Taxes

[Moemg]

Has everyone done their taxes and what is the verdict ?

[Moemg]

I voted getting a refund . I have been retired a few years and I am still nervous when I do my taxes but I am getting $2755 back . I am still trying to fine tune it so I get a tiny refund but I am not there yet .

[LOL!]

I earned 50% more pay last year than the previous year, but only had enough tax taken out to meet a safe harbor. I will pay big time, so I will pay an estimate in April when I file for an extension. Then I'll send in my tax return next October.

[Lakedog]

I voted "paying" as I will owe around $600 but it was by design - would rather have use of the money than get a big refund at year end.

[braumeister]

Mine worked out beautifully. My refund from the state is slightly more than what I owe the Feds.

[Westernskies]

Owe xxxxx to the feds and xxxx to the state.

[FIREd]

I have just done an estimate since I have yet to receive some 1099s, but I should owe $xx,xxx to the Feds and receive $x,xxx from the state.

[easysurfer]

Still waiting for IRS processing of my Fed. But according to the Turbotax calcuations, I'll pay about $170 for Feb and $10 for state. No surprises, so sounds good to me.

[bbbamI]

We'll get back xxx from the Fed. I like kisses.....

[Purron]

Refund. Would rather owe but not have a penalty. Our finances have changed so much. I'll try to work it out better next year. But hey, since we're getting a hefty refund, why not blow it on something like a new kick a$$ computer? Help stimulate the economy and all

[73ss454]

I'm still waiting for Vanguard to import my info to TT on the 18th.

[Moemg]

Quote:

Originally Posted by Purron Refund. Would rather owe but not have a penalty. Our finances have changed so much. I'll try to work it out better next year.l

Me too !

[Silver]

Retired one year ago this month so our taxes reflect that........and we are getting a large refund. Yippee!!! We plan to completely re-do two bathrooms in our house with the money so it's all good.

[GalaxyBoy]

I'm getting far too large of a refund this year. DW RE'd last year as part of a move we made for me to get a new job (a couple more years for me to FIRE, since she's a few years ahead of me and was eligible for a small pension). Anyway, I forgot to change my withholding from Married, 0 allowances + $150 extra taken out every two weeks to Married, 3 allowances. d'oh!

I just gave an interest-free loan to the government. Not unlike a short-term t-bill these days, LOL!

Looking at next year's return, with the assumptions I made it came out I will owe Uncle Sam $246 next year - spot on.

[RunningBum]

Pretty sure I'm paying a few thou since I did a Roth conversion, but I'm safe harbored by withholding more than I owed last year.

[albundyz]

what a co-inky-dinky

the cost of my new laptop is equal to my refund. I was wondering how I was gonna pay for my once-every-six-years new computer.

[Dawg52]

Haven't done it. But should be pretty close to a break even situation.

[rescueme]

Our target is to be +/- $50 in federal taxes each year. It's easy for us; DW still wo*ks - I'm retired.

I simply have 10% taken out of my monthly TIRA withdrawal which is sent by VG/FIDO directly to the government each month. In mid-December (before I do my monthly expense/tax withdrawal), I get the updated TT software and do an initial tax estimation for the year based upon actual income/tax paid for DW/me, along with what DW's income/taxes are for the next two weeks - end of year.

At that time, I'll have the appropriate tax taken out of my December TIRA withdrawal to adjust to our $50 target.

This has worked for the last four years of federal taxes due, as related to my retirement. Luckily, we don't have to worry about any state/local tax. There is none for me and my DW has her taken out of her pay. In our state, you pay the tax on all your income while still employed. There is no deduction for TIRA/401(k) contributions. However, in retirement you don't pay tax (since it’s been paid already). The only advantage to this system is that if you have any gains in your TIRA/401(k) funds, they are also not taxed.

[scrabbler1]

Being an ER, I have zero taxes withheld now so unless I overpay my estimated taxes I will always owe. An unexpectedly large ST cap gains distribution last June doubled my tax bill, causing me to pay more in estimated taxes last year just to avoid any penalties.

I have received refunds in maybe 7 tax returns (states and federal) I have filed in 25 years. I would always rather owe than get a refund.

[grumpy]

I haven't submitted my return yet but the first cut shows we owe Uncle Sam big time. I withdrew a large amount from a variable annuity I inherited. The amount was less than my cost basis. I incorrectly assumed that there would be no tax due. I have come to find out that the IRS treats annuity withdrawals differently - assumes earnings (gains) first and the gains are taxed as ordinary income not capital gains rate. I failed to have anything withheld so I will have to write a big check to the USA.

Just my way of helping with the deficit.