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I believe my tax return was done incorrectly can I have it…

I believe my tax...

I believe my tax return was done incorrectly can I have it redone and file the new one, original was efiled

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I took a nys retirement loan, and it’s being repaid with every paycheck I get, but the tax preparer said it was income and it put me in a different tax bracket. This never happened in the past

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Answered in 5 minutes by:
3/14/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,613
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Did you receive a 1099R for the loan?

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Customer reply replied 1 month ago
Thanks

Your loan is always exempt from New York State and local taxes. The Internal Revenue Service (IRS), however, may consider all or part of a NYSLRS loan taxable as a “deemed distribution from a qualified plan,” if:

  • The total balance of your outstanding loan(s) is more than $50,000;
  • The total balance of your outstanding loan(s) is more than (a) $10,000 or (b) 50 percent of your current retirement contributions, whichever is greater; or
  • Your loan goes into default.

If your loan becomes taxable before you turn 59½, either because the amount you borrow is taxable or your loan goes into default, the IRS may charge an additional 10 percent tax penalty.

You can have the return amended if after you read above and know the tax should not be applied.

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Please just post below and tell me what you need me to clarify.

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Customer reply replied 1 month ago
Will I be receiving a phone call

Not from me. I rejected the request. I asked you if you received a 1099R and you did not respond.

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Customer reply replied 1 month ago
Let me review response please

Yes, that would be best.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,613
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
Robin D. and 87 other Tax Specialists are ready to help you
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NPVAdvisor
NPVAdvisor, CFP Licensee and Practitioner
Category: Tax
Satisfied Customers: 180
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Phone call session started
Customer reply replied 1 month ago
I did receive a 1099 form

Then it is taxable to federal.

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Most likely because one of the reasons I listed above. The plan document decides that and if you most likely do not need to file an amended return.

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Customer reply replied 1 month ago
It seems I got charged 2x for this once was 52 and once for 41, I believe the 52 should be refunded being there was no phone call

I will tell Customer Support. It appears another expert picked that up so Customer Support can fix that.

Thank you for letting me know.

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Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,613
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Experience: 15years with H & R Block. Divisional leader, Instructor

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