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2019 Income Taxes Done


JerrySTL

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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.

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

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

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

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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.  

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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.

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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.

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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.

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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.  

 

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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 :)

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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.

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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 :D 

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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. 

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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.  

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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. 

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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.  

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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.

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