I just finished doing the taxes using Tax Cut. They say a final update is expected for Fed tax in April. Is there any reason to wait for that before I file the forms - using paper?
I have no fancy anything, SS, int income and a rental with no depreciation
- only income and expenses.. thanks m
BTW - inputting the estimated taxes paid in CA was a real 'hunting expedition'.
Is line 76 ("estimated tax penalty") more than zero? If it is blank, is line 75 more than $1000? If you don't owe money, is your refund on line 72 pretty large?
If you're owing money and there is no penalty, then you can wait till the last minute. If you're owing money and there is a penalty, the penalty increases the longer you wait. If you owe less than $1000, there is usually no penalty. If you owe more than $1000 there may or may not be a penalty. If the penalty is small, say like $20, then waiting is probably a good idea because the penalty will grow to $22 or so. If you're getting lots of money back, file earlier to get all this $$$ into your account and earn interest on it, and then file an amended return. But if you're only getting very little back and don't need the money now, then might as well wait.
Having said that, I'm not expecting any updates to the basic stuff like what you have. I kind of hope they increase the AMT exemption again, but I think that will happen. The software has to probably update for the recent stimulus act, which includes things like bigger depreciation, more energy and first time homebuyer credits, etc.
You mean you had to dig up the amounts paid to CA? How did you do that? I have no idea, just curious.
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