Tax Returns - Have you Started Your 2018 Return Yet? (1 Viewer)

[culdeus]

20 days seems long.

I filed 2/3 and got my deposit 2/9.

Do you literally have no private investment accounts that 1099 you?  I mean unless you work as a walmart greeter and have nothing but payday loans and a box to live in I can't see how this is possible?

 

[culdeus]

20 days seems long.

I filed 2/3 and got my deposit 2/9.

Do you literally have no private investment accounts that 1099 you?  I mean unless you work as a walmart greeter and have nothing but payday loans and a box to live in I can't see how this is possible?

 

[culdeus]

20 days seems long.

I filed 2/3 and got my deposit 2/9.

Do you literally have no private investment accounts that 1099 you?  I mean unless you work as a walmart greeter and have nothing but payday loans and a box to live in I can't see how this is possible?

 

[shuke]

Do you literally have no private investment accounts that 1099 you?  I mean unless you work as a walmart greeter and have nothing but payday loans and a box to live in I can't see how this is possible?

Yes, I received them all by then. 

 

[culdeus]

Yes, I received them all by then. 

Wow.  I mean I'm still waiting on several and I don't even consider them final till April at least.  I mean these index funds have to go thru a lot of crap to figure out the right numbers.  

I had to re file once and that was no fun. 

 

[culdeus]

Brokerage should have 1099s for taxable accounts by now. The only thing still outstanding would be K1s and partnerships. If you don't have any of those, it's easy. 

For retirement accounts you don't even need to wait for forms, you know what they're going to say. 

My HSA doesn't even issue me a form. Which means I'm an idiot because I'm paying taxes on the capital gains and dividends and it's not even reported to anyone, but whatever. Rather stay legal and not have to refile in the future. 

Paying capital gains on HSA is probably the dumbest thing I've seen all year. 

 

[MAC_32]

20 days seems long.

I filed 2/3 and got my deposit 2/9.

I'm not in any hurry since it's just going towards home improvement projects we're not starting until June, but we filed 2/5 and still haven't gotten ours.

 

[Tom Hagen]

Believe me, I wish the law was different, but it ain't.

And like I said, it's a bit of a pain to do since the brokerage doesn't track it. 

Maybe I am not understanding you, but investment income inside the HSA account is not taxable the same way income inside an IRA or 401(k) is not taxable.  It's a tax sheltered account until you take a distribution and then it is only taxable if not used for qualified medical expenses.

 

[xulf]

Doing ours this weekend 

 

[Tom Hagen]

Not in California. State tax applies to all transactions in the account. 

I can't deduct the contributions from my income either. So I'm taxed on the money going in and on any realized growth inside. And dividends and interest. 

Same with New Jersey. 

Technically, if I make contributions while I'm in CA, retire, move out of state, then sell... I'm supposed to send California a cut of the profits that were earned while I held in CA. 

I assumed you meant federal, my mistake. 

 

[culdeus]

Believe me, I wish the law was different, but it ain't.

And like I said, it's a bit of a pain to do since the brokerage doesn't track it. 

You wanna quote me this law?

 

[Tom Servo]

I read a couple of articles about some people in NJ that are completely screwed by the new rules and now owe thousands. 

To me the new rules seemed to be a blue state tax, so I am curious if any FBGs here from NY, NJ, CA have started their returns and see anything funky, also where they stand year over year.

From the semi-blue state of PA, my federal refund was slightly smaller and I actually owed the state (less than $20) for the first time ever.

 

[shuke]

Wow.  I mean I'm still waiting on several and I don't even consider them final till April at least.  I mean these index funds have to go thru a lot of crap to figure out the right numbers.  

I had to re file once and that was no fun. 

All 1099s are supposed to be mailed out by Jan 31, except 1099-Bs which are mid Feb.  I only get DIVs and INTs.  

Any index fund I have is part of a retirement account, and I don’t get 1099s for those.

Curious what type of investments you have.  

 

[Slider]

Normally we get 8 or 9k back. This year 1700.

 

[culdeus]

All 1099s are supposed to be mailed out by Jan 31, except 1099-Bs which are mid Feb.  I only get DIVs and INTs.  

Any index fund I have is part of a retirement account, and I don’t get 1099s for those.

Curious what type of investments you have.  

I have a range of mostly ETF stuff and mutual funds at Schwab and Edge, those are 2/15  and nearly every year they send a correction towards end of March with a notice of correction prior to 3/15.  With the automated entry of this stuff now on TurboTax, i hardly pay attention to them and just load the last one.  I always do a back of envelope calculation in 4Q and send a 4QES in that would cover it.

 

[Sand]

According to the Protecting Americans from Tax Hikes (PATH) Act of 2015, the IRS is required to hold all refunds for taxpayers claiming these credits. This means the IRS won't issue your refund until mid-February. This delay applies to all tax prep companies and filing methods and impacts your entire refund amount -- not just the portion associated with these credits.

While the IRS will begin issuing refunds with these forms starting in mid-February, your federal refund likely will not appear in your bank account until February 27.

How is holding my refund protecting me?

Lots of fraud associated with these two items.  That's why they're holding it.

(So says a guy who hadn't paid state taxes in twenty years and now pays less than $2k in state income tax)

Damn, that's impressive.  My state/local income tax bill is way higher.  I guess I need to get a softball team full of dependents.  

Used Turbo Tax. Yes, I believe it's overpriced. I'm just used to it. 

Best money I spend all year.

 

[Sand]

Brokerage should have 1099s for taxable accounts by now.

I'm being put off until at least early March, and they've been moving that date back consistently.  

 

[lod001]

we owe them $862 this year. They will get it in April. I'm busy using it to make more $ until then.

 

[xulf]

we owe them $862 this year. They will get it in April. I'm busy using it to make more $ until then.

How much are you really going to make on that? I would rather pay it and not have to think about for the tiny sum you may make.

 

[-OZ-]

Damn, that's impressive.  My state/local income tax bill is way higher.  I guess I need to get a softball team full of dependents.  

Michigan doesn't tax military, so that was nice until we settled / retired. Kids help for income taxes, and Alabama doesn't tax retired military. But it is among the most expensive 5 states for sales tax.  Which I think I prefer anyway.

 

[xulf]

Do you literally have no private investment accounts that 1099 you?  I mean unless you work as a walmart greeter and have nothing but payday loans and a box to live in I can't see how this is possible?

Wow, you re a total ****.  I have 1 1099 on an investment property.  We dump all our money into our retirement...with match over 60k per year.  But, yeah, we suck.

Please share your income and financials for us to know how you live. 

 

[GoBirds]

I'm being put off until at least early March, and they've been moving that date back consistently.  

One of mine is doing the same, BS. 

 

[Sand]

 We dump all our money into our retirement...with match over 60k per year.  But, yeah, we suck.

I guess all the discretionary cash just goes to chicks and blow?  

All in all seems pretty solid to me.

 

[xulf]

I guess all the discretionary cash just goes to chicks and blow?  

All in all seems pretty solid to me.

We have gone to zero in the bank 3 times.  1: bought a new house with a 2 month old while still owning previous house (turned profits/equity into investment property), 2: we both got graduate degrees that totaled 100k, 3: just spent 150k on a renovation and car (knew I had a big commission check coming 3 days later).  

 

[shadyridr]

We have gone to zero in the bank 3 times.  1: bought a new house with a 2 month old while still owning previous house (turned profits/equity into investment property), 2: we both got graduate degrees that totaled 100k, 3: just spent 150k on a renovation and car (knew I had a big commission check coming 3 days later).  

No need to defend yourself. I have 0 1099s also. Im doing very well for myself. 

 

[Sand]

We have gone to zero in the bank 3 times.  1: bought a new house with a 2 month old while still owning previous house (turned profits/equity into investment property), 2: we both got graduate degrees that totaled 100k, 3: just spent 150k on a renovation and car (knew I had a big commission check coming 3 days later).  

You took me the wrong way.  I was getting at, you know, "investing" in chicks and blow with post tax monies, which, as FBGs, is pretty much just failing out of our pockets.

 

[worrierking]

Quick question maybe some of you experts could answer.  My Dad died in May 2017.  We did a tax return last year since he had 2017 income.  We settled his estate in 2018, with just my brother and I splitting everything.  We have received 1099s from two of his accounts for dividends in 2018, amounting to a few hundred dollars.  I don't believe we need to file a return for him for 2018, but someone suggested my brother and I might be responsible for the income on our returns since we ended up with the money.  Any suggestions?  I couldn't find good info online.  I probably didn't word my searches right.

 

[belljr]

i have zero 1099s   

 

[beer 30]

Quick question maybe some of you experts could answer.  My Dad died in May 2017.  We did a tax return last year since he had 2017 income.  We settled his estate in 2018, with just my brother and I splitting everything.  We have received 1099s from two of his accounts for dividends in 2018, amounting to a few hundred dollars.  I don't believe we need to file a return for him for 2018, but someone suggested my brother and I might be responsible for the income on our returns since we ended up with the money.  Any suggestions?  I couldn't find good info online.  I probably didn't word my searches right.

Not an eggspurt but I think you just claim the income on your return and move on. IRS doesn't really care who pays the tax so long as the tax gets paid.

Legal Disclaimer: If you go to jail because of this advice let it be known that I am not a professional nor did I get reimbursed for this advice. It is only opinion and was entirely up to @worrierking to either take it or leave it. I will not be held responsible for his misfortune

i have zero 1099s  

OMG!!!1!!! MEE2!!!!1!! :slapithigh:

I have no hope of retiring

 

[Sand]

Quick question maybe some of you experts could answer.  My Dad died in May 2017.  We did a tax return last year since he had 2017 income.  We settled his estate in 2018, with just my brother and I splitting everything.  We have received 1099s from two of his accounts for dividends in 2018, amounting to a few hundred dollars.  I don't believe we need to file a return for him for 2018, but someone suggested my brother and I might be responsible for the income on our returns since we ended up with the money.  Any suggestions?  I couldn't find good info online.  I probably didn't word my searches right.

If your dad's assets were under whatever the limit was in 2017 (2M?) I don't think you should owe taxes on the inheritance monies.  Now, if these dividends generated after the estate closed you should owe taxes on them.  All IMO, and I'm about as far from a tax lawyer as one can be.

Condolences on the loss of your dad.  Inheriting money sucks - it means that you've lost someone special.

 

[belljr]

so this is weird.

Got my first normal paycheck of the year.  No raise yet so same pay as December.

They took out 18 less in Federal taxes 

 

[Tom Hagen]

so this is weird.

Got my first normal paycheck of the year.  No raise yet so same pay as December.

They took out 18 less in Federal taxes 

The standard deduction and tax brackets are both indexed for inflation. If you make the same income in 2019, you would owe less tax so the withholding tables adjust accordingly. 

 

[beer 30]

so this is weird.

Got my first normal paycheck of the year.  No raise yet so same pay as December.

They took out 18 less in Federal taxes 

THANK YOU PRESIDENT TRUMP!!!!!

 

[snogger]

Last year - About $3,000 back ... This year, thanks to still being able to claim our "child" (19 and moved in with her soon to be Husband now) as a dependent we are going to get a little over a $1,000 back.

Next year, with not being able to claim her any more,  our Tax accountant recommended we either plan to pay in about $1,000 or have an extra $100 a month taken out to cover it.

What will it take to get people to realize the tax code SUCKS for the Middle Class and it is time to move on??

FairTax! anyone

 

[Steeler]

Last year - About $3,000 back ... This year, thanks to still being able to claim our "child" (19 and moved in with her soon to be Husband now) as a dependent we are going to get a little over a $1,000 back.

Next year, with not being able to claim her any more,  our Tax accountant recommended we either plan to pay in about $1,000 or have an extra $100 a month taken out to cover it.

What will it take to get people to realize the tax code SUCKS for the Middle Class and it is time to move on??

FairTax! anyone

This was covered in the other thread on taxes, but the size of your refund is meaningless when trying to assess the impact of the Trump tax changes.

What was your effective rate last year vs this year?

 

[dgreen]

so this is weird.

Got my first normal paycheck of the year.  No raise yet so same pay as December.

They took out 18 less in Federal taxes 

You're a fed, right? Or maybe I'm confusing you with someone else.

If you are, also remember that you had 27 paychecks last year and you'll have 26 this year.

Also, you'll start getting a new normal pay check soon with the federal pay raise being approved. You'll initially probably get a paycheck with pay raise back pay and then normal pay checks starting after that. It could be late March until you see your "normal" paycheck.

 

[flapgreen]

Live in TN. Got back double what I usually get back, and that's not even counting how much I got back throughout the year. 

 

[belljr]

You're a fed, right? Or maybe I'm confusing you with someone else.

If you are, also remember that you had 27 paychecks last year and you'll have 26 this year.

Also, you'll start getting a new normal pay check soon with the federal pay raise being approved. You'll initially probably get a paycheck with pay raise back pay and then normal pay checks starting after that. It could be late March until you see your "normal" paycheck.

oh I know forgot about the 27 but noticed it when i did my taxes because what I earned was  more than my actual salary     I was lucky to have my furlough pay corrected last check, not everyone else did.  I currently do not have benefits or fsa money so it was a lot easier

 

[snogger]

Last year - About $3,000 back ... This year, thanks to still being able to claim our "child" (19 and moved in with her soon to be Husband now) as a dependent we are going to get a little over a $1,000 back.

Next year, with not being able to claim her any more,  our Tax accountant recommended we either plan to pay in about $1,000 or have an extra $100 a month taken out to cover it.

What will it take to get people to realize the tax code SUCKS for the Middle Class and it is time to move on??

FairTax! anyone

This was covered in the other thread on taxes, but the size of your refund is meaningless when trying to assess the impact of the Trump tax changes.

What was your effective rate last year vs this year?

yea, I get that.. I was mainly talking about how if nothing changes this year I'll have to pay in due to no child credit.
When I reviewed what I paid in for Federal taxes in 2017 vs. 2018 and compared the Tax return we are getting this year compared to last it is basically a push in "savings".

Reviewing 2018, I probably saw an increase of around $1300 take home pay for the year due to the Trump Tax "fixes".

Now, if we were to go with FairTax! , the thousands I paid in Federal Taxes would actually be in my pocket to spend/invest as I wanted.

 

[xulf]

Just finished our taxes.  Last year owed $500 to local and fed/state was a wash.  This year, got a $13,000 refund ($7,500 Tesla credit).

Our taxable income was $50,000 more than last year (partially because I went heavier on Roth 401k vs regular than previous years) and we paid $8,000 less in taxes.  Thanks Trump! 

 

[Chemical X]

99% done and we lost 15k in deductions, 8k from the standard allowances discontinued and 7k over the 10k limit.  combine this with more income, we went from owing about 3k to owing about 5k.  we go married 0 and max out our 401ks, including the catch up.  i have just adjusted our w-4s to single 0 going forward, this should make a big difference.  thx trump :(

 

[Redwes25]

I need my k1 from my partnership which I probably won’t have until mid-March. Doubt I file much before the deadline as my taxes are pretty complicated I need to rely on my accountant. 

 

[Sand]

Still waiting on 1099s (they moved them back yet again ).  But, based on where I'm at now I'll be cutting a check.  I already claim 0 deductions, so not sure what more I can do on that front.  When it's done I'll be able to see what my overall rate is.  What has been a surprise for me is that I got hit with SALT and that I'm still itemizing.  I expected both of those things to go the other way.

 

[dgreen]

Filed last Tuesday and my bank indicates my federal return deposit is pending.

 

[DallasDMac]

Still waiting on 1099s (they moved them back yet again ).  But, based on where I'm at now I'll be cutting a check.  I already claim 0 deductions, so not sure what more I can do on that front. 

Does your workplace allow additional withholding? That's what I did. I didn't feel like playing with deductions and statuses. I just added the dollar value of taxes I needed to withhold additionally on a monthly basis. Way easier.

 

[belljr]

99% done and we lost 15k in deductions, 8k from the standard allowances discontinued and 7k over the 10k limit.  combine this with more income, we went from owing about 3k to owing about 5k.  we go married 0 and max out our 401ks, including the catch up.  i have just adjusted our w-4s to single 0 going forward, this should make a big difference.  thx trump :(

I claim single 0 got a little back

 

[Osaurus]

Did mine yesterday and have to pay about $1,200 less than 2017.  Thanks Trump (not really, but it seemed appropriate).

 

[FairWarning]

Got about 25% less refund this year, but made up thru out the year with bigger checks.  

If someone is looking for easy and free to file fed and state taxes, go to credit karma.  it'll take you 10-15 minutes.

 

[Sand]

Does your workplace allow additional withholding? That's what I did. I didn't feel like playing with deductions and statuses. I just added the dollar value of taxes I needed to withhold additionally on a monthly basis. Way easier.

I should be in the safe harbor.  Next year I have to make a taxable IRA withdrawal and can direct withholding there (might be the whole thing) to cover anticipated overages.  This year was just a bit of working in the dark - as noted I was 0/2 on SALT and itemizing.

 

[Don't Noonan]

My effective tax rate was 4% lower in 2018 than in 2017 with approximately the game adjusted gross income.  I was surprised to see I am still itemizing as well.

Thanks Trump!