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Post by The Walk of the Penguin Mich on Jan 24, 2019 17:50:08 GMT -5
Nope. We have only gotten one 1099 of the batch we need.
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Blonde Granny
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Post by Blonde Granny on Jan 24, 2019 19:02:30 GMT -5
I received my first of 4 1099s from Ameritrade today. Still nothing from PenFed.
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Deleted
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Post by Deleted on Jan 24, 2019 20:07:07 GMT -5
I wish they would post our W2s. I know they have until January 31, but they have always done it much earlier in the month. I can't file when they do because Capital One won't have some of their forms until the end of February. But I would have a better idea of what it will look like. Well, they posted them today, and I ran some preliminary numbers. I don't have my stock dividends or the numbers from the fractional shares I had to sell when CapitalOne got rid of Sharebuilder, but those are both small. The big numbers are in. Right now it is at $747 so I am figuring $700. We have been saving the $164 tax cut in a separate account just to take care of taxes in case tax withholding was wrong. So all is well.
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jkapp
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Post by jkapp on Jan 24, 2019 22:03:23 GMT -5
I wish they would post our W2s. I know they have until January 31, but they have always done it much earlier in the month. I can't file when they do because Capital One won't have some of their forms until the end of February. But I would have a better idea of what it will look like. Well, they posted them today, and I ran some preliminary numbers. I don't have my stock dividends or the numbers from the fractional shares I had to sell when CapitalOne got rid of Sharebuilder, but those are both small. The big numbers are in. Right now it is at $747 so I am figuring $700. We have been saving the $164 tax cut in a separate account just to take care of taxes in case tax withholding was wrong. So all is well. I have the same issue with Sharebuilder this year. I'm still getting used to E-Trade so I don't know if I like it or not, but I do like that the cost of trades are less there
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iono1
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Post by iono1 on Jan 25, 2019 19:23:47 GMT -5
I sent mine in today. I don't have the official interest statement from my bank and I'm still waiting for a miscellaneous income statement, but in both cases I know the exact amount that I made for both in 2018 and since the on line service I use lets me import all the info from last year like the payer's address, tax ID etc, (and I have last year's statements & know what lines they put the amounts on) I saw no reason to wait for a piece of paper to arrive in the mail since I don't have to attach the actual document like in the old days when I filed a paper return. At times in the past I've complained about having to type the data in myself, but with the import from last year doing most of the work, and not having to wait for a document containing income data that I already have from my December bank statement and the check receipt for the miscellaneous income, I'm not complaining anymore.
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TheHaitian
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Post by TheHaitian on Jan 25, 2019 20:04:55 GMT -5
I got my W2 today and wife like 2-3 days ago!
I just downloaded our mortgage interest, need to do the student loans and what not.
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iono1
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Post by iono1 on Jan 25, 2019 20:19:48 GMT -5
It's been so long since I HAVEN'T itemized that I need to clarify/understand something: The change to the Standard deduction is now $12,000ish, right? Let's say last year, my deductions totaled $9000. That means it would be pointless to itemize, this year, if my deductions are, again, $9000, correct...or itemize but choose the Standard deduction? But, if they are $13,000 then I should itemize and NOT choose the Standard deduction? I've itemized almost as long as I've been over 18 so I don't even remember how to fill out a 1040EZ. lol. I'm 65. When I did my taxes I learned that seniors get more than the $12,000 per person for the standard deduction. Singles get an extra $1,600 for a total standard deduction of $13,600. Married people get an extra $1,300 for each person over 65. Head of Household & blindness also can add to the standard deductions.
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lynnerself
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Post by lynnerself on Jan 27, 2019 13:35:14 GMT -5
Tried to start yesterday. We got the software, but they say an update is coming Jan 31. And we still are waiting for several 1099s. So I really can't start yet.
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chapeau
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Post by chapeau on Jan 27, 2019 13:46:02 GMT -5
I’m still catching up on DH’s mileage entry. Every year I try to keep up with it, and every year it goes to heck sometime in the summer. We’re still waiting for several 1099s, and I’m starting to wonder if one of his jobs is going to send one. I’m not sure he earned $600. I need to add up those check stubs.
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Knee Deep in Water Chloe
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Post by Knee Deep in Water Chloe on Jan 27, 2019 22:51:09 GMT -5
Started my itemized Goodwill donations list today. It’s 75% done. I’m now having a massive stomach bug though, so I’ll finish it later. This is the first year in over a decade I’ve not had to prepare rental properties itemization. I might actually get my stuff to the accountant before mid February!
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TheOtherMe
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Post by TheOtherMe on Jan 28, 2019 19:49:31 GMT -5
I e-filed the Federal return today. Still telling me I can't file the state return until January 31.
Now we see how long it takes to get the refund in the bank.
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TheOtherMe
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Post by TheOtherMe on Jan 28, 2019 20:52:37 GMT -5
Federal return has been accepted by the IRS.
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nittanycheme
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Post by nittanycheme on Jan 28, 2019 21:26:52 GMT -5
Started my itemized Goodwill donations list today. It’s 75% done. I’m now having a massive stomach bug though, so I’ll finish it later. This is the first year in over a decade I’ve not had to prepare rental properties itemization. I might actually get my stuff to the accountant before mid February! Are you sure it will be worth it with the new standard deduction amounts? I just started my taxes, and based on my history and a few questions, Turbotax recommended the standard deduction. One of the questions was how much I donated - there were four brackets: 0 to 999, 1000 to 1999, 2000 to 3999, and above 4000. Based on the upper end of the SALT deduction plus estimates of my mortgage interest and the bracket I picked, it recommended the standard deduction. It was right when I ran the numbers. So, you may want to figure out if its worth it based on your other deductions.
In general, we got a little bit out of the revamp, but not a lot. And if I hadn't changed my withholdings early this year, we would've owed a lot. I estimated over $10k when I changed my W4's. Now it looks like I'm almost even with federal and will owe the state. However, it isn't unusual to owe PA unless you do estimated payments outside of your paycheck. You can't adjust the amount withheld from your paycheck. I didn't really think PA was that high of a tax state - our rate is a flat 3.07% with no personal exemptions and the forms are pretty straightforward to fill out since there aren't a lot of deductions. Our county taxes are also easy - flat % on income, can deduct some work expenses like uniforms and such. Between the state, county, and property taxes, I hit the SALT level. Overall, our effective tax rate went from about 17.5% to 16.6%. But I would've kept the old rates if it means that the national debt would go up slower and I could protect my parents (and maybe someday my) SS/Medicare/Medicaid, as well as some of the social safety net. I know my grandma was on Medicaid before she passed - she had alzheimers and lived for a couple of years in a nursing home. Fortunately my grandpa had a pension in addition to his SS and really good paid for retiree insurance (he was in a union and was grandfathered in), so he wasn't totally impoverished when my grandma passed. But he didn't have much either.
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bobosensei
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Post by bobosensei on Jan 29, 2019 8:50:43 GMT -5
I owe 900 to feds and about 100 to state. I adjusted my withholdings a couple of times during the year, most recently last summer after I bought the house and pulled about 40k out of taxable investment accounts. I had to pay capital gains tax on about 15k. I had also reduced my 401k contributions, and lowered HSA so much more of my income was taxable this year even though I didn't get a raise. This year I'm withholding half what I did last year, and I should break even. Since I owe I'm waiting until April to actually file. Might even wait until the last day
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buystoys
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Post by buystoys on Jan 29, 2019 10:10:26 GMT -5
I'm still waiting for one 1099. This year I'm taking everything to H&R Block to have them done. I don't know what to do with the expenses of the rental we purchased and what is and is not deductible. I'm also not interested in trying to figure it out this year because I've already got too much on my plate. I think we'll get a refund. I need to have them look at last year's filing as well. I think I missed a form and that we should have gotten a refund rather than paid. I've been meaning to pull everything and drop it off during the year, but we've just been too busy. Up until this month, we were dealing with two to six appointments every week. I'm glad for the break.
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ken a.k.a OMK
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They killed Kenny, the bastards.
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Post by ken a.k.a OMK on Jan 29, 2019 10:28:55 GMT -5
Not ready to file yet but I always use TaxAct and they have a 35% discount if you start and lock it in by Jan 31.
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Regis
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Post by Regis on Jan 29, 2019 11:36:24 GMT -5
I finished my daughter's and submitted on Sunday. A W-2 arrived on Monday for her for a half day that she substitute taught at our local school before she started a full-time job.
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TheOtherMe
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Post by TheOtherMe on Jan 29, 2019 11:51:46 GMT -5
I finished my daughter's and submitted on Sunday. A W-2 arrived on Monday for her for a half day that she substitute taught at our local school before she started a full-time job. If there was no withholding and it doesn't affect the actual tax, I would not amend after the first return gets processed. For a half day of subbing, that may be the case.
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Deleted
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Post by Deleted on Jan 29, 2019 12:43:55 GMT -5
I finished my daughter's and submitted on Sunday. A W-2 arrived on Monday for her for a half day that she substitute taught at our local school before she started a full-time job. If there was no withholding and it doesn't affect the actual tax, I would not amend after the first return gets processed. For a half day of subbing, that may be the case. I might be tempted to do nothing anyway- eventually the IRS computers will flag it and you'll receive a bill if anything is due. And I certainly wouldn't submit it this soon after the original filing. Give the IRS a chance to process the first one.
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souldoubt
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Post by souldoubt on Jan 29, 2019 12:50:33 GMT -5
I'll start ours in a few weeks. Learned my lesson a few years back when I filed at the end of January then got an updated form from Vanguard about a week later and had to re-file.
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cktc
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Post by cktc on Jan 29, 2019 13:01:14 GMT -5
I'll start ours in a few weeks. Learned my lesson a few years back when I filed at the end of January then got an updated form from Vanguard about a week later and had to re-file. I made a similar mistake last year. Cost us around $200. I was going to submit an amendment, but I couldn't efile and would have to print and mail two 60 page packets for the amended returns. That seemed like a good way to be flagged for an audit so I decided to just call it a loss.
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princessleia
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Post by princessleia on Jan 29, 2019 16:55:08 GMT -5
I don’t doubt you but I have to admit that I’m curious. Since you have all of your 2017 info couldn’t you run it all through the 2018 form to see how badly you are getting screwed? It’s kind of hard to illustrate when you’re comparing year over year. A comparison of the exact same situation/income would show it best. Hurley, I suspected that we will not benefit from the new tax plan like you but I have not ran my numbers yet. Jeffrey, That is a great idea. I will do that. Yep, I was right. We do not benefit at all from the new tax plan. Have to shelf out more to Uncle Sam.
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TheOtherMe
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Post by TheOtherMe on Jan 29, 2019 17:22:36 GMT -5
I'll start ours in a few weeks. Learned my lesson a few years back when I filed at the end of January then got an updated form from Vanguard about a week later and had to re-file. I made a similar mistake last year. Cost us around $200. I was going to submit an amendment, but I couldn't efile and would have to print and mail two 60 page packets for the amended returns. That seemed like a good way to be flagged for an audit so I decided to just call it a loss. Filing an amended return does not flag a return for an audit--unless it's something totally frivolous. Amended returns can not be e-filed but I wouldn't leave the $200 in the US Treasury coffers.
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Deleted
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Post by Deleted on Jan 29, 2019 17:34:16 GMT -5
nittanycheme , you still may want to itemize for state. Alabama doesn't tax DH's SS while the Feds do. So a lot of years we do. Turbotax has you enter that stuff on the Fed forms to see if you can itemize there and then sends it over to the state form where you add some stuff specific to your state . . . like my grandkids' 529 plans. In 2020 (the year, not the return for 2019), I will pay very little state tax. Neither my pension nor Dh's or my SS is taxable. That will be so strange. I might have to pay when I take withdrawals from my IRA, but I am hoping that it won't be that early. I will only be 66.
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Regis
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Post by Regis on Jan 29, 2019 18:24:52 GMT -5
If there was no withholding and it doesn't affect the actual tax, I would not amend after the first return gets processed. For a half day of subbing, that may be the case. I might be tempted to do nothing anyway- eventually the IRS computers will flag it and you'll receive a bill if anything is due. And I certainly wouldn't submit it this soon after the original filing. Give the IRS a chance to process the first one. This is exactly what I'm planning to do. There was no federal withholding so it would make no difference at all in the end as she was also a full-time student and got all federal taxes above the standard deduction credited as part of the Lifetime Learning Credit. I think about a dollar and a quarter was withheld for state taxes. With a flat tax rate of 3.23%, the amount owed wouldn't even have rounded up to $1. And yes, if the IRS flags it and sends her a note, I'll make the revisions. And if she ends up in the federal pen for tax evasion, I'll update the story.
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TheOtherMe
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Post by TheOtherMe on Jan 29, 2019 18:31:24 GMT -5
Regis I will visit you in the federal pen. What happened is not tax evasion. Tax evasion is wilful intent and this is an error with no tax consequence.
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shanendoah
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Post by shanendoah on Jan 30, 2019 12:32:47 GMT -5
Just did a preliminary run through of taxes. It looks like we will owe over $7k this year to the feds. Last year, we owed less than $900. W2 income wise, we'd owe about $1300 this year. However, I took an early distribution on a retirement account in order to have cash for earnest money for buying a new house. While they taxed that at 20%, it bumped us up from the $68k tax bracket to the over $100k tax brackets. And then add in the 10% early distribution penalty and boom, a $7k tax bill.
Our mortgage interest last year was just under $13k, and no way do we have another $12k in deductions to itemize ($8-9k, yes, but not $12k), so standard deduction.
I will be waiting until April to file.
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nittanycheme
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Post by nittanycheme on Jan 30, 2019 17:36:10 GMT -5
nittanycheme , you still may want to itemize for state. Alabama doesn't tax DH's SS while the Feds do. So a lot of years we do. Turbotax has you enter that stuff on the Fed forms to see if you can itemize there and then sends it over to the state form where you add some stuff specific to your state . . . like my grandkids' 529 plans. In 2020 (the year, not the return for 2019), I will pay very little state tax. Neither my pension nor Dh's or my SS is taxable. That will be so strange. I might have to pay when I take withdrawals from my IRA, but I am hoping that it won't be that early. I will only be 66. Unless I start a business, there is very little to itemize for PA. See below for an overall summary of what I could deduct as a regular person - and note that 401k contributions are NOT on the list. We pay state tax on that money going it; although that means that I don't need to pay tax when I withdraw assuming I'm still in PA. Except for the 529 (which I don't have since I don't have kids), the rest is already reflected in my W2's. From the PA Dept of Revenue: Pennsylvania personal income tax is levied at the rate of 3.07 percent against taxable income of resident and nonresident individuals, estates, trusts, partnerships, S corporations, business trusts and limited liability companies not federally taxed as corporations. Deductions: Taxpayers may reduce taxable compensation for allowable unreimbursed expenses that are ordinary, actual, reasonable, necessary and directly related to the taxpayer’s occupation or employment. PA law allows three deductions against income: deductions for medical savings account contributions, health savings account contributions and IRC Section 529 tuition account program contributions. Credits: Credit against Pennsylvania income tax is allowed for gross or net income taxes paid by Pennsylvania residents to other states. Credit is available to lower income families and individuals receiving Tax Forgiveness. Tax credit programs also reduce income tax liability for qualified applicants. Exclusions: Taxpayers may exclude from compensation qualified payments to IRC Section 125 (cafeteria) plans for programs covering hospitalization, sickness, disability or death. Excluded from Pennsylvania-taxable income are capital gains from the sale of a principal residence for all taxpayers who satisfy ownership and use requirements. Taxpayers may also exclude from income personal use of employer-owned property.
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nidena
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Post by nidena on Jan 31, 2019 11:54:30 GMT -5
My three W-2s equaled ~$27,000. I'm thinking my mortgage interest and other things that I would normally itemize will total only $5000-$6000 and federal tax withheld around $2000. I'll plug everything into TurboTax just to get a feel of what to expect when I take it to the preparer.
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Deleted
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Post by Deleted on Jan 31, 2019 12:18:11 GMT -5
My three W-2s equaled ~$27,000. I'm thinking my mortgage interest and other things that I would normally itemize will total only $5000-$6000 and federal tax withheld around $2000. I'll plug everything into TurboTax just to get a feel of what to expect when I take it to the preparer. Back of the napkin says $400 refund.
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