It’s that time of year again: Tax Season. I’ve been using TURBOTAX for about 20 years. Some years the software is better than others. This Deluxe version for Tax Year 2016 installed quickly, looked for updates, and transferred my tax information from 2015. Inputing data was tedious (especially the Charitable Contributions which took me about 20 minutes). Since 2016 was the last year I’ll be dealing with a W-2 I had some nostalgic moments. I found we did not have enough Federal and State withholding done on our Social Security payments. We’ll have to get that adjusted for 2017. Other than having to write checks to the Feds and New York State, the process was relatively painless and took about an hour. Have you done your taxes yet?
I got an E-Z form at the library, not being a moneybags like some people I know! I haven’t filed yet! though!
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Bob, if the Feds owe you, file now. If you owe them, wait until April.
I have a few more things to do, but my bundle is about ready for delivery to the CPA. I’m not bold enough to try TurboTax.
Bill, our return is fairly straight-forward. The only new wrinkle is that I have to account for the Retirement Incentive in the 403(b).
I dropped off our paperwork with the accountant last week (I always prefer to have a professional do my taxes, even given that we don’t have a lot of obscure or convoluted financial situations) and now I’m waiting for a call to come sign the returns–and then they file electronically. I always like to even out at tax time; I don’t like to owe money, but a big refund just means that Uncle Sam got more of my money–interest-free–during the year.
Deb, in New York State we used to get a nice tax break on College tuition payments when Patrick was attending the Rochester Institute of Technology and Katie was attending SUNY at Geneseo.
My income being mainly ss. Theres not much to do. I think it took me a half hour.
Steve, we have an appointment with Social Security this morning. We need to sign some forms so SS withholds more money for the Federal taxes. Now that I’m retired, the next couple Tax Years will be a little tricky until everything settles down.
My stuff is at the accountants. I’ve been audited twice, so really want a professional to do it. I also am a bit worried about owing $$ this year. I took the first $ from my IRA and not sure if I took too much. (I should have been taking it before facing soc security). I have been overpaying for years, and just last year took a big refund. I always roll some over to the next year, and get a refund to basically tell me it went thru. Due to our new administration wanting to do away with medicare and soc. sec, I’m not waiting till 68 as I’d hoped. Will get it at 67. That may throw a spanner into the works, so I’ll take less from the IRA this year.
I do the overpayment as I HATE estimated taxes. (When I had to do that, I paid it all at once for the year, the same thing I do with my part B until it comes out of my SS)
Maggie, we have never been audited (knock on wood!). I try to keep things simple and straight-forward with lots of receipts to back up my claims. Once you get rid of one of your houses, your taxes will simplify.
We put our package together, took it to the tax preparer, went last week and signed the forms, etc. We under-witheld due to my first annuity payment (I turned 70.5 last year) and so we owe almost $1,500. I’ll make the adjustments for next year right away. We pay estimated to Oregon as my pension will only take Federal withholding, so that will go up a few hundred a quarter. This is the first year we’ve been far off breaking even.
Rick, my goal is always to BREAK EVEN on taxes. It’s hard to do with a six-figure income with multiple revenue streams. But that’s the goal.
No. We do ours when we get home.
We don’t declare the SS income! Too poor! But we do declare our pensions! We were getting reamed on that because the fed was taking about $8.00 a year in deductions! I upped mine and now I need to get Linda to do the same! If there’s any refund this year, I’m keeping it all!
Bob, undeclared income always interests the IRS. Be careful!