rschule1
Expert Alumni

Get your taxes done using TurboTax

Hi There:

 

1. Is it bad that I am just now filing for 2021? What are the potential consequences for filing late?  IF YOU OWE TAX THEN YOU WILL BE SUBJECT TO LATE FILING AND FAILURE TO PAY PENALTIES AND INTEREST WHICH COULD BE SUBSTANTIAL. I'D ROUGHLY ESTIMATE SUCH FOR 2021 (PENALTIES AND INTEREST) TO BE APPROXIMATELY 45% OF TAX DUE (ROUGH ESTIMATE). IF YOU DO NOT OWE THEN THERE ARE NO PENALTIES OR INTEREST.

 

2. I have made donations to charities, totaling about $500, that are tax-deductible. What does this really mean and where do I report these when filing?  WITHOUT ITEMIZING A SINGLE FILER CAN DEDUCT $300 IN CHARITABLE DEDUCTIONS FOR 2021.

 

3. I have a 1095-C from my employer for my insurance. Where do I report this or does it need to be reported? NO ITDOES NOT NEED TO BE REPRTED SINCE IT IS PRIVATE INSURANCE,

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