View Poll Results: Are Your Taxes Done and Submitted?
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Yes
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132 |
74.58% |
No
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44 |
24.86% |
Not Applicable - not required to file
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1 |
0.56% |
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04-11-2018, 09:08 AM
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#41
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Thinks s/he gets paid by the post
Join Date: Jul 2012
Location: Texas
Posts: 3,024
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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: 85/15 WR: 2.7% SI: 2 pensions, SS later
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04-11-2018, 09:34 AM
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#42
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Recycles dryer sheets
Join Date: Dec 2017
Posts: 219
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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.
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04-11-2018, 11:50 AM
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#43
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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: 36,266
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Quote:
Originally Posted by CitizenK
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.
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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
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04-11-2018, 11:53 AM
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#44
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Recycles dryer sheets
Join Date: Dec 2017
Posts: 219
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Quote:
Originally Posted by pb4uski
There was an unambiguous clarification as to whether they are deductible on your 2017 return.... in most cases prepaid property taxes are not deductible.
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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.
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04-11-2018, 11:57 AM
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#45
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2012
Posts: 6,135
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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 - "This Happy Feeling, Going Round and Round!" (GQ)
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04-11-2018, 11:59 AM
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#46
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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: 36,266
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Quote:
Originally Posted by samcat
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.
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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
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04-11-2018, 12:09 PM
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#47
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gone traveling
Join Date: Apr 2011
Posts: 3,375
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Waiting till Friday to sent state my check.
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04-11-2018, 12:26 PM
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#49
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Thinks s/he gets paid by the post
Join Date: Apr 2016
Location: Dutchess County
Posts: 1,599
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Done, put the check for the feds in the mail today.
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04-11-2018, 12:29 PM
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#50
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Thinks s/he gets paid by the post
Join Date: Oct 2006
Posts: 4,629
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Filed on paper in February. Got my refund (direct deposit) on March 5.
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04-11-2018, 01:14 PM
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#51
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Recycles dryer sheets
Join Date: Aug 2014
Posts: 141
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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
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04-11-2018, 01:28 PM
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#52
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2016
Location: Northern Virginia
Posts: 7,546
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Quote:
Originally Posted by pb4uski
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.
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Taxes paid before assessment are probably not deductible. But had I paid them, I certainly would deduct them.
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04-11-2018, 01:50 PM
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#53
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Recycles dryer sheets
Join Date: May 2014
Posts: 64
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Done, started Monday, took about two hours start to finish. Paid small amount (lowest in my entire life!).
__________________
“Ideally, yes”
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04-11-2018, 03:28 PM
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#54
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Thinks s/he gets paid by the post
Join Date: Dec 2015
Posts: 1,166
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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.
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04-11-2018, 03:32 PM
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#55
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Thinks s/he gets paid by the post
Join Date: Sep 2012
Posts: 1,568
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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.
__________________
You know that suit they burying you in? Thar ain’t no pockets in that suit, boy.
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04-11-2018, 03:36 PM
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#56
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Recycles dryer sheets
Join Date: Jan 2017
Location: Charlotte
Posts: 222
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Yes, total Federal tax was $79 (not the refund, the tax)
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04-11-2018, 04:36 PM
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#57
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Full time employment: Posting here.
Join Date: Oct 2016
Location: Pinetops
Posts: 521
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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
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04-11-2018, 05:51 PM
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#58
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Thinks s/he gets paid by the post
Join Date: Dec 2015
Location: Santa Paula
Posts: 4,070
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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
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04-11-2018, 06:13 PM
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#59
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Thinks s/he gets paid by the post
Join Date: Jun 2017
Location: Western NC
Posts: 4,610
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Extensions filed.
Since I always get corrected forms for my investments well after mid-April.
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04-11-2018, 08:28 PM
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#60
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2003
Location: Kansas City
Posts: 7,968
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