2016 Income Tax Status

[Alan]

It's like contribution to IRA in USA, you must have income to contribute. HMRC withheld just income tax on that amount we withdrew. But we paid NI separately for years to get UK SS pension.

I was talking about my UK private pension, I'm not old enough yet to start drawing my UK SS (aka OAP) to which I continue to pay voluntary NI contributions. If the taxation agreement states that the UK is the primary taxation authority then claiming the tax back using IRS form 1116 should work, and the creation of the substitute 1099-R should provide a documentation trail of the source of income. (I'm not certain where the U.K. OAP should be reported on the 1040 as I've never had to do it)

 

[Fedup]

I was talking about my UK private pension, I'm not old enough yet to start drawing my UK SS (aka OAP) to which I continue to pay voluntary NI contributions. If the taxation agreement states that the UK is the primary taxation authority then claiming the tax back using IRS form 1116 should work, and the creation of the substitute 1099-R should provide a documentation trail of the source of income. (I'm not certain where the U.K. OAP should be reported on the 1040 as I've never had to do it)

1040 form, it could be line 16 or 21.

 

[redduck]

I went to my CPA today. Turns out that California owes me $11.00

 

[MRG]

Our new CPA called. We owe $750! Oh my, I had a nightmare all dreamed up of all the stuff that could be wrong.

 

[RobbieB]

I got the last 1099, I'm in the home stretch!

Looks like I estimated the state pretty good this year, but blew the fed big time. Kinda forgot about the big solar tax credit and sent them way too much dough back in January.

Oh well, it won't be gone long and banks pay little interest.

 

[Fedup]

I redid my tax today, instead of claiming Foreign tax Credit, I claimed it as deductions on my schedule A for the tax amount that the UK HRMC withheld last year. The result is I get more tax back. I thought I would get more with Foreign tax credit. Less complication and more money. What's not to like. Almost done. Now I need to check a few things, hope to get it done before my trip for spring break. But I won't mail them until I get back from my trip.

 

[Gumby]

Got my refund check in the mail yesterday. Mailed my return in on 2/15.

 

[bingybear]

Got my 1099's in February and filled out the taxes. Sent the Fed's in yesterday... I wanted to give some time to get revised 1099... haven't seen any yet. I'll mail the state's tomorrow as I couldn't see paying $25 for state efile. I think we'll walk into the city's offices and have them fill ours out. No, they are not difficult, but I want to see if I can get an exemption from filling ever again. Unless I do something to get K-1 forms, go back to work or own rentals... I should not have anything taxed by the city.

refunds applied to next years taxes... have to do estimated payments.

 

[Lakedog]

Mailed return 2/14 and received direct deposit of the very small refund on 3/6.

 

[LOL!]

Yesterday I just got my 2015 tax situation finished off. NY state finally agreed that I had filled out my state income tax return correctly and that I did not owe them any taxes.

 

[gerntz]

Filed Saturday. Got LLC K-1's Tuesday, finished Wednesday & reviewed everything Friday. We didn't make as much from the LLC as I'd predicted, so grossly overpaid taxes and under withdrew from IRA's. Not the end of world. Did find $500 worth of deductions I'd missed in the review.

 

[RobbieB]

All done. E-filed both and paid the twenty five bucks for State. Feds accepted return one hour after file. Pin and driver license number and issue and expiration dates given. Gonna be hard to hack me.

Let the state keep all the dough and the feds keep half the dough. Estimated payments here too.

Now drinking rum & coke -

 

[CardsFan]

Thought I was done. Paid the state $9, got $1,800 back from the feds. First year in retirement so I am still trying to figure out what I need to have withheld from withdrawals.

BUT, since I did work for Megacorp for a few weeks in 2016, I also had W-2 income, and just got a W-2c. How a freaking MegaCorp with 52,000 employees can screw up w-2's 2 years in a row is beyond me. In 2015 I was still working, so the word got out not to file until the correction came out. For 2016, I had no warning, so I filed.

Now I need to file both state and federal amended returns, but hey, I get a total of $8 back!!

A royal PIA.

OK. Rant over.

 

[RobbieB]

State just accepted e-file.

Done -

 

[Fedup]

Just sent in one of my kid's tax return. Waiting for kid #1 to come back from vacation to do hers. I've done mostly mine, except I need to check on Vanguard's 1099- Brokerage. I'm getting tax back, so not in a hurry. I mean I won't get into trouble for not doing it on time. But this week I have a piano midterm, so all my energy is going there.

My kid just got her tax return a few days ago. So about 20 days.

 

[gerntz]

All done. E-filed both and paid the twenty five bucks for State. Feds accepted return one hour after file. Pin and driver license number and issue and expiration dates given. Gonna be hard to hack me.

Let the state keep all the dough and the feds keep half the dough. Estimated payments here too.

Now drinking rum & coke -

haven't made an estimated payment yet since retiring 5 years ago. Wouldn't help since I can't estimate income very well.

 

[RobbieB]

I'm learning. I hit the state within 10%, way off on the feds.

But hey, I'm new at this and still learning -

 

[Sunset]

haven't made an estimated payment yet since retiring 5 years ago. Wouldn't help since I can't estimate income very well.

I just pay what I paid in taxes the previous year, split evenly 4 times.

That way I won't pay a penalty, which is what happened the first year I tried to estimate it, and of course was wrong...

 

[FIREd]

E-filed on 3/13. I received my CA refund pretty quickly (direct deposit). But I have yet to receive my Federal and AL refunds. I am not too surprised about AL taking its sweet time, but it seems like I usually get my Fed refund faster.

 

[Bir48die]

Finished mine on Sunday. Had K-1's dwindling in as normal. 2016 is the last year that I had any work income (3 months part time and a bonus from 2015). 2017 will be my first full year to have just retirement/investment income.

They taxed my Deferred Comp check at 40% so left me with $6,600 back from the Feds and owe state $180. I am dropping off a new W4 to lower my withholding on my check next month.

 

[lem1955]

I filed Federal, Vermont and California tax returns March 23rd using Turbo Tax Premier. All were received and accepted within a few hours. This was my first year entirely retired. I made sure I had withholdings from my IRA distributions equal to 104% of 2015 Federal taxes, so although I underestimated Federal taxes by about $2700 I shouldn't be fined. I had set aside $3400 in an account to pay additional taxes. Glad I had done that. I owe a small amount to Vermont too, but expect a large refund from California.
Last year, after I completed my tax return using Turbo Tax I took it to a CPA and asked for advice, suggestions, pointing out errors. I was pleased to learn I had done a pretty good job. There were a few suggestions that helped get state income distributed more accurately between the states and probably reduced my tax in 2016. It was a pricey lesson but enabled me to feel more confident continuing to do my taxes myself.

 

[audreyh1]

Fidelity finally got their foreign source info posted on a Monday 3/27, way later than usual! We submitted our return the next day. Accepted, no problems.

They required lots of driver's license details for verification. It's getting tougher for the fakers.

We owe this time, so no refund tracking - actually we always apply any refund to next year estimated taxes if it's less than one quarter payment.

 

[GrayHare]

Still getting corrected statements here. "File early, file often."

 

[Dash man]

Just paid my first ever quarterly tax for 2017 year...ugh!

 

[Fedup]

I've finished my 2016. Now on the the checking phase. I should be able to mail Monday. Keep my fingers crossed.