April 15 Blues

[txtig]

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.

 

[Independent]

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.

 

[Dash man]

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.