Tax Time

Taxes are done!

This year I used Free File Fillable Forms for the first time. I never heard of it before. I knew there was a free electronic filing option, and that for some reason, that I could not remember, I didn't qualify for it. I thought that I don't qualify because I file itemized deductions, or some additional schedules or forms. So, I thought to check again, and it was actually the income that disqualified me from using Free File.

On the other hand, anyone can use online Fillable Forms regardless of income. And it doesn't matter which all forms need to be submitted. And you can e-file for free!

This year I needed to file 1040, schedule A, B, D, M and form 5695. It took couple of days to figure out capital gains on schedule D, as I don't usually file this form. (I made a mistake 5 years ago of not filing it for some options I sold, and got audited 1.5 years later with penalty and interest!). I am also amortizing points from refinancing my house loan, so that was another math I couldn't quite figure out. Once I crunched all those numbers on paper, I double checked my calculations in Turbo Tax and the difference in refund was just $1, in favor of my math!

Using the Fillable Forms was a breeze. I just wish they had the option of importing W2 (like Turbo Tax). Instead, I had to fill in all the fields manually.