Safe Harbor Statement

[RaleighNC]

For Tax Year 2022 does the efiled 1040 contain the Safe Harbor for Small Taxpayers statement? I read that in prior years it didn't.  I already efiled my 1040 and elected both De Minimus and the Safe Harbor for Small Taxpayers. What do I do to submit the forms to the IRS because it is already efiled?

[JamesG1 · Accepted solution]

I was able to make both De Minimus and the Safe Harbor elections and view the forms. 

In the online versions, you may view or print at Tax Tools / Print Center / Print, save or preview this year's return / Include government and TurboTax worksheets after you have paid for the software.

In the Desktop versions, one can look at the tax return by clicking FORMS, or by viewing the PDF through the Print Center.

To make the elections in TurboTax Online Self-employed in the self-employment activity, click Edit at the screen Your 2022 self-employed work summary.

Click Edit to the right of Assets at the screen Here's your xxx info.

At the screen Do you want to go directly to your asset summary?, select No, I want to review my answers to the annual elections questions.

This IRS FAQ states that you may be able to make the election on a timely filed tax return including any extension for the taxable year.

@RaleighNC 

[RaleighNC]

Thanks for your reply.  I went to the print forms (print preview) and checked the "All Official Forms Required for Filing" circle.  The return and attachments contained the Safe Harbor elections.  Is it safe to presume that these forms were in the efile packet and even though they don't have an inked signature, the PIN signature for the tax return is counted as the signature on the Save Harbor form?

[ThomasM125]

Yes, that is a correct assumption. TurboTax guarantees the accuracy of calculations and insures the necessary forms and schedules are submitted with your return, as long as you answered the questions accurately and entered in the correct information needed to complete your tax return.

[FedUpTTUser]

I've used TT for over a decade.  Each year I import last year's return, so, obviously, TT already knows how much tax we paid in the preceding year.  My household's income varies significantly due to Roth conversions and changing interest rates, so to avoid underpaying our taxes, we pay estimated taxes under the Safe Harbor rule.  I.e. we pay 110% of the previous year's total taxes by January 15th in order to avoid paying interest and penalties on underpayment of taxes.  Nonetheless, on our 2022 return, TT added an underpayment penalty plus interest to the amount owed to the IRS in April 2023.  So we made the penalty and interest payment, only to have the IRS refund it in full a month later.  I expect better of tax return software that already possesses our history of taxes for a decade or more.  This is basic arithmetic, Intuit!  Maybe instead of devoting so many resources to embedding upsell code in your software, you could ensure your software incorporates important considerations such as the Safe Harbor rule?