Got the taxes done

[TB Roye]

Spent the better part of the day doing our taxes. I use Turbo Tax, Had to go back and correct a few typos. We are both retired but for some reason Turbo isn't set up to enter info for both us auotmaticly with out having to type all the info off of one of our 1099R's. Usually all I have to enter is the income and witholding, kind of weird although all the infor was there from last year. Got it all corrected and tdid he State also and both have been E-field and accepted. Good news is the Feds and State didn't get it all will have enough refund to take LOML out to dinner at McDonald's. the rest goes for new tools, I wish. We are getting a nice refund and will use it for trip in honor of our 47 wedding anniversary the end of the month. Will Travel to So Cal to see 80 year old cousin and some old racing friends and then to the Grand Canyon and Arizona to look at real estate. and maybe even hit Vegas on the way back. Wife's sister and her husband will probably go with us, we have a great time traveling with them. Ben and I do the driving the girls sit in the back and play with their Ipads. We did talk about using the refund to continue the renovation of our house but decided the trip would be more fun, getting kind of burned out on that project. Don't know where I would put more tools with out a bigger place.

Tom

[tommyt654]

Early Congrats on the 47 yrs, I loved the G.C when I saw it for the 1st time in 96,but all Vegas did was take my money

[cabinetman]

Best wishes on your anniversary. Now that you mentioned the years, got me thinking that I married wife #1, 45 years ago. So, your dinner at the golden arches...would that be inside or drive thru.

My wife files an E file, and it seems so easy...I don't have to do it.

.

[atgcpaul]

Refund checks are awesome, arent they? Congrats on your 47th. Not to make you feel old but my parents hit their 40th this year, and we get to 12. Sometimes it's like, how did I make it this far?

I used to do our taxes with pencil and paper and switched to Turbotax a few years ago. Saved my butt earlier this year, too, because IRS claimed I owed another $7k on my 2009 taxes because I undererported some investment earnings. Good luck finding that paperwork if i had done it on paper! Anyway, I was able to fix the problem and only owed a few hundred bucks.

I used to jump all over getting my taxes done quickly because I knew I had a refund coming. My wife and I, I guess, are in a higher tax bracket now so we lose out on some deductions here and there and have owed federal taxes the past 2 years and will owe this year. Not too much but enough not to make we want to write that check any sooner. On the other hand we always get a state refund which is far larger than the federal amount so I can't drag my feet too long.

[TB Roye]

Being retired we don't have complicated taxes so Turbo Tax works fine. Just had that one problem getting both incomes entered and correcting a typo in medical deduction. Got done found out I was getting 3500 back, said that can't be right and although TT said every thing was correct and Audit exposure was low I went looking, found a typo on our health insurance premium deduction $7780 instead of $780 oops IRS would have come knock I am sure.

We don't know where the 47 years went but they seem to have go fast. We feel very fortunate to beable to have the nice retirement we and don't take if for granted same with our health, not the best ok for now. Someone told me that 70 was the new 50, BS 70 is 70 and it feels like it.

Dinner will be at the drive through. No I will put on a suit and take her to this great Italian place "Bibia's" here in town. Cloth napkins and all. Now trying to figure out which NASCAR car weekend to attend in March. Phoenix, Vegas or California

Tom

Tom

[sweensdv]

I'm always puzzled why people think a big tax refund is a good thing? What's good about letting the government keep some of your money over the course of a year only to give it back with no interest being paid? I've always preferred to set up my withholding schedule so that at tax time I either pay or get back less than a few hundred dollars. For those who see their tax refund as a quasi saving accounts, a night school course in Economics 101 might be a good idea.

[TB Roye]

Were are not getting a large one but being retired it is hard to figure witholding. The Feds tax you on SS and some state do, CA doesn't so it is hard to keep things balance tax wise. Got burned a couple of years agoe when LOML started drawing SS and we got hit with a 4K tax bill come April 15, wasn't ready for that. So now we have witholding on both our SS checks and our Retirement. Don't get me started on taxing SS. Our tax refund is really dependent on our itimized deductions and I would rather them owe a little than face a suprise at the end of the year. I would like to keep more of it but some people want more so I have to compromise. All the refund is to us is a little extra spending money for a trip or some home inprovements, not enough for a cruise or a trip to Europe but a little road trip and a couple of new recliners. I did ask LOML if I could get a Saw Stop boy did it get chilly.

Tom

[BigguyZ]

I have a duplex as an investment property, and I work for my brother rennovating houses. Those two combined give me a pretty hefty refund. Now, next year, when we hopefully sell the two houses we completed ronnovations on last year, I'll end up owing more from my "cut" of the profits there. But for now, I have thousands of tools I deduct as a business expense (non-WWing tools), and the duplex is always a money loser after everything's considered.

Next week I go into my tax guy's office, and after paying him $250 or so I'll know if a brand new Saw Stop is in my future...

[LinuxRandal]

I'm always puzzled why people think a big tax refund is a good thing? What's good about letting the government keep some of your money over the course of a year only to give it back with no interest being paid? I've always preferred to set up my withholding schedule so that at tax time I either pay or get back less than a few hundred dollars. For those who see their tax refund as a quasi saving accounts, a night school course in Economics 101 might be a good idea.

I agree overpaying is not particularly good. I do understand it for those starting out with no money, who can't save. (friends kid was planning a trip on what he expected to get back, only to find he owes)
I reset mine last year, and by that figuring, I should have got back around $200 (was already into the year). Unfortunately, one boss went in for a partial amputation and my hours dramatically went up, for months, so did the withholding.
So many people just blow the money when they get it in, and there is no way to adjust it as it happens, to eliminate it (I would rather it go into the property tax fund)l But owing isn't always a good thing either (timing can play a big part when things like multiple insurance bills, etc). It all comes down to stress and money management, IMHO.

[TB Roye]

I don't look at it as a savings account but would rather they owe my than me owe them. I don't like touching my savings to send the Gov. more money. This year the deductions were greater that in past years and it made a difference. I just prefer a little cushion, I don't count on a refund and if we get one go have some fun. I don't invest so my savings account is all I have and they are not paying very good interest so basically it is a wash for me. If I was one of the 1% things might different and I could write that check but being that I am not and don't need the hassle I will keep it as it is for now, it is just one less worry. The way things are going in CA, they could start taxing the SS at any time, other states then it could become a problem. $5 gas and 9% sales tax is bad enough.

Tom

[JimD]

I have to wait on forms for some of my investments. But they may be available now, I got an email and need to look at what is available. With respect to refunds, I like to get it close to zero but it is not that simple and if you miss a lot you can get penalized. My situation has been changing (I was married 4 years ago, then LOML died, now there is a new LOML) so it makes it hard to accurately determine what needs deducted. At least that is my excuse. I also made nearly nothing on my short terms account last year so more money sooner would not have really done anything for me.

New LOML uses TurboTax and likes it, I have been using TaxCut. Anybody switch from one to the other recently? It seems like I used TurboTax at least once but it was awhile ago. TaxCut is usually a few dollars cheaper and works fine so I have more recently just used that.

Jim

[chopnhack]

Congrats on 47, 40 and 12 years. We made 10 last year... time flies.
I have been using TaxAct for some years now and have been satisfied with the software and support. It allows for fairly complicated taxes and still allows them to be e-filed. The support is good, I have had questions about the software and how they determine some entries and instead of the "consult your attorney" crap I have received in the past from other vendors, this company would answer specific questions to help me determine how something should be entered. I like that!

As for IRS induced savings plan... I often get refunds, sometimes they are large, but I have changed my withholdings regularly but I too would not want to have to pay at the end, I budget well, but psychologically I too feel that after paying taxes all year, the last thing I want to do in the new year is pay more on last years earnings. I know its kinda crazy, because what others are pointing out is, take the money and invest it or whatever and then save a portion of it to pay back what you owe. With the tax code being rather complicated, I wouldn't want to get into a situation where AMT and minimum quarterly payments would apply - too complex.

[conwaygolfer]

We have been using TAX ACT for around 5 years now and being FREE, it is a bargain. Just fill in the blanks similiar to Turbo Tax. If you haven't used it or heard of it, you might want to take a look. Do a google search for it. It is every bit as good as turbo tax.

Conwaygolfer

[LCHIEN]

I'm always puzzled why people think a big tax refund is a good thing? What's good about letting the government keep some of your money over the course of a year only to give it back with no interest being paid? I've always preferred to set up my withholding schedule so that at tax time I either pay or get back less than a few hundred dollars. For those who see their tax refund as a quasi saving accounts, a night school course in Economics 101 might be a good idea.

haha, I agree with that. I guess they just treat it as found money... a pleasant surprise. You have to have a short memory and forget that they took it from you in the first place.

[alpha]

One reason why people "over deposit" taxes during the year is they don't want to get stuck with a penality for not depositing enough. This is particularly true for those who have a variable income.

I have a hatred for certain software companies. I used to use Turbo Tax until they decided to protect their program years ago. I ended up having to buy their program twice that year. I had rental properties with depreciation schedules, etc. that I had to carry forward. I had a computer crash. Never again will I ever use an Intuit program (unless I have to).

I use H&R Block. It imports data from the previous year and does a satisfactory job.

Bob