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Anyone a tax expert? *ETA*

Posted by on Feb. 5, 2014 at 7:38 PM
  • 12 Replies
My husband and I filed and sent our taxes through TurboTax. We got a text saying they got accepted.

Yesterday, my husband got a 1098-T form in the mail for making school payments totaling $1,070. I know I have to go through TurboTax and print some paper to fill out and send in the mail. I kinda don't wanna do all that and would rather wait til next year, but my husband insists I do them now.

Does anyone know if a school payment of $1,000 will even make a big difference on the refund? Or is it okay to just wait to include them in next years taxes?

Also, if I do go in and decide to send them this year, will it put a hold on the refund we are waiting to get in the next week or two?

I'm trying to google this but can't find anything.




**** I went on TT the next day after posting this to do the amend and there was no difference at all. We weren't going to owe anything for it and we weren't going to get anything back. I chatted with a representative and they said it wouldn't make any difference if I sent it in or not since the amount didn't change.
by on Feb. 5, 2014 at 7:38 PM
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Replies (1-10):
darbyakeep45
by Darby on Feb. 5, 2014 at 7:45 PM

I'm honestly not sure...maybe someone else will know!  Good luck!

jas_momof2
by アニメの雌犬 on Feb. 5, 2014 at 8:12 PM
2 moms liked this

As I understand it - if the 1098-T is for the 2013 year you can't file it next year - you will have to amend this years return and yes, it will take longer for you to get your refund.  Keep in mind the school also files so the IRS can cross check and flag you if you don't.


usmclife58
by Nikki on Feb. 5, 2014 at 8:24 PM

Yes, it will change the refund and the date will change, though probably not by too much if you get on it now. Yes, it must be amended and done now. No, you absolutely cannot do it next year instead. 

usmclife58
by Nikki on Feb. 5, 2014 at 8:25 PM

Also, check on TT and see if you can just amend it online. 

lilmama8408
by Member on Feb. 5, 2014 at 8:26 PM
You cannot use it next year. Thats for 2013 not 2014.

I think it would be a coue hundred bucks. You have to file an amendment and it will be a delay.
Mizuagi
by Bronze Member on Feb. 5, 2014 at 9:38 PM
1 mom liked this
Ok, I'll see if I can do it to mail it out tomorrow. Thank you, ladies. :)
DoofusAloofus
by Member on Feb. 12, 2014 at 7:01 PM

It has to go on your 2013 return. The difference will depend upon your various other factors (income, credits, etc). How long ago did you file? Just wait for it to go through completely then prepare the amendment (it has to be mailed anyway, no efiling for amended returns). It won't be that big of a difference and it's not like it's a huge fraudulent action that will redflag your IRS file.

Izsarejman
by Member on Feb. 12, 2014 at 7:05 PM
You're opening yourself up to an audit and/or offset.
DoofusAloofus
by Member on Feb. 12, 2014 at 7:27 PM

Just wait until the return is finished being processed (and you get your refund), then file the amendment and pay any difference. It is NOT that big of a deal, at all!

Quoting Izsarejman: You're opening yourself up to an audit and/or offset.


Izsarejman
by Member on Feb. 12, 2014 at 7:29 PM
We had an offset one year because my husband didn't wait to get the paper for being the executor of my dad's estate. At least you caught it before it could get to that point.
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