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Thread: 2017 Taxes!

  1. #21
    Senior Member jp1's Avatar
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    I finally filed my taxes yesterday. Miraculously, and with no intentional effort on my part, withholding compared to what would come due worked out pretty well this year. I'm getting $15 back from the franchise tax board (I have no idea why the hell our state tax agency has that name) and owe $570 to the IRS. Not bad for someone with 38 pages of income tax documents and some quirky investments I would never have personally made but which I inherited from my father. (energy trust royalties, anyone... I have no idea what the cost basis of them was but compared to their current value the royalties are pretty decent so i'll hold onto them despite the extra pages they add to my tax return every year.)

    Now I need to start researching whether I need to modify my withholdings for 2018 to have a repeat scenario a year from now.

  2. #22
    Senior Member flowerseverywhere's Avatar
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    Quote Originally Posted by iris lilies View Post
    If you are seriously interested in debt control, you will support Rand Paul and his efforts to bring rational thought to the U.s. debt problem. He is pretty much the only grownup in the room there in D.C., the dad who is willing to say “no, we cant afford that.”

    I love that his Halloween outfit one year was to the dress up at the national
    debt because that was the scariest thng out there. Haha.
    agree about Rand Paul. He will face an uphill battle but someone has to do it. Crazy times, the GOP screams about debt until they have some control, and the Dems do the same thing. Liars the lot of them.

    Owe a a few hundred dollars to both, on purpose. We like to be close. Next year hard to determine but one way or the other we should not get a penalty or be owed a huge refund.

  3. #23
    Senior Member SteveinMN's Avatar
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    Quote Originally Posted by SteveinMN
    Waiting on our Form 1095-C, which DW informs me will not be available from her workplace until the end of this month. Everything else is ready to go so I may just ship it off to the accountant and have them file as soon we get as the mandatory form. Last year I think we ended up with a very small refund; that may change this year because of medical expenses.
    So we still don't have the 1095-C but the accountant filed our taxes anyway and we got the notifications that both returns were accepted, so I guess the "mandatory" document isn't so mandatory. A few hundred dollars in federal refund; $17 to the state. According to our accountant, it wasn't medical expenses that made the difference, it was a sizable loss on our rental property. Yay us.
    Success is to be measured not so much by the position that one has reached in life as by the obstacles which he has overcome. - Booker T. Washington

  4. #24
    Junior Member organictex's Avatar
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    we got a small refund back and it was double what it was supposed to be. they sent a note
    saying I had made a mistake. I went to website and it said "call for details"...I wonder what I
    did wrong but I'm afraid to call about it!

  5. #25
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    Got small refunds, happy not to owe, not sure why it worked out so well this year, but relieved to have it over. Now she is doing Dad's, so that's a huge relief.

  6. #26
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    We itemized the past 2 years because of medical expenses. I spent a total of 44k on teeth implants. Ugh! I intend to vote Democrat in hopes that we can gain a majority and repeal all these tax breaks to the rich. That will go a long ways in not increasing the national debt.

  7. #27
    Simpleton Alan's Avatar
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    Quote Originally Posted by Teacher Terry View Post
    I intend to vote Democrat in hopes that we can gain a majority and repeal all these tax breaks to the rich. That will go a long ways in not increasing the national debt.
    How close to "rich" can a person get before the Democrats start divvying up their excess?
    "Things should be made as simple as possible, but not one bit simpler." ~ Albert Einstein

  8. #28
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    Alan, they can just repeal what the Republicans did by giving all the corporate breaks, etc. Now that they have done that they will say they need to rob SS, Medicare, etc to pay the bill. So the rich get richer and the peons can starve. Great philosophy

  9. #29
    Simpleton Alan's Avatar
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    Quote Originally Posted by Teacher Terry View Post
    Alan, they can just repeal what the Republicans did by giving all the corporate breaks, etc. Now that they have done that they will say they need to rob SS, Medicare, etc to pay the bill. So the rich get richer and the peons can starve. Great philosophy
    What about people like you and I who itemize in order to pay the least possible tax. Are we simply getting richer and allowing the peons to starve?
    "Things should be made as simple as possible, but not one bit simpler." ~ Albert Einstein

  10. #30
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    Even with itemizing we still pay taxes. We now make half of what we did when working so pay less taxes. I never resented the taxes I have paid. Many elderly people live on SS alone and any cuts will have them choosing between eating or buying their meds. Even people that saved for their retirement run out of $ if they live long enough. Many older people have had huge medical bills that have taken their $. This happened to a couple we are good friends with. Even with insurance multiple battles with cancer bankrupted them and they died broke even though at one point they had plenty of $. Where we live rents have sky rocketed and people can't afford them. I do not mind paying my fair share of taxes but corporations were already getting a sweet deal before the new tax breaks. With the baby boomers aging I see a crisis coming with the way things are going.

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