I encountered the From 2210 issue when I tried to file early Saturday morning. I overrode the “request a waiver” box and unchecked it, which worked. The “let IRS do it” box did not help.
The current fix is still WRONG. I have overpayment for each quarter, but the program would still generate Form 2210 for the waiver. You still have to override the “request a waiver” box and uncheck it if you want to suppress that form.
Just because there’s no penalty doesn’t mean the IRS doesn’t require the form. You don’t need to file the form only if none of the reasons listed in Part II apply. I think the bug is the automatic waiver request, so you may be required to file the form even if they fix this bug.
7 calendar days from Federal return accepted to refund in my checking account. Fastest ever for me I think.
Still waiting for my K1 from an investment club. I had decent return from this over the years but as I’m getting older I wonder if the hassle is worth it. Even though K-1 is getting more common due to popularity of ETF structured as partnership tax software still seems to have treat it as some exotic item.
Well yeah, none of the parts WOULD apply if there is no penalty (for most folks). As you said the bug is that TT is going for the waiver instead of checking to see if the penalty is zero first.
Anyway I got around the issue simply by overriding my 2017 tax liability to zero, then the form is not generated by TT. That’s the only way to workaround it (that I saw) with the online version.
[quote=“ZenNuts, post:135, topic:3204”]
I had decent return from this over the years but as I’m getting older I wonder if the hassle is worth it.[/quote]
Same here; I was making decent returns, but realized that I could also make decent returns on something else. Haven’t had to deal with a K1 for some years now.
$28 refund from Feds. Nailed it.
Finally got her W-2. Ended up owing around $1750… which was within the allowance for us to avoid a penalty. Going to pay it with our Priceline Visa to pocket a percent or so in rewards.
I finished mine and owe a few hundred, which is where I wanted to be. Last year, I got a $400 refund and was annoyed I let the government hang onto my money.
I had 12 1099-Interest statements this year, which I’m sure is really high for “normal people,” but I’d guess there are many here with more than that.
Actually qualified for itemized deduction! wow, buying a new car will do that but that’s no way I’ll have that next year. Still owes a few hundred though.
Will it? Sales tax on the car falls under the SALT limit… so it won’t do that for that many people.
There’s the vehicle license fee, which he will have every year. /shrug/
which is in the same SALT category
If you have a card with 5%-6% grocery or drug store category, buy $500 prepaid Visa/MasterCard GCs and use those to pay federal tax.
I’ve not researched this, so I’m just asking. Wouldn’t you have fees when you buy the card, and then a (smaller than credit card) fee when you pay with it? Also, you’d have to find a processor who will accept multiple debit cards for a single transaction. Otherwise, you’d be limited to two $500 cards per payment period (or six if you used all three processors).
And the annual fee probably isn’t enough to make a dent in the $12,000/$24,000 standard deduction if he barely made it with the sales tax in the purchase year. Not to mention that the only portion of the fee that is deductible is the part that is based on the vehicle’s value.
Yes, 6 payments total through the 3 processors, per tax item. In sullim4’s case, approximately $497 x6 payments can be made with Form 4868, and get refund from IRS.
So just under $3,000 but I think that resets every quarter if you make estimated payments, or just under $12,000 per year using $500 cards.
With a $5.95 fee per $500 card that equals 1.2% fee. The processors charge less for debit card fees, $2.45 or so min per transaction? So around 1.7% total in fees. If you get 6% CB reward bonus for grocery stores, that nets you 4.3% after fees, or around $21.50 per $500 card. If you pay your max available $3k per quarter that would net you $129 per quarter.
I personally liquidate my cards through other lower fee methods for a bigger profit, but I do make a single quarterly estimated tax payment with my Citi Double cash card for a small .13% profit.
(Edit to correct: numbers)
DC fee is about 0.5%
Lowest processor fee is 1.87%, so 2% DC would net .13% (I know slightly lower since DC doesn’t give rewards on the 2% redemption that reduces your 1% payment reward).