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Jax Tax
Jax Tax, Tax Attorney
Category: Tax
Satisfied Customers: 1408
Experience:  JD, LL.M in Business and Taxation, IRS Enrolled Agent. Expert in Business and Tax Transactions
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I am using TaxAct online and it is asking for 2013 Estimated

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I am using TaxAct online and it is asking for 2013 Estimated Tax. I don't remember doing this last year. Am I required to complete this?

I have a Roth 401K. Last year I accidentally put the entire amount of elective deferrals I had earned (over two years) rather than just the 2011 amount. How do I fix this, and where do I find the right information for 2012?

Jax Tax :

Welcome to JA.

Jax Tax :

First, you are not required to complete the 2013 estimated tax information.

Jax Tax :

This is simply a option available if you want to generate the 1040es forms for 2013. This form is used to mail estimated tax payments.

Jax Tax :

As for the elective deferral, it is just that, an election.

Jax Tax :

If you claimed the entire amount, you did not make the election possibly.

Jax Tax :

If you received a 1099r tbis year, you need to file an amended return 1040x for last year then claim the proper portion on this year.

Jax Tax :

If you did not receive a 1099r for 2012, you did not make the election and you don't need to do anything. You are allowed to claim it in one year as you did. Since you claimed everything last year, you need not claim any amount this year.

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