I Actually Enjoy Doing My Tax Returns…

[RunningBum]

I'm not getting SS yet so no SSA-1099, but VG made their 1099-R and 1099-CONS available for people in "Group 1" available already. I also got all of my expected 1099-INTs from banks, including CD holders. 1095A also came, for ACA marketplace info. I made a list earlier in the month of all expected statements, and all arrived or I have determined I won't be getting one from them.

Not sure what differentiates Group 1 from 2 or 3. Maybe foreign holdings, and investments like REITs that might need schedule K or whatever it's called.

 

[audreyh1]

How are you all doing your taxes so soon? You don't have any 1099-R's or SSA-1099's or other items that don't come out until the last day of January? I know some things get sent before the due date, but generally, I've never received any of those forms before the end of January. Then there's other things like brokerage statements that don't tend to come until February. You have none of these?

We download almost all of our data into TurboTax and that info is usually not available until mid-Feb at the earliest. Sometimes not until March.

Bank INT-1099s are just now coming in. The brokerage forms are by far the bulk of our income.

 

[djsander]

How are you all doing your taxes so soon? You don't have any 1099-R's or SSA-1099's or other items that don't come out until the last day of January? I know some things get sent before the due date, but generally, I've never received any of those forms before the end of January. Then there's other things like brokerage statements that don't tend to come until February. You have none of these?

We have our 1099-R’s, wifes SSA-1099, we have a few bank 1099s that won’t get until end of month, but input that info from the end of year bank statement, most everything is inputted but a couple of odd and things. My Fido brokerage statement was available on the 21st.

 

[Midpack]

I'm not getting SS yet so no SSA-1099, but VG made their 1099-R and 1099-CONS available for people in "Group 1" available already. I also got all of my expected 1099-INTs from banks, including CD holders. 1095A also came, for ACA marketplace info. I made a list earlier in the month of all expected statements, and all arrived or I have determined I won't be getting one from them.

Not sure what differentiates Group 1 from 2 or 3. Maybe foreign holdings, and investments like REITs that might need schedule K or whatever it's called.

I got my Vanguard 1099R and a 1099INT over a week ago. I got my consolidated statement various 1099's and other details from Vanguard yesterday. The only big doc I haven't gotten yet is Ally, they say month end. I am not on SS yet. So between all that and the records I keep, I was able to do my Fed and state returns yesterday, though 3 forms are still DO NOT FILE in TT. And I'll wait and double check everything over the next few weeks, no big rush. Just nice to have most if not all the answers already. Earlier than last year by far.

 

[scrabbler1]

How are you all doing your taxes so soon? You don't have any 1099-R's or SSA-1099's or other items that don't come out until the last day of January? I know some things get sent before the due date, but generally, I've never received any of those forms before the end of January. Then there's other things like brokerage statements that don't tend to come until February. You have none of these?

I mentioned earlier that I do the tax returns for 3 other people and me. Two are wage earners, so while I wait for their W2 forms to arrive, I can use their final 2022 pay stubs which include the same data (and act as a check on the correctness of the subsequent W2 forms). Three of us have investments, so I can use the year-end brokerage statements which contain much, but not all of the data I will need for their tax returns.

The 1099R forms 2 of us will need for their tax returns are already out, at least in electronic form. My dad's 1099-SSA form got mailed to him a few weeks ago. Not needing 1098 forms which are used for home mortgage interest and sometimes property taxes (due to bigger standard deduction) is helpful. I received my 1095A form a few days ago, so that eliminates an obstacle to filing my own taxes.

I still need some 1099 forms which show qualified dividends and nondividend distributions. But by now I have most of what I will need to complete the 8 tax returns.

 

[MarieIG]

How are you all doing your taxes so soon? You don't have any 1099-R's or SSA-1099's or other items that don't come out until the last day of January? I know some things get sent before the due date, but generally, I've never received any of those forms before the end of January. Then there's other things like brokerage statements that don't tend to come until February. You have none of these?

No, I don't have all mine yet. I did see Vanguard was uploaded for me on Monday.

 

[MC Rider]

I don't like doing taxes, it is a big PITA. Tried an accountant a time or 2, very expensive. Have used HRB online and spring for a pro to review it after I am done. 2022 is the last year being self employed so future returns will hopefully be easier.

 

[pirsquared]

I enjoy it! I do it all on paper first and then enter everything into the IRS Free Fillable Forms. It is the closest way to doing it on paper, but faster and more reliable.

 

[SecondCor521]

I'm in a holding pattern. I made a list of all the documents needed to do six family returns. At the moment I've only received 11 of 35.

 

[TheWizard]

I won’t say I enjoy it, but I sure don’t mind it and I certainly wouldn’t pay someone to do it. I think it’s important to do your own. No one knows you like you and it’s good to understand the areas of the tax code that impact you.

Well stated.
I'll do my '22 taxes when I get home in a few weeks.
I would say that I'm usually PLEASED to see that my projections, etc worked out about as I expected...

 

[FLSUnFIRE]

I enjoy doing taxes in the sense that I'm a bit of a numbers nerd and as some have said, it's solving a puzzle; but overall its a negative as on a philosophical/political level I have many issues with our taxation scheme and the unnecessary complexity*. I also really enjoy paying bills. It feels good to liquidate an obligation. My ex, when we first started dating, thought that odd but I pointed out the "loss" was incurred when I took on the expense and made the decision to spend and I get more joy out of the freedom of not owing someone. She actually saw that and came around to "enjoying" paying her bills too.


*Now that I just finished my first full tax year as a FIREe it is somewhat fun to be on the other side of the equation and be paying negative taxes this year and I'm looking forward to my refundable tax credit hitting my bank account -as soon as my last 1099 gets sent to me! That said, I still dislike our overly complicated tax code catering to a myriad of special interests. Unfortunately, this fun will only last a few years before SEPPs start/tax code changes and I get bumped up a few brackets.

 

[grasshopper]

My spreadsheet and TT were only off by $2 this year. Blamed it on a 199a and qualified dividends.

I'll review after coffee and file today.

I do have an estimated tax payment not showing in IRS.gov. I pay as you go and made a payment for Ms G's roth conversion in her name, and SS#.

 

[mrfeh]

I kind of enjoying doing our taxes...most years. An LLC membership made things more complicated for about 10 years; trying to determine numbers for something of which you have a tenuous understanding isn't much fun. It was a nightmare the year the LLC was sold; I had to hire a professional to handle taxes that year.

Our return should be very, very simple this year, and I am looking forward to preparing it, especially since our federal taxes owed should be very close to $0 for the first time.

 

[teej1985]

I enjoy doing taxes in the sense that I'm a bit of a numbers nerd and as some have said, it's solving a puzzle; but overall its a negative as on a philosophical/political level I have many issues with our taxation scheme and the unnecessary complexity*. I also really enjoy paying bills. It feels good to liquidate an obligation. My ex, when we first started dating, thought that odd but I pointed out the "loss" was incurred when I took on the expense and made the decision to spend and I get more joy out of the freedom of not owing someone. She actually saw that and came around to "enjoying" paying her bills too.


*Now that I just finished my first full tax year as a FIREe it is somewhat fun to be on the other side of the equation and be paying negative taxes this year and I'm looking forward to my refundable tax credit hitting my bank account -as soon as my last 1099 gets sent to me! That said, I still dislike our overly complicated tax code catering to a myriad of special interests. Unfortunately, this fun will only last a few years before SEPPs start/tax code changes and I get bumped up a few brackets.

What refundable tax credit are you getting?

 

[latexman]

Enjoy? No, but I don't hate doing taxes either. I do ours using TurboTax. I taught all 5 kids to do their taxes on TT while they were home. I've always bought the 5 free U.S. e-file Deluxe version, and now the kids come over at tax time to use it. Years ago, I would have never guessed the family would bond over taxes!

 

[FLSUnFIRE]

What refundable tax credit are you getting?

ACA Premium Tax Credit

 

[foxfirev5]

I really don't mind doing my paper tax forms each year. Since it's about the same each year I see no need for my free Fido TurboTax offer. A simple 1040. Just SS, pension, Roth conversions form 8606 , and brokerage interest and dividends schedule B and schedule1. HSA form 8889 only on the years I take w/d's.

As a matter of fact my tax spreadsheet goes out to 2025 for rough planning. The only area of discomfort is logging onto IRS.gov and making the E payment. I have bit of a mental quirk and must be sure my withholding is as close to 90.1% as possible.

 

[Walt34]

I've always bought the 5 free U.S. e-file Deluxe version, and now the kids come over at tax time to use it. Years ago, I would have never guessed the family would bond over taxes!

Oh my gosh, don't let any of the politicians know about that, lest they think tax complexity is a good thing since it cures social ills by family bonding!

Back on topic, I have received my 1099's from Vanguard and SS but I still need a few more. They don't usually arrive until mid-February or thereabouts.

 

[SecondCor521]

*Now that I just finished my first full tax year as a FIREe it is somewhat fun to be on the other side of the equation and be paying negative taxes this year and I'm looking forward to my refundable tax credit hitting my bank account -as soon as my last 1099 gets sent to me! That said, I still dislike our overly complicated tax code catering to a myriad of special interests. Unfortunately, this fun will only last a few years before SEPPs start/tax code changes and I get bumped up a few brackets.

You probably already know this, but you might have an opportunity to optimize your taxes a bit.

The broad idea is that filling some of your lower bracket now can reduce the amount of taxes paid in higher brackets later.

If you're getting a refund this year, you may not be realizing enough income.

Roth conversions and/or realizing capital gains are probably the most common ways to do this.

 

[iloveyoga]

I just efiled our taxes and we came within a few hundred dollars overall with what we owed.

 

[grasshopper]

The stars were in alignment, E-Filed at 3:29, accepted 3:55. Flip me over I am done.

 

[Dawg52]

I put it off until mid March. Can't get fired up about tax returns.

 

[CincyDave]

I hate doing taxes and generally put it off to the last moment. Probably because I owe every year.

 

[RobbieB]

Out here in San Joaquin County, we have a "flood" extension, not due until May 15 -

 

[ownyourfuture]

I also enjoy doing my taxes. I suppose I should thank Fidelity. Late in 2000, they sent me a free copy of TurboTax. Was somewhat leery, but gave it a try.
It was somewhat challenging certain years MLP - K-1 entry, options, etc. but never had a problem.

Another reason is that I consolidated so many of my investment accounts at Fidelity & can simply download all the info into the return.