Win $100! Extension Filers Sweepstakes

[ErickaY]

Thank you so much to everyone who participated! We appreciate you sharing your experiences with our community. A winner will be randomly selected and contacted to claim their prize.

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Welcome back to our new and returning community members! We’re so glad to have you here with us today. We’re excited to share another chance to win a $100 gift card this month. We’ll be discussing Extension Filing and how that may impact your tax planning. 

Tax extension filers are individuals or businesses who opt to request additional time to submit their tax returns to the Internal Revenue Service (IRS). This extension allows them to delay the filing deadline, which is typically on April 15th but is extended to October 15th. Tax extension filers may choose this option for various reasons, such as needing more time to gather necessary documentation, facing complex financial situations, or simply wanting to ensure accuracy in their tax filings. By obtaining a tax extension, these individuals and businesses can alleviate some stress and ensure they have ample time to complete their tax returns accurately and efficiently.

To be able to win the $100 gift card we’d like for you to comment on this post with the answer to these questions: If you, a family member, or someone you know has filed an extension with the IRS, what was the reason? Are you/they ready to file, officially, next month?

If you’d like to learn more about tax extensions we have plenty of experts available to answer all of your questions! Join us for a LIVE Q&A on Wednesday, September 30th any time between 9:00am and 5:00pm Pacific Time to ask Tax and Financial Experts  your questions and get advice about taxes and personal finance, for free! Learn more and RSVP here.         

Remember that replying to this post by telling us about why an extension was filed and letting us know if you are ready to file next month will enter you in a chance to win a $100 gift card. A winner will be randomly selected from this thread on September 30th, 2024.                                                                                                             

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We will be hosting the Extension Filers Sweepstakes to give you, and others, the opportunity to share your experiences. One lucky winner will be chosen randomly to receive a $100 gift card.

• WHAT: Sweepstakes for a $100 gift card
• WHEN: Entries will be accepted from September 23, 2024 through September 30, 2024 at 5:00 pm Pacific Time
• HOW: Enter by adding a comment to this post sharing why you, a family member or friend filed an extension and if you/they are ready to file next month. If you are the winner, we will send you a private message. The winner will be selected at random on September 30, 2024

[nlmtz8]

I filed an extension because I usually have been on disability and I am confused about everything I need for working as a self employed person. I am still working on learning everything. 

[meehir007]

I have filed an extension as often I receive amended tax forms from my broker/bank.  Plus, thing are quieter over summer to focus on taxes, than in Q1 for April 15 deadline.  More time just helps overall. 

[Megg3]

I nearly always file for an extension.  I have a pretty bad math phobia and my financial documents aren't well organized (I'm working on it!) so waiting until October helps relieve my anxiety about numbers and paper.

[dianne868]

Extension filed for a few reasons. Our previous tax person went into a different profession and finding a new tax preparer is very expensive. A little overwhelmed with how to organize receipts, what is deductible, etc. We also sold our house, moved to a new state so it was a bit crazy and time slipped away.

Working on being ready to file asap by educating myself with accounting, best system for keeping receipts/categorizing and what is needed to file taxes myself.  It's a lot.

[veehbj]

I have used Turbotax for over 40 years, using Turbotax Business in the past (for partnership, S Corp, and Trust returns) and Turbotax Premier for my personal return.   I invested in some limited partnerships over a decade ago and they are always slow in sending the K-1s.  Most of them have closed without any return.  I received the K-1s for the two remaining investments about a month ago. One of them is a Final K-1.  I have had some good help in the Turbotax Community and appreciate those who take time to reply to questions there.  Two of these K-1s, including the most recent one, marked "final K-1" have shown a loss for Capitalized Syndication Costs.  The K-1 says to "consult your tax adviser".  Questions to the Turbotax Community have not resulted in help in handling the syndication costs.   I found an article on line written by an accounting firm that indicates that syndication costs can be written off by a limited partner when a limited partnership is closed.  So, I'm writing off the entire investment.   Can't find anything in the Partnership Instruction for Schedule K-1 that address syndication costs.  Turbotax Premier has allowed me to take the entire value of the original investment as a capital loss.  So, I'm filing my final 2023 1040 tax return today.  I'm confident that the return is OK, as it now passes all the system checks and tells me that the return is ready to file.  My other concern that this year Turbotax will not run on my iMac computer that can't be upgraded beyond MacOS Big Sur.  I loaded it on my newer MacBookPro, running MacOS Ventura and was able to prepare my 2023 return using that computer.  I'll have to upgrade my iMac before next tax season.  Sorry for the long message.  I'm still a dedicated Turbotax user and appreciate the upgrades and community help over the past four decades. 

veehbj