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Taxes done....I think
Old 01-28-2014, 12:06 AM   #1
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Taxes done....I think

Pretty simple for us. Retirement money coming in from the Govt. Some dividend money which Vanguard just reinvests. One credit union account with some interest. Total income is about $20K. The only hitch I need to ask about it the one where you have to notify about a bank account you have (in the UK for us). Just over $1000 so it is way under the $10K limit. But they gave us a $45 tax credit.....huh? I like simple returns....I only get just over $1000 back but I'll take it. Now if I just haven't forgotten something.....
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Old 01-28-2014, 02:22 AM   #2
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I wish I could get mine done. Still waiting on more documents!
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Old 01-28-2014, 06:30 AM   #3
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Just got my 1099 B from Vanguard, now all I have to do is wait until March 30th for the corrected version. I don 't even think about seriously attacking my tax return until late March.
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Old 01-28-2014, 07:53 AM   #4
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I've started on mine but still waiting on a few more 1099's and such.
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Old 01-28-2014, 08:06 AM   #5
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Taking the standard deduction, I don't need the data from the 1098 forms this time. I could file now, too, except that I owe several hundred dollars so I wait until early April to file.
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Old 01-28-2014, 08:50 AM   #6
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Originally Posted by F4mandolin View Post
Pretty simple for us. Retirement money coming in from the Govt. Some dividend money which Vanguard just reinvests. One credit union account with some interest. Total income is about $20K. The only hitch I need to ask about it the one where you have to notify about a bank account you have (in the UK for us). Just over $1000 so it is way under the $10K limit. But they gave us a $45 tax credit.....huh? I like simple returns....I only get just over $1000 back but I'll take it. Now if I just haven't forgotten something.....
I haven't received all my forms yet to file, but I have filed the FBAR forms on-line for my UK bank account which did go over $10k in 2013. Even when you don't have to report your foreign bank accounts to the Treasury using FBAR, if they generate any income (interest and dividends) then you should be reporting this as income on your tax return to the IRS on a 1099.

If your UK bank gave you a $45 tax credit this was possibly because they continued to withhold taxes after you returned to the USA when they shouldn't have, but are now paying your interest gross and have refunded the UK tax they erroneously withheld.
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Old 01-28-2014, 08:59 AM   #7
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Still waiting on a K-1 for the sale of a MLP in a taxable account this year. Mid February is the timing. I have started the taxes, but now on hold.
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Old 01-28-2014, 09:30 AM   #8
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This is what I love about Turbo Tax (or any of the other softwares). As my tax documents came in, I just added the info to my pending return. I'm waiting for 2 1099's and then I'm done and can file.
It's been a long time since I had to keep all of the darned papers in one place, then steel myself for the couple of hours of torture to complete the returns.
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Old 01-28-2014, 10:55 AM   #9
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I don't have all my tax documents yet, but I entered what I have into TT this last weekend. I have a trickier tax year since I realized a capital gain on sale of a foreign gift. Well, technically it was a gift but one that we initially paid for. Since I've never done this before, I wanted to know the US tax impact (we paid foreign taxes on the sale). Now that I've done it, it isn't too bad, but it took me many hours to figure out how to fill out the forms properly. I hope I got them right.

Now I'm just waiting for various tax documents from my brokerage accounts. It looks like I'm going to pay money this year, so I'll probably wait until March to finish my return.
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Old 01-28-2014, 11:20 AM   #10
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I guess I am more just curious about the foreign tax credit. When going through TurboTax (which I might add tried to insist I needed the Premier version) it asks if I have a foreign account (my wife has a chequing account in her name UK). Yes. Is it under $10K....yes. It never asks me how much it is though.....and then the $45 tax credit. I have $44.92 from Vanguard Total Stock for foreign tax.....but I don't think that is it. Or is it?
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Old 01-28-2014, 11:22 AM   #11
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I usually start mine in August or September. Those of us who procrastinate appreciate all the testing you early filers do for the software vendors and taxing authorities.
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Old 01-28-2014, 11:33 AM   #12
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I'm waiting until around late March or April 1 do file.

I used to file early (around the Big Game) but got a corrected 1099.

So from now on, no rush.
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Old 01-28-2014, 11:38 AM   #13
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I guess I am more just curious about the foreign tax credit. When going through TurboTax (which I might add tried to insist I needed the Premier version) it asks if I have a foreign account (my wife has a chequing account in her name UK). Yes. Is it under $10K....yes. It never asks me how much it is though.....and then the $45 tax credit. I have $44.92 from Vanguard Total Stock for foreign tax.....but I don't think that is it. Or is it?

If you tell TT that you have more than 10k, all they do is tell you to fill out the FBAR form with treasury.
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Old 01-28-2014, 12:26 PM   #14
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I wish I could get mine done. Still waiting on more documents!
Same here. I have all my documents (so far) in a pile on the kitchen table, waiting for the day when I can fire up TurboTax and get this done. It usually only takes me an hour or two once I get everything together. I'm sure I will be ready to go in a couple of weeks, at most.

Looking forward to it this year, since I raised my estimated tax payments during 2013 due to cutting it too close during 2012. This year I might have a nice refund coming.
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Old 01-28-2014, 12:40 PM   #15
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Wow! Even my banks have not sent 1099s yet. I often end up doing an extension.

Ha
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Old 01-28-2014, 12:48 PM   #16
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I actually filled mine out without getting many of the forms. It is either already showing on the website or the previous CD statement shows the amount of interest received for the calendar year. One bank CDs are simple, it's zero. They only give you and credit you the interest received at maturity of CD, and none matured this year. They say if you are getting a big refund to do it early so the fraudsters can't beat you to the punch, and that is what I did. My return isn't overly complicated though either.
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Old 01-28-2014, 01:21 PM   #17
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This is what I love about Turbo Tax (or any of the other softwares). As my tax documents came in, I just added the info to my pending return. I'm waiting for 2 1099's and then I'm done and can file.
It's been a long time since I had to keep all of the darned papers in one place, then steel myself for the couple of hours of torture to complete the returns.
+1 Thanks to this FIRE site, I got up the nerve to dump my accountant's $750 tax prep fee and go to TT. Amazingly less mysterious than I've been led to believe all my life!

I do it the same as you: I've been going online and downloading/importing them as soon as they are available. 1 more 1099 and 2 K1's and I'm done.
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Old 01-28-2014, 02:11 PM   #18
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Originally Posted by F4mandolin View Post
I guess I am more just curious about the foreign tax credit. When going through TurboTax (which I might add tried to insist I needed the Premier version) it asks if I have a foreign account (my wife has a chequing account in her name UK). Yes. Is it under $10K....yes. It never asks me how much it is though.....and then the $45 tax credit. I have $44.92 from Vanguard Total Stock for foreign tax.....but I don't think that is it. Or is it?
I'm afraid I can't help you there. The wonderful world of foreign tax credits when living in another country and filing both in that country and the USA is still in my future. Good luck
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Old 01-28-2014, 02:21 PM   #19
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Originally Posted by F4mandolin View Post
I guess I am more just curious about the foreign tax credit. When going through TurboTax (which I might add tried to insist I needed the Premier version) it asks if I have a foreign account (my wife has a chequing account in her name UK). Yes. Is it under $10K....yes. It never asks me how much it is though.....and then the $45 tax credit. I have $44.92 from Vanguard Total Stock for foreign tax.....but I don't think that is it. Or is it?
I'm guessing it is. Trying removing the 44.92 from the VG TSM 1099 and see what happens.
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Old 01-28-2014, 03:25 PM   #20
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I'm waiting for the February sales on TT to come. Want to get a deal on some extra software or a rebate on the TT software itself.

Then wait until early March to actually get serious as it seems to take that long for every fund, bank, etc to get their web download info accessible.
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