We have been using someone to do our taxes for the past 17 years. I guess I just assumed he was a CPA. He is in a small town and was recommended to me by several people because he handles a lot of farm/ranch accounts. Admittedly, I have historically not tried to educate myself about his type of stuff and he has always gotten us a small refund, so I just sign it and send it in.
I picked my taxes up yesterday and perused them. I did not get a chance to look at them until today. He is saying that was owe $1820, which is fine, I figured we would. I had explained to him that we did two backdoor Roths this year, mine and a spousal one, and I sent him two form 8606's to fill out and explained that next year we will have to show the Roth conversion. I also decided to open a SEP-IRA and contribute $7829 (employer contribution) to get to the $53K limit. I explained to him that I was doing this and it would be done prior to 4/18. He filled out the 8606 forms (nondeductible IRA) in the amount of $7830. Shouldn't that be deductible? No where are the two $5500 tIRA contributions listed. He did fill out the 8889 form for my HSA, which he has not done in previous years.
What do I do? I'm no accountant but from the limited amount of knowledge I have gleaned recently this definitely does not sound like it was done correctly. I plugged my numbers into TurboTax (using the numbers he plugged in for the farming/ranch part, which admittedly I'm not sure where some came from) and it is showing that I owe $2165. Do I file an extension and mail a check in? If so for how much? Do I file and extension and not mail a check in? Do I send in Turbotax or take it to a CPA? I guess it's true that ignorance is bliss and a little bit of knowledge is indeed a dangerous thing!
I picked my taxes up yesterday and perused them. I did not get a chance to look at them until today. He is saying that was owe $1820, which is fine, I figured we would. I had explained to him that we did two backdoor Roths this year, mine and a spousal one, and I sent him two form 8606's to fill out and explained that next year we will have to show the Roth conversion. I also decided to open a SEP-IRA and contribute $7829 (employer contribution) to get to the $53K limit. I explained to him that I was doing this and it would be done prior to 4/18. He filled out the 8606 forms (nondeductible IRA) in the amount of $7830. Shouldn't that be deductible? No where are the two $5500 tIRA contributions listed. He did fill out the 8889 form for my HSA, which he has not done in previous years.
What do I do? I'm no accountant but from the limited amount of knowledge I have gleaned recently this definitely does not sound like it was done correctly. I plugged my numbers into TurboTax (using the numbers he plugged in for the farming/ranch part, which admittedly I'm not sure where some came from) and it is showing that I owe $2165. Do I file an extension and mail a check in? If so for how much? Do I file and extension and not mail a check in? Do I send in Turbotax or take it to a CPA? I guess it's true that ignorance is bliss and a little bit of knowledge is indeed a dangerous thing!
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