Poll - One Week to go, Are Your Taxes Done?

[Badger]

Finished a few weeks ago. For the past few years I just take it all in to the local library where AARP volunteers do them on their tax program. I can only take standard deduction and I pay by the quarter. This year I get a nice refund that I applied toward next years taxes. By 2019 when we both have to take RMD they should be pretty much the same from that year on and easier to project the following year.

Cheers!

 

[DrRoy]

E-filed in mid Feb. Refund from the feds, owed the state, net +. Adjusted my payments to balance better.

 

[ChiliPepr]

Mine are still at the accountant, I only got my K1 two weeks ago and that was only the estimate. I will not get the final K1 until September so I have to extend to October.

 

[Stormy Kromer]

I'm usually ready by late January but have to wait for a K-1 which never arrives til March 1st.


A lot of my income is long term capital gains, under the $77,500 threshold so I did well on the Federal return. The state of MN taxes capital gains as ordinary income so my state income tax is within 10% of what I pay in federal tax.


I'm a life long MN resident, 4th generation, but if I had to choose a place to retire I would take a very serious look at states without a personal income tax.

 

[Mdlerth]

Done, not submitted

Forms all filled out but since I have to send the Treasury a check, I wait until the last minute.

 

[scrabbler1]

I'm usually ready by late January but have to wait for a K-1 which never arrives til March 1st.


A lot of my income is long term capital gains, under the $77,500 threshold so I did well on the Federal return. The state of MN taxes capital gains as ordinary income so my state income tax is within 10% of what I pay in federal tax.


I'm a life long MN resident, 4th generation, but if I had to choose a place to retire I would take a very serious look at states without a personal income tax.

Since 2013, I have actually owed more in federal income tax than (NY) state income tax. This is due to a greater and greater share of my income coming from qualified dividends and LTCG being taxed at 0% at the federal level while being taxed as ordinary income at the state level. This is despite small tax cuts at the state level being phased in the last few years. I am not counting any ACA subsidy because I consider that a reduction in my HI premiums for budgetary purposes, not a tax reduction.

 

[copyright1997reloaded]

About half done, enough to know I'm writing an over 20K check to the federal government and who knows what to the state. That has curbed my enthusiasm to complete them, although I do know I need to have them done "enough" to get close on what I owe (and which will need to be paid by the normal April filing date) even if I do go for an extension. May the person(s) who came up with the Alternative Minimum Tax roast in .... (Pension + working + deferred income + large capital gain = AMT hell.)

I always get "corrected" forms around mid March, so although I can do some preliminary work, I can't file like some of the early birds here.

 

[JOHNNIE36]

Taxes done and e-filed two weeks ago. Problem! Yesterday I discovered a 199DIV form that I failed to take with me to the tax preparer. Just a few hundred dollars. My return indicates I have a refund coming of around $500. Getting ready to do an amended return. Think I'll do that myself as it will be pretty simple but won't submit it until my refund is received. Don't want to get that mixed in. Any thoughts?

 

[ShokWaveRider]

Done, No refund, I have to pay them... "As Usual". Not a lot, but enough.

 

[jfn111]

CPA had my taxes done in late Feb. Owed a little money to the Fed and got a larger refund from the State. (The joys of being self employed and getting the quarterly's correct).

 

[athena53]

Getting ready to do an amended return. Think I'll do that myself as it will be pretty simple but won't submit it until my refund is received. Don't want to get that mixed in. Any thoughts?

I agree- I had a similar problem last year (small correction which decreased my taxable income) and waited till the original returns were processed to file the Amended ones.

 

[FANOFJESUS]

Since 2013, I have actually owed more in federal income tax than (NY) state income tax. This is due to a greater and greater share of my income coming from qualified dividends and LTCG being taxed at 0% at the federal level while being taxed as ordinary income at the state level. This is despite small tax cuts at the state level being phased in the last few years. I am not counting any ACA subsidy because I consider that a reduction in my HI premiums for budgetary purposes, not a tax reduction.

I hear you my family has given a lot more money to the state than the Fed's over the years. But under my new investment plan I should be under $600 a year.

 

[SheitlQueen]

Mine aren't done yet. Got held up waiting for a K-1 form. Everything is at the accountant waiting for a final review. Hopefully will be finished soon! I've never had a return done so late before.

 

[pb4uski]

E-filed and accepted on Feb 16th. IRS pulled what I owed (low 4 figures) from my bank on Feb 20.

 

[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.

 

[Cobra9777]

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.

 

[samcat]

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.

 

[pb4uski]

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-ad...ductible-in-2017-if-assessed-and-paid-in-2017

 

[samcat]

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.

 

[jollystomper]

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.

 

[pb4uski]

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.

 

[gerntz]

Waiting till Friday to sent state my check.

 

[CitizenK]

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.

 

[Just_Steve]

Done, put the check for the feds in the mail today.

 

[Independent]

Filed on paper in February. Got my refund (direct deposit) on March 5.