OT: Do I need to file an amendment to my tax return?

[mattkime]

Yes, but will those simple mistakes cost more or less than the accountant?

Robert M wrote: Even a simple return can have mistakes that a good accountant will catch.

[NewtonMP2100]

....some accountants charge over $200 for a return.....if one has a relatively easy return......makes no sense to hire someone that charges that much.....

[Robert M]

Matt,

Depends on the mistake.

There is also something to be said for letting someone else deal with the agita caused by the mistake and resolve it.

My time is valuable and in the case os something like this, I'd much rather have the accountant deal with it, assuming a mistake is made in the first place.

Robert

[NewtonMP2100]

....yes, but in the end, if a mistake is made, the tax payer is ultimately responsible, not the preparer, so it behooves one to check the return when it goes out.....

[mattkime]

Robert M wrote: My time is valuable and in the case os something like this, I'd much rather have the accountant deal with it, assuming a mistake is made in the first place.

I find that the effort to do taxes is only marginally more than the effort to collect taxes. Usually its just the time to enter the data and review it.*

* Except this year. I had to get NYS and WI in alignment on how much I owe because NYS is rather aggressive. Decided to go with an accountant.

[rz]

No, they're too busy doing an audit on the president's taxes... apparently it's been going on for several years now.

[Mike Sellers]

How do the distributions not affect your taxable income?

[NewtonMP2100]

.....yes.....the 10 amendments.....and you will have to place them on stone tablets.....

[Janit]

Here is a response to your question on the Turbo Tax website:

https://ttlc.intuit.com/questions/3511004

I forgot to include my 1099sa for HSA distributions. Since it was only about $300 and the distributions were for qualified medical expenses (showing distribution code 1 on 1099sa form) , do I need to amend my tax return.?

RECOMMENDED ANSWER

Technically, yes. The IRS does not presume that the 1099-SA distribution is used for medical expenses.

When you enter a 1099-SA, you specify that it was used for such. This completes Form 8889, line 14a and line 15. Until you complete the Form 8889, the IRS will see the amount as a taxable distribution.

Wait until you get your refund. This is not an urgent amendment, and amending before you get it can be problematic.

After you get the refund, amend your return to add the 1099-SA and complete the Form 8889. Turbo Tax will walk you through it.

[Sarcany]

Janit wrote:
Here is a response to your question on the Turbo Tax website:

https://ttlc.intuit.com/questions/3511004

I forgot to include my 1099sa for HSA distributions. Since it was only about $300 and the distributions were for qualified medical expenses (showing distribution code 1 on 1099sa form) , do I need to amend my tax return.?

RECOMMENDED ANSWER

Technically, yes. The IRS does not presume that the 1099-SA distribution is used for medical expenses.

When you enter a 1099-SA, you specify that it was used for such. This completes Form 8889, line 14a and line 15. Until you complete the Form 8889, the IRS will see the amount as a taxable distribution.

Wait until you get your refund. This is not an urgent amendment, and amending before you get it can be problematic.

After you get the refund, amend your return to add the 1099-SA and complete the Form 8889. Turbo Tax will walk you through it.

Thank you! That is perfect!