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kathicordsen
Level 2

turbo tax left off my pension from fidelity...help

 
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SteamTrain
Level 15

turbo tax left off my pension from fidelity...help

@kathicordsen 

 

Sorry, that's unlikely.  The IRS computers don't get around to matching things up in detail until months later. Wait until the end of Feb, and start your amendment then  (state too if you filed a state at the same time).  Make sure you wait for the original refund, or pay the original balance due before you amend.  Those refunds/payments cannot be stopped or bypassed. The amendment paperwork you mail in has to be manually entered by IRS staff, and can take a few months to be  processed.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

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7 Replies
VolvoGirl
Level 15

turbo tax left off my pension from fidelity...help

Have you already filed?  Did you enter the 1099R?  

 

If you did file, you have to wait until the IRS either rejects or accepts your return after they open on Jan 27.  If your return is rejected, you will be able to go into your account and add or change it and resend it.

 

If the IRS accepts your return, then you have to wait until it has been fully processed and you have received your refund.  THEN you can prepare an amended tax return 1040X and mail it in. You cannot e-file an amended return.  Meanwhile, DO NOT change anything on your return until you start the amended return.  If you did change or add the missing info then take it out and put your return back to the way it was when you first filed it.

 

Post back after the IRS accepts the return for amending instructions.

 

 

SteamTrain
Level 15

turbo tax left off my pension from fidelity...help

@kathicordsen 

...side note: 

Pension 1099-R forms on Fidelity's NetBenefits site, have historically not been importable into anyone's tax software.  You must make sure you enter those 1099-R forms manually, thru the interview, every year.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
kathicordsen
Level 2

turbo tax left off my pension from fidelity...help

I have been using turbo tax for many years and it never left off my pension.  I have already filed through turbo tax a few days ago and it was sent.  Then I printed it out and saw that my pension was left off.  How can I cancel the whole thing so I can manually to it right?  I feel like i will be in big trouble with the IRS. 

SteamTrain
Level 15

turbo tax left off my pension from fidelity...help

Like we said, it's not something the software just leaves off....Your income of ANY type is something you have to carefully go thru and make sure you've entered it. 

 

TTX imports nothing, until you initiate the import for that income type, and from each supplier of that income.  But that is only if teh income issuer provides a "tax file" formatted download for software.  IF it doesn't, then you need to enter that income manually on your own.

______________________________

An honest mistake is not a big deal, unless you fail to correct it.    There is not a huge rush for that, just sometime in the next 2 or 3 months .  as @VolvoGirl  noted,  You need to :

1)  Wait for the IRS (and state) to officially "Accept" or "Reject"  your tax filing. 

2)  IF teh IRS "Rejects" what you filed, you can just "edit" in your data after that happens and re-e-file.  (IF the IRS rejects, the state is not sent in. Do Not AMEND for a rejected tax file).

3)  IF the IRS and State accept your original e-file, you a) wait for the original refund, or pay the original balance due....the b) start the special amend process to Amend both Fed and state, and then print and mail in the appropriate forms at the Post Office  (Use a mail tracking method at the PO Service Counter) .

 

 

But even if you do have to Amend...do not do it before the end of Feb......you may receive some other tax documents by then that need to go into it too, and you don't want to be amending 2-times.

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
kathicordsen
Level 2

turbo tax left off my pension from fidelity...help

As if today, my file was accepted by the IRS.  Is it possible they will see the error and fix it since they will have all the 1099 forms in their system?

SteamTrain
Level 15

turbo tax left off my pension from fidelity...help

@kathicordsen 

 

Sorry, that's unlikely.  The IRS computers don't get around to matching things up in detail until months later. Wait until the end of Feb, and start your amendment then  (state too if you filed a state at the same time).  Make sure you wait for the original refund, or pay the original balance due before you amend.  Those refunds/payments cannot be stopped or bypassed. The amendment paperwork you mail in has to be manually entered by IRS staff, and can take a few months to be  processed.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
kathicordsen
Level 2

turbo tax left off my pension from fidelity...help

Thank you SteamTrain.

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