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Thread: 2017 Taxes!

  1. #11
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    Normally, tax forms are available by December 20th and I can figure fairly closely what mine will be. With the change/last minute stuff, they were not completely out until the day of the shutdown. So I now have all the forms and documents needed and it is pretty standard stuff for me. I get back a little in Federal, and owe a little to state (under $50). The federal will be deposited to my account as a tax shift, as it goes a good ways towards my property taxes at the end of the year. That provides a greater raise, then the little bit that we aren't being taxed (in payroll taxes) from the feds (but will show up on something else as taxes/fee's later). That % that I heard was coming back (never heard an official figure), I already have made an adjustment for and it is going into savings, that may go towards retirement, but for now, is going to be set aside to offset those future fee's I expect.

  2. #12
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    I am just wading into mine. We had an odd situation as the house we bought had tenants in it for the first three months of 2017 so I guess I have to do a Schedule E to show rental income and expenses. What a hassle!! Also, having to do state taxes for the first time in our lives is not fun. I always thought that when we retired all of this would get simpler but that is not the case.

  3. #13
    Senior Member jp1's Avatar
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    I'm still waiting on e*trade. Supposedly I should have my forms from them on the 15th. I plan to do as much of the rest as I can this weekend so that hopefully an hour that evening and I can get them filed. Last year I ended up being within $100 of what I ended up owing for both federal and state. Hopefully this year works out as well.

  4. #14
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    I'm getting a refund from both federal and state. Wasn't sure how it would work out since I had retired in May, so I had employment pay, pension pay, and Social Security, not to mention a subsidy on my ACA. I did have several thousand dollars of expenses on my little rental house, so I think that's what made the difference.
    Regardless, my accountant said that next year it won't be worthwhile for me to itemize because the standard individual deduction will be $12,000.

    p.s. am not surprised that companies are crowing about the tax cut, and the few extra dollars they may (or may not) be giving to their employees. I'm also not surprised that they omit the second part: that this huge and unnecessary cut has plunged our country further into debt and our infrastructure will continue to be neglected. Not something to celebrate, IMO.

  5. #15
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by Lainey View Post
    I'm getting a refund from both federal and state. Wasn't sure how it would work out since I had retired in May, so I had employment pay, pension pay, and Social Security, not to mention a subsidy on my ACA. I did have several thousand dollars of expenses on my little rental house, so I think that's what made the difference.
    Regardless, my accountant said that next year it won't be worthwhile for me to itemize because the standard individual deduction will be $12,000.

    p.s. am not surprised that companies are crowing about the tax cut, and the few extra dollars they may (or may not) be giving to their employees. I'm also not surprised that they omit the second part: that this huge and unnecessary cut has plunged our country further into debt and our infrastructure will continue to be neglected. Not something to celebrate, IMO.
    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.

  6. #16
    Senior Member Williamsmith's Avatar
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    Quote Originally Posted by Lainey View Post
    I'm getting a refund from both federal and state. Wasn't sure how it would work out since I had retired in May, so I had employment pay, pension pay, and Social Security, not to mention a subsidy on my ACA. I did have several thousand dollars of expenses on my little rental house, so I think that's what made the difference.
    Regardless, my accountant said that next year it won't be worthwhile for me to itemize because the standard individual deduction will be $12,000.

    p.s. am not surprised that companies are crowing about the tax cut, and the few extra dollars they may (or may not) be giving to their employees. I'm also not surprised that they omit the second part: that this huge and unnecessary cut has plunged our country further into debt and our infrastructure will continue to be neglected. Not something to celebrate, IMO.
    General Motors Corp. is touting its payment of bonuses to hourly workers in the amount of @$12,000! Back in the day when George Bush approved the bailout of GM and Chrysler....I was going bonkers. Why should the taxpayers bailout a failing company? And so, now that they have paid back their loan with money that we loaned them, hey are stuffing their workers pockets with profits made possible by their consumers. I’m not jealous of or begrudge the workers the bonuses....good for them but where is the break for consumers?

    And IL.....I do hope Rand Paul makes another entry in the Presidential sweepstakes some day. That would make this tax stuff quite interesting,

  7. #17
    Senior Member beckyliz's Avatar
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    Got ours done earlier this week. It was a weird year - some of the stuff I inherited from Mom was taxable when I didn't expect it to be, but it was offset by the HOPE college credits. Not sure how to plan for next year with the new tax rates. I'll need to sit down and do a spreadsheet. At any rate, getting a substantial refund from feds which will go to pay down debt and to pay the state taxes we owe.
    "Do not accumulate for yourselves treasures on earth, where moth and rust destroy and thieves break in and steal. But accumulate for yourselves treasure in heaven, where moth and rust do not destroy, and thieves do not break in and steal. For where your treasure is, your heart is also." Jesus

  8. #18
    Senior Member iris lilies's Avatar
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    I hate the process of doing taxes. Until I retired I didnt pay attention to income tax, it was what it was, DH took care of everything, I was out of it.

    In setting up our trust I was forced to consider tax issues, ugh. I dont care, I will be dead. DEAD! And taxes will be of no concern to me, and I really do not care if I maximize amounts for those who inherit.


    Today I waded into another bout of communication hell in trying to determine if I cash out an old investment of a few thousand dollars, will that cause a taxable event that affects my income in context of Obamacare subsidies? The investment company representative mouthed a lot of gobblygook. DH thinks we will be ok, but I dont want to risk it.

    This, on top of the excessive hoops required to actually GET the money since it is in my maiden name.

    Ugh, the intersection of investment vehicles and taxes is an awful place.

  9. #19
    Senior Member Simplemind's Avatar
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    My husband was sneaky and made me pumpkin waffles with bacon before sliding over the return and handing me my checkbook. Owie !!! Mama needs a tax break.

  10. #20
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    My state income tax refund was auto-deposited into my account today, exactly 2 weeks after e-filing. Except for the potential fraud factor, there's lots of upside to digital tax filing, especially speed.
    Of course, wouldn't you know it, my TV has been acting up lately, so it's likely I'll be taking the refund money to Costco to buy a new one.

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