2018 Taxes

[CysRage]

Anyone happen to know if anything special has to be done to "declare" Iowa 529 plan contributions made in 2019 (before the April 30 deadline) in order to claim the deduction on 2018 state filing? Can't find anything on that, other than it is allowed.

I was told a tax form would be generated after I made the contribution (which I made in early February) but got nothing. I just printed a statement showing my contribution, highlighted my contribution, and mailed it to the State with my State tax forms. According to the Iowa DOR refund status, my return is "in process" so I am assuming that it worked fine.

 

[BCClone]

I hope not.

The deposit made

 

[SayMyName]

When you contribute through the website, it will give you and option for 2018 or 2019.

Hmmm...that would make sense, but I don't recall seeing that option after setting mine up. Guess I'll be making some phone calls.

Assuming a mechanism to differentiate, can you make more than the minimum contribution in one calendar year but deduct them on 2 separate tax year filings (recognizing the deadline, of course)?

 

[CyJack2299]

Got a $1000 return. I’m gonna spend it on movies, women, and booze.

 

[BCClone]

Hmmm...that would make sense, but I don't recall seeing that option after setting mine up. Guess I'll be making some phone calls.

Assuming a mechanism to differentiate, can you make more than the minimum contribution in one calendar year but deduct them on 2 separate tax year filings (recognizing the deadline, of course)?

Yes

 

[nfrine]

Overall tax rate for us dropped 1.8% on Federal (very minor change on State). Less was withheld and less in the refund. Works for me.

 

[Stormin]

Hmmm...that would make sense, but I don't recall seeing that option after setting mine up. Guess I'll be making some phone calls.

Assuming a mechanism to differentiate, can you make more than the minimum contribution in one calendar year but deduct them on 2 separate tax year filings (recognizing the deadline, of course)?

Generally the date PAID is the Tax Year it can be deducted.

 

[BCClone]

Generally the date PAID is the Tax Year it can be deducted.

Except iras and 529s in iowa

 

[DSMCy]

Hmmm...that would make sense, but I don't recall seeing that option after setting mine up. Guess I'll be making some phone calls.

Assuming a mechanism to differentiate, can you make more than the minimum contribution in one calendar year but deduct them on 2 separate tax year filings (recognizing the deadline, of course)?

This is what it shows to me. After I click Contribute, put in the amount to contribute and select One-Time, I get this drop down.

I guess I'm assuming you have the 529 through Iowa? CollegeSavingsIowa?

 

[SayMyName]

This is what it shows to me. After I click Contribute, put in the amount to contribute and select One-Time, I get this drop down.

I guess I'm assuming you have the 529 through Iowa? CollegeSavingsIowa?

View attachment 63409

Yes, through College Savings Iowa. Now that my account is set up, I see what you are showing in the screenshot. But I could swear that dropdown wasn't available when I was getting the account established and initially funded it. Or I just outright missed it.

Thanks for the help. Hoping they can make a correction / adjustment for me after-the-fact.

 

[mdk2isu]

Looks like we are getting our Iowa refund finally. Shows as a pending deposit to our bank account as of today. Filed in mid-February.

 

[Trice]

Looks like we are getting our Iowa refund finally. Shows as a pending deposit to our bank account as of today. Filed in mid-February.

Good Lord. I filed four weeks ago. I'm still waiting and thought that was ridiculous, but it looks like I've got a few weeks to go. What a complete debacle.

 

[ArgentCy]

Iowa is starting to get out of control. Although their problems are minimal when compared to Illinois.

 

[Cychl82]

Iowa is starting to get out of control. Although their problems are minimal when compared to Illinois.

Well this is not good, I just finished my taxes. Mine unfortunately had 2 W2 incomes, a small business loss that is being dissolved and then K1 returns on the new business with an investor of mine. Good grief what a mess and now my returns will be getting money from Iowa which I'm sure i'll see in June....and I have to pay federal. Yikes

 

[Mtowncyclone13]

I got a letter from the state saying they wanted me to send them all my W2s and 1099s. I'm assuming this isn't business income/loss because that's a Schedule C. I wonder why'd they need only those items.

 

[agardini]

Filed over a month ago and still says pending on the department of revenue site. Really ridiculous when it takes over 5 weeks for Iowa to process returns and it took the federal government under a week to proceed my return.

 

[CascadeClone]

Filed over a month ago and still says pending on the department of revenue site. Really ridiculous when it takes over 5 weeks for Iowa to process returns and it took the federal government under a week to proceed my return.

And Iowa used to be fast and efficient. Did they switch to new IT systems and having growing pains?

 

[DSMCy]

And Iowa used to be fast and efficient. Did they switch to new IT systems and having growing pains?

This is what I've always worried about - What incentive do the federal/state governments have to return our money?
It wouldn't surprise me if we start seeing something where they send out all refunds as the same time. Say like June 1st or something.
That allows them to save (or spend) all of our refunds.

 

[isufbcurt]

I got a letter from the state saying they wanted me to send them all my W2s and 1099s. I'm assuming this isn't business income/loss because that's a Schedule C. I wonder why'd they need only those items.

Did you efile?

I got the same letter related to my dad's tax return (who passed away in June), I figured it was just because he was deceased.

 

[Trice]

And Iowa used to be fast and efficient. Did they switch to new IT systems and having growing pains?

The last couple of years the state has claimed that anti-fraud measures require extra time to process tax refunds, but that's obviously a smokescreen as the IRS can handle them in days. The real problem is that the state lacks the cash flow to pay its bills.

Pretty mind-boggling to be in such dire financial straits in one of the longest economic expansions in US history, but here we are.