iono1
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Post by iono1 on Jan 18, 2020 18:42:58 GMT -5
I received my pension and SS income statements this week & filled out my tax return. They will be filed as soon as the acceptance dates for Federal & NY State. I don't pay any state taxes since my pension & SS are tax free, so the state return is just a formality. The Feds start accepting returns in 9 days. I have a pretty simple return so it doesn't take very long. The only thing is, because I file electronically through OLT, I have to go through a bunch of questions which takes a while. If I could do it by hand like in the old days when I stapled my income statements to the return, I could have been done in less than 5 minutes.
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Deleted
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Post by Deleted on Jan 18, 2020 18:59:59 GMT -5
Yeah, rub it in. I have a lot of investments and I really need to wait for the downloads from the two brokerages. The one where I have most of my $$ will have 2 dates when the data can be downloaded- February 14 and a "final" one February 28 and possible revisions "beginning March 6". Typical. Of course I've got estimates of everything loaded into TurboTax and will substitute the actual when available, but want to be sure that what I use matches what they report the the IRS to the dollar. It drives me crazy when the financial gurus tell me to file early so scammers don't get there first and file a fraudulent return and get a giant refund. I wish I could file earlier. And I'll be out of the country March 11-April 4. At least I'm getting refunds back from the Feds and the State due to a decrease in realized investment income. I haven't gotten a refund for years.
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dannylion
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Gravity is a harsh mistress
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Post by dannylion on Jan 18, 2020 19:22:49 GMT -5
I have no idea what adventures this tax season will bring. I decided that the CPA I was using was not a good fit, so I will be working with someone new this year. I never get the last pieces of documentation until sometime in early March, so it will be a while before anything definite will happen.
I'm hoping for a positive experience with the new CPA. She is closer (so I can conveniently deliver my information in person rather shipping it all off by mail to avoid trekking to the wilds of Lutherville), and she comes highly recommended by people I trust. Fingers crossed.
ETA: I gave up doing my own taxes because I am too stupid to deal with all the moving parts. Also, I am lazy; I'm fine with the collecting-all-the-pieces-of-paper part, useless at the actually-doing-the-taxes part.
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jerseygirl
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Post by jerseygirl on Jan 18, 2020 19:45:04 GMT -5
I have no idea what adventures this tax season will bring. I decided that the CPA I was using was not a good fit, so I will be working with someone new this year. I never get the last pieces of documentation until sometime in early March, so it will be a while before anything definite will happen. I'm hoping for a positive experience with the new CPA. She is closer (so I can conveniently deliver my information in person rather shipping it all off by mail to avoid trekking to the wilds of Lutherville), and she comes highly recommended by people I trust. Fingers crossed. ETA: I gave up doing my own taxes because I am too stupid to deal with all the moving parts. Also, I am lazy; I'm fine with the collecting-all-the-pieces-of-paper part, useless at the actually-doing-the-taxes part. Collecting and organizing paper and receipts is the time consuming part
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TheOtherMe
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Post by TheOtherMe on Jan 18, 2020 19:57:18 GMT -5
My return was filed some time ago. The IRS accepted it on January 14. Don't think the refund will come until early February.
ETA: Turbo Tax let me file the return on January 3.
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Deleted
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Post by Deleted on Jan 18, 2020 20:05:35 GMT -5
Collecting and organizing paper and receipts is the time consuming part I agree. The year my Ex and I married we used his CPA. My Ex was a financial basket case- I once had to go through a shoebox of several months' worth of business travel receipts and create expense reports for him so he could get his money back from his employer. I quickly realized that I was doing a whole lot of the work- being aware of what was deductible, saving all the relevant paperwork, providing him with the basis for investments that had been sold during the year (this was 1983 so no downloading) ... the accountant just put it into a computer program. The last straw was when he called me on April 14 and asked for two very large checks- one to the state for underpayment of the previous year and one as the first installment for the upcoming year. Because we'd married and had roughly equal incomes, one income was essentially taxed at the highest marginal rate by the state. In my opinion it was something he should have seen coming as soon as I called and told him we'd married-it would have been easy for me to quantify and I could have been better-prepared to come up with the funds. I never used an accountant again.
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buystoys
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Post by buystoys on Jan 19, 2020 8:27:12 GMT -5
I'm still waiting for paper work. I'll use a CPA this year because it's our first year with the rental. I don't know how to quantify the repairs/improvements/etc. so I'm going to let someone else do it. I'm fine with paying a fee to have it done correctly.
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Deleted
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Post by Deleted on Jan 19, 2020 11:55:56 GMT -5
I haven't even gotten my W2 yet which is a little annoying, but I always end up waiting for the brokerage statements anyhow.
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oped
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Post by oped on Jan 19, 2020 13:52:43 GMT -5
Mine will be finished in October, sigh.
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phil5185
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Post by phil5185 on Jan 19, 2020 17:35:35 GMT -5
""It drives me crazy when the financial gurus tell me to file early so scammers don't get there first and file a fraudulent return and get a giant refund.""
Mine is simple, I use TTax, I'll be done in Feb. And then I will set it on the mantle, ready to be mailed on April 15. The scammers probably won't be interested, I always make certain that I owe on April 15. I read that the average 2019 refund will be $2800, sounds like most of you like to over pay during the year and then get it refunded back?
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Gardening Grandma
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Post by Gardening Grandma on Jan 19, 2020 18:08:42 GMT -5
It drives me crazy when the financial gurus tell me to file early so scammers don't get there first and file a fraudulent return and get a giant refund.The IRS now has a program where you get a an IP (Identity Protection) pin (6 digits). You cannot file without it. A scammer cannot file without it. You register once; they verify your info and send you the pin. So you can take your sweet time filing and not worry about scammers getting there first. You have to be a resident of one of these states: Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Illinois, Maryland, Michigan, Nevada, New Jersey, New Mexico, New York, North Carolina, Pennsylvania, Rhode Island, Texas or Washington. www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin
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Deleted
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Post by Deleted on Jan 19, 2020 18:09:49 GMT -5
We will use a CPA as usual because DH believes him on what we owe because (1) he's male and (2) he has initials after his name. I expect we will owe $2,000-$3,000 and maybe more because (1) DH refuses to withhold on his RMD (2) I resigned from my investment club so got a large cash distribution of which some part is probably taxable. I got our SS statements Friday but nothing from anyone else yet. The banks and brokerage houses say that the downloads will be available around Feb 1. The K-1 from my investment club should be in around mid-February. I'm in no hurry to write the big check
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Deleted
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Post by Deleted on Jan 19, 2020 18:28:48 GMT -5
I read that the average 2019 refund will be $2800, sounds like most of you like to over pay during the year and then get it refunded back?
It's not deliberate. I owed last year because the tax reform increased my liability. Previous year was first filing as a widow. Year before that I had a lot of realized gains. Mutual fund distributions are a crapshoot, of course- partly depending on the market and partly on how much they sold, and what, to meet redemptions. And most come in at year-end although I did track their estimates before that. I never was one of those people who deliberately over-withheld to get a refund but I'll take this one!
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nidena
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Post by nidena on Jan 19, 2020 22:45:39 GMT -5
Having moved just three months ago, I'm waiting to make sure all the paperwork has caught up to my new address.
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Deleted
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Post by Deleted on Jan 19, 2020 23:03:09 GMT -5
I read that the average 2019 refund will be $2800, sounds like most of you like to over pay during the year and then get it refunded back?
It's not avoidable for a lot of people, so I wouldn't say most like to overpay.
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TheOtherMe
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Post by TheOtherMe on Jan 20, 2020 8:43:22 GMT -5
Refundable credits
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jenpen
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Post by jenpen on Jan 20, 2020 13:19:59 GMT -5
Mine is simple, I use TTax, I'll be done in Feb. And then I will set it on the mantle, ready to be mailed on April 15. The scammers probably won't be interested, I always make certain that I owe on April 15. The scammers aren't filing accurate returns, and they don't care whether YOU would get a refund or owe. They make up their own numbers that result in a refund. It would be wise to go ahead and file your return in Feb--you can still wait till April 15 to mail your payment. Huh? Only one person has even mentioned a getting a refund.
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Deleted
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Post by Deleted on Jan 21, 2020 13:16:37 GMT -5
Mine is "sort of" finished now. I just need a 1099-DIV from Vanguard which I probably won't get until mid-February. It's annoying to have to wait for it because it's probably less than $200 and will have no effect on my taxes anyhow, but whatever. I would spend more time with the state return and all my education expenses, but apparently MN doubled the standard deduction this year, so none of those appear to matter anymore anyhow. I still have both kid's returns to do...and will probably teach older son how to do his own this year.
eta: as an aside. Claiming older son has no effect on my taxes anymore. I think I may just let his Dad claim him even though it's my year.
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Deleted
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Post by Deleted on Jan 21, 2020 22:04:50 GMT -5
phil5185, it wasn't on purpose, but I think I am getting $2000 back. That is what TT is saying. It is my first year of retirement and my first year as a widow. I'd say cut me some slack, but I am leaving everything alone. Next year I will be filing single. If it if is still too large a refund, then I will adjust.
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countrygirl2
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Post by countrygirl2 on Jan 22, 2020 0:44:44 GMT -5
My stuff all amounts to what the CPA allows us on this new property we are putting into service. I can see 2 ways to do it, not worrying I know we will pay some one way, more the other. She works with LLC's and I felt very comfortable with her last year.
I need to go back and make sure I booked everything from last year so its good. I have a few things in, but not everything yet by any means.
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MN-Investor
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Post by MN-Investor on Jan 22, 2020 10:31:15 GMT -5
phil5185 , it wasn't on purpose, but I think I am getting $2000 back. That is what TT is saying. It is my first year of retirement and my first year as a widow. I'd say cut me some slack, but I am leaving everything alone. Next year I will be filing single. If it if is still too large a refund, then I will adjust. The difference between joint rates and single rates can be shocking depending on your income. To get an idea of how bad it might be - without saving and overwriting your TT file - just change your filing status to single and make sure it only uses a single exemption and see how your tax balance changes.
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Deleted
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Post by Deleted on Jan 22, 2020 12:23:47 GMT -5
phil5185 , it wasn't on purpose, but I think I am getting $2000 back. That is what TT is saying. It is my first year of retirement and my first year as a widow. I'd say cut me some slack, but I am leaving everything alone. Next year I will be filing single. If it if is still too large a refund, then I will adjust. The difference between joint rates and single rates can be shocking depending on your income. To get an idea of how bad it might be - without saving and overwriting your TT file - just change your filing status to single and make sure it only uses a single exemption and see how your tax balance changes. I worked nine months at my regular salary while double-dipping on retirement for three of those. That's why I withheld too much . . . well, that and the fact that DH was having 0 withheld from his $28k worth of SS. Simply changing to single and a single exemption won't tell me much. But it is still a good idea. I think I will create a second return, figure out how much I will get in SS and pension and enter those numbers as single. I should get a decent estimate and can adjust my withholding for 2020 as necessary. Thank you for the suggestion!
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Post by The Walk of the Penguin Mich on Jan 22, 2020 12:44:12 GMT -5
""It drives me crazy when the financial gurus tell me to file early so scammers don't get there first and file a fraudulent return and get a giant refund.""
Mine is simple, I use TTax, I'll be done in Feb. And then I will set it on the mantle, ready to be mailed on April 15. The scammers probably won't be interested, I always make certain that I owe on April 15. I read that the average 2019 refund will be $2800, sounds like most of you like to over pay during the year and then get it refunded back?
Average does not mean that most of the people here get refunds. When I was single, it was very easy for me to do my taxes and it was way easier to figure out exactly what I owed or was owed (a few years, it was 0, other years it was +/- $200). After I got married and with multiple income streams, it is damn near impossible. Our tax return is about 1" thick, when you start adding in foreign income and the ilk. Most we owed was $45K (that was courtesy of a stock purchase that was sold off because TD was not allowed to hold the stock in the company that had purchased his shuttered company - where he DID have company stock). Our income has varied as much as 300% since we married in 2016.
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teen persuasion
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Post by teen persuasion on Jan 22, 2020 13:07:38 GMT -5
""It drives me crazy when the financial gurus tell me to file early so scammers don't get there first and file a fraudulent return and get a giant refund.""
Mine is simple, I use TTax, I'll be done in Feb. And then I will set it on the mantle, ready to be mailed on April 15. The scammers probably won't be interested, I always make certain that I owe on April 15. I read that the average 2019 refund will be $2800, sounds like most of you like to over pay during the year and then get it refunded back?
Nobody likes to overpay, but you may not be able to prevent the withholding. I try to have zero withheld, but my state objects. Then there's the refundable credits. We are eligible for EITC, AOTC, and CTC (which increased with the tax reform). Can't get advanced payments anymore, you have to wait until tax filing to get them. And then those same credits mean you can't file extremely early, you have to wait to late February. Don't even get me started on the stupid nonrefundable credits that go to waste because there's no tax to pay.
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Deleted
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Post by Deleted on Jan 22, 2020 13:26:30 GMT -5
Don't even get me started on the stupid nonrefundable credits that go to waste because there's no tax to pay. 50% Saver's Credit? Yeah right. I don't think that even really exists. Anyone with income low enough to get it isn't paying any taxes. This is why I let my ex claim DS this year. The $500 "non-child" dependent credit isn't refundable so it did me no good. I figure better him having the money.
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TheOtherMe
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Post by TheOtherMe on Jan 22, 2020 13:34:43 GMT -5
Both my federal and state returns have been accepted.
I tried to have it so I owed the state because it takes them forever to pay the refund. I failed. I shall try again this year.
I have an amount of refund/amount due I want to be within. I've gotten closer since I can no longer itemize but have not hit the mark on either return.
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NomoreDramaQ1015
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Post by NomoreDramaQ1015 on Jan 22, 2020 23:00:22 GMT -5
""It drives me crazy when the financial gurus tell me to file early so scammers don't get there first and file a fraudulent return and get a giant refund.""
Mine is simple, I use TTax, I'll be done in Feb. And then I will set it on the mantle, ready to be mailed on April 15. The scammers probably won't be interested, I always make certain that I owe on April 15. I read that the average 2019 refund will be $2800, sounds like most of you like to over pay during the year and then get it refunded back?
Nobody likes to overpay, but you may not be able to prevent the withholding. I try to have zero withheld, but my state objects. Then there's the refundable credits. We are eligible for EITC, AOTC, and CTC (which increased with the tax reform). Can't get advanced payments anymore, you have to wait until tax filing to get them. And then those same credits mean you can't file extremely early, you have to wait to late February. Don't even get me started on the stupid nonrefundable credits that go to waste because there's no tax to pay. I tried while at BT to get as little withheld as I could. Nebraska booted me out stating that I was not meeting state tax requirements. Same for Iowa. I just don't get a big enough boner from the activity to spend time figuring out the magic number to break even or owe federal while following two states tax laws. Oh well I lost my YM card years ago. Can't take what I don't have.😉
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Deleted
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Post by Deleted on Jan 23, 2020 8:37:10 GMT -5
I tried while at BT to get as little withheld as I could. Nebraska booted me out stating that I was not meeting state tax requirements. Same for Iowa. Interesting- DS works in Iowa and called me a few years ago because he found out his employer had withheld zero taxes for the year. (Definitely for Federal- I assume also for State.) He hadn't noticed because a raise came through and he figured that explained the increase in take-home pay. He called HR. HR told him that he'd claimed he was exempt from withholding. I don't think DS would have done that and I would have thought most HR departments would have questioned it, but oh, well. Apparently whatever he owed was manageable because he didn't ask me for a loan.
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NomoreDramaQ1015
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Post by NomoreDramaQ1015 on Jan 23, 2020 10:42:52 GMT -5
I am in a different situation because I live in Iowa and work in Nebraska, the tax rules are different for me what I have taken out is a fixed percentage for each state. I am not supposed to get below that.
I have no idea if I worked and lived in the same state how it would work. I keep hoping DH gets a job in Iowa so at least one of us doesn't have to deal with both states anymore.
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swamp
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Post by swamp on Jan 23, 2020 10:48:05 GMT -5
""It drives me crazy when the financial gurus tell me to file early so scammers don't get there first and file a fraudulent return and get a giant refund.""
Mine is simple, I use TTax, I'll be done in Feb. And then I will set it on the mantle, ready to be mailed on April 15. The scammers probably won't be interested, I always make certain that I owe on April 15. I read that the average 2019 refund will be $2800, sounds like most of you like to over pay during the year and then get it refunded back?
Some of us are self employed with fluctuating income so we can't really determine whether there will be a payment or a refund until all the numbers are run.
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