Taxes are done!

Post by **godhugh** » Wed Feb 03, 2016 11:03 am

Our taxes are done, ended up getting back about $1800 which is a little less then last year. It was mainly because we paid more principal on our mortgage this year so we couldn't deduct as much interest. Ah well, it goes into the Disney vacation fund.

Lassr · Post by **Lassr** » Wed Feb 03, 2016 11:27 am

A nonny mouse wrote: edit: never mind. I found some info: Forbes: turbotax

I bought H&R Blocks Taxcut again this year since I used it last year. I will be happy to go back to Turbotax next year. I just do not like taxCut. It does not give you a nice summary page with all your entries for each section like TurboTax does. It just gives you a GoTo link and you have to go to each entry to check your data. Because of that I almost missed the fact that it deleted my medical deductions and I had to re-enter them. That only affected my state return.

Getting back $2155 in federal this year thanks to education credit for my daughter. If not for that I would have been paying. We are going to New Orleans this summer for vacation.

Kraken · Post by **Kraken** » Wed Feb 03, 2016 1:12 pm

I hate this thread. Haven't gotten Wife's biggest W-2 yet, but I suppose I ought to at least start organizing and filing receipts. We paid over $4,000 in 1040-ESTs this year and I'm hoping we'll get some fraction of that back...while dreading that we'll have to pay even more next year.

RunningMn9 · Post by **RunningMn9** » Wed Feb 03, 2016 1:14 pm

Hopefully I don't have my identity stolen like I did last year. When I went to e-file, it was rejected because someone had already filed a return for me on my behalf through TurboTax (I use H&R Block). I started the process to prove my identity, and as soon as I entered the fact that I owed money, that appeared to be good enough for them.

I was less amused about a month later when TurboTax sent me a bill for them filing the fraudulent return.

Carpet_pissr · Post by **Carpet_pissr** » Wed Feb 03, 2016 1:34 pm

Any good deals on Turbotax?

Isgrimnur · Post by **Isgrimnur** » Wed Feb 03, 2016 1:37 pm

How much do you Love Your Credit Union?

Default · Post by **Default** » Wed Feb 03, 2016 2:13 pm

Isgrimnur wrote:How much do you Love Your Credit Union?

I will still do my taxes by hand, not only because TurboTax had me owing 3.5k one year (when I owed 1.2k), but because my lovely girlfriend worked for H&R Block. I'll try that, though, just for figgles. Still waiting on my old mortgage company to send me the interest paid doc.

Carpet_pissr · Post by **Carpet_pissr** » Wed Feb 03, 2016 4:34 pm

Alright, I did the deal sites rounds, and checked all the typical places...right now it looks like Amazon has the best price for TT Deluxe. Of course that can change daily. But this late, it's probably going not going to get much better.

In previous years, I have gotten either free or huge discounts on TT being a Bank of America client, or State Farm client. Salad days appear to be over though. I will say that if you are a State Farm mortgage or banking client, the deal there is the best around (I only use them for insurance, so no go for me).

stessier · Post by **stessier** » Wed Feb 03, 2016 4:57 pm

Is there any reason you don't just use the online version? It's showing as $34.99 for me while Amazon is at $39.85 (for Deluxe).

stessier · Post by **stessier** » Wed Feb 03, 2016 4:58 pm

Turbo Tax Question - I have not bought or sold stocks this year, but I do have dividend income. Do I need the Premiere or can I get by with Deluxe? I'm having trouble figuring it out.

Isgrimnur · Post by **Isgrimnur** » Wed Feb 03, 2016 4:58 pm

And if you love your local credit union, you can get it $10 off.

Jeff V · Post by **Jeff V** » Wed Feb 03, 2016 5:14 pm

I use Tax Cut because I've been using them for years, and it's easier when I start off with historical data already entered.

Meanwhile, on Facebook, one of the things I follow is someone who bills himself as "The Friendly Atheist." He babbled something about taxes the other day, and I suggested I need to start a church to get over my tax woes and offered "The Church of the Hop and Malt." The thread is taking on quite the life of its own, everyone having fun with it and a few people really encouraging the idea.

Laura · Post by **Laura** » Wed Feb 03, 2016 5:17 pm

stessier wrote:Turbo Tax Question - I have not bought or sold stocks this year, but I do have dividend income. Do I need the Premiere or can I get by with Deluxe? I'm having trouble figuring it out.

Deluxe is all you need for just dividends. Last year they left out Schedule D, for sale of stocks, but it is back this year.

stessier · Post by **stessier** » Wed Feb 03, 2016 5:26 pm

Thanks!

LordMortis · Post by **LordMortis** » Wed Feb 03, 2016 5:26 pm

It's all good for me to know.

Of course, I'm still waiting for three tax documents, so I haven't bothered starting yet. I'm not sure when I need to start hounding the banks for my tax documents.

Laura · Post by **Laura** » Wed Feb 03, 2016 5:35 pm

stessier wrote:Is there any reason you don't just use the online version? It's showing as $34.99 for me while Amazon is at $39.85 (for Deluxe).

I believe with the online version, all information is stored on their servers. I'd rather have it on my computer, so I use the CD version.

LawBeefaroni · Post by **LawBeefaroni** » Wed Feb 03, 2016 11:06 pm

Jeff V wrote:
Meanwhile, on Facebook, one of the things I follow is someone who bills himself as "The Friendly Atheist." He babbled something about taxes the other day, and I suggested I need to start a church to get over my tax woes and offered "The Church of the Hop and Malt." The thread is taking on quite the life of its own, everyone having fun with it and a few people really encouraging the idea.

It really is that easy to avoid taxes, but for some reason no one ever does it!

Carpet_pissr · Post by **Carpet_pissr** » Thu Feb 04, 2016 9:15 am

stessier wrote:Is there any reason you don't just use the online version? It's showing as $34.99 for me while Amazon is at $39.85 (for Deluxe).

Because I'm a moron and didn't even check their own site for pricing, in my zeal to find a deal. Doh!

I actually prefer the online version, too. I've used it in the past. Already bought the download version via Amazon though.

killbot737 · Post by **killbot737** » Thu Feb 04, 2016 9:47 am

LawBeefaroni wrote:
Jeff V wrote:
Meanwhile, on Facebook, one of the things I follow is someone who bills himself as "The Friendly Atheist." He babbled something about taxes the other day, and I suggested I need to start a church to get over my tax woes and offered "The Church of the Hop and Malt." The thread is taking on quite the life of its own, everyone having fun with it and a few people really encouraging the idea.
It really is that easy to avoid taxes, but for some reason no one ever does it!

John Oliver did it!

RMC · Post by **RMC** » Thu Feb 04, 2016 9:50 am

Finished Taxes this year. I am getting back $3,200 Federal and $ 800 State. I am putting a little bit extra into my state and federal taxes, since last year we ended up owing some money, since my wife started working a job where she makes good money. I am backing down a little bit on the extra I put in, as I really don't want a big return, I would prefer getting zero back or even owing a couple of bucks(not thousands, but a hundred or so is fine.)

Anyone have a good site for helping to budget what you withhold based on your earnings and number of dependents? I mean, putting an extra 50 to State and Federal per pay seems to be doing the trick(And actually it saved me from owing State), but it might be nice to have a better idea on what I should plan on having withheld.

stessier · Post by **stessier** » Thu Feb 04, 2016 10:03 am

I'm forwarding the IRS the transcript of the Superhero game - you're so getting audited.

Octavious · Post by **Octavious** » Thu Feb 04, 2016 10:05 am

I have a feeling I'm going to get killed this year. I'll wait until I'm in a bad mood already to see how much I owe. And then wait until the deadline to file.

stessier · Post by **stessier** » Thu Feb 04, 2016 10:10 am

And you've got extra time this year!

Why is Tax Day April 18?

The regular tax return filing deadline is April 15. However, due to the Washington D.C. Emancipation Day holiday being observed on April 15 instead of April 16, 2016, Tax Day is on the following Monday.

And for Kraken, MA gets even more time because of Patriots Day!

RMC · Post by **RMC** » Thu Feb 04, 2016 10:14 am

stessier wrote:I'm forwarding the IRS the transcript of the Superhero game - you're so getting audited.

heh. Thanks for that.

RunningMn9 · Post by **RunningMn9** » Thu Feb 04, 2016 10:24 am

RMC wrote:Anyone have a good site for helping to budget what you withhold based on your earnings and number of dependents? I mean, putting an extra 50 to State and Federal per pay seems to be doing the trick(And actually it saved me from owing State), but it might be nice to have a better idea on what I should plan on having withheld.

The worksheet on the back of the W-4 form?

stessier · Post by **stessier** » Thu Feb 04, 2016 10:31 am

I like the Paycheckcity calculators for that type of thing.

RMC · Post by **RMC** » Thu Feb 04, 2016 10:35 am

RunningMn9 wrote:
RMC wrote:Anyone have a good site for helping to budget what you withhold based on your earnings and number of dependents? I mean, putting an extra 50 to State and Federal per pay seems to be doing the trick(And actually it saved me from owing State), but it might be nice to have a better idea on what I should plan on having withheld.
The worksheet on the back of the W-4 form?

Yeah, I have done that, but my wife is working now, and if we both claim the correct number of dependents per that form, we end up owing money. I am being lazy, as really, I just need to sit down and figure out what my tax bracket is with what the two of us make, and then back into how to lower it(by pre tax dollars contribution things), or just not claim as many dependents as each of us can. Not complaining, as it is a good situation to be in. Just wondering if there is a magic program where I can put in some basics, # of kids, Own a house, have student loans, anticipated annual earnings for each of us, and then get a solid idea of where I want my income to be at for X dependents, so if I want to break even on taxes I should ensure I have Y in taxes. <shrug> I doubt it exists, and like I said, I could do it, but I will most likely just keep putting the extra 50 bucks into state and Federal per pay to ensure I don't owe too much, and then readjust next year if I owe or get too much back.

RMC · Post by **RMC** » Thu Feb 04, 2016 10:37 am

stessier wrote:I like the Paycheckcity calculators for that type of thing.

Hmm... That might have what I need...

Thanks.

El Guapo · Post by **El Guapo** » Thu Feb 04, 2016 10:37 am

Taxes are currently driving me crazy. Our family income got a significant boost this past year with me getting a new job (yay!). Unfortunately the tax software is showing us getting hit with a big tax payment (boo!), that I can't yet figure out how that could be accounted for solely by the new income. Trying to crunch the numbers a few different ways.

On top of that, a big FU to my daughter's school, which has its annual financial aid reapplication deadline on a date that's about 2.5 weeks from when tax forms comes out, so I have to get the taxes all complete and squared away essentially by the end of this weekend so that I can then do the financial aid form on time.

pr0ner · Post by **pr0ner** » Thu Feb 04, 2016 10:40 am

El Guapo wrote: On top of that, a big FU to my daughter's school, which has its annual financial aid reapplication deadline on a date that's about 2.5 weeks from when tax forms comes out, so I have to get the taxes all complete and squared away essentially by the end of this weekend so that I can then do the financial aid form on time.

Oof. I'm still waiting on a couple important forms, so I couldn't possibly start my taxes yet.

Moliere · Post by **Moliere** » Thu Feb 04, 2016 10:42 am

Tax season has taken the IRS by surprise

The U.S. Internal Revenue Service said on Wednesday it is experiencing computer failure across several systems and temporarily cannot accept many taxpayer returns.

"Several of our systems are not currently operating, including our modernized e-file system and a number of other related systems," the IRS said in a statement.

coopasonic · Post by **coopasonic** » Thu Feb 04, 2016 10:45 am

El Guapo wrote:Taxes are currently driving me crazy. Our family income got a significant boost this past year with me getting a new job (yay!). Unfortunately the tax software is showing us getting hit with a big tax payment (boo!), that I can't yet figure out how that could be accounted for solely by the new income. Trying to crunch the numbers a few different ways.

You know there are people that do this sort of thing for a living and can even explain stuff.

El Guapo · Post by **El Guapo** » Thu Feb 04, 2016 10:50 am

coopasonic wrote:
El Guapo wrote:Taxes are currently driving me crazy. Our family income got a significant boost this past year with me getting a new job (yay!). Unfortunately the tax software is showing us getting hit with a big tax payment (boo!), that I can't yet figure out how that could be accounted for solely by the new income. Trying to crunch the numbers a few different ways.
You know there are people that do this sort of thing for a living and can even explain stuff.

Yeah, I know. I'm probably going to have to talk about this with a living person at H&R Block.

Jeff V · Post by **Jeff V** » Thu Feb 04, 2016 10:52 am

El Guapo wrote:
coopasonic wrote:
El Guapo wrote:Taxes are currently driving me crazy. Our family income got a significant boost this past year with me getting a new job (yay!). Unfortunately the tax software is showing us getting hit with a big tax payment (boo!), that I can't yet figure out how that could be accounted for solely by the new income. Trying to crunch the numbers a few different ways.
You know there are people that do this sort of thing for a living and can even explain stuff.
Yeah, I know. I'm probably going to have to talk about this with a living person at H&R Block.

Did you get bumped up a tax bracket? If so, then your earnings prior to the new gig could have been undertaxed.

El Guapo · Post by **El Guapo** » Thu Feb 04, 2016 11:04 am

Jeff V wrote:
El Guapo wrote:
coopasonic wrote:
El Guapo wrote:Taxes are currently driving me crazy. Our family income got a significant boost this past year with me getting a new job (yay!). Unfortunately the tax software is showing us getting hit with a big tax payment (boo!), that I can't yet figure out how that could be accounted for solely by the new income. Trying to crunch the numbers a few different ways.
You know there are people that do this sort of thing for a living and can even explain stuff.
Yeah, I know. I'm probably going to have to talk about this with a living person at H&R Block.
Did you get bumped up a tax bracket? If so, then your earnings prior to the new gig could have been undertaxed.

The "new" gig started at the end of Dec. 2014, so the income from the old job is trivial for purposes of this tax period.

That aside, I fear the answer is a mix of a higher marginal rate on the additional income plus losing a couple credits / deductions at the higher income level.

Isgrimnur · Post by **Isgrimnur** » Thu Feb 04, 2016 11:11 am

Tax brackets don't work that way. Each dollar earned is taxed individually. If you earn $9,225, all of that is taxed at 10%. If you earn $9,226, that next dollar is taxed at 15%. That extra dollar you earned costs you $0.15 in tax, not an extra $461.25 in a 5% bump on the other $9,225.

Tax calculator with bracket breakdown.

LordMortis · Post by **LordMortis** » Thu Feb 04, 2016 11:19 am

So, I'm waiting for bank statements and I'm trying to figure out if maybe I'm won't get any.

I started a personal portfolio with Scottrade in 2015 and proceeded to watch all of my investments tank. However, all of my (tanking) investments are dividend producing securities. I assume that I will be paying taxes because of the dividends.

It's unclear to me but is there a chance that they don't report taxes and I don't file them because my dividends are being countered by "unrealized losses" from unsold securities? Is there a chance I don't pay taxes on dividends as long as I don't pull money out of my portfolio? Or is Scottrade just being slow on the paperwork? My googlefu is failing me on understanding this.

In all of the investing books I've read so far, it occurs to me that none of them had a paying taxes sections. They all had an IRA section for avoiding paying taxes but none of them has a tax implications of investing for things not related to retirement.

pr0ner · Post by **pr0ner** » Thu Feb 04, 2016 11:25 am

LordMortis wrote:So, I'm waiting for bank statements and I'm trying to figure out if maybe I'm won't get any.

I started a personal portfolio with Scottrade in 2015 and proceeded to watch all of my investments tank. However, all of my (tanking) investments are dividend producing securities. I assume that I will be paying taxes because of the dividends.

It's unclear to me but is there a chance that they don't report taxes and I don't file them because my dividends are being countered by "unrealized losses" from unsold securities? Is there a chance I don't pay taxes on dividends as long as I don't pull money out of my portfolio? Or is Scottrade just being slow on the paperwork? My googlefu is failing me on understanding this.

In all of the investing books I've read so far, it occurs to me that none of them had a paying taxes sections. They all had an IRA section for avoiding paying taxes but none of them has a tax implications of investing for things not related to retirement.

You won't get anything from Scottrade until later this month. And unrealized losses are unrealized, so there are no tax implications until you sell the stock and realize any gain/loss you've incurred. You will have to pay taxes on the dividends you've earned, regardless, whether they're paid in cash directly to you or you reinvest them (as you should be doing).

MHS · Post by **MHS** » Thu Feb 04, 2016 11:34 am

Ugh. We lost being able to claim Kayla this year, so that was a big hit.

I thought we got to claim her until she was 24 if she's a full-time college student and we are providing more than half of her support, but TurboTax said that because she made more than $4k, we can't claim her. Boo. Ah well, I was expecting to lose her next year anyway, and the "more than half her support" was pretty questionable, as well but now she's USELESS to me!

A nonny mouse · Post by **A nonny mouse** » Thu Feb 04, 2016 11:41 am

Isgrimnur wrote:Tax brackets don't work that way. Each dollar earned is taxed individually. If you earn $9,225, all of that is taxed at 10%. If you earn $9,226, that next dollar is taxed at 15%. That extra dollar you earned costs you $0.15 in tax, not an extra $461.25 in a 5% bump on the other $9,225.

Tax calculator with bracket breakdown.

That may be true, but when it bumps you from the 15% to 25% (why such a huge F-ing jump??) with dual income, it sucks big eggs. It does make a huge jump in how much they want, despite the theoretical percentage charges. And in order to try and not get hit so hard, I would have to have so much extra taken out of each paycheck (or my wife) that we would bring squat home. I never used to mind tax season, but the last few years have sucked. ANd this is with a kid, since the state has pretty much eliminated 529 tax write off and child tax credit.

I don't understand how my wife and I both claim 0/0 and still get hit. /grumble grumble