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View Poll Results: Are Your Taxes Done and Submitted?
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Old 04-11-2018, 09:08 AM   #41
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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.
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Old 04-11-2018, 09:34 AM   #42
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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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Old 04-11-2018, 11:50 AM   #43
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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
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Old 04-11-2018, 11:53 AM   #44
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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.
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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Old 04-11-2018, 11:57 AM   #45
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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.
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Old 04-11-2018, 11:59 AM   #46
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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.
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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Old 04-11-2018, 12:09 PM   #47
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Waiting till Friday to sent state my check.
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Old 04-11-2018, 12:14 PM   #48
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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.
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Old 04-11-2018, 12:26 PM   #49
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Done, put the check for the feds in the mail today.
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Old 04-11-2018, 12:29 PM   #50
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Filed on paper in February. Got my refund (direct deposit) on March 5.
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Old 04-11-2018, 01:14 PM   #51
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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.
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Old 04-11-2018, 01:28 PM   #52
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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.
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Old 04-11-2018, 01:50 PM   #53
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Done, started Monday, took about two hours start to finish. Paid small amount (lowest in my entire life!).
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Old 04-11-2018, 03:28 PM   #54
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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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Old 04-11-2018, 03:32 PM   #55
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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.
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Old 04-11-2018, 03:36 PM   #56
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Yes, total Federal tax was $79 (not the refund, the tax)
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Old 04-11-2018, 04:36 PM   #57
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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.
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Old 04-11-2018, 05:51 PM   #58
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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
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Old 04-11-2018, 06:13 PM   #59
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Extensions filed.

Since I always get corrected forms for my investments well after mid-April.
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Old 04-11-2018, 08:28 PM   #60
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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'.

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