Confusion tax year because of Federal delays
Your tax questions answered, live until 6:30pm. We also have resources for you for more information
Some commonly asked questions, and answers:
If you're filing now, and are getting a refund, expect a 4 to 6 week delay in getting it. You can speed up the process through direct deposit or e-filing.
Because the Federal Government and New York State did not start processing til January 31st, and because some forms are not even out yet, many people are finding they need to file amended returns.
It is form 1040x for the Federal returns, IT 201x for the state. It is not only for this year, but also three years back for corrections. If you're worried about being audited, our advisors say they've never seen an amended return or an extension audited.
You have until April 15th to contribute to your IRA/retirement accounts and that will also give you more deductions for this tax filing. And, this year, if you're interested in using IRA withdrawals for charity deductions, you can do it until April 15th, instead of the usual December 31st deadline.
Make sure you're taking all the deductions you're entitled to, including retirement savers' credits and child tax credits.
The good news: this year's returns are pretty much the same as last year's. NEXT year will see some major changes, so it's time to start paying attention as we go through the year.
The bad news: The March 1st threat of 'sequestration' could mean furloughs for non-essential government services, including for IRS workers. That means, if it happens next week, there will be fewer IRS people to answer your questons, and more delays in getting forms processed and refunds to you.
A good source for forms and information: irs.gov (if you use a search engine for your specific request, it will get you to the right place on the big website, quicker)
