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

[Cookies Galore]

Filed federal and state yesterday; owe fed $133 and the state $82. Local I will fill out the paper form some time this week and take a nice walk to the tax office. That's easier than using their clunky web site.

[lurkyloo]

Apr 7, 2024 19:38:18 GMT -5 TheOtherMe said:

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.  

True.  I don’t remember it being difficult the years I lived/worked partially in Europe and paid US taxes, but things are pretty simple when you’re living off a stipend that’s maybe the equivalent of $1000 a month    Or maybe it just wasn’t worth auditing 

We filed last night…owed the Feds 26K, which appallingly still fell within safe harbor bc we withheld more than 110% of last year‘s total, and got 11.7K back on state.  I suggested a change to DH‘s withholdings, since he was withholding a lot of extra state but no extra fed    Really hate these new default withholding rates.  This year I will demand a pay stub from him in December and run an estimate, then take an RMD with withholding cranked up as necessary to address projected deficits.

As obnoxious as the SALT cap is, at least it means we don’t have to worry about getting taxed on a state refund that was taken as a deduction  

[TheOtherMe]

I had a flashback this morning to the last place where I worked in Colorado.  The owners wife refused to let the phones be answered the last week or so of tax season.  Everything went to voice mail that were not taken off the phone until after tax season ended.  All of the preparers were supposed to give their extension for message but not everyone who called did that.  

That place was so crazy about micromanaging.  We would have 4 or 5 stand up meetings a day this time of year to discuss work flow.  We would all be looking at each other thinking just let us work.

[MN-Investor]

Well, dang. I discovered that I can't e-file more than five tax returns using TurboTax. I've done my recently widowed sister's return along with my brother and his four daughters' returns. And my own. So one of my nieces will have to mail in her return as will I. Oh well.

[TheOtherMe]

Can you use one of the free file sites through the IRS for the others?  

Do they give you the option to pay?

[minnesotapaintlady]

Apr 10, 2024 19:16:54 GMT -5 TheOtherMe said:

Do they give you the option to pay?

Apparently, it's an IRS limit.  No software program can allow more than 5 e-files.

ttlc.intuit.com/community/taxes/discussion/is-there-a-turbo-tax-program-that-does-more-than-5-e-files/00/3121596

[azucena]

CPA did ours...DH didn't want to tell me the damage. Yeah, we owe $7k. I had $5k in my mind so wasn't as shocked as him. Accountant said there wasn't much we could have done to get ahead of it. I just made too much. Might be worse this yr...FWP. He's going to check if we should check withholding.

[MN-Investor]

I'll consider buying a second copy of TurboTax next year which I'll install on one niece's husband's PC and on my Seattle sister's PC. I can do the remaining 5 returns on my own PC.

It's really not a big deal to print out the returns and send them in. I'm just a little frustrated from the fact that I didn't realize this sooner and, because TIAA changed the format they use for requesting withholding on IRA disbursements (I have an inherited IRA there), I ended up WAY over withheld. (About $17K.) I still haven't sent my return in. I keep thinking I'll double check my numbers before I do that and I procrastinate. C'est la vie.

[Rukh O'Rorke]

Apr 10, 2024 22:07:41 GMT -5 MN-Investor said:

I'll consider buying a second copy of TurboTax next year which I'll install on one niece's husband's PC and on my Seattle sister's PC. I can do the remaining 5 returns on my own PC.

It's really not a big deal to print out the returns and send them in. I'm just a little frustrated from the fact that I didn't realize this sooner and, because TIAA changed the format they use for requesting withholding on IRA disbursements (I have an inherited IRA there), I ended up WAY over withheld. (About $17K.) I still haven't sent my return in. I keep thinking I'll double check my numbers before I do that and I procrastinate. C'est la vie.

I'm wondering if I should try turbo tax this year. It's been nearly 10 days and the tax person did not even respond with - yes I have you in my queue - or - sorry look elsewhere. I've sent 2 emails and gotten 2 auto-responses that he would respond within 1-2 days and the last one was April 5th.

[Rukh O'Rorke]

Looking at last years I am disinclined to attempt it. But I don't even know if I am in the queue to get an extension filed!

[lurkyloo]

Apr 12, 2024 12:13:17 GMT -5 Rukh O'Rorke said:

Looking at last years I am disinclined to attempt it. But I don't even know if I am in the queue to get an extension filed!

How complicated are your taxes?  I’m generally pretty DIY but as I recall you have your own business which is probably about where I’d draw the line 

I feel like filing for an extension ought to be pretty straightforward so I suggest looking into that as something you can easily do yourself.  I think the only pitfall is that anything owed is due April 15 so you might wind up owing interest, unsure about penalties.

[jerseygirl]

I had a consulting business for about 15 years. Used TurboTax home and business. IMHO it’s a user friendly easy software. I’ve always found the difficult part of tax prep is gathering all the documents.
TT is helpful by adding info from previous years so don’t need to start from zero. E.g., fills in names of charities from previous year so just need to add $amount for this year. Names and address info of investment companies from previous year so just need to add this year’s $
For business (small business!), goes through step by step eg home office costs, license fees etc

Also calculates the quarterly estimated taxes and prints out form for sending these payments. Important info for a consulting business that has no tax deductions from business client payments

[Rukh O'Rorke]

Apr 12, 2024 12:19:41 GMT -5 lurkyloo said:

Apr 12, 2024 12:13:17 GMT -5 Rukh O'Rorke said:

Looking at last years I am disinclined to attempt it. But I don't even know if I am in the queue to get an extension filed!

How complicated are your taxes?  I’m generally pretty DIY but as I recall you have your own business which is probably about where I’d draw the line 

I feel like filing for an extension ought to be pretty straightforward so I suggest looking into that as something you can easily do yourself.  I think the only pitfall is that anything owed is due April 15 so you might wind up owing interest, unsure about penalties.

oh - good idea! I can at least file an extension myself!

[Rukh O'Rorke]

Apr 12, 2024 12:34:37 GMT -5 jerseygirl said:

I had a consulting business for about 15 years. Used TurboTax home and business. IMHO it’s a user friendly easy software. I’ve always found the difficult part of tax prep is gathering all the documents.
TT is helpful by adding info from previous years so don’t need to start from zero. E.g., fills in names of charities from previous year so just need to add $amount for this year. Names and address info of investment companies from previous year so just need to add this year’s $
For business (small business!), goes through step by step eg home office costs, license fees etc

Also calculates the quarterly estimated taxes and prints out form for sending these payments. Important info for a consulting business that has no tax deductions from business client payments

good info, jerseygirl!

I haven't used turbotax in a few years, so don't know if it will have the autofill - leastwise not with the most recent numbers! 

I have home office decudtion on my side biz, carryover stock losses, current stock losses, and I think those are the most complicated. I have extra taxes taken out of my dayjob every pay period to cover any tax liability from the sidebiz. Just checked as I may have stopped or reduced that mid 2023 when I realized I had 2500 coming back to me. In 2023 I did pay just a few hundred more in fed tax than I owed in total tax for 2023 so I should be ok there. I have a few fewer deductions, so not sure how it will all wash out. Made more at dayjob, less at sidebiz....so should be roughly similar.

but I should check on my extra withholding for 2024 not sure what I am doing right now! And hadn't thought of it...since last year.

[azucena]

I'm getting $66 back from Missouri. ROFL compared to the autowithdrawal I just signed over to Uncle Sam. DD15 heard DH lamenting about that and was like dang, you owe $7k, how much did you make mom?!

[TheOtherMe]

Rukh, I don't think it's possible to use the autofill on Turbo Tax.  I does mine by importing last year's information.  If you have not been using it, there is nothing to import.

If you are going to do it yourself, my advice is to use the step by step method and carefully read each question.  One wrong answer and it will take you in the opposite direction of where you want to be.

You are obviously a smart, intelligent woman.  You can do this if you take it step by step.

[minnesotapaintlady]

TurboTax will upload a PDF copy of your prior year return and pull info from that though which can speed things up a little.

[jerseygirl]

TT will also upload info from many brokerages , eg Fudelity stocks sold (short or long term) capital gains/losses

I always use the step by step method

[Rukh O'Rorke]

thanks everyone! will consider TT this weekend....

[TheOtherMe]

If you decided not to do it yourself, there is about a 95% chance your preparer has filed an extension.

[aricia]

Owed $5,000 to the feds, opposed to the $1,000 refund we received last year. No penalty, but I’m definitely going to adjust the amount withheld. I still have to look at that and see where 90% of 2024 vs 110% of 2023 would fall. I don’t want a penalty but I also don’t want a large refund.

I’m also paying on the federal taxes but getting a refund from the state!

[aricia]

I also do our taxes with TurboTax, just the deluxe. I actually found the premier version to be MORE difficult to deal with adjusting the cost basis on stock options, because I already had it reported to me and it wanted to “help” me instead. I’ve reported a fair amount of stock income/loss with no problem. I used to report small business income pretty easily as well but no assets and no home office deduction.

[giramomma]

DH just finished our taxes, and the kids.

I'm not sure why he did them today...We still have two more days...LOL.

Our refund went down. It's still a good amount, though.

The good news is that as the kids age out, I think we'll be OK tax wise with where we are, even if my income increases a little bit. (1-2% a year).

[anciana]

Our kid (under 16) had a little job (earned ~$1000) last year. We didn’t notice until we were looking to file the taxes that no federal or state taxes were taken out at all. Is there any reason to file those at all? I don’t see any reason myself but I might not be seeing all the implications.

[minnesotapaintlady]

Apr 13, 2024 11:47:19 GMT -5 anciana said:

Our kid (under 16) had a little job (earned ~$1000) last year. We didn’t notice until we were looking to file the taxes that no federal or state taxes were taken out at all. Is there any reason to file those at all? I don’t see any reason myself but I might not be seeing all the implications.

Unless your state has a low threshold for filing, you don't need to (I believe Indiana is only $1000).  I filed for my kids every year whether it was required or not just for the paper trail and because the first return has to be paper, so that got out of the way, but I'm kind of "extra". 

[anciana]

Apr 13, 2024 12:36:09 GMT -5 minnesotapaintlady said:

Apr 13, 2024 11:47:19 GMT -5 anciana said:

Our kid (under 16) had a little job (earned ~$1000) last year. We didn’t notice until we were looking to file the taxes that no federal or state taxes were taken out at all. Is there any reason to file those at all? I don’t see any reason myself but I might not be seeing all the implications.

Unless your state has a low threshold for filing, you don't need to (I believe Indiana is only $1000).  I filed for my kids every year whether it was required or not just for the paper trail and because the first return has to be paper, so that got out of the way, but I'm kind of "extra". 

Thank you, I thought about just filing those to get kiddo started but just don’t feel like doing it after all of the other ones I actually had to. I’m not seeing anything about dependents needing to file if they’re below the standard deduction threshold, the $13 850 one and the $1250) and kiddo is below both of those. That was on the TurboTax website.

[NomoreDramaQ1015]

We owe $1750 to the feds. That sucks we usually get a refund. Could have been worse though.

We're going to check our withholdings. If we're no longer getting a refund I want to be as close to zero as possible.

Iowa and Nebraska cancel each other out as always.

[TheOtherMe]

The way withholding is calculated now is so confusing.

Drama, one of you needs to use married filing single on the W-4.  

[lurkyloo]

Apr 14, 2024 20:00:47 GMT -5 NomoreDramaQ1015 said:

We owe $1750 to the feds. That sucks we usually get a refund. Could have been worse though.

We're going to check our withholdings. If we're no longer getting a refund I want to be as close to zero as possible.

Iowa and Nebraska cancel each other out as always.

Hate the new withholding tables.  Hate em.

After entering just DH‘s 2024 income on Turbotax, withheld at standard married filing singly, I think we already owed about 12K.  Used to show a huge refund at that point before I put mine in.

There‘s a table, I believe it’s attached to the w4 instructions, where you can cross reference spouse 1‘s salary with spouse 2‘s salary and it will tell you how much total extra you need to have withheld for the year.

[NomoreDramaQ1015]

Apr 15, 2024 8:28:17 GMT -5 TheOtherMe said:

The way withholding is calculated now is so confusing.

Drama, one of you needs to use married filing single on the W-4.  

Yeah I need DH's information which for whatever God forsaken reason he cannot figure out how to access himself.  He has to be in office to get it directly from them.  Whatever. 

I adjusted mine since I don't carry the benefits anymore and we'll see how much gets yanked out.  I asked DH to look at his deductions.   He can't be taking more than 2 or 3. I forget what the number is but beyond a certain # it flags you because you aren't having anything taken out in Iowa or Nebraska taxes and the states get real pissed at you for that.