Messed up my taxes... how do I fix?

[ArcadiaGP]

I just finished e-filing my federal and state with turbotax earlier.

On the state, it showed my current new address and asked how many months and how much rent I've paid there. I input 2 months, and two months worth of rent.

It never asked about my previous place or it's rent... so now I've got 10 months of unreported rent that didn't get filed.

Would my return have been higher or lower because of this number? How can I resolve it? IRS is closed until Monday...

Does reporting rent make a big difference in filing taxes?

 

[Que]

I doubt rent makes a difference, because you pay no tax on it, unlike a mortgage.

Update: It appears my info was incorrect. Sorry about the misinformation.

 

[perry]

I stopped renting in 2009, but there was a deduction on the state return for rent paid... so your refund would be slightly bigger. You'd have to file an amended return to get it corrected. http://www.in.gov/dor/3827.htm

 

[Doug]

No big deal.
Just give them a call on Monday and ask them how to correct it.

 

[patience0830]

Unsure of the status

I stopped renting in 2009, but there was a deduction on the state return for rent paid... so your refund would be slightly bigger. You'd have to file an amended return to get it corrected. Not sure how to go about doing that though.

Indiana used to have a renters deduction, and may still, but paying rent never changed my federal taxes IIRC.

Usually TurboTax will catch minor clerical errors. It may not matter at all that you left it off. However, if the state still allows a renters deduction you'll save a few bucks by filing an amended return. You can't unfile and refile unfortunately.

 

[hooky]

If you're worried about rent and your liability or refund, that's the state, not federal. Calling the IRS isn't the option you want, unless there was a change I don't know about this year. I'm not a renter either, so that could be the case.

You'll want to just rework your taxes and see what kind of difference it makes. Save the file under a different name. If it's worth the hassle, file an amended return. There is an option to do that in Turbo Tax. You'll probably want to wait until the first return has been accepted before you file it to avoid possible confusion though.

 

[PAMom]

Rent you paid is not deductible on a federal return unless you are renting as a business or farm etc. or if you are reimbursed by your employer for rent. At that point (reimbursed) you would file a Form 2106.

I do not know how rents are treated in your state, but if you need to make corrections you usually must file an amended return.

Hope this is helpful.

 

[kjf40]

Yes that does matter...you are allowed to claim like 1800.00 in rent, you can log back in and amend your return, ive done this a few times.

Claim all you can, every little bit helps.

 

[PAMom]

If you're worried about rent and your liability or refund, that's the state, not federal. Calling the IRS isn't the option you want, unless there was a change I don't know about this year. I'm not a renter either, so that could be the case.

You'll want to just rework your taxes and see what kind of difference it makes. Save the file under a different name. If it's worth the hassle, file an amended return. There is an option to do that in Turbo Tax. You'll probably want to wait until the first return has been accepted before you file it to avoid possible confusion though.

Good points. Not worth the effort if it costs more to refile, unless you owe. Then, they want their money!

Yes, wait to make sure the original return is accepted first.

 

[ArcadiaGP]

Looks like the Indiana rent deduction is $3000, if I'm reading right?

The two months I input added up to $2000 total. So would putting the full amount for all year make my return higher? Old place plus new place would add up to around $8000 paid in rent in 2011

 

[hooky]

You're saying return and wondering if it will be higher. Assuming you mean refund, yes the more deductions you claim, the higher your refund or lower your liability. It will probably cost you to refile electronically. If it does, you may want to send in the amended return via snail mail.

 

[Chesh97]

Yes, you will want to file an ammended return. As you stated above, the max amount of the renters deduction is $3000 ... so you only missed out on $1000. You are probably only looking at a difference of $20-$30 if that's worth it to you to do an ammended return for Indiana.

 

[Tactical Dave]

I forgot half my income last year, just filed some sort of revision... No biggy

 

[Mackey]

You should get back on the TurboTax website. They have ways to help you amend your return. It may slow your state refund but otherwise it's no big deal.

 

[hooky]

You should get back on the TurboTax website. They have ways to help you amend your return. It may slow your state refund but otherwise it's no big deal.

That's why you wait until they accept it if you're getting a refund. You'll get a check for the difference later instead of them holding everything up if there are two unaccepted returns in the system.

 

[U.S. Patriot]

File an amendment, print, and send it in. I rent also, and I'll tell you that it really does nothing for you.