For me, a benefit of living in a 55+ community is having oldsters around. One of my new friends is an 88-year old woman named Mary. Initially, she was our next door neighbor but she moved one building over to a first-floor apartment because climbing the steps to the second floor was getting to be too much for her. Last week I took her to her cataract surgery and her follow-up appointment. Helping her is like getting to spend time with my deceased grandmother. After I left to go to college, I never lived close to my grandmother again and would see her only on vacation. Now it's like she is living one building over!
While having lunch together after one of her appointments, she mentioned she needed to get her taxes done. I told her I'd be happy to help if she didn't have anything too complicated. She didn't (a few 1099-R's and 1099-INT's) so I fired up my TaxAct software. She normally has a local financial planning group do it and they charge her about $175. Not too bad as far as tax prep fees go but why should she pay that if she doesn't need to? She said they annoyed her because they were always trying to get her to go to meetings and buy things but she's wasn't having any of it. She said one of her friends fell for their pitch and has regretted it.
While doing her taxes, I put together a spreadsheet showing her assets because I had the feeling she didn't really know how much money she had, about $200k in savings (CD's, T-bills, and cash). She also receives about $1600 per month in SS and pension payments. She had a big smile on her face when she saw the numbers because although she knew she had savings she had never added it all up and realized it was such a sizeable sum. Now I understood why the financial planning firm was so interested in her!
As it turned out, she owed $9 to the federal government. She mailed the check that day and was happy to have it all done! A wonderful day for both of us.
While having lunch together after one of her appointments, she mentioned she needed to get her taxes done. I told her I'd be happy to help if she didn't have anything too complicated. She didn't (a few 1099-R's and 1099-INT's) so I fired up my TaxAct software. She normally has a local financial planning group do it and they charge her about $175. Not too bad as far as tax prep fees go but why should she pay that if she doesn't need to? She said they annoyed her because they were always trying to get her to go to meetings and buy things but she's wasn't having any of it. She said one of her friends fell for their pitch and has regretted it.
While doing her taxes, I put together a spreadsheet showing her assets because I had the feeling she didn't really know how much money she had, about $200k in savings (CD's, T-bills, and cash). She also receives about $1600 per month in SS and pension payments. She had a big smile on her face when she saw the numbers because although she knew she had savings she had never added it all up and realized it was such a sizeable sum. Now I understood why the financial planning firm was so interested in her!
As it turned out, she owed $9 to the federal government. She mailed the check that day and was happy to have it all done! A wonderful day for both of us.