Taxes done, refund already in my bank account on 1/31

[iono1]

I did my taxes on Saturday, they were E-filed on Monday 1/29 when the IRS opened up filing, and my refund is already in my bank account today 1/31.

[TheOtherMe]

Federal refund was deposited yesterday.

Iowa still isn't ready.  It did say January 31.  Today it says "soon"

[Tennesseer]

Mine were E-filed with the IRS monday too.  Waiting to see when my bank tells me the refund was deposited.

[NastyWoman]

Jan 31, 2024 12:33:22 GMT -5 iono1 said:

I did my taxes on Saturday, they were E-filed on Monday 2/29 when the IRS opened up filing, and my refund is already in my bank account today 1/31.

I assume there is a slight typo in your filing date unless you are talking about your taxes from 4 years ago

[iono1]

Jan 31, 2024 16:43:53 GMT -5 NastyWoman said:

Jan 31, 2024 12:33:22 GMT -5 iono1 said:

I did my taxes on Saturday, they were E-filed on Monday 2/29 when the IRS opened up filing, and my refund is already in my bank account today 1/31.

I assume there is a slight typo in your filing date unless you are talking about your taxes from 4 years ago

Yes, corrected it.  I should have never skipped typing class my senior year of HS to go to opening day at Shea Stadium.  

[Tennesseer]

Refund e-deposited overnight.

[Bonny]

Congratulations! I hope to have mine shipped off to the accountant this weekend. I often say that one of the happiest days of the year is when my tax paperwork goes from my desk to my CPA's!

Still waiting for investment and other income forms.

[MN-Investor]

I'm still waiting for a 1099 from my brokerage account. They say it should be available about Feb 10. I'll input the other numbers into TurboTax this week so I'll be mostly done.

I'll do my brother's tax return and help out or do his four daughters' returns in the next couple of months.

But it will be interesting doing my Seattle sister's tax return. Her wife was the computer and numbers person in their marriage but passed away one day before taxes were due last year. My SIL had their taxes all ready to go on TurboTax last year except for the sales tax number, so I helped walk my sister through entering that number into TurboTax and efiling their return. This year I'll fly out to Seattle and prepare my sister's return. Since Washington doesn't have a state income tax, it'll only be the federal return so that shouldn't be too bad. Because of high medical expenses for both my sister and SIL (she passed away from pancreatic cancer), my sister will itemize deductions, so it's good I can help her do the return.

[TheOtherMe]

My two page form for Iowa was finally ready today and my Iowa state tax return has been electronically filed.  

Iowa is notoriously slow in issuing refunds so I always tried to Iowa.  I am not happy about having a refund.

However, I did not know last year until I did my taxes that the Iowa tax law changed and none of my retirement income is taxable, as in civil service pension and social security.  I was withholding last year like I had been doing in years previously.  So they owe me two month's of withholding.

I will not have an Iowa refund for this year because I am not withholding.

[haapai]

Feb 1, 2024 12:27:59 GMT -5 MN-Investor said:

I'm still waiting for a 1099 from my brokerage account. They say it should be available about Feb 10. I'll input the other numbers into TurboTax this week so I'll be mostly done.

I'll do my brother's tax return and help out or do his four daughters' returns in the next couple of months.

But it will be interesting doing my Seattle sister's tax return. Her wife was the computer and numbers person in their marriage but passed away one day before taxes were due last year. My SIL had their taxes all ready to go on TurboTax last year except for the sales tax number, so I helped walk my sister through entering that number into TurboTax and efiling their return. This year I'll fly out to Seattle and prepare my sister's return. Since Washington doesn't have a state income tax, it'll only be the federal return so that shouldn't be too bad. Because of high medical expenses for both my sister and SIL (she passed away from pancreatic cancer), my sister will itemize deductions, so it's good I can help her do the return.

This is totally off-topic, but it just makes me cry to hear someone talk about his sister's wife so matter-of-factly.  I didn't expect this day to come so soon, even though I fought for it to happen.  It also makes me teary because my married-to-each-other aunties live in the outskirts of Seattle and one of them is doing poorly.  I hope that my dad will step up the way that you have. 

[❤ mollymouser ❤]

Last year, I managed to REALLY screw up our taxes when I gave our CPA the wrong year's W-2 and neither of us noticed it until the IRS/State contacted us and let us know we had to pay even more. It took months to figure it all out and I've still got tax-focused PTSD as a result.  We also were dealing with him having two jobs for much of the year, plus a military pension, and we ended up in a higher bracket (a nice problem to have.) Fortunately, no penalties accrued (or interest) because our County was a national flood disaster area and there was an extension.

So, this year, I am waiting to see how much in total we need to pay (I estimate it will be around $18,000 (maybe less) which is what we had to pay last year, between the feds and State. Though this year we just have 2 sources of income, and he was able to start a 401K in July. Also, we realized late that the military wasn't taking out any state taxes for a few months. Sheesh.) Anyway, we WILL be paying again this year. As soon as that happens, I will do the math and figure out how to adjust our federal and state tax withholdings so we come closer to breaking even next year. A few complicating factors are that our two main sources of income are my DH's job, and my DH's pension. And figuring out how much to withhold for IRS/State from both seems to be beyond me (and the online calculator just makes my head hurt with my discalculia (think: math dyslexia).  If it matters, we just take the standard deduction.

Tell me if this will work:

Once I know how much we have to pay the IRS (which we will), I will then take that number, divide by 12, and will increase our federal withholdings from his pension by that much each month. And once we know how we have to pay California, I will then take that number, divide by 12, and will increase our state withholdings from his pension by that much each month.  That should bring us closer to breaking even, right? (We're just going to leave his regular job as is..... the online military pension portal seems pretty simple and let's us use dollars and not dependents or percentages.)

Can I say how much I hate taxes?

[MN-Investor]

Feb 1, 2024 20:15:20 GMT -5 haapai said:

This is totally off-topic, but it just makes me cry to hear someone talk about his sister's wife so matter-of-factly.  I didn't expect this day to come so soon, even though I fought for it to happen.  It also makes me teary because my married-to-each-other aunties live in the outskirts of Seattle and one of them is doing poorly.  I hope that my dad will step up the way that you have. 

My sister and her partner had been together for 30 years. My family is fairly religious, and I know my dad was not keen on the idea of same sex marriage, but he passed away before the Supreme Court ok'd it. I know my brother was also against same sex marriage and had a discussion with my sister. Basically, my brother really had no concept of how legally my sister and her partner were disadvantaged by not being married. Just one example - my SIL's employer allowed unmarried partners to be covered by my SIL's health insurance. However, since this was before they were married, this benefit was taxable income for my SIL.

That all being said, EVERYONE in my family ALWAYS treated my SIL as a loving member of the family. She was just great. When same sex marriage became legal, of course my sister and her partner got married. Since I saw Mom the most in her nursing home, I was the one who shared the news with Mom. Her reaction: A big smile and the comment "SIL has always been like a daughter to me." By the way, Mom had six daughters and one son.

[jeffreymo]

We just sent everything off to our accountant. That is probably a record for us. Based on what I’ve been hearing here and elsewhere the IRS is turning things around really quickly. Now just need to sit back and wait for it to be completed and filed.

[TheOtherMe]

Iowa finally accepted my return.  Now I wait.

[susana1954]

I sent mine off yesterday. Feds accepted. I didn't hear from Alabama. I don't know if the weekend affects anything or not.

[TheOtherMe]

Iowa is slow to acknowledge.  It was 3 days

[lurkyloo]

Feb 1, 2024 21:48:36 GMT -5 ❤ mollymouser ❤ said:

Last year, I managed to REALLY screw up our taxes when I gave our CPA the wrong year's W-2 and neither of us noticed it until the IRS/State contacted us and let us know we had to pay even more. It took months to figure it all out and I've still got tax-focused PTSD as a result.  We also were dealing with him having two jobs for much of the year, plus a military pension, and we ended up in a higher bracket (a nice problem to have.) Fortunately, no penalties accrued (or interest) because our County was a national flood disaster area and there was an extension.

So, this year, I am waiting to see how much in total we need to pay (I estimate it will be around $18,000 (maybe less) which is what we had to pay last year, between the feds and State. Though this year we just have 2 sources of income, and he was able to start a 401K in July. Also, we realized late that the military wasn't taking out any state taxes for a few months. Sheesh.) Anyway, we WILL be paying again this year. As soon as that happens, I will do the math and figure out how to adjust our federal and state tax withholdings so we come closer to breaking even next year. A few complicating factors are that our two main sources of income are my DH's job, and my DH's pension. And figuring out how much to withhold for IRS/State from both seems to be beyond me (and the online calculator just makes my head hurt with my discalculia (think: math dyslexia).  If it matters, we just take the standard deduction.

Tell me if this will work:

Once I know how much we have to pay the IRS (which we will), I will then take that number, divide by 12, and will increase our federal withholdings from his pension by that much each month. And once we know how we have to pay California, I will then take that number, divide by 12, and will increase our state withholdings from his pension by that much each month.  That should bring us closer to breaking even, right? (We're just going to leave his regular job as is..... the online military pension portal seems pretty simple and let's us use dollars and not dependents or percentages.)

Can I say how much I hate taxes?

Do you have other sources of income that complicate things?
There is a table you can look up that tells you roughly how much extra is likely needed for two income sources, by amount/range-usually it’s used to adjust for the marriage penalty, but I think it also works for multiple jobs.  It’s at the end of the w4, official pdf version.

[lurkyloo]

I checked and am waiting for Fidelity to release their forms 2/10 and Raymond James to release their forms 2/15.  Also bugged DH preemptively to get the insurance cost for the rental house before I start, for the first time ever.

Turbotax is installed but I have to go sign up for an intuit account and then change all the preferences to limit their monetization of my personal info 

[resolution]

I'm going to try doing ours this year with tax software. I have been using an enrolled agent for the last 15 years, but after we moved across the border of PA he hasn't been doing our local taxes. His software keeps telling him we don't owe anything, but of course our local tax office says that we owe it. So I have been doing our local taxes by hand and sending it in.

I looked around for a new agent in our town, but the cpa won't give me even a ballpark idea of how he charges, and the other options are places like H&R Block. So I will give it a try myself and if it doesn't seem right then I can always just pack it up and drop it off at the enrolled agent again. I just hate paying someone what we are paying and then having to do part of it myself.

Everything I read is that Turbo Tax is the best software, but I hate what Intuit has done lobbying to keep our taxes so complex, so I was thinking of trying Tax Slayer. That is supposed to be decent for rental properties.

[❤ mollymouser ❤]

Feb 6, 2024 9:57:43 GMT -5 lurkyloo said:

Feb 1, 2024 21:48:36 GMT -5 ❤ mollymouser ❤ said:

Do you have other sources of income that complicate things?
There is a table you can look up that tells you roughly how much extra is likely needed for two income sources, by amount/range-usually it’s used to adjust for the marriage penalty, but I think it also works for multiple jobs.  It’s at the end of the w4, official pdf version.

We have just four income sources: W-2, 1099-R (military pension), and two 1099s for interest from savings.  And we take the standard deduction.

Our CPA finished our taxes today, and we don't have to pay. In fact, I seemed to have already over-withheld and we're getting back a bit from California and the IRS. I think I will leave things alone.

[susana1954]

Feb 4, 2024 13:20:57 GMT -5 TheOtherMe said:

Iowa is slow to acknowledge.  It was 3 days

It turned out to be 3 days here, too, if you don't count Sunday.  Alabama "finallY' accepted it.  

[minnesotapaintlady]

Mine were filed on the 25th, accepted on the 29th and now in purgatory until the end of February.  

Finished Carrot's return tonight.  Finally a year he doesn't owe federal. Kind of dumb he had to file at all. No taxes paid, no taxes owed, and no refund, at least e-filing federal is free, so whatever.  Still owes $45 to state.  I'm printing that return and mailing it in, not paying $20 to efile the $45 due. 

Still have older son's to do, but Fidelity says Feb 10th for his 1099. 

[lurkyloo]

Mostly done.  Still missing about $2000 of capital gains and interest income because forms haven’t been released.  Currently at just under 26K owed to the feds and nearly 12K refund state.  We may owe a penalty on the fed side but I can’t even feel too bad about that; it’s entirely a product of the new withholding policies severely underestimating DH’s tax liability on the stock grant, even after he had 26K extra withheld through the year and I also had a large additional withholding and did 37% fed on my inherited RMD   

I understand you can request a penalty waiver if you can show it’s largely due to a single late-year event and I might look into that.  

Mystery stock grants should be off the table next year and income/liability much more predictable    Although I’m going to have to start worrying about farm income then.

[susana1954]

I filed on Feb. 3 and had direct deposit by Feb. 12.  Alabama doesn't start paying until March, but I will only get $200 back there, which is all of it minus a few dollars I donated when I filed to various organizations.

[MN-Investor]

Fidelity finally released their "2023 Percentage of Income from U.S. Government Securities" which I had been waiting for. NOW I can do my taxes. YAY!

(Because of a change in a withholding form I didn't understand, I'm drastically over-withheld on my federal taxes. It'll be nice to get that money back.)

[jerseygirl]

Fidelity brokerage account won’t be ready till Feb 24. They are waiting for info from Shell. Annoying as everything else is done. Fidelity has a prelim tax available on the site. I put in the prelim figure and willowe IRS about $900 but refund from NJ.

[plugginaway22]

We over-paid our estimated Federal taxes by $2600 so will be getting a surprise refund. Year 2022 of retirement our only income was Roth conversions. So the estimated tax schedule for 2023 was based on that year. Now the bulk of our income was Social Security, so MUCH lower taxes due. Didn't think that through but oh well. We are keeping our income in a certain range to optimize ACA for our healthcare until Medicare eligible.

[finnime]

Gathering forms and pencilling in the numbers. DH gets income from a trust and that data is never sent out until March at the earliest, plus I know we'll owe, so I'm taking my time. I hope the bite isn't too bad this year. It may not be. DH's X began taking her allocation of his pension in 2023, so the taxes for that are not on us. We]ll see. Maybe I should begin adding things up, jic.

I was really happy last year doing the taxes when I discovered that Massachusetts had no local income tax, just state. Our local tax in Maryland roughly equalled the state's.

[minnesotapaintlady]

Did older son's taxes on the 11th.  Accepted on the 12th and his refund hit his account today, so just 4 days.  His first refund ever after paying in for 5 years! 

[Knee Deep in Water Chloe]

Dd#2 is done with her tax return. I know DD#1 has started. I don’t have worry about DS#1. I should probably check on DS#2.

I turned in our paperwork on Tuesday. Hopefully our tax preparer will call next week.