2022 Taxes are Done!

[Bonny]

I always appreciate getting my tax return done. Getting all that paperwork off my desk and filed gives me a sense of joy and accomplishment. 

Small refunds this year, about $750 from the Feds and $600 from the state. Rolling over about $150 to stay on account with the State. Because of the solar install we probably won't have to pay federal tax for a while unless we win the lottery.

What's been your tax experience this year? Enquiring minds gotta know!

[seriousthistime]

I just got home from an extended trip and found everything I need in the mail my DIL was holding for me. 

I expect to get a significant chunk of money back, in the form of I bonds.

No state tax on retirement income here. 

[swamp]

I'm getting a pile of cash back.   

[Tiny]

oops I restarted an old thread - I didn't see this one. If a mod can reset the old thread to being an old thread... I won't complain....

[Tiny]

My taxes got filed 3/13/2023, both the federal and state refunds hit my checking account 3/27/2023.



I had bigger than anticipated refunds - because I added to my withholding thru all of 2022 - but had much less rental income and much bigger rental repair expenses in 2022 due to hurricane Ian.

I guess there are pros and cons to trying to be "proactive" and adjusting withholding amounts each year. probably should have stopped the extra withholding amount in Sept.2022... I stopped the additional withholding amount it in January 2023 (still don't have a tenant) so I will have "less non W2 income" in 2023.


I'm not gonna complain about the bigger refund - I used up a lot of Emergency Fund money in dribs and drabs since December 2022 thru February 2023. The refund will help re-fill the EF.

[Deleted]

Owe $4500 but not complaining.  

[finnime]

I'm done except for Maryland. Federal, we owe $2k; Massachusetts, $0. I will have to pay the IRS an $81 penalty for not withholding. I'm quite happy. Beyond SS and pension, the money we spent last year was from profits from selling the house. Plus DH had a number of expensive medical procedures.

[TheOtherMe]

I met my goal of being +/- $100 for both federal and state, so I was satisfied.

[Cookies Galore]

I added our W2 info into Tax Act last month and saw we owed $450 so far, so I logged out and decided it was an April problem. It's going to be a rainy Saturday so I plan on filing this weekend. I anticipate we'll end up owing $500-$600 to Feds, $18 to the state as usual, and a credit for our local taxes. I pay the Philly wage tax instead of our local municipal EIT, hence the credit.

[tractor]

I finished mine about a month ago, but since I have to pay @ $4,000, I decided to wait to file closer to the deadline. Paying extra sucks, but I don't mind the extra income that comes with the payment. I should change my withholding, but for now I don't mind having to owe a little extra every year.

[nittanycheme]

I filed my federal and state already.  Based on the fact that for some reason my company split my W2s, and didn't take enough federal taxes out, I owe like $2000 to the feds, when I've been within $150 the last few years.  I owe my normal <$100 to the state for all my non-W2 income.  But my local taxes are getting filed today.   I filled them out 3 times, I think that there is something wrong with them, but since my refund is too high I have to send in the paper forms vs. e-filing.  Which is fine - I think the multiple W2's from the same company with the same federal ID is doing something to my local taxes.  I've NEVER had them be off before. For my situation, they only tax off W2 information.  I never expected to be confused on my local taxes.....

[Knee Deep in Water Chloe]

The stack of paperwork to scan this year is bigger. I'm sending everything (hopefully) off to our accountant today. 
In my puny brain, I thought I was going to be able to deduct medical expenses. However, it appears we don't reach the 7.5% of income threshold. Unfortunaley, I didn't set up an HSA. I need to make an adjustment somehow for this year. (Our medical insurance runs Oct 1 - Sept 30.)

[Deleted]

It's been a couple of years since we owed so please tell me I can pay the $$ online, not with a paper check and drive to the post office, certified mail, return receipt etc.   

[giramomma]

We're supposed to have our taxes done by now?

[TheOtherMe]

Mar 30, 2023 17:16:55 GMT -5 soupandstew said:

It's been a couple of years since we owed so please tell me I can pay the $$ online, not with a paper check and drive to the post office, certified mail, return receipt etc.   

I know you can have it automatically deducted and tell the system the date you want the money taken out of your account.

I do not know if there is a different way to do it.  I used the deducting from my account the year I owed and it came out on the correct date.

[taz157]

Mar 30, 2023 17:46:11 GMT -5 giramomma said:

We're supposed to have our taxes done by now?

I prepare taxes for a living and I haven't even started our own yet!

We've extended the past few years and I always have to wait on DH for his secondary items. Hopefully, I'll start this weekend for us.

[Bonny]

Mar 30, 2023 22:15:14 GMT -5 taz157 said:

Mar 30, 2023 17:46:11 GMT -5 giramomma said:

We're supposed to have our taxes done by now?

I prepare taxes for a living and I haven't even started our own yet!

We've extended the past few years and I always have to wait on DH for his secondary items. Hopefully, I'll start this weekend for us.

Because of the all the storm disasters I think we had until October 15th to file AND PAY our taxes. I told my CPA why in the world would prolong the torture?

Taz, I think you're like the cobbler's kids who have no shoes!

[TheOtherMe]

I found among my co-workers at the IRS, there were two kinds of people when it came to tax returns.

People like me who wanted it done as soon as the last of the paperwork arrived  (we would have side bets of beer on who it would be) and those who waited until April 14 or 15, knowing that we were not allowed to get an extension because of our jobs.

Every year we would get a letter about how we weren't allowed to get an extension because of some paragraph in the code of conduct.

I only heard of one person who got in big time trouble over their tax return.  A Criminal Investigator didn't file his own tax return because he was too busy putting the bad guys in jail.       When all was said and done, he no longer worked for the IRS.  Can't imagine why.

[laterbloomer]

Mar 30, 2023 17:46:11 GMT -5 giramomma said:

We're supposed to have our taxes done by now?

No   But I bought a shit ton of RRSP's this year (401K's to Americans) and I was getting a huge return so I was sitting at the computer at 7 am the first day we could file online. It's banked and invested already 

[minnesotapaintlady]

Mar 31, 2023 10:06:45 GMT -5 TheOtherMe said:

I found among my co-workers at the IRS, there were two kinds of people when it came to tax returns.

People like me who wanted it done as soon as the last of the paperwork arrived  (we would have side bets of beer on who it would be) and those who waited until April 14 or 15, knowing that we were not allowed to get an extension because of our jobs.

Every year we would get a letter about how we weren't allowed to get an extension because of some paragraph in the code of conduct.

I only heard of one person who got in big time trouble over their tax return.  A Criminal Investigator didn't file his own tax return because he was too busy putting the bad guys in jail.       When all was said and done, he no longer worked for the IRS.  Can't imagine why.

I'm the first one for sure.  But, it's mainly to get my refund ASAP (and before Phil chimes in, they're refundable credits, not over withholding!)  I want to invest that money right away and not let it sit for an extra 2-3 months earning nothing.

Now, my kids both owe and I haven't filed theirs yet.  They're both done though and have been for quite a while, I just have been in no hurry to pay.  I'll probably go ahead and file them this weekend and set the tax deadline date as the day to pull the funds from my account.

[Deleted]

And a financial miracle has occurred! Our RMD's are just dumped into the joint brokerage account for reinvestment.  Problem was DH has always refused to have any withholding on that which meant coming up with $$$$ in current income to cover the shortfall.  And two years running I had to do the quarterly filing thing.     Our IRA's are growing and we are aging so the numbers just get bigger each year. 

I explained this situation AGAIN last night and somehow a light bulb came on.  Now I have to call the broker and try to set up withholding on this year's distributions.  It may be too late for the shift as our distributions occur in April, but at least I can get it set for the 2024 distribution.  

[jerseygirl]

We should also do more withholding. But biggest ‘lump’ not withholding is dividends from brokerage account
I have a zoom meeting with my financial advisor on Monday
Will ask about withholding

[teen persuasion]

Had to check the bank account to see when/if the refunds hit; somehow I missed the email from the bank about the fed deposit. Filed 3/16, fed deposited 3/24, state 3/27. That's fast!

[minnesotapaintlady]

Almost done.  I got Carrot's return and my property tax refund filed tonight, but older son is not replying to my text for his driver's license number to finish his.  I forgot that I had to pay to e-file the state returns for them, so that kind of sucks.  I'm annoyed TurboTax is no longer one of the free file providers.  I could print them out and mail them I guess, but I have zero faith in the USPS.  Even mailing a payment I want the immediate "we got it, thanks" reassurance.

[teen persuasion]

Just finished DS4's return. He gets $16 less refund than I figured, due to weird rounding. He's getting health insurance thru ACA, so has to reconcile his advanced subsidies. The 1095 SA has monthly amounts like 126.45, and the software rounds each month's number not the total. I was using totals and then rounding, so got a number $1 less. The software then subtracted that off the rounded monthly numbers for EACH month separately. No way to force enter the total from the form, no spot for it.

I'd really rather just use FreeFillableForms and enter everything directly on the forms, but NY has no equivalent for its tax return, and requires we efile state if we efile federal. Only way to do that is thru commercial SW.

[minnesotapaintlady]

I submitted both kid's returns and am back to complaining to myself about the grandparents helping with UTMA accounts.  Thankfully DS worked a lot last year and paid quite a bit in or it would have been worse, but still $800 due between the two of them on accounts that dropped 25K in value.

[finnime]

MPL, ouch. Just ouch.

[minnesotapaintlady]

Apr 2, 2023 11:27:05 GMT -5 finnime said:

MPL, ouch. Just ouch.

Its even worse because without the LTCG older son would have got $700 back.

Better than last year when they owed
$2600 between the two of them.

I'm crossing my fingers this gets turned over to him on his 21st birthday in July and we can do something before distributions in December. Carrot still has 9 years of this.

[Cookies Galore]

Mar 29, 2023 16:30:59 GMT -5 Cookies Galore said:

I added our W2 info into Tax Act last month and saw we owed $450 so far, so I logged out and decided it was an April problem. It's going to be a rainy Saturday so I plan on filing this weekend. I anticipate we'll end up owing $500-$600 to Feds, $18 to the state as usual, and a credit for our local taxes. I pay the Philly wage tax instead of our local municipal EIT, hence the credit.

The final verdict:
Fed - $635
State - $31

Both state and federal filed and payments scheduled for later. Local I'll fill out next week. I still fill out the paper form and mail it because the local tax preparer website is clunky and not user friendly. It takes five minutes to fill out the paper form.

[iono1]

I get a big refund, so mine goes in as soon as I get all the paperwork, which usually comes by the Saturday before filing starts.  So I do my taxes on line with a company I've used for years & they get filed on the 1st day the IRS is accepting returns.  This year it took about 12 days to get my refund, I've received it in 4 or 5 days in some prior years.  

I have a very simple tax return that most of the time is spent typing in data & I'm slow at typing.  In the old days when we used to be able to write them out & attach our income statements, I could finish it in a few minutes.