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Yes they receive these forms. Do they put them in a database with your TIN in time to calculate your tax? I’m not sure. It seems their real use is to provide a
by groundzeros2015 1y ago
Yes they receive these forms. Do they put them in a database with your TIN in time to calculate your tax? I’m not sure.
It seems their real use is to provide a paper trail for audit should they choose to.
- llsf 1y agoWhy not use all those forms and prefill my tax form for me ? If I disagree, I can add/remove/update it. If I agree, I just file Asking me to collect those documents and reports the different numbers into a form, is not efficient, error prone and time/money consuming.
- groundzeros2015 1y ago> Asking me to collect those documents and reports the different numbers into a form, is not efficient, error prone and time/money consuming Exactly. That’s why they want you to do it and not them.
- lesuorac 1y agoThe IRS does it anyways to validate your return ... It's marginally more work for them to tell you the results of their math. And compared to how many people file taxes it's a net benefit for society. Collectively paying a small group of people to do something for the benefit of many is like the whole point of government.
- groundzeros2015 1y agoI don’t know that they do. I think they do sampling of higher value accounts and get out the full details for an audit. I don’t know that for sure that.