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02-24-2020, 09:30 AM
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#81
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,000
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Quote:
Originally Posted by Sunset
Either way the IRS will reject the second tax return, and that's how you know it happened..
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And why you might want to file early rather than late...
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Numbers is hard
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02-24-2020, 09:54 AM
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#82
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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: 37,931
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Quote:
Originally Posted by pb4uski
Like the old Fram oil filter commercial.... pay me now or pay me later.
I'd much rather be underwithheld and owe than be due a refund.... especially with identy theft... thieves can't steal taxes due.
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Same here. Someone might steal my identity and mess up my taxes, but at least I won’t be sitting around waiting a long time for my refund.
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Retired since summer 1999.
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02-24-2020, 10:00 AM
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#83
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Thinks s/he gets paid by the post
Join Date: Dec 2018
Location: DuPage County IL
Posts: 2,697
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Quote:
Originally Posted by Sunset
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lololol
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02-24-2020, 11:16 AM
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#84
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gone traveling
Join Date: Dec 2015
Location: Berkeley, Denver, CO, USA
Posts: 1,406
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I don't fret.
I do spend a lot of time reading about money. But, I am a nerd.
I do smile when the market goes up and frown when it goes down. Up is better.
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02-24-2020, 12:19 PM
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#85
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,201
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Quote:
Originally Posted by Carple Tunnal
All that is needed to make online payments to IRS on your behalf is your name, SSN, and address used to file in a previous year. Although I have had not had this happen, I like to protect my information, just in case.
I also try to avoid being owed a refund. Even my checking account earns better interest than letting the IRS hold it.
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I figure if my withholdings are about the same as I owe or even a tad less that someone filing a fradulent return and getting a refund is their problem, not mine. I'll pay them all that I owe them but if they pay money to some fraudster that is not my problem.
OTOH if they have much more than I owe and they pay some fraudster money, then I'll likely have trouble getting any refund back.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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02-24-2020, 12:51 PM
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#86
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Thinks s/he gets paid by the post
Join Date: Oct 2015
Posts: 2,301
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Quote:
Originally Posted by dtbach
OK, I don't like paying taxes anymore than the next guy. But I don't have a lot of leeway about it as most of my income is pension, stock and mutual fund dividends and capital gains and IRA distributions.
I have an AGI of approx. $150K. I could work that down to $85K and save a couple of grand in taxes or so but why? I like living on $150K and could probably go to $175K.
I don't let the tax tail wag my income dog.
I know Robbie is probably with me, but who else might be??
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I'm with you. Unlike so many, who are willing to go to extraordinary lengths in order to avoid paying taxes, I do accept that the amazing array of services our various government entities provide (military, emergency services, roads, etc etc etc) actually comes at a cost, and that taxes are necessary. Yes, we could debate endlessly about how our politicians mismanage or misallocate the money and how much waste there might be, but truth be told, most system work pretty well and are worth paying taxes for.
Now, don't get me wrong, I do try to limit the amount of taxes I pay within the context of what is allowed by the law, but in the end, I'm fine paying my share.
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02-24-2020, 02:30 PM
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#87
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Full time employment: Posting here.
Join Date: Mar 2010
Posts: 889
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Quote:
Originally Posted by dtbach
I don't let the tax tail wag my income dog.
I know Robbie is probably with me, but who else might be??
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I keep my investments in my taxable account really simple. So, its still painful every April, but there is nothing I can do about it anyway.
I use Vanguard ETFs VYM and VYMI for Vanguard High Div Yield US/Ex-US. These two funds exclude REITs, so they are like 99% qualified dividends. I also don't need to sell anything to re-balance them (target AA is 50/50 split) as I have excess w-2 income every month still and both ETFs are designed to throw off "large" dividends (like 3% and 4% respectively). I simply re-balance with new money.
I've also got 18+ years and counting vested in a pension, a 401k and a Roth IRA. The 401k is in a global balanced fund and the Roth IRA is in Vanguard Managed Payout fund.
I live off about 50% of my w-2 income. So, taxes suck. I'm 43. If I retire early I will have a window of time where I have low taxes until I get to age 60+ and start using the pension. At that point my taxes will suck once more.
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02-25-2020, 09:09 PM
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#88
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Dryer sheet aficionado
Join Date: Mar 2017
Posts: 34
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Quote:
Originally Posted by euro
I'm with you. Unlike so many, who are willing to go to extraordinary lengths in order to avoid paying taxes, I do accept that the amazing array of services our various government entities provide (military, emergency services, roads, etc etc etc) actually comes at a cost, and that taxes are necessary. Yes, we could debate endlessly about how our politicians mismanage or misallocate the money and how much waste there might be, but truth be told, most system work pretty well and are worth paying taxes for.
Now, don't get me wrong, I do try to limit the amount of taxes I pay within the context of what is allowed by the law, but in the end, I'm fine paying my share.
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Well said. I have relatives that draw very generous federal pensions, receive great health care, enjoy the roads/military protection/emergency services you mention, etc., etc., and act as though they are getting screwed every time they pay a penny in taxes. I don’t get it.
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02-25-2020, 09:19 PM
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#89
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Dryer sheet aficionado
Join Date: Mar 2017
Posts: 34
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Quote:
Originally Posted by euro
I'm with you. Unlike so many, who are willing to go to extraordinary lengths in order to avoid paying taxes, I do accept that the amazing array of services our various government entities provide (military, emergency services, roads, etc etc etc) actually comes at a cost, and that taxes are necessary. Yes, we could debate endlessly about how our politicians mismanage or misallocate the money and how much waste there might be, but truth be told, most system work pretty well and are worth paying taxes for.
Now, don't get me wrong, I do try to limit the amount of taxes I pay within the context of what is allowed by the law, but in the end, I'm fine paying my share.
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Well said. I have relatives that draw very generous federal pensions, receive great health care, enjoy the roads/military protection/emergency services you mention, etc., etc., and act as though they are getting screwed every time they pay a penny in taxes. I don’t get it.
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02-25-2020, 09:27 PM
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#90
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Full time employment: Posting here.
Join Date: Feb 2018
Location: An Un-Organized Township of Maine
Posts: 801
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Quote:
Originally Posted by DCdave
Well said. I have relatives that draw very generous federal pensions, receive great health care, enjoy the roads/military protection/emergency services you mention, etc., etc., and act as though they are getting screwed every time they pay a penny in taxes. I don’t get it.
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I served 20+ years in the US Navy, I am retired from the Navy and I recieve a full military pension.
With the recent increase in Minimum-Wage, I am paid a bit less than if I were flipping burgers fulltime.
My wife working for a federal agency [DeCA] until she qualified for their pension. She gets $200/month.
Together our Gross income is not enough to begin to pay Income Taxes.
Our healthcare coverage is great, no problems there.
__________________
Retired at 42 and I have been enjoying retirement for 18 years [so far].
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02-25-2020, 09:39 PM
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#91
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Thinks s/he gets paid by the post
Join Date: Dec 2018
Location: DuPage County IL
Posts: 2,697
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Quote:
Originally Posted by DCdave
Well said. I have relatives that draw very generous federal pensions, receive great health care, enjoy the roads/military protection/emergency services you mention, etc., etc., and act as though they are getting screwed every time they pay a penny in taxes. I don’t get it.
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i think the reason is that many (most?) people have come to take for granted the various services you mentioned that we all enjoy. they've always been there and always will. that is conflated with the absolute waste and corruption that seems to be pervasive in all levels of govt. of course corrupt politicians have been around ever since politicians were invented and every generation likely thinks that their corrupt politicians are the worst ever. plus griping is a time-honored American pastime.
__________________
Rich
Ham Radio, Sport Pilot, RVer
FIRE: 8/11/2005, age 55y,1d
Dispatcher, then shift supv, then administrator for a regional 9-1-1 call center
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02-26-2020, 10:04 AM
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#92
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Recycles dryer sheets
Join Date: Nov 2011
Posts: 69
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Good thread. I thought we were in the minority with not going the complete tax optimization route after hearing so much about it here. I learned a lot on this forum about Roth conversions, yet we decided not to do conversions. We do use ACA coverage. No kids.
I recently had this discussion with DH. He is 11 yrs and I'm 16 yrs to FRA (67). Our discussion was along the lines of paying taxes on untaxed earnings is expected, no surprises there, i.e., paying a deferred tax is "business as usual". Our retirement savings is about 44% taxable, 53% tax-deferred and 3% Roth.
We also discussed a desire not to "fret" the SS age and take the money when available at 62 while we can. We retired 12 years ago not taking SS into account (assumed it wasn't guaranteed by our retirement date). We treat it as "found" money, along with our pensions.
__________________
~Michele
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