Octopus Overlords

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

Mine never does for some reason. I always just guess a random number. It's always so low that it doesn't really matter anyway. If it wasn't for the daycare being deductible I'd be owing 80 bucks this year. Instead I'm getting back like 700. Think maybe I should adjust my withholdings a tad so it's not so damn close.

I should probably get on this. Due to the vagaries of employers famously not withholding when they send out large checks (in this case, paying me for 6 weeks of accrued vacation when they kicked me to the curb), I expect to owe. Quite a lot.

My employer informed me they messed up my W2 and will be sending an amended one.

About 3 hours later, Scottrade said they messed up their interest statement.

Neither will amount to anything, but it was weird that they both happened so close together.

Get your K-1 yet?

Mind if I ask who it's from?

1099-INTs are only required to be sent if they paid you at least $10 (PDF). And given that I don't $2000 in savings over the course of the year, I don't worry about it.

pr0ner wrote:Get your K-1 yet?

Mind if I ask who it's from?

Nope, not yet. Usually by 3-15 if I remember correctly. It's from Kinder Morgan Energy Partners (KMP).

stessier wrote:

pr0ner wrote:Get your K-1 yet?

Mind if I ask who it's from?

Nope, not yet. Usually by 3-15 if I remember correctly. It's from Kinder Morgan Energy Partners (KMP).

I just bought stock in them last year!

Their website says the 2010 tax info will be available online on February 16.

I think I earned less than $10 in interest this past year since most of my money went to buying a bed (and a laptop) and paying rent. Oh well... hurry up and get here, refund!

pr0ner wrote:

stessier wrote:

pr0ner wrote:Get your K-1 yet?

Mind if I ask who it's from?

Nope, not yet. Usually by 3-15 if I remember correctly. It's from Kinder Morgan Energy Partners (KMP).

I just bought stock in them last year!

Small world! Been doing quite nicely and throws off some nice dividends.

Their website says the 2010 tax info will be available online on February 16.

I never thought to look there! Thanks for the info.

My cursory review of the numbers is not good. I owe, a lot.

That KMP K-1 boggles the mind just a bit.

i finished my taxes yesterday and while i am getting a small federal refund, this year has convinced me even more that it's impossible to file a return in the state of Connecticut without owing additional money. it's never been much, and my net between federal and state is usually slightly in my favor, but it's an annoyance none the less. unfortunately, i have a feeling that the situation is only going to get worse as my income is slowly increasing toward a number that will qualify me for the AMT in Connecticut...

I just hit the send button. E-filed!

pr0ner wrote:That KMP K-1 boggles the mind just a bit.

Great googly moogly - you ain't kidding. I think I did it right. I have no idea how to be sure if I did it right, but I only have 15 shares, so I can't possibly be making big enough mistakes to matter.

The final number is around $8700 owed. I knew there was going to be a problem, but I neglected to consider the impact of losing access to the Child Tax Credit. That hurt.

RunningMn9 wrote:The final number is around $8700 owed. I knew there was going to be a problem, but I neglected to consider the impact of losing access to the Child Tax Credit. That hurt.

Just out of curiosity, how many deductions do you claim on your W-4?

Isgrimnur wrote:

RunningMn9 wrote:The final number is around $8700 owed. I knew there was going to be a problem, but I neglected to consider the impact of losing access to the Child Tax Credit. That hurt.

Just out of curiosity, how many deductions do you claim on your W-4?

In order for things to be a wash at the end of the year, I have to claim 10 or 11. Normally this results in a very small refund (which is how I like it). This year was thrown off because I got laid off towards the end of the year. This resulted in a few problems. When I got laid off, they paid me for the 6 weeks of accrued vacation that I had - and then barely withheld any taxes from it. The unemployment checks didn't take out enough either.

I hate this thread.

Resolved: I will start working on taxes this week.

I did mine today. Getting about $1200 back. Hooray. Caveat: I have dead simple taxes. Next year, when there's unemployment and possibly relocation involved, may be more interesting.

Done! Getting a fair chunk back. I reduced my withholdings this year, but increased 401k contributions and a $10,000 credit on the solar system I installed well overcompensated for that. Time for an extra 2% into the 401k and additional reductions in withholding.

I did mine today too. Horray for the child tax credit.

We're getting $4,900 back this year.

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RunningMn9 wrote:The final number is around $8700 owed. I knew there was going to be a problem, but I neglected to consider the impact of losing access to the Child Tax Credit. That hurt.

not to be nosy, but I ask only because this is my first year as a father... Is it because your children are now 18 or older? Or is there an income level threshold. Or possibly something else that's probably too personal to share? If that's the case, I respect that, and again, not trying to be nosy.

I got my state back on February 9th and my federal on the 14th. Plus I got my bonus this weekend and I get three paychecks in March. My bank account hasn't been this flush in years. It feels weird. Of course, I'm now thinking of moving which will eat all of it back up, but... <shrug>

naednek wrote:

RunningMn9 wrote:The final number is around $8700 owed. I knew there was going to be a problem, but I neglected to consider the impact of losing access to the Child Tax Credit. That hurt.

not to be nosy, but I ask only because this is my first year as a father... Is it because your children are now 18 or older? Or is there an income level threshold. Or possibly something else that's probably too personal to share? If that's the case, I respect that, and again, not trying to be nosy.

Income threshold. Because of the situation, I worked about 70 weeks last year, which put the household income over the line.

RunningMn9 wrote:The final number is around $8700 owed. I knew there was going to be a problem, but I neglected to consider the impact of losing access to the Child Tax Credit. That hurt.

I think I would light the house on fire and make a run for the border if that happened to me.

My accountant e-filed mine last week and then got a message from the IRS that one of the forms was currently having IRS computer problems and that we would need to re-send it when the problem with the IRS was resolved.

Nice getting the college education credits....about half my daughters tuition. Too bad they don't pick up dorm costs as well.

Do you know which form was causing the problem?

stessier wrote:Do you know which form was causing the problem?

My accountant told me but I forgot. Something in the 8000's , and I think I had two forms in those number. I used an 8863 and 8941.

naednek wrote:

RunningMn9 wrote:The final number is around $8700 owed. I knew there was going to be a problem, but I neglected to consider the impact of losing access to the Child Tax Credit. That hurt.

not to be nosy, but I ask only because this is my first year as a father... Is it because your children are now 18 or older? Or is there an income level threshold. Or possibly something else that's probably too personal to share? If that's the case, I respect that, and again, not trying to be nosy.

If you sell the children into slavery, the proceeds are taxed. You just can't win.

Gathered up all the forms (some 1099s just came in) and stuck them in a folder to take to the tax guy. Then the real work begins, sitting down and eating donuts and Pepperidge Farms cookies with his super-friendly secretaries.

LawBeefaroni wrote:Then the real work begins, sitting down and eating donuts and Pepperidge Farms cookies with his super-friendly secretaries.

Donuts and cookies? Think of the possibilities if he opened an adjoining pub with super-friendly barmaids.

gbasden wrote:

LawBeefaroni wrote:Then the real work begins, sitting down and eating donuts and Pepperidge Farms cookies with his super-friendly secretaries.

Donuts and cookies? Think of the possibilities if he opened an adjoining pub with super-friendly barmaids.

I wish, that would be perfect. The wife even drives when we go up there, and it's way up there. But what the heck, I'll take relaxing Mayberry when it comes to taxes.

Kraken wrote:I hate this thread.

Resolved: I will start working on taxes this week.

Dammit.

Tossed the preliminary data into TurboTax for assembly. I'll be reviewing the return line-by-line before filing. It's estimating a $6,500 federal tax refund, and Illinois tax always comes out to a minor $100-ish refund. My effective rates are 16% for federal income tax + 3% Illinois income tax.

Nobody likes to pay taxes, but I can't claim to be overburdened.

Zarathud wrote:Tossed the preliminary data into TurboTax for assembly. I'll be reviewing the return line-by-line before filing. It's estimating a $6,500 federal tax refund, and Illinois tax always comes out to a minor $100-ish refund. My effective rates are 16% for federal income tax + 3% Illinois income tax.

Nobody likes to pay taxes, but I can't claim to be overburdened.

That's fairly close to my effective tax rate as well. It's why I often scoff at the Tea Party types claiming we're living under a crushing tax burden.

Zarathud wrote:My effective rates are 16% for federal income tax + 3% Illinois income tax.

Nobody likes to pay taxes, but I can't claim to be overburdened.

I still cringe every time I think about how much of my income is handed over to the government...25.4% federal income tax and 4.9% to Connecticut. Nearly one-third of my earnings never make it to my bank account

gbasden wrote:

Zarathud wrote:Tossed the preliminary data into TurboTax for assembly. I'll be reviewing the return line-by-line before filing. It's estimating a $6,500 federal tax refund, and Illinois tax always comes out to a minor $100-ish refund. My effective rates are 16% for federal income tax + 3% Illinois income tax.

Nobody likes to pay taxes, but I can't claim to be overburdened.

That's fairly close to my effective tax rate as well. It's why I often scoff at the Tea Party types claiming we're living under a crushing tax burden.

Yeah, after all the bookkeeping gyrations are done our total income tax burden also works out to around 20% (excluding FICA and our CPA's fee). The burden isn't the money they take so much as the time and effort required to get it down to that level.

Next week I WILL start taxes.

Kraken wrote: Next week I WILL start taxes.

O, what a good boy am I! It only took me about five hours to fill in the questionnaire. After I pass the torch to my wife for her home business and medical expenses I can wash my hands of it. She takes it to the CPA because his questions are invariably about her deductions.

Time to ratchet up the nagging for my MIL's medical expense documentation now. My BIL has been "meaning to send that" for 6 weeks.

gbasden wrote:

Zarathud wrote:Tossed the preliminary data into TurboTax for assembly. I'll be reviewing the return line-by-line before filing. It's estimating a $6,500 federal tax refund, and Illinois tax always comes out to a minor $100-ish refund. My effective rates are 16% for federal income tax + 3% Illinois income tax.

Nobody likes to pay taxes, but I can't claim to be overburdened.

That's fairly close to my effective tax rate as well. It's why I often scoff at the Tea Party types claiming we're living under a crushing tax burden.

It depends on how much you pay aside from what you get back. Also, couldn't you have used that money from week to week. You also pay 5.65% for ss and medicare beyond that, plus sales tax on almost everything you bought during the year plus property taxes and other special assessments. Plus in California 1.2% for SDI.

It does all add up.

Scuzz wrote:

gbasden wrote:

Zarathud wrote:Tossed the preliminary data into TurboTax for assembly. I'll be reviewing the return line-by-line before filing. It's estimating a $6,500 federal tax refund, and Illinois tax always comes out to a minor $100-ish refund. My effective rates are 16% for federal income tax + 3% Illinois income tax.

Nobody likes to pay taxes, but I can't claim to be overburdened.

That's fairly close to my effective tax rate as well. It's why I often scoff at the Tea Party types claiming we're living under a crushing tax burden.

It depends on how much you pay aside from what you get back. Also, couldn't you have used that money from week to week. You also pay 5.65% for ss and medicare beyond that, plus sales tax on almost everything you bought during the year plus property taxes and other special assessments.

It does all add up.

I'm not worried about what I get back - I'm looking at my effective tax rate by examining total Fed and State income taxes as a percentage of my income. It's almost embarassingly low. Yes, we still pay sales tax, and yes, I still pay property tax (but it's deductable!). I still find the argument that we are overtaxing the well-off is ridiculous.

With the recent increases in standard deductions many people no longer have "deductible" property taxes or other taxes. I just think you have to look at the whole and not just the base rate. Every time you have to pay a fee for a government "service" you are being taxed. Fees are the new lexicon for tax increase.



ps.....feel free to donate more money to the government...they will take it you know.