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magical thyme

(14,881 posts) Fri Feb 7, 2014, 08:54 AM Feb 2014

Uh-oh! this is the 1st year in many that I've owed taxes

and it looks to me like they've made a big change to the long form somewhere along the way. I've been filing the EZ forever (or as long I can remember...there was a time when I had deductions but it's been a long time). But this year to file my taxes free online this year, I ended up with a plain 1040.

I had to file in a hurry to re-apply for my student loan IBR, so I just did what I needed to do. But this morning I was looking through the form for future reference, seeing if there would be any retirement/age-related deductions.

And I discovered line 50. I've been living paycheck to paycheck for so long, I haven't had anything left to put into a retirement fund, although I've been coming close this year. But what I just realized is if I'd been able to, I could have wiped out my entire federal taxes. Just $400 more than my taxes would put me at the minimum to open an ira with the client at one of my part time jobs.

I think if I can scrape up the money to do that in time, then I can file an amended return and get a refund on my payments.

So on the one hand, I have a bunch more paperwork in my future. Craps. I wish I'd had more time to find this out. I didn't get my W2s until early February, and had only until mid-Feb to get my IBR filed.

On the other hand, instead of supporting the war machine, I'll be saving for myself!!!!!

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Uh-oh! this is the 1st year in many that I've owed taxes (Original Post) magical thyme Feb 2014 OP

That's good information for me. Thanks. nt Walk away Feb 2014 #1

looks like this particular credit doesn't qualify for an amended return... magical thyme Feb 2014 #2

That sucks. In fact it doesn't really make any sense. Walk away Feb 2014 #3

it may qualify. there is a check list of forms that qualify, which it is not on, but then there is magical thyme Feb 2014 #4

Walk away

(9,494 posts)

1. That's good information for me. Thanks. nt

Reply to magical thyme (Original post)

Fri Feb 7, 2014, 11:18 AM

Feb 2014

magical thyme

(14,881 posts)

2. looks like this particular credit doesn't qualify for an amended return...

Reply to Walk away (Reply #1)

Fri Feb 7, 2014, 12:42 PM

Feb 2014

based on the 1040X form for amending your return. I'll have to call the IRS to confirm, but that will have to wait. I don't have the money at this point anyway.

It's really a shame. It's too bad the IBR program has such tight deadlines. The IRS approved my return and took my tax money, but when I try to efile my IBR renewal, it still pulls my 2012 info. They told me to wait another week, but if it isn't ready yet, then I have to submit it manually and it's due next week. If they made deadlines more reasonable it would avoid mistakes made from rushing and unecessary angst for everybody. And in my situ, I may have been able to come up with the money to put into an IRA before filing...

Walk away

(9,494 posts)

3. That sucks. In fact it doesn't really make any sense.

Reply to magical thyme (Reply #2)

Fri Feb 7, 2014, 12:48 PM

Feb 2014

I'm sure Mitt & Anne amended years of taxes in all sorts of creative ways to pay less after his 2012 run.

magical thyme

(14,881 posts)

4. it may qualify. there is a check list of forms that qualify, which it is not on, but then there is

Reply to Walk away (Reply #3)

Fri Feb 7, 2014, 12:55 PM

Feb 2014

"other." So it may qualify under "other." My limited research this morning didn't find an answer, which is why I'll call the IRS to confirm, once I've saved the $$ to do it. Too bad I just spent $1500 keeping my car running, or I'd be able to do it sooner rather than later...

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