approved those forms and UltraTax will not allow them to be efiled until approved. It says do not file until approved, meaning do not file paper either. And then there are some forms,
5405 being the best known, which will not be efilable, period.
This was the key, I guess. I resubmitted my efile which had been rejected twice. Unaltered, this time it was accepted. My guess is that it was the case that even though the commercial Turbotax contained an 8885 the IRS servers were configured to reject any such returns until the form was approved.
As a follow up to the "missing form", not only was it in my software but I have already e-filed that return and it has been accepted by the IRS and credit given for the 8885. Whoever told the OP that the form wasn't available was mistaken.
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