Taxes and estimations POLL!

[EmperorIQ]

Hey guys,

When i was doing my taxes I had to put down how much i paid for tuition. I had grants that covered my tuition during the school year, but I didn't have any over the summer. I had to work and pay that myself. I recall it being around ~100 per unit, at 5 units as well as books. However, I don't remember the exact price.

at first I put 400 just to round down, and my refund came to be about 80 bucks more, but I didn't want to lie, so I put 0. What do you guys think I should have done? I thought estimating would have been bad, even if I underestimated. However putting 0 is underestimating too.

thanks

 

[MustISO]

What do you guys think I should have done?

You should have posted in the tax thread.

 

[CPA]

Originally posted by: EmperorIQ
Hey guys,

When i was doing my taxes I had to put down how much i paid for tuition. I had grants that covered my tuition during the school year, but I didn't have any over the summer. I had to work and pay that myself. I recall it being around ~100 per unit, at 5 units as well as books. However, I don't remember the exact price.

at first I put 400 just to round down, and my refund came to be about 80 bucks more, but I didn't want to lie, so I put 0. What do you guys think I should have done? I thought estimating would have been bad, even if I underestimated. However putting 0 is underestimating too.

thanks

How did you pay? with cash? with checks? credit card? you could have used your cancelled checks or credit card statements to support your amount.

 

[EmperorIQ]

I paid with CC, but i did my taxes last minute, and i couldn't retrieve any information from CC or student billing, since it was over 5 months ago.

CPA: my main question is, would rounding down like that be bad? overall, was my choice a good one (to leave it zero).

Thank you.

 

[EagleKeeper]

Originally posted by: EmperorIQ
I paid with CC, but i did my taxes last minute, and i couldn't retrieve any information from CC or student billing, since it was over 5 months ago.

CPA: my main question is, would rounding down like that be bad? overall, was my choice a good one (to leave it zero).

Thank you.

1) You should have used a best guess.
2) Now you understand some of the penalties for procrastination.
3) If you love your $, file a 1040X with the corrections; if you do not; file anyhow and donate it to some charity for next year.