Join Early Retirement Today
Reply
 
Thread Tools Display Modes
1st tax year after retirement questions
Old 01-19-2015, 07:01 AM   #1
Thinks s/he gets paid by the post
Tailgate's Avatar
 
Join Date: Jul 2013
Location: Texas
Posts: 1,065
1st tax year after retirement questions

Couple of questions as our first full tax year comes around.. taxes have already been calculated and paid out of the income sources as they were realized (SS, pension and SW from IRA).. questions are about what forms to expect to use to file. This year I'm doing my own with Turbotax vs. using the accountant I used for 20 years.

1. SS report form is SSA 1099
2. Pension income will be 1099R
3. Bank interest will be 1099 INT
4. SW will be 1099B

Am I correct with the above? Is there anything else I should be on the lookout for? Thanks...
Tailgate is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 01-19-2015, 07:23 AM   #2
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
Made me look...

Your expected forms look like what I get each year - except my IRA withdrawals (from Vanguard) are reported on a 1099R. YMMV...
__________________
Numbers is hard
REWahoo is offline   Reply With Quote
Old 01-19-2015, 07:54 AM   #3
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 4,172
REWahoo is correct. 1099B is for stock/fund sales from taxable accts.
kaneohe is offline   Reply With Quote
Old 01-19-2015, 07:58 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RunningBum's Avatar
 
Join Date: Jun 2007
Posts: 13,203
Quote:
Originally Posted by Tailgate View Post
Couple of questions as our first full tax year comes around.. taxes have already been calculated and paid out of the income sources as they were realized (SS, pension and SW from IRA).. questions are about what forms to expect to use to file. This year I'm doing my own with Turbotax vs. using the accountant I used for 20 years.

1. SS report form is SSA 1099
2. Pension income will be 1099R
3. Bank interest will be 1099 INT
4. SW will be 1099B

Am I correct with the above? Is there anything else I should be on the lookout for? Thanks...
What is SW?
RunningBum is offline   Reply With Quote
Old 01-19-2015, 08:05 AM   #5
Full time employment: Posting here.
 
Join Date: Feb 2014
Posts: 731
savings withdrawals?
BBQ-Nut is offline   Reply With Quote
Old 01-19-2015, 08:17 AM   #6
Thinks s/he gets paid by the post
Tailgate's Avatar
 
Join Date: Jul 2013
Location: Texas
Posts: 1,065
Quote:
Originally Posted by RunningBum View Post
What is SW?
sorry... systematic withdrawals... mine come from a TIRA
Tailgate is offline   Reply With Quote
Old 01-19-2015, 08:38 AM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RunningBum's Avatar
 
Join Date: Jun 2007
Posts: 13,203
Like someone else said, 1099-B if you sold any stocks or funds from a taxable account.

1099-DIV for dividends from taxable accounts.

I'm all for people doing there own taxes, but this might be a case of one more year with an accountant being a reasonable idea. Do Turbo Tax as well, and compare the two outputs. Assuming you can reconcile them, after this you would be set to do Turbo Tax on your own and compare to the previous year to see that you got everything.

Probably not necessary if it looks straightforward but it could give you some comfort, or avoid years of repeating the same mistake that could either get you in trouble with the IRS or cause you to pay more taxes yearly.
RunningBum is offline   Reply With Quote
Old 01-19-2015, 08:45 AM   #8
Thinks s/he gets paid by the post
Tailgate's Avatar
 
Join Date: Jul 2013
Location: Texas
Posts: 1,065
Quote:
Originally Posted by RunningBum View Post
Like someone else said, 1099-B if you sold any stocks or funds from a taxable account.

1099-DIV for dividends from taxable accounts.

I'm all for people doing there own taxes, but this might be a case of one more year with an accountant being a reasonable idea. Do Turbo Tax as well, and compare the two outputs. Assuming you can reconcile them, after this you would be set to do Turbo Tax on your own and compare to the previous year to see that you got everything.

Probably not necessary if it looks straightforward but it could give you some comfort, or avoid years of repeating the same mistake that could either get you in trouble with the IRS or cause you to pay more taxes yearly.
RunningBum.... excellent suggestion! I will do the one more year with the CPA and compare with TurboTax... thanks!
Tailgate is offline   Reply With Quote
Old 01-19-2015, 08:54 AM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Dec 2014
Location: Huntsville, AL/Helen, GA
Posts: 6,002
Turbo Tax just asks all the questions a CPA/tax professional should be asking--but forgot to ask.

And for most simple tax returns, tax professionals are just plugging the numbers into a TurboTax type computer program anyway. I can just as easy do the plugging myself.
Bamaman is offline   Reply With Quote
Old 01-20-2015, 06:15 AM   #10
Recycles dryer sheets
 
Join Date: Jan 2010
Posts: 190
If you are getting a 1099B probably means a 1099-DIV also. Look out for any foreign taxes paid on the 1099B's
jwkde is offline   Reply With Quote
Old 01-20-2015, 06:45 AM   #11
Thinks s/he gets paid by the post
2B's Avatar
 
Join Date: Mar 2006
Location: Houston
Posts: 4,337
Quote:
Originally Posted by Bamaman View Post
Turbo Tax just asks all the questions a CPA/tax professional should be asking--but forgot to ask.

And for most simple tax returns, tax professionals are just plugging the numbers into a TurboTax type computer program anyway. I can just as easy do the plugging myself.
My FIL was "proud" of his CPA that did his taxes every year. He would brag about it at tax time. When DW and I took over his finances, we saw that he was paying over $600 to have his return done. He didn't itemize deductions and his income was a handful of pensions and SS. It was a 1040EZ! There were no special tax savings the CPA had. I did his taxes for about 7 years when I did mine until he passed away. I doubt it took me more than 30 minutes tops and that included going over it with DW who had his POA.
__________________
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
2B is offline   Reply With Quote
Old 01-20-2015, 07:35 AM   #12
Thinks s/he gets paid by the post
 
Join Date: Jul 2002
Posts: 1,581
Quote:
Originally Posted by Bamaman View Post
Turbo Tax just asks all the questions a CPA/tax professional should be asking--but forgot to ask.

And for most simple tax returns, tax professionals are just plugging the numbers into a TurboTax type computer program anyway. I can just as easy do the plugging myself.
Hey, that's my seasonal job, start on Thursday!! Seriously, if all you have is the forms you presented, and have nothing tricky like side business, annuities, iffy deductions, children, or what would be classified as "other" income, TurboTax, HR Block software, or Tax Cut should easily handle the job. TT changed their products this year so if you have a 1099B, they force you to go to their Premier level, the HRB software may be better value.
When I worked at HR Block (over ten years ago) they always invited folks to bring their return in for a "professional review" hoping to catch something and gain you as a customer. You always could try that, but a good salesperson won't tell you what is wrong, just say they'll save you money if they find something.
RE2Boys is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
1st Year of FIRE: tax planning and withholdings? BBQ-Nut FIRE and Money 6 12-27-2014 07:44 AM
Tax questions after ER David1961 Life after FIRE 13 06-06-2013 04:13 PM
march 1st questions semosier FIRE and Money 14 02-24-2013 01:54 PM
1st year Flew By siamamerican Life after FIRE 8 02-21-2010 09:24 AM
Tax Question: 1st Year of Desig Roth Contrib TromboneAl FIRE and Money 1 02-04-2008 07:09 PM

» Quick Links

 
All times are GMT -6. The time now is 08:48 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.