Octopus Overlords

Yeah, I loved living in Florida with their no state income tax. Thanks tourists!

Boudreaux wrote:Yeah, I loved living in Florida with their no state income tax. Thanks tourists!

:Shakes fist: Wish I could get the Florida discount on park tickets. I should just claim that I live at my mom's house!

Sith Lord wrote:

Jaymann wrote:Done and done. I actually withheld too much and will get back about $12k.

On behalf of the American people, thank you for your generous, interest-free loan to the federal government. You are truly an American hero (or the result of the US educational system. Either works).

Glad to be of service. I had to pay taxes in the prior year, and I over compensated. Laughing all the way to the bank.

Jaymann wrote: Glad to be of service. I had to pay taxes in the prior year, and I over compensated. Laughing all the way to the bank.

As an FYI, most banks will allow you to set up an automated routine transfer so you could pay yourself the interest.

It took them an extra week, but the W-2s came out today, I already have the 1098-E from my student loans, and the taxes are filed.

Unlike last year, however, the majority of my refund will be going to my father to pay him back for the money he fronted me last fall for a new head gasket.

Regardless, taxes are done, man!

I got my W2 electronically on Wednesday. Sadly, 1 have 8 shares of a stock that is a limited partnership or some such and I never get their form until March. It changes my return by like $8. So annoying. At least I can do every other part of the return this weekend and know how much I'm going to get back!

What is this "refund" of which you speak? If we end the year with a surplus it gets applied to reducing our estimated payments for the following year. Whee!

Which reminds me that I don't think I paid my Q4 estimates yet. I got so wrapped up in making my business tax deposits that I forgot about our personal bills. Crap.

Getting our 2010 return done by April will be a nail-biter, as always.

Mine are almost done and I should get back about $2k. Im not in a big rush to finish them since I learned that due to late tax law changes itemized federal returns will be delayed until mid February.

Sucks that you have to pay federal taxes on your previous years state refund. Its not a big amount but it just feels like the Feds forgot the lube again.

I still haven't filed my 940 (federal unemployment tax), although I did make the deposit. Hard to believe that tax didn't go up in light of all the federal benefit extensions -- it's still only $56 per employee. I got my 941 (payroll taxes) done -- that's the biggie -- and turned over my sales tax collections, but still haven't created my W-2 yet. I have to pay the state $456 to register Kraken Enterprises for another year, and the secretary of state gets $109 just because she's so swell. The state requires another form to prove that I don't owe the penalty for not providing myself subsidized health insurance, but that's a formality. Then my CPA gets $500 to create my K-1 (shareholder profit distribution) and produce a business return with a $0 balance.

When that's all done I'll make our (late) 1040-ES payments for Q4. Then, and only then, will I start thinking about our 1040. No point in that until we have all of our 1099s and my K-1.

If all of you people with your single W-2s faced the same maze that I face, you'd be out there with torches and pitchforks. This tax system is insane.

W2 came out electronically today. Going to be lazy and wait for it to mail out next week and then file.

rshetts2 wrote: Sucks that you have to pay federal taxes on your previous years state refund. Its not a big amount but it just feels like the Feds forgot the lube again.

That one annoys me as well...just got the form for it yesterday.

I'm just glad we'll only have 3 W-2's this year, which is down from 5 last year and 7 the year before (both me & Mrs. Skinypupy were working 3 jobs that year, and one of the companies changed hands mid-year). Will make things seem much easier.

W-2 was out Friday. Did taxes last night. At least they are done, [Forrest Gump]and that's all I have to say about that.[/Gump]

Got all the families W2's but from what I hear if we itemize we can't file yet?

Rats, one of my new years resolutions was to do taxes before April.

Cortilian wrote:Got all the families W2's but from what I hear if we itemize we can't file yet?

Rats, one of my new years resolutions was to do taxes before April.

Depends. If you use Turbo Tax, you can do everything and they will submit it once they are allowed.

But yeah, last I heard it was probably mid-February before you'd be able to file yourself.

Skinypupy wrote:

rshetts2 wrote: Sucks that you have to pay federal taxes on your previous years state refund. Its not a big amount but it just feels like the Feds forgot the lube again.

That one annoys me as well...just got the form for it yesterday.

You get to deduct your state income tax on your federal (unless you live in one of our wonderful no state income tax states). If they didn't tax the refund then you could theoretically over withhold on state to get a bigger fed deduction.

I have all my info to file, one W-2. My wife on the other hand gets about 20 different documents that go into our return so we have to wait forever to actually file to make sure we have everything and ship it off to her accountant in NY.

Filed my federal & state this past weekend. We always use our refund for vacation. Going to Busch Gardens & the beach in Tampa this year.

The little woman filed hers since both of her W-2 came in. I'm still waiting on mine. The lady who did her taxes figured things out like 8 different ways trying to maximize her refund, but decided it was best to put the kid on my taxes to get even more back. I'm looking at around 3-4 k return once it is all said and done by her estimates. Having a kid sure gets a lot more back.

All done. My refund will be going towards my savings account, though a little bit of it will probably buy some beer for a weekend.

I think our last 1099 straggled in yesterday. We can't finish our return until I get my K-1 from my CPA, and he hasn't done my corporate return yet. I ought to start filling in his 50-page questionnaire, though. I would like to find out how much our 2011 estimated payments should be before the first one comes due.

I have zero motivation for doing this. Best-case scenario is that we'll have an overpayment applied to this year's estimated bills.

I probably should start nagging my BIL for his mother's tax documents so that I can warm up with her return.

Still waiting on my stupid company to mail our T4s (income from last year). While I could likely figure the majority out myself from pay stubs, I'd rather have it all on a nice little form. I just wish my company would hurry the hell up about it. Last year, it wasn't until MID-MARCH that we got them. Which is a huge pain in the ass - end of February is the deadline for RRSP top-up. While I could just throw random amounts at it, I'd rather know how much I'd need to avoid paying taxes this year (if anything). So hopefully my T4 will arrive a bit before the end of February this time. Only my current company has been so slow as to fail to get it to me before mid-February, and have done so each year.

IF you haven't filed your taxes as of Feb, don't worry, the IRS won't start processing until Feb 15th.

IRS is blaming it on a number of things, Congress, upgrades, etc.

Your money, if you're getting a refund, will be delayed.

Seriously, I'm not in a hurry to get our return back. It will get here when it's done.

My money is here and the check's already been sent to my father. Yay, head gasket!

Well mine are done and in TurboTax limbo until the Feds decide to set my money free. And I am in a hurry to get it, last year was a rough one and I have bills to pay off. Hopefully the IRS doesnt create a huge backlog by delaying the itemized returns and ends up taking a month to get the refunds out.

Mine are done except for the K-1 I'm waiting for. A few years ago I was getting ~$5k, so I adjusted my withholdings so it would be somewhere between $500-1000 and it worked for 1 year. Now I'm back to ~$5k and I don't know why (not that I'm complaining - it was definitely a WOO-HOO moment when the number came up!). I'm afraid to adjust the withholdings again and have some tax change that sends us spiraling in the other direction so that we owe that much.

Is everyone else getting the Working Pays credit (I think that was what it was called - $400/person)? I thought that was only a 2009 thing.

stessier wrote:Is everyone else getting the Working Pays credit (I think that was what it was called - $400/person)? I thought that was only a 2009 thing.

Got that as well, was surprised to see it.

Took me all of 30 minutes to finish mine last night. Ended up getting a little over $2K back, which will be going straight to the credit card balance.

I hate this thread. Well, actually I hate doing taxes, and this thread makes me feel guilty for putting it off. Maybe I'll at least start to wrestle the paperwork into order later this week.

No, no working pays credit here.

Haven't finished my taxes yet, either. Still waiting on a K-1 form.

pr0ner wrote:No, no working pays credit here.

Did you use Turbo Tax? It seemed to be only very limited circumstances where you couldn't get it.

Haven't finished my taxes yet, either. Still waiting on a K-1 form.

K-11111111HHHHHHNNNNNNNSSSSSSS!

I am using Turbo Tax. My salary is too high for that credit.

pr0ner wrote:I am using Turbo Tax. My salary is too high for that credit.

Ah - well thank you for paying for mine then!

Finished mine about a week and a half ago, couldnt send it electronically because Im doing it seperate from my soon to be ex-wife (dont think she wants to be within 10 feet of me). At least thats why H@R block said it couldnt be filed electronically. Getting about 700 dollars, sent the paperwork in as soon as I was done. The tax people should have gotten it about a week ago and I have it set as a direct deposit...how long should it be before I get the money, anyone have any idea?

Dave

Davidbld wrote:Finished mine about a week and a half ago, couldnt send it electronically because Im doing it seperate from my soon to be ex-wife (dont think she wants to be within 10 feet of me). At least thats why H@R block said it couldnt be filed electronically. Getting about 700 dollars, sent the paperwork in as soon as I was done. The tax people should have gotten it about a week ago and I have it set as a direct deposit...how long should it be before I get the money, anyone have any idea?

Dave

Did you itemize? If so, they can't process it at the IRS until 2/14. So a while after that for a paper return. Maybe March 1? Don't know.

stessier wrote:Mine are done except for the K-1 I'm waiting for. A few years ago I was getting ~$5k, so I adjusted my withholdings so it would be somewhere between $500-1000 and it worked for 1 year. Now I'm back to ~$5k and I don't know why (not that I'm complaining - it was definitely a WOO-HOO moment when the number came up!). I'm afraid to adjust the withholdings again and have some tax change that sends us spiraling in the other direction so that we owe that much.

Is everyone else getting the Working Pays credit (I think that was what it was called - $400/person)? I thought that was only a 2009 thing.

The exact opposite is happening I have them withhold more and more every year and somehow I owe. Now that I am firmly claiming 0 on my deductions and still owed $305 to the fed and $1 Michigan this year, I know I'm going to have to start having them withhold more than 0 deductions or I am going to be in for a rude surprise as my mortgage interest and my property taxes continue to do go down.

I don't get how people get so much money back.

LordMortis wrote:

stessier wrote:Mine are done except for the K-1 I'm waiting for. A few years ago I was getting ~$5k, so I adjusted my withholdings so it would be somewhere between $500-1000 and it worked for 1 year. Now I'm back to ~$5k and I don't know why (not that I'm complaining - it was definitely a WOO-HOO moment when the number came up!). I'm afraid to adjust the withholdings again and have some tax change that sends us spiraling in the other direction so that we owe that much.

Is everyone else getting the Working Pays credit (I think that was what it was called - $400/person)? I thought that was only a 2009 thing.

The exact opposite is happening I have them withhold more and more every year and somehow I owe. Now that I am firmly claiming 0 on my deductions and still owed $305 to the fed and $1 Michigan this year, I know I'm going to have to start having them withhold more than 0 deductions or I am going to be in for a rude surprise as my mortgage interest and my property taxes continue to do go down.

I don't get how people get so much money back.

We have big deduct... err children.

stessier wrote:

Davidbld wrote:Finished mine about a week and a half ago, couldnt send it electronically because Im doing it seperate from my soon to be ex-wife (dont think she wants to be within 10 feet of me). At least thats why H@R block said it couldnt be filed electronically. Getting about 700 dollars, sent the paperwork in as soon as I was done. The tax people should have gotten it about a week ago and I have it set as a direct deposit...how long should it be before I get the money, anyone have any idea?

Dave

Did you itemize? If so, they can't process it at the IRS until 2/14. So a while after that for a paper return. Maybe March 1? Don't know.

Nope, no Itemizing.

Dave

Finally got my W-2 yesterday... hope we don't owe anything.

Davidbld wrote:

stessier wrote:

Davidbld wrote:Finished mine about a week and a half ago, couldnt send it electronically because Im doing it seperate from my soon to be ex-wife (dont think she wants to be within 10 feet of me). At least thats why H@R block said it couldnt be filed electronically. Getting about 700 dollars, sent the paperwork in as soon as I was done. The tax people should have gotten it about a week ago and I have it set as a direct deposit...how long should it be before I get the money, anyone have any idea?

Dave

Did you itemize? If so, they can't process it at the IRS until 2/14. So a while after that for a paper return. Maybe March 1? Don't know.

Nope, no Itemizing.

Dave

Recieved my federal return today, the big one. Hopefully the smaller state one will be soon.

Gah... I just did my taxes, and it was not pretty. My wife substitutes teaches in a few different districts so that was a bunch of W-2's. And I sold off some stuff to help pay for hospital bills, but have to itemize to claim all the deductions, and get the paperwork together.

Anyway..3 kids = lots of money back..And a wife who only makes a few bucks, total of less than 2000 for the year.

But I must make too much, cuz I don't qualify for crap... AH well..Still getting about 4k back.

WPD wrote:Finally got my W-2 yesterday... hope we don't owe anything.

Refund is on the way thanks to moving expenses. Otherwise it would have been money going the other way.

My bank never mailed me my interest statements. I suppose I should figure that out.