2019 Income Taxes Done

[JerrySTL]

Getting just under $4K back. That's a little too much but with my pending retirement, no use changing my deductions until I see how much things will change.

[Dirtyhip]

Can't do mine yet.  1099's from taxable trading are so late.  The reason they are giving me is that I have "complex securities and holdings."  Sounds like bullshit to me.  I want to file and get it over with.

[Ralphie]

If I didn't remember to up my deductions I will be perilously close to owing a penalty for underpayment.

[Airehead]

Ours are done. I have no idea the results. I should ask

[Tizeye]

I'm not doing them this year!

Will keep a very low profile and maybe they won't notice. Wouldn't want to post it on the Internet or anything like that.

[Bikeguy]

Our 2019 taxes are finished and filed electronically.  This year, I received notifications within several hours that the federal tax return and my state tax return were accepted.  That took days in the past.

I will receive WAY too much money back from the IRS.  So, I need to adjust my withholding for next year. The state will get their money electronically next month, they can wait for a while.

[Airehead]

I asked. We have to pay Maryland but get enough back from NY to cover it. 

[12string]

WAIT WHAT?!?! It's April 14 already?!

[Bikeguy]

39 minutes ago, 12string said:

It's April 14 already?!

No, I just file my taxes early, before someone else tries to file for me. 

[bikeman564™]

Did mine, received my federal, waiting on state

[Further]

Waiting on a 1500 return. My wife files by turbo tax, I didn't ask how much I gave them that they are giving 1500 back. I don't want to know.

[Dirtyhip]

Darnit!  Still can't get my 1099.  They want me to check back 2/29/20.  Isn't that illegal?  I thought tax docs had a fricken deadline.  

[Tizeye]

1 hour ago, 12string said:

WAIT WHAT?!?! It's April 14 already?!

No, that was about 10 months ago. You're late.

[Dottleshead]

I owe this year. So.... I got time.

[Road Runner]

I owe $788.  Bummer.

[Bikeguy]

You can still file your taxes early.   And just pay then before the deadline.   Like i said...  I just file my taxes early, before someone else tries to file for me. 

[Bikeguy]

3 hours ago, Dottles said:

I owe this year. So.... I got time.

You can still file your taxes early.   And just pay then before the deadline.   Like i said...  I just file my taxes early, before someone else tries to file for me. 

[Dottleshead]

23 minutes ago, Bikeguy said:

You can still file your taxes early.   And just pay then before the deadline.   Like i said...  I just file my taxes early, before someone else tries to file for me. 

I know. Still waiting on a couple items. 

[Kirby]

I spent part of last weekend gathering all the info to send to the preparer and filling out his summaries.  I suspect I'll owe again.

[groupw]

I filed ours a couple weeks ago. We already got the state back and were notified the federal should be here in the next few days. I am withholding too much, but there are some state tax things in the works. I don't want to get caught out and owing like several years ago. 

[Road Runner]

Anybody here use the Free File Fillable Forms?  Easy-peasy?  

[Wilbur]

My 2015-2018 audit is almost done.  I see my accountant about it Tuesday.   

[Square Wheels]

Don't get me riled up.  Paid over 60k already in taxes.  It looks like we owe.

[Wilbur]

42 minutes ago, Square Wheels said:

Don't get me riled up.  Paid over 60k already in taxes.  It looks like we owe.

Less than me.  Are you happy now?  But we get FREE healthcare!  

[Razors Edge]

51 minutes ago, Square Wheels said:

Don't get me riled up.  Paid over 60k already in taxes.  It looks like we owe.

TurboTax must be letting you down. See a tax attorney and straighten it all out.

[maddmaxx]

58 minutes ago, Square Wheels said:

Don't get me riled up.  Paid over 60k already in taxes.  It looks like we owe.

Looks like you will pay more than we earned.

[12string]

16 hours ago, Bikeguy said:

You can still file your taxes early.   And just pay then before the deadline.   Like i said...  I just file my taxes early, before someone else tries to file for me. 

good idea.  i'll get right on that.  maybe tomorrow

[shootingstar]

On 2/20/2020 at 11:39 AM, Wilbur said:

Less than me.  Are you happy now?  But we get FREE healthcare!  

Life is simple....well, not perfect.  I finished filing.

My life situation is simpler...but it took me a few minutes for some missed stuff. Not sure if I can believe the refund..but I caught it re climate change credit for our proince's stubborness

[Forum Administrator]

I owe about $500 between the state and feds.  I keep trying  to  get it close, but the rules keep changing.  My major downfall is having a second income that pays decently.

[shootingstar]

1 hour ago, Forum Administrator said:

I owe about $500 between the state and feds.  I keep trying  to  get it close, but the rules keep changing.  My major downfall is having a second income that pays decently.

I don't think I will ever have that problem...meaning 2 jobs.

[Bikeguy]

46 minutes ago, Forum Administrator said:

I owe about $500 between the state and feds.  I keep trying  to  get it close, but the rules keep changing.

That's a lot closer to zero than I got this year.   I just changed my withholding, and gave my self a $600 a month raise.  I got WAY too much of a refund this year.  

[bikeman564™]

On 2/18/2020 at 5:27 PM, Dirtyhip said:

Can't do mine yet.  1099's from taxable trading are so late.  The reason they are giving me is that I have "complex securities and holdings."  Sounds like bullshit to me.  I want to file and get it over with.

IRS requires all tax documents to be post marked by January 31. Go kick their ass.

[Dirtyhip]

29 minutes ago, bikeman564™ said:

IRS requires all tax documents to be post marked by January 31. Go kick their ass.

You sure that includes 1099's from taxable trading accounts?  Both Vanguard and Fidelity seem to always post later than that date.  Same thing last year.  I was waiting on trading account 1099s to finish my taxes.  Fidelity loaded up my forms on  Friday.

[bikeman564™]

1 minute ago, Dirtyhip said:

 

You sure that includes 1099's from taxable trading accounts?  Both Vanguard and Fidelity seem to always post later than that date.  Same thing last year.  I was waiting on trading account 1099s to finish my taxes.  Fidelity loaded up my forms on  Friday.

a 1099 is a 1099

https://budgeting.thenest.com/last-day-tax-documents-can-received-21792.html

At the beginning of the year, you receive your tax documents for the previous year. A common misconception is that you must receive your documents by January 31st. The IRS requires all tax documents such as W-2s, 1098s and 1099s to be postmarked by January 31st of the new year. Depending on the mail service, you may not receive your documents until the first week of February.

The IRS provides guidance on what you should do if you don't receive your W-2 forms, including contacting the IRS and filing out a form 4852. The 1098 forms provide your mortgage interest, student interest and charitable contributions for the previous year. The 1099 forms provide various types of income, including self-employed income, dividends/distributions and proceeds from real estate transactions.

[Dirtyhip]

15 minutes ago, bikeman564™ said:

a 1099 is a 1099

https://budgeting.thenest.com/last-day-tax-documents-can-received-21792.html

At the beginning of the year, you receive your tax documents for the previous year. A common misconception is that you must receive your documents by January 31st. The IRS requires all tax documents such as W-2s, 1098s and 1099s to be postmarked by January 31st of the new year. Depending on the mail service, you may not receive your documents until the first week of February.

The IRS provides guidance on what you should do if you don't receive your W-2 forms, including contacting the IRS and filing out a form 4852. The 1098 forms provide your mortgage interest, student interest and charitable contributions for the previous year. The 1099 forms provide various types of income, including self-employed income, dividends/distributions and proceeds from real estate transactions.

And you think a small person like me would have swag with giants like Vanguard or Fidelity?  Get real. 

They just say "It is not done yet due to ====> this complex security over here."  

I could call the IRS help line, and spend a ton of time, to jump through hoops in order to use y statements to file.  It isn't like the IRS will do diddly squat to the perpetrators.  Everything I see just says to cal the IRS help line...during tax season, and likely during the middle of a work day.  

 

[bikeman564™]

7 minutes ago, Dirtyhip said:

And you think a small person like me would have swag with giants like Vanguard or Fidelity?  Get real. 

They just say "It is not done yet due to ====> this complex security over here."  

I could call the IRS help line, and spend a ton of time, to jump through hoops in order to use y statements to file.  It isn't like the IRS will do diddly squat to the perpetrators.  Everything I see just says to cal the IRS help line...during tax season, and likely during the middle of a work day.  

 

I'm just telling you the rules. If it were me, I'd say fuck it and file. But I'm me

[Dirtyhip]

9 minutes ago, bikeman564™ said:

I'm just telling you the rules. If it were me, I'd say fuck it and file. But I'm me

I want to make sure the 1099's are the same as the numbers of the tax end year.  It would suck to have to file an amendment. or whatever they call it when you re-file for corrections.

[bikeman564™]

Just now, Dirtyhip said:

I want to make sure the 1099's are the same as the numbers of the tax end year.  It would suck to have to file an amendment. or whatever they call it when you re-file for corrections.

I had to file a 1040X, which is the amendment. But it was my error. Stick it to the man an not claim it  

[Dirtyhip]

4 minutes ago, bikeman564™ said:

I had to file a 1040X, which is the amendment. But it was my error. Stick it to the man an not claim it  

Worst advice ever.

[bikeman564™]

Just now, Dirtyhip said:

Worst advice ever.

Hopefully you file before April 15

[Dirtyhip]

They will be done this week.  My tax lady is a short bike ride away. 

[Bikeguy]

1 hour ago, Dirtyhip said:

Worst advice ever.

I agree.   You don’t want to just skip it, and file your taxes.

About 37 years ago when we were newly married. I filed our taxes.  WoBG either forgot and/or just didn’t tell me about a savings account she had.  A few years later I received a letter from the IRS about the problem they had with our tax return.  There was the tax we owed, then a penalty, and then a LOT of interest on the back payment we owed.  That was when annual interest on an account was close to 10%, not 0% like today.  The interest fees were way more than the original tax.

It would have been a lot cheaper just to pay the tax when needed. 

[Dirtyhip]

1 hour ago, Bikeguy said:

I agree.   You don’t want to just skip it, and file your taxes.

About 37 years ago when we were newly married. I filed our taxes.  WoBG either forgot and/or just didn’t tell me about a savings account she had.  A few years later I received a letter from the IRS about the problem they had with our tax return.  There was the tax we owed, then a penalty, and then a LOT of interest on the back payment we owed.  That was when annual interest on an account was close to 10%, not 0% like today.  The interest fees were way more than the original tax.

It would have been a lot cheaper just to pay the tax when needed. 

I could file against the summary page, but it would be just my luck to have that $ not match the final 1099 and have to amend.  

[Bikeguy]

2 hours ago, Dirtyhip said:

I could file against the summary page, but it would be just my luck to have that $ not match the final 1099 and have to amend.  

I received my 1099 from Ameritrade in late January.  And I can just download the info into TurboTax, which is a good thing.   I’d probably miss something, or mess it up if I just typed it into the software.  The 1099 is 8 pages long, and the data goes into more forms than I realized.   

You maybe able to use the summary, but I’d wait too. 

[Dirtyhip]

4 hours ago, Bikeguy said:

I received my 1099 from Ameritrade in late January.  And I can just download the info into TurboTax, which is a good thing.   I’d probably miss something, or mess it up if I just typed it into the software.  The 1099 is 8 pages long, and the data goes into more forms than I realized.   

You maybe able to use the summary, but I’d wait too. 

It's in.  My appt. with the tax lady is Thursday.  I expect it to be a positive experience.  I hope that I owe, and that it is minimal.  Them owing me pisses me off, because it means that my numbers were off and that they had my money for a year that I could have collected interest on, or used for purchasing power.  

[Dirtyhip]

All done with ours.  We did so well, and am happy for these results.

About 300 combined from Fed and state.  Basically flat, and this is how I like it.  Getting a large refund is silly.  I can save money without having it taken from my paycheck,  We had plenty of taxable stock sales too, and we didn't owe.  Happy about that.

[Razors Edge]

Mine are with my tax guy, but still collecting the final bits of info for him.  Always some back and forth as he susses out potential deductions for us.