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Update: IRS successfully launches their own free Direct File - now ALL of my fellow 'murcans are eligible for 2025 (sh.itjust.works)
submitted 2 years ago by to c/technology@lemmy.world
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My January 2024 thread (186 comments)

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[–] 2 points 2 years ago (2 children)

They know what you owe so long as you didn’t have expenses to apply for that they couldn’t assume or know about

Solo 401ks/IRA also wouldn't be something they know about until you file if I understand correctly. Guess you could that expenses?

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  • [–] 2 points 2 years ago* (1 child)

    They should (and do?) have the same information your employer, bank, or brokerage files. i.e. the same forms you use to fill out your taxes now. They know what you contributed to you 401k and your other retirement accounts.

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  • [–] 1 point 2 years ago* (1 child)

    Solo 401ks are where you're the employer (guess technically there's some wiggle room for others to be in your 401k, but from the perspective of such a person, wouldn't it just be a normal 401k?). So you have to report it yourself. The brokerage firm holding it won't.

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