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It's that time of year again. All the paperwork is coming in. Are you all ready? I know JSO likes to wait until 5 months after the fact to do his taxes. Trump is still working on his 1998 tax return.

https://www.bankrate.com/finance/taxes/ ... ckets.aspx

Ibanez wrote:It's that time of year again. All the paperwork is coming in. Are you all ready? I know JSO likes to wait until 5 months after the fact to do his taxes. Trump is still working on his 1998 tax return.

https://www.bankrate.com/finance/taxes/ ... ckets.aspx

So JSO and Trump have something in common? They should be buddies!

I got my W-2 Monday and e-filed via TurboTax same day. IRS starts accepting the e-files somewhere around the end of the month. Getting ~$5k return between fed and state. Paid ~$45k in taxes between fed, SS, Medicare, and state.

93henfan wrote:I got my W-2 Monday and e-filed via TurboTax same day. IRS starts accepting the e-files somewhere around the end of the month. Getting ~$5k return between fed and state. Paid ~$45k in taxes between fed, SS, Medicare, and state.

My W2 arrived today. I paid about $22k in taxes and don't anticipate getting any of that back.

I've always done my own taxes with TurboTax but 2019 was an unusual year and I wonder if TT can handle it.
- Sold house in Illinois
- Divorce was final
- Income in 2 states (Illinois & Oregon)

UNI88 wrote:I've always done my own taxes with TurboTax but 2019 was an unusual year and I wonder if TT can handle it.
- Sold house in Illinois
- Divorce was final
- Income in 2 states (Illinois & Oregon)

What I've found is that TT will allow you to do your taxes incorrectly and it'll say you're error free.

Caveat emptor.

93henfan wrote:

UNI88 wrote:I've always done my own taxes with TurboTax but 2019 was an unusual year and I wonder if TT can handle it.
- Sold house in Illinois
- Divorce was final
- Income in 2 states (Illinois & Oregon)

What I've found is that TT will allow you to do your taxes incorrectly and it'll say you're error free.

Caveat emptor.

User error is always a possibility but I'm pretty good with taxes and TurboTax. I've been audited 3 times and I'm 2-0-1 against the IRS. The tie was they said I owed $2k and I looked over data and realized that they were correct about $1k. The funny thing was that I remembered doing my taxes years before and finding something that didn't seem right with the company contributions so I reread the information and redid them several times but TT kept giving me the same result so I went ahead and submitted them. I'm pretty sure my concerns were right and that was the $1k that I owed.

E-filing through FreeTaxUSA.com is way cheaper than TurboTax or TaxAct, and it's approved by the IRS.

Ibanez wrote:It's that time of year again. All the paperwork is coming in. Are you all ready? I know JSO likes to wait until 5 months after the fact to do his taxes. Trump is still working on his 1998 tax return.

https://www.bankrate.com/finance/taxes/ ... ckets.aspx

It's not really me. It's that my wife is self employed and isn't organized so we always file for the extension. This year there is an added complication in that I am waiting on some forms having to do with inheritance. A couple of things where my parents had tax-deferred investments and I got my share. Since they were tax deferred I had to have taxes withheld from them and am waiting for the forms on that.

I am really, really hoping they get to me so I won't have to try to calling the financial institutions involved. Calling in about those accounts and getting through all the hoops to talk to somebody about getting the funds into my bank account was excruciating. I really, really don't want to have to do it again in order to get the forms.

UNI88 wrote:

93henfan wrote:
What I've found is that TT will allow you to do your taxes incorrectly and it'll say you're error free.

Caveat emptor.

User error is always a possibility but I'm pretty good with taxes and TurboTax. I've been audited 3 times and I'm 2-0-1 against the IRS. The tie was they said I owed $2k and I looked over data and realized that they were correct about $1k. The funny thing was that I remembered doing my taxes years before and finding something that didn't seem right with the company contributions so I reread the information and redid them several times but TT kept giving me the same result so I went ahead and submitted them. I'm pretty sure my concerns were right and that was the $1k that I owed.

I always feel slightly uneasy, because (and forgive me if I botch the terminology) I have a rental property that carries a depreciation amount and passive carryovers (again, I don't know if I have that terminology right) every year, and I do not understand what it all is. I just know I answered some questions that TT asked me several years ago, and BOOM, it deducts like $9K off my AGI every year because of the property. If I have a month of vacancy or a big repair, the amount is even more.

I knock on wood that it's legit, because I totally do not understand it. If an IRS auditor knocks on my door and asks me WTF, I'm also going to say WTF.

93henfan wrote:and forgive me if I botch the terminology

No

CAA Flagship wrote:

93henfan wrote:and forgive me if I botch the terminology

No

Fuck your cat.

93henfan wrote:

CAA Flagship wrote: No

Fuck your cat.

JohnStOnge wrote:

Ibanez wrote:It's that time of year again. All the paperwork is coming in. Are you all ready? I know JSO likes to wait until 5 months after the fact to do his taxes. Trump is still working on his 1998 tax return.

https://www.bankrate.com/finance/taxes/ ... ckets.aspx

It's not really me. It's that my wife is self employed and isn't organized so we always file for the extension. This year there is an added complication in that I am waiting on some forms having to do with inheritance. A couple of things where my parents had tax-deferred investments and I got my share. Since they were tax deferred I had to have taxes withheld from them and am waiting for the forms on that.

I am really, really hoping they get to me so I won't have to try to calling the financial institutions involved. Calling in about those accounts and getting through all the hoops to talk to somebody about getting the funds into my bank account was excruciating. I really, really don't want to have to do it again in order to get the forms.

So you know she's disorganized and it takes you 10 months to do taxes but you don't try to change it?

UNI88 wrote:I've always done my own taxes with TurboTax but 2019 was an unusual year and I wonder if TT can handle it.
- Sold house in Illinois
- Divorce was final
- Income in 2 states (Illinois & Oregon)

TT should be good. We do income in 2 states as well (and those states withhold at a higher rate than SC).

∞∞∞ wrote:E-filing through FreeTaxUSA.com is way cheaper than TurboTax or TaxAct, and it's approved by the IRS.

I use that fillable bracket link the IRS provides to do my filing - completely free, but of course you need to do the work. I don't own separate property or have multiple investments so it's relatively easy anyway.

mainejeff2 wrote:We'll be getting gobs of money back on our 2019 taxes. Thank-you Donald J!

That's not good. This year, try to adjust your withholdings so that you get the money during the year so you don't loan it to the government.

Ibanez wrote:

JohnStOnge wrote:
It's not really me. It's that my wife is self employed and isn't organized so we always file for the extension. This year there is an added complication in that I am waiting on some forms having to do with inheritance. A couple of things where my parents had tax-deferred investments and I got my share. Since they were tax deferred I had to have taxes withheld from them and am waiting for the forms on that.

I am really, really hoping they get to me so I won't have to try to calling the financial institutions involved. Calling in about those accounts and getting through all the hoops to talk to somebody about getting the funds into my bank account was excruciating. I really, really don't want to have to do it again in order to get the forms.

So you know she's disorganized and it takes you 10 months to do taxes but you don't try to change it?

It's an innate characteristic that cannot be changed. I am of the belief that it's best not to be too aggressive in trying to change the basic nature of your spouse. You have to accept them as they are.

UNI88 wrote:

Ibanez wrote:It's that time of year again. All the paperwork is coming in. Are you all ready? I know JSO likes to wait until 5 months after the fact to do his taxes. Trump is still working on his 1998 tax return.

https://www.bankrate.com/finance/taxes/ ... ckets.aspx

So JSO and Trump have something in common? They should be buddies!

No. If I ever run for President I will release my tax returns.

mainejeff2 wrote:We'll be getting gobs of money back on our 2019 taxes. Thank-you Donald J!

Since I know you're not a Trump fan I'll refer you to this article:

https://time.com/5570679/trump-tax-cuts/

A quote:

The biggest benefits, though, go to the top 1 percent, who are projected to receive an average tax break of $62,000 in 2018, while the middle one-fifth of income earners got an average tax cut of $1,090 — about $20 per biweekly paycheck.

So, yes, people in the middle got some crumbs. But the price of the overall bill is screwing your grandchildren if you have any. If not it's screwing future generations. That's referenced by this from the article:

The U.S. budget shortfall grew by 17 percent to $779 billion in fiscal year 2018, which the Congressional Budget Office has said was partly a consequence of the tax law. Along with additional spending that’s been signed into law, the CBO projects the deficit will surpass $1 trillion by 2020.

Looks like $3k coming back to me. Good. I’m gonna invest that shit in a sure thing that my cousin, a Nigerian Prince, told me about.


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Ibanez wrote:Looks like $3k coming back to me. Good. I’m gonna invest that shit in a sure thing that my cousin, a Nigerian Prince, told me about.


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Bro, don't do that. I got burnt by that one.

You should invest in property. These guys hooked me up: https://www.timeshare.com/

Some people told me it's too good to be true, can't get out of the contract, yada yada

I don't listen to the haters.

W2 was released today and I did most of the paperwork over Christmas break when I was snowed in by a blizzard. Just waiting for a few more papers and then it is off to the tax guy.

93henfan wrote:

Ibanez wrote:Looks like $3k coming back to me. Good. I’m gonna invest that shit in a sure thing that my cousin, a Nigerian Prince, told me about.


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Bro, don't do that. I got burnt by that one.

You should invest in property. These guys hooked me up: https://www.timeshare.com/

Some people told me it's too good to be true, can't get out of the contract, yada yada

I don't listen to the haters.

Ooh. That sounds right up my alley. Thanks bud. You sure are a savvy investor.


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Got text and email from TT last night. The IRS accepted my e-file yesterday, so I assume that was the first day it was open.

Should be about two weeks until hookers and blow!