Join Early Retirement Today
View Poll Results: Are Your Taxes Done and Submitted?
Yes 132 74.58%
No 44 24.86%
Not Applicable - not required to file 1 0.56%
Voters: 177. You may not vote on this poll

Reply
 
Thread Tools Search this Thread Display Modes
Old 04-11-2018, 09:08 AM   #41
Thinks s/he gets paid by the post
Cobra9777's Avatar
 
Join Date: Jul 2012
Location: Texas
Posts: 2,383
TurboTax has been more-or-less complete for a while. Still a few numbers I need to research and double-check. We sold a rental house last year, so it's more complicated than usual. Also, we owe money, so I'm not in a big hurry. I'm also remodeling the master bath and I don't want to stop the momentum on that project. So I might file for an extension, pay what I think I owe, and finalize the return later.
__________________
Retired at 52 in July 2013. On to better things...
AA: 55% stock, 15% real estate, 27% bonds, 3% cash
WR: 2.7% SI: 2 pensions, some rental income, SS later
Cobra9777 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 04-11-2018, 09:34 AM   #42
Recycles dryer sheets
 
Join Date: Dec 2017
Posts: 150
Done at least six weeks ago. Received a large refund from federal. At the last minute in December, we set up a donor advised fund and made a large for us charitable contribution since we will be claiming the standard deduction from now on.
samcat is offline   Reply With Quote
Old 04-11-2018, 11:50 AM   #43
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 30,110
Quote:
Originally Posted by CitizenK View Post
I completed everything in Turbo Tax in February, but haven't filed yet. I prepaid 2018 property taxes in December, and have been hoping for an unambiguous clarification as to whether they are deductable on my 2017 filing. At this point, I don't think anything further will be coming from the IRS, so I'm going to file in the next day or so, and amend later if necessary.
There was an unambiguous clarification as to whether they are deductible on your 2017 return.... in most cases prepaid property taxes are not deductible.

https://www.irs.gov/newsroom/irs-adv...d-paid-in-2017
__________________
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
pb4uski is online now   Reply With Quote
Old 04-11-2018, 11:53 AM   #44
Recycles dryer sheets
 
Join Date: Dec 2017
Posts: 150
Quote:
Originally Posted by pb4uski View Post
There was an unambiguous clarification as to whether they are deductible on your 2017 return.... in most cases prepaid property taxes are not deductible.
Actually, I bet in a lot of cases, they are deductible. As long as the taxing agency has billed them, you can pay them in 2017 and deduct them in 2017. In California, we get a tax bill in November. 50% is due in November and 50% is due in April the following year. If all was paid before the end of 2017, they are all deductible.
samcat is offline   Reply With Quote
Old 04-11-2018, 11:57 AM   #45
Thinks s/he gets paid by the post
jollystomper's Avatar
 
Join Date: Apr 2012
Posts: 3,873
Done but not yet submitted. I get my taxes done as soon as the various w2 and financial statements become available, usually by mid-February. However, depending on if I have to pay or get a refund determines how quickly I'll fine. This year I have a net payment (pay to Federal is greater than refund from state), so I will submit both and mail in the Federal payment Friday.
__________________
FIREd date: June 26, 2018 - wwwwwwhat a rush!
jollystomper is offline   Reply With Quote
Old 04-11-2018, 11:59 AM   #46
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 30,110
Quote:
Originally Posted by samcat View Post
Actually, I bet in a lot of cases, they are deductible. As long as the taxing agency has billed them, you can pay them in 2017 and deduct them in 2017. In California, we get a tax bill in November. 50% is due in November and 50% is due in April the following year. If all was paid before the end of 2017, they are all deductible.
I agree on the situation that you describe... it has been assessed in 2017 and is similar to the first example. I think that CitizenK is referring to a situation more like the second example... like if in 2017 you paid not only the amount due in April 2018 but also, on the come, estimates of the amounts due in November 2018 and April 2019 and expected to be able to deduct them all in 2017.
__________________
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
pb4uski is online now   Reply With Quote
Old 04-11-2018, 12:09 PM   #47
gone traveling
 
Join Date: Apr 2011
Posts: 3,375
Waiting till Friday to sent state my check.
gerntz is offline   Reply With Quote
Old 04-11-2018, 12:14 PM   #48
Recycles dryer sheets
CitizenK's Avatar
 
Join Date: Jan 2012
Posts: 63
Quote:
Originally Posted by pb4uski View Post
There was an unambiguous clarification as to whether they are deductible on your 2017 return.... in most cases prepaid property taxes are not deductible.
From my research, there are quite a few accountants and lawmakers that didn't consider the IRS Guidance from December 2017 to be the final word. (I realize that I'm seeking conformational bias that my prepayment might be deductible.)

Some in congress and state legislatures have been pressing the IRS to further clarify.

Lawmakers seek IRS property tax deduction Daily Tax Tip clarification

The Hot Debate: Can You Deduct Prepaid Property Taxes?

Minnesota property-tax prepayers who gambled on 2017 deduction sit in limbo

In Illinois, the Treasury department OK'd deduction of prepaid property taxes. This just happened a couple of weeks ago. llinois taxpayers who prepaid property taxes can take IRS deduction

These articles are all fairly recent, so I guess I was hoping that this would play out before the filing deadline.
CitizenK is offline   Reply With Quote
Old 04-11-2018, 12:26 PM   #49
Thinks s/he gets paid by the post
Just_Steve's Avatar
 
Join Date: Apr 2016
Location: Dutchess County
Posts: 1,600
Done, put the check for the feds in the mail today.
Just_Steve is offline   Reply With Quote
Old 04-11-2018, 12:29 PM   #50
Thinks s/he gets paid by the post
 
Join Date: Oct 2006
Posts: 4,628
Filed on paper in February. Got my refund (direct deposit) on March 5.
Independent is offline   Reply With Quote
Old 04-11-2018, 01:14 PM   #51
Recycles dryer sheets
Tallman4123's Avatar
 
Join Date: Aug 2014
Posts: 138
Not yet. Just got notice two days ago from my former employer that they screwed up the K-1 I received two weeks ago. Now waiting for corrected version. Irritating, but thankfully I hadn't filed yet.
__________________
"Doubt is not a pleasant condition, but certainty is absurd." Voltaire
Tallman4123 is offline   Reply With Quote
Old 04-11-2018, 01:28 PM   #52
Thinks s/he gets paid by the post
 
Join Date: Aug 2016
Location: Northern Virginia
Posts: 3,531
Quote:
Originally Posted by pb4uski View Post
I agree on the situation that you describe... it has been assessed in 2017 and is similar to the first example. I think that CitizenK is referring to a situation more like the second example... like if in 2017 you paid not only the amount due in April 2018 but also, on the come, estimates of the amounts due in November 2018 and April 2019 and expected to be able to deduct them all in 2017.
Taxes paid before assessment are probably not deductible. But had I paid them, I certainly would deduct them.
Montecfo is online now   Reply With Quote
Old 04-11-2018, 01:50 PM   #53
Recycles dryer sheets
Llep's Avatar
 
Join Date: May 2014
Posts: 64
Done, started Monday, took about two hours start to finish. Paid small amount (lowest in my entire life!).
__________________
“Ideally, yes”
Llep is online now   Reply With Quote
Old 04-11-2018, 03:28 PM   #54
Full time employment: Posting here.
 
Join Date: Dec 2015
Posts: 929
Nope - have a massive, 5-figure check to write due to a merger of a company who's stock we owned. Turns out that's a TAXABLE event. Not in a hurry to see TurboTax spin it's little slot machine dial..and spin..and spin..and spin...until it stops at a very large number.

Will write the largest Fed tax check we've EVER had this year.

Something to be said for not making "too much" money.
24601NoMore is offline   Reply With Quote
Old 04-11-2018, 03:32 PM   #55
Thinks s/he gets paid by the post
gcgang's Avatar
 
Join Date: Sep 2012
Posts: 1,368
I used to do my own taxes, had accounting and tax studies in Bizneyland. Got involved in an Oil&Gas partnership several years ago. Reporting for it was too much for me and TurboTax. Now I just put all tax related stuff in a file and send it to the CPA in March. Finalize it late summer.

One of the chores that I feel life is too short to get frustrated by. I gladly pay the CPA so I don't have to do it myself.
__________________
In theory, there's no difference between theory and practice. In practice, there is. YB
gcgang is offline   Reply With Quote
Old 04-11-2018, 03:36 PM   #56
Recycles dryer sheets
 
Join Date: Jan 2017
Location: Charlotte
Posts: 222
Yes, total Federal tax was $79 (not the refund, the tax)
bw5972 is offline   Reply With Quote
Old 04-11-2018, 04:36 PM   #57
Full time employment: Posting here.
 
Join Date: Oct 2016
Location: Pinetops
Posts: 521
I sent in amended returns yesterday morning as Congress didn't pass education and energy credits until late February. Thankfully, TT sent me an e-mail alerting me that we needed to do this.

Thus, Awaiting refund #2.
__________________
I

ER 12/15/2017
Now: Side Hustle(r) Extraordinaire
IMATERP is offline   Reply With Quote
Old 04-11-2018, 05:51 PM   #58
Thinks s/he gets paid by the post
Souschef's Avatar
 
Join Date: Dec 2015
Location: Santa Paula
Posts: 3,417
Done, e-filed, have large payments and estimated taxes set up through EFTPS and the CA FTB sites,
One of the big taxable events for me is my RMD! I will be doing a lot of QCD's this year as my RMD is going to be $14 K higher than last year
__________________
Retired Jan 2009 Have not looked back.
AA 60/35/5 considering SS and pensions a SP annuity
WR 2% with 2SS & 2 Pensions
Souschef is online now   Reply With Quote
Old 04-11-2018, 06:13 PM   #59
Thinks s/he gets paid by the post
 
Join Date: Jun 2017
Location: Western NC
Posts: 2,884
Extensions filed.

Since I always get corrected forms for my investments well after mid-April.
ncbill is offline   Reply With Quote
Old 04-11-2018, 08:28 PM   #60
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2003
Location: Kansas City
Posts: 7,905
Paid more in Fed and State taxes this year than my yearly expenses of ER twenty plus years ago. Over 70 1/2 - me and the tax folks are just the 'best of pals'.

heh heh heh -
unclemick is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Poll: What percentage of your total career commuting days was done in a car? jjquantz Other topics 38 05-12-2016 04:03 PM
Taxes, Taxes. Taxes mickeyd FIRE and Money 1 02-09-2008 01:18 PM
Done with your taxes yet? Niko FIRE and Money 28 01-02-2008 07:58 AM
Last week Coffee - This week donuts chinaco Other topics 23 05-20-2007 12:40 PM
Update week two of my 13 week sentence in Newark,NJ dumpster56 Life after FIRE 14 09-17-2006 03:44 PM

» Quick Links

 
All times are GMT -6. The time now is 02:33 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.