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

[Knee Deep in Water Chloe]

We owe the IRS $13,053.
The state owes us , due to a super weird tax law, $10,483.

[TheOtherMe]

That must be a strange state tax law.  Sorry you owe the IRS.

[saveinla]

I have my taxes all ready to file, but just realized, I dont have my new DL yet, so unfortunately I have to deal with the DMV next week.

[Sharon]

Mar 23, 2024 20:13:25 GMT -5 TheOtherMe said:

That must be a strange state tax law.  Sorry you owe the IRS.

That is the Oregon kicker law.  This years kicker was the biggest ever.

The Oregon tax rebate, commonly referred to as the kicker, is a rebate calculated for both individual and corporate taxpayers in the U.S. state of Oregon when a revenue surplus exists. The Oregon Constitution mandates that the rebate be issued when the calculated revenue for a given biennium exceeds the forecast revenue by at least two percent.[1] The law was first enacted by ballot measure in 1980, and was entered into the Oregon Constitution with the enactment of Ballot Measure 86 in 2000.

[minnesotapaintlady]

Mar 23, 2024 20:19:14 GMT -5 saveinla said:

I have my taxes all ready to file, but just realized, I dont have my new DL yet, so unfortunately I have to deal with the DMV next week.

Why do you need your DL to file your taxes?

[msventoux]

Mar 23, 2024 21:10:53 GMT -5 minnesotapaintlady said:

Mar 23, 2024 20:19:14 GMT -5 saveinla said:

I have my taxes all ready to file, but just realized, I dont have my new DL yet, so unfortunately I have to deal with the DMV next week.

Why do you need your DL to file your taxes?

Certain states require ID information like driver’s license numbers to be input to verify identity for electronic filing. 

[minnesotapaintlady]

Mar 23, 2024 21:20:04 GMT -5 msventoux said:

Mar 23, 2024 21:10:53 GMT -5 minnesotapaintlady said:

Why do you need your DL to file your taxes?

Certain states require ID information like driver’s license numbers to be input to verify identity for electronic filing. 

Well, that sucks.  So you have to paper file if you don't have a license?  I've been e-filing my kids returns since long before they could drive.

[msventoux]

Mar 23, 2024 21:37:51 GMT -5 minnesotapaintlady said:

Mar 23, 2024 21:20:04 GMT -5 msventoux said:

Certain states require ID information like driver’s license numbers to be input to verify identity for electronic filing. 

Well, that sucks.  So you have to paper file if you don't have a license?  I've been e-filing my kids returns since long before they could drive.

That’s one way to handle it. Some states have an input to indicate that there is no ID available and will still allow efiling, but the refund may be delayed. 

[TheOtherMe]

Iowa requires DL or state ID to file electronically.  The state ID is not free so I don't know what happens if a person doesn't have one.

[saveinla]

Mar 23, 2024 21:37:51 GMT -5 minnesotapaintlady said:

Mar 23, 2024 21:20:04 GMT -5 msventoux said:

Certain states require ID information like driver’s license numbers to be input to verify identity for electronic filing. 

Well, that sucks.  So you have to paper file if you don't have a license?  I've been e-filing my kids returns since long before they could drive.

I haven't looked at other options yet, but probably should since getting to the DMV is very hard now. I gave them a call but no one has called me back yet. Hopefully on Monday I should know more.

[minnesotapaintlady]

Mar 24, 2024 9:59:53 GMT -5 TheOtherMe said:

Iowa requires DL or state ID to file electronically.  The state ID is not free so I don't know what happens if a person doesn't have one.

This says its optional for IA.

www.taxact.com/support/25147/2023/state-driver-licenses-information?hideLayout=False

[TheOtherMe]

Turbo Tax won't accept the return without a DL.  That must be their rule.

[CCL]

Anyone received a refund lately? Just wondering what the turnaround time is. I filed mine 9 days ago and not even processed yet.

[resolution]

Mar 27, 2024 8:30:15 GMT -5 CCL said:

Anyone received a refund lately? Just wondering what the turnaround time is. I filed mine 9 days ago and not even processed yet.

I filed mine Feb 29 and got the refund on March 8.

[CCL]

Thanks!

[NastyWoman]

Mar 24, 2024 16:51:18 GMT -5 TheOtherMe said:

Turbo Tax won't accept the return without a DL.  That must be their rule.

I fi!ed my taxes last Saturday - no refunds or anything due - and due to this little quirk I now am aware of the fact that my DL will expire in October. With family coming to visit most of August and September I will need to pay close attention to juggling the renewal. I would prefer to get it done before my planned  road trip in September

[TheOtherMe]

That is  one good thing about requiring ID.  

Most probably show their DL when voting.  The poll worker checking them in was trained to let them know if the DL would be expiring soon or if it was expired.  They get 90 days grace on voting.

[saveinla]

I found my DL and was able to file my taxes.

This is the problem when you renew 3 months early and you forget where you have (safely) kept the new license . Anyways glad that I don't have to deal with the DMV.

Need to pay the Feds, but getting money back from the state - which makes sense since I pay extra to the state every paycheck. Need to check if I can lower it a bit, so it's even. 

[teen persuasion]

Ok, walked DS5 thru filing before he went back to school when spring break ended. Had a glitch with an erroneous 1009misc for a scholarship. They were quick to issue a new one.

Just walked DS4 thru his, after discovering he's still been contributing to his HSA (not eligible this year - quick filed for an extension last night to have more time to properly remove the excess).

Almost ready to hit *file* on ours, but waiting on my employer's CPA to fix my w2.    Somehow my SSN is wrong. In the middle. Didn't see it last year, because her old payroll software only showed the last 4 digits. How long has it been wrong?

[azucena]

Printed the rest of my tax statements for DH to drop off to cpa today. I've never been this late but have had a crap ton on my plate.

[daisylu]

Taxes done this morning, owed federal $231 and owed state $128. Federal has been accepted and the payment is showing as pending on my CC. VA is always slow about accepting.

I am just glad that we cut it so close. We lost some tax savings because we both put $7,000 in our HSAs last year, so the overage added to the tax. But we were behind the ball on the HSAs and wanted to add $ quickly, and with DH having foot surgery next month we still do not have an idea of what the final cost will be so we may do the same this year. To us, it is worth that little bit of extra tax to have a bigger cushion. 

[minnesotapaintlady]

Apr 5, 2024 12:39:57 GMT -5 daisylu said:

Taxes done this morning, owed federal $231 and owed state $128. Federal has been accepted and the payment is showing as pending on my CC. VA is always slow about accepting.

I am just glad that we cut it so close. We lost some tax savings because we both put $7,000 in our HSAs last year, so the overage added to the tax. But we were behind the ball on the HSAs and wanted to add $ quickly, and with DH having foot surgery next month we still do not have an idea of what the final cost will be so we may do the same this year. To us, it is worth that little bit of extra tax to have a bigger cushion. 

I don't understand the logic behind purposefully over-contributing to an HSA. Not only is that money added back on as taxable income, but you owe a 6% penalty EVERY YEAR on the extra contribution until it's corrected. Wouldn't it make more sense to just save in a taxable once you hit your limit?

[daisylu]

Apr 5, 2024 13:08:02 GMT -5 minnesotapaintlady said:

Apr 5, 2024 12:39:57 GMT -5 daisylu said:

Taxes done this morning, owed federal $231 and owed state $128. Federal has been accepted and the payment is showing as pending on my CC. VA is always slow about accepting.

I am just glad that we cut it so close. We lost some tax savings because we both put $7,000 in our HSAs last year, so the overage added to the tax. But we were behind the ball on the HSAs and wanted to add $ quickly, and with DH having foot surgery next month we still do not have an idea of what the final cost will be so we may do the same this year. To us, it is worth that little bit of extra tax to have a bigger cushion. 

I don't understand the logic behind purposefully over-contributing to an HSA. Not only is that money added back on as taxable income, but you owe a 6% penalty EVERY YEAR on the extra contribution until it's corrected. Wouldn't it make more sense to just save in a taxable once you hit your limit?

Admittedly, this is a DH "in his head issue" and not a big enough battle for me to fight.

[minnesotapaintlady]

Apr 5, 2024 13:22:56 GMT -5 daisylu said:

Apr 5, 2024 13:08:02 GMT -5 minnesotapaintlady said:

I don't understand the logic behind purposefully over-contributing to an HSA. Not only is that money added back on as taxable income, but you owe a 6% penalty EVERY YEAR on the extra contribution until it's corrected. Wouldn't it make more sense to just save in a taxable once you hit your limit?

Admittedly, this is a DH "in his head issue" and not a big enough battle for me to fight.

I'd fight it.    

A 7K over contribution is a $450 excise tax every single year.  It just keeps carrying over until it's rectified.

[The Walk of the Penguin Mich]

TD filed an extension.  He’s going to attempt to file our taxes this year himself rather than pay the CPA.  Our taxes are like a book.  I’m thinking he’s going to wish he had the accountant file for us.

[TheOtherMe]

You are probably correct.  Will he fight though or eventually give in? 

[lurkyloo]

Apr 7, 2024 3:24:42 GMT -5 The Walk of the Penguin Mich said:

TD filed an extension.  He’s going to attempt to file our taxes this year himself rather than pay the CPA.  Our taxes are like a book.  I’m thinking he’s going to wish he had the accountant file for us.

TurboTax et al do a pretty good job of simplifying.  I’ve generally found the hard part is making sure you have all the relevant documentation in one place at the right time   Our 2022 return was 103 pages viewed in .pdf but relatively straightforward to complete.  2024 will add farm income to the current rental, stocks, Roth IRA conversions, etc so I expect the pages will increase…Although DH does the estimated payments for our household employee (nanny tax) separately.  

[minnesotapaintlady]

Apr 7, 2024 13:01:46 GMT -5 lurkyloo said:

Apr 7, 2024 3:24:42 GMT -5 The Walk of the Penguin Mich said:

TD filed an extension.  He’s going to attempt to file our taxes this year himself rather than pay the CPA.  Our taxes are like a book.  I’m thinking he’s going to wish he had the accountant file for us.

TurboTax et al do a pretty good job of simplifying.  I’ve generally found the hard part is making sure you have all the relevant documentation in one place at the right time   Our 2022 return was 103 pages viewed in .pdf but relatively straightforward to complete.  2024 will add farm income to the current rental, stocks, Roth IRA conversions, etc so I expect the pages will increase…Although DH does the estimated payments for our household employee (nanny tax) separately.  

Yeah, the supporting docs can make it look a lot worse than it is. Even my college student had 40 pages of PDF including the supporting documents with one capital loss sale, kiddie tax and the education stuff.  The ability to import the brokerage statements and have TurboTax figure out everything it needs off the form makes things way easier.

[Rukh O'Rorke]

I'm in the same boat I was last year, tried to get everything started in Jan, but somehow I sent everything to the tax person on the same day, 4/4. Checked and it was exact same day as last year - except filing is the 15th this year, was 18th last year so I'm worse I suppose!

Have not heard if tax guy is going to do it or not - has not confirmed receipt of stuff, so I sent email will wait until Tuesday and if I don't hear, maybe I will try to do it myself. I just don't know what I don't know, and I think there is carry over of stock sales losses, and such, that I might get really wrong. Also he does home office deductions for my RI work, so I'd be confused on how to do that right. Would follow last year's return. Oh - also need to know what my max SEP-IRA contribution is and not sure how to figure that out...

Oh well, maybe I'll get it together next year! Having my big RI project coming in late jan/early feb is what causes this. I am working 2 FT jobs until April, and I am exhausted at that point. And I haven't had any opportunity to take even a single day off of day job this whole year, which every week I am looking and - oh this meeting! oh this project! oh, this that the other and there isn't any day/s I can take off! This year in particular started up a huge extra project on Jan 5, so i was just sol on time.

Somehow, I need to either get it together in very early Jan or find some time off. Usually I don't have all the paperwork very early jan....But with my RI project I am working many evenings and weekends for about 6-8 weeks, and a smaller RI project came in from my other client before the big was done. All this to say I wasn't just being lazy! I've been working a lot!

Oh well, an extension wouldn't be the worst thing....hopefully I hear from tax person next week and know where I am at!

[TheOtherMe]

From what I see on #TaxTwitter, most preparers are spending today figuring out which returns they can finish so they be filed by April 15 and which have to go on extension.  Most have a deadline for dropping off information.  If the deadline has not been met, they are filing extensions today or early next week.

Most are setting time aside each day for responding to clients.  The last thing they need is a phone call asking where is my return if your information hasn't been there a while.  

You don't know what you don't know until you prepare it wrong.

I think TD and Mich's returns are a bit more complicated because they have income from two countries.