Join Early Retirement Today
Thread Tools Search this Thread Display Modes
April 15 Blues
Old 04-14-2015, 09:02 AM   #1
Recycles dryer sheets
txtig's Avatar
Join Date: Mar 2013
Location: Sugar Land
Posts: 196
April 15 Blues

Early last year, I paid off my primary mortgage and a HELOC, to become totally debt free for the first time in 40 years. What a great feeling that was!! But, last night, as I completed my 2014 Tax Return . . . uggh! I sure did miss those extra deductions. Had to take the standard deduction for first time in 34 years. Still shaking my head after seeing my H&R Block software (adios TurboTax) spit out my total tax bill. Unbelievable!! Got hit with AMT, the new Medicare tax and the new ACA capital gains tax. To put it in perspective, my total 2014 FIT was equal to: 1.4 times the cost of my first house (1981); 4.67 times my total annual starting salary after college (1980); and 21 times the cost of my first brand new car (1974). I know I won’t get much sympathy here (i.e., what a good problem to have, etc., etc., etc.), but I just wanted to vent. Looking forward to RE soon and hopefully much lower tax bills.

txtig 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 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 04-14-2015, 12:22 PM   #2
Thinks s/he gets paid by the post
Join Date: Oct 2006
Posts: 3,636
Like you, 2014 was the first year we didn't itemize in forever. Unlike you, it felt good.

We've been itemizing in recent years due to high medical expenses. We finally got them under control, and I'm happy for that.

Independent is offline   Reply With Quote
Old 04-14-2015, 12:29 PM   #3
Thinks s/he gets paid by the post
Dash man's Avatar
Join Date: Mar 2013
Location: Limerick
Posts: 1,066
Our 2014 FIT was 3 times my first house (1987), 51 times my first new car (1981) and 22 times my first salary out of college. It hurts, but it's nice to have the income to have to pay that tax. DW has decided Dec 1 will be her last day and will be joining me in ER. Our 2016 taxes should be much lower.
Dash man is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
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
Last minute filing blues... REWahoo FIRE and Money 25 04-19-2007 06:32 AM
Monday Blues laurence Young Dreamers 17 06-10-2005 08:43 PM
Biker's blues John Galt Life after FIRE 3 02-27-2005 04:22 AM
Blues v. Whites hocus Young Dreamers 19 02-25-2005 05:37 AM
Military Prison Blues... mickeyd Other topics 1 06-02-2004 03:09 PM


All times are GMT -6. The time now is 09:27 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.