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04-10-2017, 07:25 PM
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#281
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Thinks s/he gets paid by the post
Join Date: Mar 2005
Location: yonder
Posts: 2,851
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Quote:
Originally Posted by harley
I'm cranking! Downloaded TT today, and found my folder with all the paperwork. Nothing can stop me now!
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Maybe she can't stop you, but, perhaps slow you down?
__________________
When the people shall have nothing more to eat, they will eat the rich--philosopher Jean-Jacques Rousseau
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04-10-2017, 08:03 PM
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#282
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,490
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Quote:
Originally Posted by harley
I'm cranking! Downloaded TT today, and found my folder with all the paperwork. Nothing can stop me now!
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Great, you are on a roll! You'll feel so good when you don't have taxes hanging over your head any more (this year, anyway). Hope you don't have to pay too much.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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04-10-2017, 08:35 PM
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#283
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Recycles dryer sheets
Join Date: Aug 2009
Location: palm bay , FL
Posts: 121
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my personal experience is that paying my quarterly estimated taxes, that I exceeded total taxes paid in prior year, did not stop TT from saying I owed penalty for underpayment. i see a number of posters that think that will save you, i don't think its true. And it was true my income was much higher than the year before.
Anyone else with similar experience getting underpayment penalty?
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04-10-2017, 08:56 PM
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#284
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2016
Posts: 8,968
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Yeah, if you go too low you have to pay the penalty.
Been there and done that. The gov wants their dough when you make it, not after the fact.
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04-10-2017, 10:02 PM
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#285
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Thinks s/he gets paid by the post
Join Date: Mar 2013
Location: Coronado
Posts: 3,690
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Quote:
Originally Posted by perrytime
my personal experience is that paying my quarterly estimated taxes, that I exceeded total taxes paid in prior year, did not stop TT from saying I owed penalty for underpayment. i see a number of posters that think that will save you, i don't think its true. And it was true my income was much higher than the year before.
Anyone else with similar experience getting underpayment penalty?
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If your income is over $150K, then you need to pay 110% of the prior year's taxes to avoid the penalty. Otherwise, it's definitely the smaller of 100% of the prior year or 90% of the current year. That's straight out of the IRS instructions for form 2210, so if TTax is doing something else, that's a bug.
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04-10-2017, 10:55 PM
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#286
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Recycles dryer sheets
Join Date: Feb 2017
Location: San Antonio
Posts: 179
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Filed my taxes with Turbo on March 26, got refund March 31.
Filed Mother's taxes today, still awaiting Son's W-2s to file his.
Has anyone used Credit Karma for their taxes? Seem to see a lot of advertisements for them & H&R Block
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04-11-2017, 05:03 AM
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#287
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2009
Posts: 6,691
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One thing about owing the IRS I kinda like is that I know they received my return when I see the cleared check posted to my account a few days later. Both my federal and state returns had my checks posted that way a few weeks ago. My LF owed the Feds and her check I mailed out for her with her return last month got posted a few days later.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.
"I want my money working for me instead of me working for my money!"
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04-11-2017, 07:32 AM
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#288
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,117
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Quote:
Originally Posted by perrytime
my personal experience is that paying my quarterly estimated taxes, that I exceeded total taxes paid in prior year, did not stop TT from saying I owed penalty for underpayment. i see a number of posters that think that will save you, i don't think its true. And it was true my income was much higher than the year before.
Anyone else with similar experience getting underpayment penalty?
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Hmmm - if you made enough the prior year, you have to pay 110% of the prior year's taxes in equal quarterly estimated tax payments to reach safe harbor.
Is that the problem? Did Turbotax fill out form 2210 for you?
I have had years where the above safe harbor rule kept me from owing penalties, so it does work. And we always use Turbotax.
__________________
Retired since summer 1999.
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04-11-2017, 08:47 AM
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#289
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Posts: 5,208
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2016 Income Tax Status
My first full year in Canada for taxes and as I suspected, my tax burden is definitely higher here. I didn't expect my marginal tax rate to be over 29% since my income was quite modest, but healthcare is virtually free here and reading some of the ACA threads and understanding the related cost, paying extra taxes is not a bad trade off. Not bad at all.
Sent from my iPhone using Early Retirement Forum
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04-11-2017, 08:59 AM
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#290
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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I did my taxes a couple of months ago, saw that I owed money and a bit of penalty, no surprise here as I did none of this quarterly estimated tax thinggy, so sat on it until recently.
Last Sunday, fired up Taxact, and efiled. Somebody's computer sucked it all up, and an SMS went out to my phone saying the IRS accepted it. OK, now how about giving Uncle Sam the money I owed him?
Took several tries to pay through directpay.irs.gov. The Web site must be choking from all the money flowing in. I was able to use it just now to send money in.
OK, until next year...
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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04-11-2017, 10:09 AM
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#291
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Thinks s/he gets paid by the post
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 4,364
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Quote:
Originally Posted by harley
I'm cranking! Downloaded TT today, and found my folder with all the paperwork. Nothing can stop me now!
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What's the rush Harley? You still have a full week from today
__________________
The problem isn't artificial intelligence, it's natural stupidity.
You can't spend yourself to prosperity.
Semi-Retired 7/1/16: working part-time (60%) for now [4/24/17 changed to 80%]
Retired Aug 2, 2017; age 53
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04-11-2017, 10:24 AM
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#292
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Recycles dryer sheets
Join Date: May 2011
Location: Austin
Posts: 375
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Filed mine last night. Now I can relax the Easter weekend.
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04-11-2017, 10:26 AM
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#293
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Thinks s/he gets paid by the post
Join Date: Oct 2015
Posts: 2,314
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... says one procrastinator to another....
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04-11-2017, 10:41 AM
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#294
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2016
Posts: 8,968
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It's not that, in fact I diligently enter the info in TT as it arrives. Then I write TT and the date on the form and put it in the tax file. Some forms don't arrive until late March and the one that arrive early usually have "don't file early, corrected forms may be issued" warnings on them.
Just trying to avoid sending amended returns. Not worried about fraud either. The hackers would need my SSN, PIN, DL number and the issue and expiration dates.
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04-15-2017, 01:44 PM
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#295
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,317
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We usually get HR Block basic Federal program and use the state's free i file program. The family has four returns to file and I got the Block deluxe program for <$20 from Amazon thanks to a tip on this forum. I forgot that my DD has to file a second state return in VA since she moved mid year. The individual state return was $39 but it would not download on my antiquated laptop running Vista. The purchase confirmation email was missing any explicit instructions on how to actually obtain the file. Big kudos to HR Block for answering the phone immediately and staying on the line while they walked us through the download and install. Being unfamiliar with how VA does things it took awhile to figure out how to avoid being double taxed. The software was vague about some details but we eventually figured out how to keep her from getting double taxed.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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04-15-2017, 01:51 PM
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#296
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Gone but not forgotten
Join Date: Jul 2012
Location: Peru
Posts: 6,335
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Half hour with Tax Act Fed and State.. I don't think I even have to file any longer, but do so just in case. Guess I must be poor.
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04-15-2017, 02:26 PM
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#297
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Full time employment: Posting here.
Join Date: Mar 2011
Location: Mpls
Posts: 585
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I'm checking in with all of the tax procrastinators. I just finished mine up today.
Still using the Old School process. I started to use Turbo Tax a few years back. I think it was a free download from Vanguard. Decided I didn't want to answer questions for every possible income or tax deduction, when 90% of them do not pertain to me. (= I'm stubborn, and don't want to change.)
Some observations:
- They seem to make it harder each year to determine who to make the check out to, and where to send the returns hardcopy.
- I started maximizing our HSA contributions this year, and it made a big difference.
Feels good to be done. Might have a nice cold beer as a reward this evening.
Take care,
JP
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04-15-2017, 04:18 PM
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#298
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gone traveling
Join Date: Apr 2011
Posts: 3,375
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Quote:
Originally Posted by DrRoy
We ran the #'s in mid Feb when all the info was in. Used Turbotax Deluxe free from Fidelity. Owed $ so sat on it for a month. Filed in late March because we had a trip in early April and didn't want to forget, plus you get squat on cash these days.
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What? No identity theft? You were lucky.
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04-15-2017, 04:22 PM
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#299
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gone traveling
Join Date: Apr 2011
Posts: 3,375
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Quote:
Originally Posted by JP.mpls
I'm checking in with all of the tax procrastinators. I just finished mine up today.
Still using the Old School process. I started to use Turbo Tax a few years back. I think it was a free download from Vanguard. Decided I didn't want to answer questions for every possible income or tax deduction, when 90% of them do not pertain to me. (= I'm stubborn, and don't want to change.)
Some observations:
- They seem to make it harder each year to determine who to make the check out to, and where to send the returns hardcopy.
- I started maximizing our HSA contributions this year, and it made a big difference.
Feels good to be done. Might have a nice cold beer as a reward this evening.
Take care,
JP
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Over 90% of submissions are e filed.
Over 80% of returns get refunds.
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04-16-2017, 06:14 AM
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#300
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,117
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Quote:
Originally Posted by JP.mpls
I'm checking in with all of the tax procrastinators. I just finished mine up today.
Still using the Old School process. I started to use Turbo Tax a few years back. I think it was a free download from Vanguard. Decided I didn't want to answer questions for every possible income or tax deduction, when 90% of them do not pertain to me. (= I'm stubborn, and don't want to change.)
Some observations:
- They seem to make it harder each year to determine who to make the check out to, and where to send the returns hardcopy.
- I started maximizing our HSA contributions this year, and it made a big difference.
Feels good to be done. Might have a nice cold beer as a reward this evening.
Take care,
JP
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Isn't the check always made out to United States Treasury?
Now where to mail it may be changing.
__________________
Retired since summer 1999.
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