Hi everyone,
I filed my taxes electronically with Turbotax in mid Feb. When I got my refund (not as fast as some here were saying, but only a week longer than most), it was slightly smaller than expected ($154), which works out to $700 in income in my 22% marginal bracket. My situation is reasonably simple, SS, pensions, 1099 for IRA withdrawal/Roth conversions, standard deduction, most assets are in tax deferred/free accounts. Just some interest on cash flow. I have gone back over my taxes and for the life of me can't figure out what I did wrong! My first thought was I must have input an incorrect number (manually entered all my data from1099s, etc.), but I can't find anything.
About 20-25 years ago I had something similar happen where the IRS made a change to my return. On that occasion, I figured out where I had erred fairly quickly, and the IRS sent me a letter within a couple of weeks explaining the change. Well, I'm coming up on 3 months since I filed, and haven't received any IRS explanation. I expected to hear something by now...am I being unrealistic on the timing?
Not a big $$ amount, but I'd like to know. Particularly in the event that I need to consider something different for next year. Last few years I've been tracking my income manually and planning tax return by determining Roth conversion amounts. My spreadsheet estimate has hit my final numbers within a dollar or two the past several years. My concern is if I'm missing something I don't want to make an error that is bigger $$ and puts me into IRMAA. My plan is to do the same thing I've done for the past few years, convert up to first IRMAA tier this year and next before cutting back to 12/15% bracket as I get my tax deferred account down to a manageable level and other passive income (another pension and 2nd SS) come online over next few years.
Anyone have any recent experience along these lines regarding how long it takes to hear back?
Thanks fro any feedback...
oldphd
I filed my taxes electronically with Turbotax in mid Feb. When I got my refund (not as fast as some here were saying, but only a week longer than most), it was slightly smaller than expected ($154), which works out to $700 in income in my 22% marginal bracket. My situation is reasonably simple, SS, pensions, 1099 for IRA withdrawal/Roth conversions, standard deduction, most assets are in tax deferred/free accounts. Just some interest on cash flow. I have gone back over my taxes and for the life of me can't figure out what I did wrong! My first thought was I must have input an incorrect number (manually entered all my data from1099s, etc.), but I can't find anything.
About 20-25 years ago I had something similar happen where the IRS made a change to my return. On that occasion, I figured out where I had erred fairly quickly, and the IRS sent me a letter within a couple of weeks explaining the change. Well, I'm coming up on 3 months since I filed, and haven't received any IRS explanation. I expected to hear something by now...am I being unrealistic on the timing?
Not a big $$ amount, but I'd like to know. Particularly in the event that I need to consider something different for next year. Last few years I've been tracking my income manually and planning tax return by determining Roth conversion amounts. My spreadsheet estimate has hit my final numbers within a dollar or two the past several years. My concern is if I'm missing something I don't want to make an error that is bigger $$ and puts me into IRMAA. My plan is to do the same thing I've done for the past few years, convert up to first IRMAA tier this year and next before cutting back to 12/15% bracket as I get my tax deferred account down to a manageable level and other passive income (another pension and 2nd SS) come online over next few years.
Anyone have any recent experience along these lines regarding how long it takes to hear back?
Thanks fro any feedback...
oldphd