2023 taxes not yet filed due to illness as I was finishing and first year to include social security, still full time working

[SteveandMochaZ]

Hi nearly finished my taxes for 2023 using Turbotax so everything is in the system, but then ran into issues with social security (2023 was the first year I received SS. And we have 2 children under 21 (twins) and get extra for them. Nearly finished in time, but then had medical issues and ended up getting a new hip. Now recovering well and able to finish (still working full time), would appreciate some help to ensure I get it right, and hopefully will not need to pay penalties and interest.

Thank you

steve

[KNDavis · Accepted solution]

Hi SteveandMochaZ!

If you filed an extension, you have until October 15, 2024 to file and be considered “on time.”  If you started your tax return in TurboTax, it will be waiting for you to finish up when you log in. 

You mentioned that 2023 was the first year you’re collecting Social Security.  You should have received a Form SSA 1099 that reports the benefits received and any Federal taxes withheld.  Be sure to enter that information in TurboTax in the Wages and Income section.

As long as you filed an extension, you won’t owe late filing penalties.  Remember, the extension is an extension to file, but not an extension to pay.  If you have a refund when you finish the return, you shouldn't owe any late payment penalties.  If the return shows a balance due, the IRS will charge late payment penalties of 0.5% per month.

Thanks for participating in our Ask the Expert Event! 

Kimberly, CPA for over 30 years

[SteveandMochaZ]

Thanks Kimberly,

have the SSA 1099,  I'll just slog away at finishing it this weekend or next week.

Many thanks

steve