Taxes are done!

PLW · Post by **PLW** » Thu Mar 15, 2012 8:35 am

I'm surprised they didn't prefer pdfs. Then they could bill the client $1/page for printing them.

Kraken · Post by **Kraken** » Sat Mar 31, 2012 11:03 pm

Wife finally did her share of the preparation and dropped the questionnaire off with the CPA on Friday. We will get the bottom line within a week. Stay tOOned....

Meanwhile, the MIL's lawyer came to me with some questions on her ridiculously simple final tax return. I had made a minor mistake that didn't change the bottom line by one cent, but gave the lawyer a pretext to redo the forms. Cha-ching! I REALLY should have just e-filed them myself and said "whoops, my bad". After a ridiculously extravagant funeral that nobody attended, some late medical bills, and the lawyer's pound of flesh, the MIL's $40,000 estate is now down to $10,000...and still falling.

Teggy · Post by **Teggy** » Mon Apr 02, 2012 12:38 pm

This year I found out that the calculation on the W-4 is really screwed up for married people with no kids. Oh boy.

LawBeefaroni · Post by **LawBeefaroni** » Mon Apr 02, 2012 1:06 pm

Met with our guy on Friday. Looks just about perfect, pending an expected K1 with some losses.

Chaz · Post by **Chaz** » Tue Apr 10, 2012 1:37 pm

I always efile my taxes, and I've always gotten a refund. However, this year, I owe the fed some money. Boo.

I still efiled and then printed out the return and 1040v to send in the check. Do I need to send the return with the payment and 1040v, or just the 1040v and check?

disarm · Post by **disarm** » Sat Apr 14, 2012 3:53 pm

I just filed my taxes this afternoon and feel like I did pretty well for the year...qualified for a $448 refund on federal, but owe $350 to the state, for a net refund of $98. That's pretty much in line with previous years, where I've also qualified for a small federal refund and owe a little to the state. While seeing the amount of my yearly income that disappears to taxes is pretty sickening, I do consider nearly breaking even somewhat of a success for the year...

Kraken · Post by **Kraken** » Sat Apr 14, 2012 4:16 pm

Yesterday I asked our CPA if I need to make a 1040-ES payment for Q1 on Tuesday or if he'll be applying a 2011 overpayment (what some of you call a "refund") instead; he said he'd have an answer for me today.

Still waiting.

xwraith · Post by **xwraith** » Sat Apr 14, 2012 6:03 pm

I'm so glad I hired a CPA this year. Between my wife and I we paid eight different income taxes. Though two of them, fortunately, didn't require any filing.

Archinerd · Post by **Archinerd** » Mon Apr 16, 2012 9:24 am

Taxes are 1/2 done!
My wife's office messed up this year and ended up having to reissue her W-2 as a W-2C (?) which we haven't gotten yet. So we filed for an extension after calculating our estimated tax return/debt. We owe $744 which we payed to avoid late fees and interest. I'm confused why we even had to file an extension though, we already payed it (check clears today) and we already corrected the income numbers etc. on the tax form based on her office accountants revised numbers. I don't know what the point of it all was, but I have until Oct 15 to figure it out now.

Anybody else ever had to do this?

Kraken · Post by **Kraken** » Mon Apr 16, 2012 11:40 am

Still waiting.

Kraken · Post by **Kraken** » Mon Apr 16, 2012 3:27 pm

Ah, relief.

Usually my wife earns substantial 1099 income, and I know from experience how much I need to withhold from those checks. Last year she had mostly W-2 income instead. I knew that her second employer was under-withholding, but I couldn't tell by how much because I never saw a paycheck stub, and because my wife was always hazy about just how much they were paying her. They have different pay scales for graduate and undergraduate classes and for 6- and 8-week classes. Sometimes they pay over two months, sometimes over three. I never knew how much net income to expect in any given month, much less how much gross it represented.

With all that uncertainty I withheld aggressively based on my most cautious estimates. As it turned out, I overwithheld by $2200 federal and $800 state. A $3000 windfall! I'm going to put $500 toward her debt, $500 toward vacation, and save $2000 toward a badly needed new roof.

Now that I have a much better idea of how much I need to withhold from future teaching checks, the wife just accepted another freelance writing job that will introduce 1099s back into the mix. It's always a moving target....

YellowKing · Post by **YellowKing** » Mon Apr 16, 2012 4:03 pm

We got them done just under the wire. $3000 return, thanks in part to YellowPrince's timely December birth. Worked out perfectly as that windfall made up for the loss of income from my wife's extended maternity leave. We're back to being even steven for 2012 vs thinking we'd be playing catch up on our savings all year.

Freezer-TPF- · Post by **Freezer-TPF-** » Mon Apr 16, 2012 10:31 pm

Due to timing, our accountant ended up filing with our old address. I hope our refunds make it to us at our new place.

Carpet_pissr · Post by **Carpet_pissr** » Tue Apr 17, 2012 12:54 am

Ugh...have not even started, but I know they owe me money, so no worries. Same situation I was in last year, but for some reason, I filed an extension, which I found out later is not even necessary if you are owed money.

Isgrimnur · Post by **Isgrimnur** » Tue Apr 17, 2012 10:07 am

Freezer-TPF- wrote:Due to timing, our accountant ended up filing with our old address. I hope our refunds make it to us at our new place.

A) I hope you filed out a change of address request with the USPS

B) Why aren't you having it direct deposited?

Freezer-TPF- · Post by **Freezer-TPF-** » Tue Apr 17, 2012 11:02 am

Isgrimnur wrote:
Freezer-TPF- wrote:Due to timing, our accountant ended up filing with our old address. I hope our refunds make it to us at our new place.
A) I hope you filed out a change of address request with the USPS

B) Why aren't you having it direct deposited?

A) We've done the COA with USPS and mail is being forwarded. I've seen conflicting info on whether the USPS will forward tax refund envelopes or not. I think they probably will, but I will be keeping a close eye in case we don't see them in a reasonable timeframe.

B) My wife handles the communications with the accountant (he's been working with her family for years). I was busy coordinating everything related to our move. I'll leave it at that...

Isgrimnur · Post by **Isgrimnur** » Fri Jan 11, 2013 6:17 pm

No point salivating over getting your W-2s early, as the IRS won't be processing anything until January 30th.

More than 120 million households, or the vast majority of U.S. tax filers, will be able to file returns by the end of this month, the Internal Revenue Service said in a statement yesterday. The remainder, such as those who claim general business credits, will have to wait until late February or March because the IRS needs time to update forms.

The delay results from Congress passing last-minute changes to tax law on Jan. 1.

Kraken · Post by **Kraken** » Fri Jan 11, 2013 6:22 pm

O god, not this thread again. This week I deposited my Q4 sales tax, state and federal withholding, state and federal payroll taxes, and state and federal unemployment tax. I still need to pay $456 to renew my corporate registration and $109 to the secretary of state just because he's such a swell guy. Then my CPA gets $550 to prepare my returns. Oh, and I still have to create my W-2 as well.

Then I can start to begin to think about scheduling time to look at thinking about our personal taxes.

stessier · Post by **stessier** » Fri Jan 11, 2013 6:35 pm

When will TurboTax have their software updated? That's what I always use.

Isgrimnur · Post by **Isgrimnur** » Fri Jan 11, 2013 6:37 pm

Companies including H&R Block and Intuit Inc. (INTU)’s TurboTax said they have readied tax-preparation products for the recent tax-law changes and software will update automatically or prompt users to make changes when they log on.

Taxpayers can prepare their returns now online or in stores, and the firms will hold them until the IRS opens filing season on Jan. 30, according to H&R Block and TurboTax.

Octavious · Post by **Octavious** » Mon Jan 21, 2013 6:39 pm

Just did my taxes through turbo tax. No problems entering anything and aside from accidentally putting that someone can claim me as a dependent and owing 3K for a few minutes it was uneventful. Owed the feds 14 bucks and got 160 back from the state. Taking out the tax fees I netted 79 bucks. I might increase my fed witholdings (I changed it in January last year as they weren't taking enough) again as I don't think I'm going to have as many deductions next year. The daycare deduction was VERY helpful.

Lassr · Post by **Lassr** » Mon Jan 21, 2013 10:13 pm

I dreaded this years taxes. My wife got a new job making a little more than her last job and my daughter turned 17 so I lost $1000 credit. (Hell at 16 is when they get really expensive, fine time to drop the credit!)

So it looks like I go from getting $1200 back last year to owing $600 this year. Yuck. Worse than I thought; gonna have to adjust my wife's deductions.

pr0ner · Post by **pr0ner** » Mon Jan 21, 2013 10:19 pm

You people finishing your taxes already amaze me; I could start mine now, but it's not worth it since I won't be able to finish them for at least another month.

Isgrimnur · Post by **Isgrimnur** » Mon Jan 21, 2013 10:20 pm

Lassr wrote:My wife got a new ob

pr0ner · Post by **pr0ner** » Mon Jan 21, 2013 10:23 pm

pr0ner didn't say that!

Odin · Post by **Odin** » Mon Jan 21, 2013 10:23 pm

I ordered my copy of Turbotax from Amazon. Ought to be here soonish. That's as far as I've gotten so far.

Lassr · Post by **Lassr** » Mon Jan 21, 2013 10:40 pm

pr0ner wrote:pr0ner didn't say that!

Yeah, what is issy trying to pull here? My wife got the new ob!

naednek · Post by **naednek** » Mon Jan 21, 2013 10:50 pm

finished my taxes and adding my newborn who was only alive for 25 days in 2012 gave me an extra $1000. Getting a little over $4000 back. Much needed!

Kraken · Post by **Kraken** » Mon Jan 21, 2013 10:52 pm

pr0ner wrote:You people finishing your taxes already amaze me; I could start mine now, but it's not worth it since I won't be able to finish them for at least another month.

The 1099s haven't even started to arrive yet. I haven't created my W-2 yet. I'll start pulling together all the pieces around the middle of February, fill in our CPA's questionnaire by the beginning of March, and turn it over to my wife as soon as that's done. She'll postpone her part at the beginning of April and, if this year is like every other, she'll meet with our CPA a week before the deadline.

I never know whether to expect a refund or a bill. I always shoot for breaking even, but since I prefer to err on the side of caution when I'm making our quarterly estimated payments we usually get a refund. It's always a nail-biter right to the end.

Isgrimnur · Post by **Isgrimnur** » Mon Jan 21, 2013 11:00 pm

I was experiencing quoting issues. Trust me, it was not intentional. My apologies.

Octavious · Post by **Octavious** » Mon Jan 21, 2013 11:12 pm

pr0ner wrote:You people finishing your taxes already amaze me; I could start mine now, but it's not worth it since I won't be able to finish them for at least another month.

my taxes are simple. I can look up everything and enter it all in minutes. Took me about 20 minutes this year.

Teggy · Post by **Teggy** » Tue Jan 22, 2013 12:15 am

Looking forward to taking advantage of a full year of mortgage interest deduction.

tru1cy · Post by **tru1cy** » Tue Jan 22, 2013 9:54 am

Federal and State done and e-filed.

Refund ear -marked for Win 8 tablet.. most likely a Thinkpad Tablet 2

coopasonic · Post by **coopasonic** » Tue Jan 22, 2013 10:01 am

Teggy wrote:Looking forward to taking advantage of a full year of mortgage interest deduction.

It's a shame you have to pay a full year of mortgage interest to get it. I remember when my mortgage interest was twice what it was now, tax time was so much better then! (sarcasm)

My taxes would be easy enough to complete by the end of january. We have to wait weeks to make sure we have all the paperwork from my wife's investments. There are so many different pieces we just compare with what we sent in last year and look to see if there is anything missing. It's kind of sad.

I used my company's pre-tax childcare deal this year which will likely cut into my return, but I still expect a significant refund, perhaps a bit lower than usual as the market did pretty well last year. Sucks paying for profits I never see.

Scuzz · Post by **Scuzz** » Tue Jan 22, 2013 8:25 pm

Teggy wrote:This year I found out that the calculation on the W-4 is really screwed up for married people with no kids. Oh boy.

I think they are screwed up for many groups. My wife claimed 4 dependents and they with held only $290 out if almost $30k of income. Not what we wanted.

My business will show a nasty loss but I will have some income from the proceeds from my father's estate. With changes in health insurance we will have more medical to write off, combined with maybe higher mortgage interest so we may be back to using the Schedule A this year.

Should be an interesting tax year and probably, for me anyway, a late filing year.

Fact is this year there is an excellent chance I end up working for the IRS by March, literally. As I have applied for a job with them and already been fingerprinted.

Octavious · Post by **Octavious** » Tue Jan 22, 2013 8:43 pm

That's weird. I claim 5 and they took way more then a couple hundred. I do make way more then that but still. I'm dropping it down to 4. If you do it midyear it will only start then right? I'd hate to get a check for 5 bucks.

soulbringer · Post by **soulbringer** » Tue Jan 22, 2013 8:48 pm

Im still waiting on my wifes w2 and my timeshare interest and property tax statements and then I can do mine. Sad part is that they dont usually come until the first week of Feb. But if preliminary calculations are correct, I should be getting around 2-2.5k back.

theohall · Post by **theohall** » Wed Jan 23, 2013 3:41 pm

Done and E-filed.

Exodor · Post by **Exodor** » Wed Jan 23, 2013 4:44 pm

I've been kind of stressing about taxes this year. Elise has been receiving her mother's social security income and no taxes were withheld. If that's taxable income...

Googling today gave me various answers but a fairly official site tells me the formula is it's only taxable if her (SS income/2) is greater than $25,000.

Yeah, she's not pulling in $50k of social security.

I guess I'm safe.

Scuzz · Post by **Scuzz** » Wed Jan 23, 2013 5:50 pm

Exodor wrote:I've been kind of stressing about taxes this year. Elise has been receiving her mother's social security income and no taxes were withheld. If that's taxable income...

Googling today gave me various answers but a fairly official site tells me the formula is it's only taxable if her (SS income/2) is greather than $25,000.

Yeah, she's not pulling in $50k of social security.

I guess I'm safe.

Yea, there is a formula for determining the taxability of SS and the main component is a certain amount of other income. Like unemployment can be taxable if it is added to enough regular income.