Author Topic: How many forms will your tax return take? (WTF!!)  (Read 7892 times)

Retired To Win

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How many forms will your tax return take? (WTF!!)
« on: March 19, 2015, 06:08:13 AM »
More income streams mean more complications and more tax forms for us.  So, for 2014, it's going to take me TEN forms to complete our 1040 federal tax return.  What is it going to be like for you?

Here's my time-gobbling form preparation rundown:
-- Forms 1040, 8889 (HSA), and 6251; plus Schedule A.  That's just the basics to start.  (Income stream #1: wages)
-- Schedule B.  That's for income streams #2 and #3 (bank and bond interest, and dividends.)
-- Schedule C and SE (Income stream #4: consulting)
-- Schedule D and Form 8949 (Income stream #5: stock trading gains)
-- Schedule E or Form 4797 (??).  That's for income stream #6 (limited partnerships)

What's your roster of forms going to be?

Late last week I started to put in 1 to 2 hours a day compiling, organizing, copying and calculating.  That's so I don't have to go into a last-minute stress rush to get this thing done -- because there's always something that comes up towards the end (or when I think I'm at the end.)

How much time do you think it's going to take you?  Have you started yet?

Ain't tax time fun?!?!

Mississippi Mudstache

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Re: How many forms will your tax return take? (WTF!!)
« Reply #1 on: March 19, 2015, 07:56:04 AM »
Did it in February. It took 4 forms. 1040, 3903, 8889, and Schedule A.

Sibley

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Re: How many forms will your tax return take? (WTF!!)
« Reply #2 on: March 19, 2015, 08:46:47 AM »
Mine isn't bad. My parents...

They have a w-2, 2 businesses, rental property (they live in half, rent out half), home office, and I cleared out some old property from one of the businesses that's actually been gone for years. The tax return was around 40 pages I think.

TheAnonOne

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Re: How many forms will your tax return take? (WTF!!)
« Reply #3 on: March 19, 2015, 09:17:09 AM »
This may be antimustachian but, I simply used turbo tax... paid my 50-100 bucks and called it good... My situation included quite a few forms but I got my return in about a week.. (back in early Feb)

Livewell

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Re: How many forms will your tax return take? (WTF!!)
« Reply #4 on: March 19, 2015, 09:23:23 AM »
13 forms for me!  :(

But I did turbotax too - $150 for fed and CA versions, completely worth it!

GuitarStv

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Re: How many forms will your tax return take? (WTF!!)
« Reply #5 on: March 19, 2015, 09:26:42 AM »
Did mine and my wife's in Feb.  Took seven forms in total (more complicated since she was off on mat leave last year and we have a small business selling solar power now).  About 45 minutes of actual work.

gluskap

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Re: How many forms will your tax return take? (WTF!!)
« Reply #6 on: March 19, 2015, 11:27:55 AM »
Just got our return.  We had 5 forms.  A little more complicated since we had a baby last year and sold a property.

Schedule A
Schedule D
Form 8949
Form 2441
Form 8606

pdxbator

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Re: How many forms will your tax return take? (WTF!!)
« Reply #7 on: March 19, 2015, 11:57:08 AM »
Every year I get really crazed by taxes. I have a CPA do mine because they have grown super complicated from familial ties with LLCs. I don't get our tax code system. Seriously it is as if it were designed to create more jobs for CPAs and other professionals that you have to go to to understand exactly what to do. Can this thing not be simplified somewhat?

slschierer

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Re: How many forms will your tax return take? (WTF!!)
« Reply #8 on: March 19, 2015, 01:00:34 PM »
5 Forms for us and we can't even itemize!

It's my dream that the U.S. truly does reform our tax code.  Just think of how much waste tax reform would cut out in both time and resources for the government, businesses, and private homes

gimp

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Re: How many forms will your tax return take? (WTF!!)
« Reply #9 on: March 19, 2015, 01:10:40 PM »
I filed for three states + federal. Took 3 state forms, one standard federal form, one itemized form, and one relocation/moving expense form. Plus W-2s. Despite my belly-aching, it only took about ~5 hours of time all told plus mailing them. Next year will probably be about ~1 hour of time and three-four forms (state, std fed, itemized, maybe something else) plus mailing time.

Not bad, though I really do wish the IRS, like their counterparts in most countries, would send you a filled-out version to approve. They have all the info already, or most of it; most people (probably 90% or more) would just look it over and not even need to respond. I understand tax service companies lobbying against this, but my pet theory is that quite a few congresscritters who bill themselves as anti-tax / anti-spending / fiscally conservative want taxes to be as annoying as reasonably possible.

johnny847

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Re: How many forms will your tax return take? (WTF!!)
« Reply #10 on: March 19, 2015, 01:18:06 PM »
3 (well kinda) forms beyond the 1040:

Schedule D
Form 8888 (split $10 of tax refund into Amex Serve - there is a $10 or was it $20 bonus for this)
Written statement explaining that I recharacterized my Roth IRA contribution to a traditional

For the 2015 year, I expect to file Schedule B (didn't make enough in dividends and bank interest this year to require it), and not to file Schedule D (unless I tax loss harvest).

Cpa Cat

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Re: How many forms will your tax return take? (WTF!!)
« Reply #11 on: March 19, 2015, 01:36:42 PM »
1040
A
B
D
E
8949
1116
8889
2106_EZ
8283
+ One State

For 2015, I'll be adding C and SE, for the full alphabet for Schedules.

It took me about 4 hours, but one of those hours was spent figuring out how to get rid of $40 of AMT. So I almost had all those silly AMT forms. :)

I also did an 1120S for my husband's business and all of its requisite parts.

I have a professional tax software package.

Cpa Cat

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Re: How many forms will your tax return take? (WTF!!)
« Reply #12 on: March 19, 2015, 01:43:15 PM »
Every year I get really crazed by taxes. I have a CPA do mine because they have grown super complicated from familial ties with LLCs. I don't get our tax code system. Seriously it is as if it were designed to create more jobs for CPAs and other professionals that you have to go to to understand exactly what to do. Can this thing not be simplified somewhat?

You should see the messes people get themselves into with Turbo Tax and its various competitors.

The majority of my new clients (I became a self-employed CPA starting the beginning of this year) have come from four categories:

1. Got into trouble because they missed a 1099 on a prior year's return.
2. Used Turbo Tax - now being audited.
3. Used Turbo Tax - now need to amend for a refund.
4. Haven't filed a return in three years or more.

Retired To Win

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Re: How many forms will your tax return take? (WTF!!)
« Reply #13 on: March 21, 2015, 07:19:17 AM »
13 forms for me!  :(

But I did turbotax too - $150 for fed and CA versions, completely worth it!

And this TurboTax is set up to deal with limited partnership K'1s and Schedule D capital gain and loss details?  I'm going to have to go on their website and check this out!

Retire-Canada

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Re: How many forms will your tax return take? (WTF!!)
« Reply #14 on: March 21, 2015, 07:48:28 AM »
No idea how many forms. My tax software asks me a bunch of questions which I answer and auto-files my return using the necessary forms. I never bothered to count them.

-- Vik

TreeTired

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Re: How many forms will your tax return take? (WTF!!)
« Reply #15 on: March 21, 2015, 09:05:53 AM »
No idea how many forms. My tax software asks me a bunch of questions which I answer and auto-files my return using the necessary forms. I never bothered to count them.

-- Vik

Similar situation here.   The software insulates you from the instructions on the forms,  which I invite you to look at.   The line by line "subtract this from that go to line this take x percent of that enter greater of this or that or zero if less than that"  is absolutely mind numbing.  Try to wade through the instructions to determine what they are actually getting at.....   it's a fricking joke/nightmare.

Retired To Win

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Re: How many forms will your tax return take? (WTF!!)
« Reply #16 on: March 22, 2015, 06:19:38 AM »
No idea how many forms. My tax software asks me a bunch of questions which I answer and auto-files my return using the necessary forms. I never bothered to count them.

-- Vik

Similar situation here.   The software insulates you from the instructions on the forms,  which I invite you to look at.   The line by line "subtract this from that go to line this take x percent of that enter greater of this or that or zero if less than that"  is absolutely mind numbing.  Try to wade through the instructions to determine what they are actually getting at.....   it's a fricking joke/nightmare.

Not knowing what's going on or why would be a problem for me.  I'm not saying that's good.  It just is.

Emilyngh

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Re: How many forms will your tax return take? (WTF!!)
« Reply #17 on: March 22, 2015, 06:36:45 AM »
More income streams mean more complications and more tax forms for us.  So, for 2014, it's going to take me TEN forms to complete our 1040 federal tax return.  What is it going to be like for you?

Here's my time-gobbling form preparation rundown:
-- Forms 1040, 8889 (HSA), and 6251; plus Schedule A.  That's just the basics to start.  (Income stream #1: wages)
-- Schedule B.  That's for income streams #2 and #3 (bank and bond interest, and dividends.)
-- Schedule C and SE (Income stream #4: consulting)
-- Schedule D and Form 8949 (Income stream #5: stock trading gains)
-- Schedule E or Form 4797 (??).  That's for income stream #6 (limited partnerships)

What's your roster of forms going to be?

Late last week I started to put in 1 to 2 hours a day compiling, organizing, copying and calculating.  That's so I don't have to go into a last-minute stress rush to get this thing done -- because there's always something that comes up towards the end (or when I think I'm at the end.)

How much time do you think it's going to take you?  Have you started yet?

Ain't tax time fun?!?!

-1040
-8880 credit for qualified savings contributions
-8812 child tax credit plus worksheet
-schedule EIC earned income and worksheet
-schedule SE self-employment tax

Plus state taxes.

I filed myself, first filling out the paper return and then using software to double check.  Filed over a month ago and really enjoy doing our own taxes (so I know exactly what goes into it, what income limits are for credits, etc). The good news is that most of my forms are because we qualify for credits, so I'm not going to complain about the number.

Retired To Win

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Re: How many forms will your tax return take? (WTF!!)
« Reply #18 on: March 23, 2015, 03:49:46 PM »
Every year I get really crazed by taxes. I have a CPA do mine because they have grown super complicated from familial ties with LLCs. I don't get our tax code system. Seriously it is as if it were designed to create more jobs for CPAs and other professionals that you have to go to to understand exactly what to do. Can this thing not be simplified somewhat?


My wife keeps asking me whether I would not prefer getting an accountant to do our taxes.  But I hate to spend money on something I know I can DIY.  This year it's taking me a good deal of time, though.  So, when I am done and can tally the hours this has taken me I will have to (maybe) rethink this.

seattlecyclone

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Re: How many forms will your tax return take? (WTF!!)
« Reply #19 on: March 24, 2015, 12:49:15 AM »
I'll just say that a printed copy of our tax return would be 23 pages long (not including the alternate version of Schedule D that we had to fill out, but not file, to compute capital gains for AMT purposes since incentive stock options have a different cost basis under that tax system).

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Re: How many forms will your tax return take? (WTF!!)
« Reply #20 on: March 27, 2015, 08:35:30 AM »
More income streams mean more complications and more tax forms for us.  So, for 2014, it's going to take me TEN forms to complete our 1040 federal tax return.  What is it going to be like for you?

Here's my time-gobbling form preparation rundown:
-- Forms 1040, 8889 (HSA), and 6251; plus Schedule A.  That's just the basics to start.  (Income stream #1: wages)
-- Schedule B.  That's for income streams #2 and #3 (bank and bond interest, and dividends.)
-- Schedule C and SE (Income stream #4: consulting)
-- Schedule D and Form 8949 (Income stream #5: stock trading gains)
-- Schedule E or Form 4797 (??).  That's for income stream #6 (limited partnerships)

What's your roster of forms going to be?

Late last week I started to put in 1 to 2 hours a day compiling, organizing, copying and calculating.  That's so I don't have to go into a last-minute stress rush to get this thing done -- because there's always something that comes up towards the end (or when I think I'm at the end.)

How much time do you think it's going to take you?  Have you started yet?

Ain't tax time fun?!?!

No sympathy - the headaches really start with the FUBAR'S and FATCAT'S

Fuzzy Buttons

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Re: How many forms will your tax return take? (WTF!!)
« Reply #21 on: March 27, 2015, 02:03:42 PM »
Mine turned into a bat.  Then a wolf.  Then a cloud of smoke.


:D

protostache

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Re: How many forms will your tax return take? (WTF!!)
« Reply #22 on: March 27, 2015, 07:13:40 PM »
No idea how many forms but the final PDF from our accountant was 44 pages long. That said, they saved us more than $2,000 over what TurboTax spat out between Federal and State so I'm not going to complain.

teen persuasion

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Re: How many forms will your tax return take? (WTF!!)
« Reply #23 on: March 29, 2015, 02:45:30 PM »
Our TurboTax printout would be 39 pages, but 22 are actually forms while the rest are "for your records".  Nine for fed, 13 state, mostly just kid related stuff: CTC, EITC, AOG.  The state is the king of unnecessary pages, though.  DH qualified for a volunteer firefighter credit, which has it's own form (a simple yes/no), reported on a multipage ATT form, with THAT total reported on the four-page state base form (they did away with the "simple" form).

I did things on paper first yesterday, and just ran it thru TT to efile, after I was sure TT matched my result.  Now need to do DD3's return - that will be ugly.  Expecting her to owe nearly $700 on taxable scholarships.  If only the 1098T resembled reality, and the school listed all scholarships and grants and billed items (as DS2's school does).  We've spent weeks trying to track down her actual expenses and scholarships/grants and reconcile it to the 1098T.

Retired To Win

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Re: How many forms will your tax return take? (WTF!!)
« Reply #24 on: March 30, 2015, 06:15:09 PM »
Well, on top of what I have to do for our 1040 tax return, I just finished compiling, organizing, copying and transmitting to each of our 3 stock brokerages a whole bunch of K-1 schedules issued by limited partnerships in our IRAs.  Now the brokerages have to use those K-1 schedules to fill out Forms 990-T to determine whether or not the IRAs owe tax on "unrelated business income."

Thank goodness I don't have to also do that myself.

bzzzt

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Re: How many forms will your tax return take? (WTF!!)
« Reply #25 on: March 30, 2015, 08:46:32 PM »
Well, on top of what I have to do for our 1040 tax return, I just finished compiling, organizing, copying and transmitting to each of our 3 stock brokerages a whole bunch of K-1 schedules issued by limited partnerships in our IRAs.  Now the brokerages have to use those K-1 schedules to fill out Forms 990-T to determine whether or not the IRAs owe tax on "unrelated business income."

Thank goodness I don't have to also do that myself.

Do you think you'll have to ask for an extension? I didn't own any LPs in IRAs last year, but I can't assume the brokerages would be Johnny-on-the-Spot with the returned paperwork. My return added a lot of letters this year with it being my first year actively participating (more than a 401k).

I went with TurboTax due to their Premier version being "on sale" due to their gaffe in changing the forms each can handle and not notifying customers. CapitalOne (or Citi? Can't remember) also had a discount code for being a "loyal customer". So, it was down to ~$110. I have done all the inputting, but I owe the Feds. So, that'll be an Apr 14th Filing. I'll be sure to come back and disclose the number of pages.

Retired To Win

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Re: How many forms will your tax return take? (WTF!!)
« Reply #26 on: March 31, 2015, 11:29:29 AM »
Well, on top of what I have to do for our 1040 tax return, I just finished compiling, organizing, copying and transmitting to each of our 3 stock brokerages a whole bunch of K-1 schedules issued by limited partnerships in our IRAs.  Now the brokerages have to use those K-1 schedules to fill out Forms 990-T to determine whether or not the IRAs owe tax on "unrelated business income."

Thank goodness I don't have to also do that myself.

Do you think you'll have to ask for an extension? I didn't own any LPs in IRAs last year, but I can't assume the brokerages would be Johnny-on-the-Spot with the returned paperwork. My return added a lot of letters this year with it being my first year actively participating (more than a 401k)...

No, I won't be asking for an extension.  First, because I just sent each of those 3 brokerages the K-1 schedules they need to prepare and file the 990-T Forms.  And second, because for IRAs, it is the custodian brokerage that bears the report filing responsibility -- not the IRA account holder.

Anyway, one of those 3 brokerages had an April 10th deadline for me to get the K-1 schedules to it, so apparently the brokerages are geared to slam through the data and spit out the 990-T forms lickety split.

bzzzt

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Re: How many forms will your tax return take? (WTF!!)
« Reply #27 on: March 31, 2015, 11:40:25 AM »
And second, because for IRAs, it is the custodian brokerage that bears the report filing responsibility -- not the IRA account holder.

Great info. I briefly looked into it last year but didn't want to have too many headaches come tax time. If the IRA owes tax, would they automatically deduct the tax due from your account or will it require more paperwork and payments on your end?

Retired To Win

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Re: How many forms will your tax return take? (WTF!!)
« Reply #28 on: April 01, 2015, 06:11:23 PM »
And second, because for IRAs, it is the custodian brokerage that bears the report filing responsibility -- not the IRA account holder.

Great info. I briefly looked into it last year but didn't want to have too many headaches come tax time. If the IRA owes tax, would they automatically deduct the tax due from your account or will it require more paperwork and payments on your end?

Their advance notices to me each year tell me to either have some cash in the account or they will sell something to generate the cash needed to pay tax if it is owed.  However, in reality these limited partnerships always manage to show a loss on paper.  So I've never had to pay.