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Thread: Waiting for W2

  1. #11
    Senior Member iris lilies's Avatar
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    I think the big standard deduction is way cool and is a big step toward simplifying 1040 filing.

    I do wonder what the real estate industry has to say about it, they are always running scared about any change that messes with mortgage deduction. That mortgage deduction is one of the carrots of home ownership.

  2. #12
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    Quote Originally Posted by organictex View Post
    i did a rough estimate last night and the formula for taxable amount of SS seems to be more advantageous than
    last years. the standard deduction increase is going to probably help a LOT of folks! .
    jim
    Another Soc. Security factoid: I retired mid-year 2017. After I filed my 2017 income taxes, I got a call from Soc. Security saying, Hey, Lainey, looks like you earned too much last year and you'll have to repay some of that Social Security. I pointed out that I'd retired mid-year. Then the Soc. Security clerk says, Oh, well, there's a "grace year." So what do you know, I don't have to repay anything. Which only makes sense because otherwise everyone would have to retire on January 1st.

  3. #13
    Senior Member jp1's Avatar
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    So I finally got my tax doc from e*trade and did my taxes this evening. Apparently since I don't own a home I qualified as one of the "rich" people that benefited from the new tax law. My federal adjusted gross income went up $400 but my federal taxes went down from $15,720 last year to $13,574 this year. I no longer qualify to itemize my taxes because my state income tax bill isn't that large, but the larger standard federal deduction benefited me.

    And my withholding was spot on, as it has been for several years. I'm getting a small refund from the IRS and owe a small amount to CA (less than $100 difference and less than $200 for either).

  4. #14
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by Lainey View Post
    Another Soc. Security factoid: I retired mid-year 2017. After I filed my 2017 income taxes, I got a call from Soc. Security saying, Hey, Lainey, looks like you earned too much last year and you'll have to repay some of that Social Security. I pointed out that I'd retired mid-year. Then the Soc. Security clerk says, Oh, well, there's a "grace year." So what do you know, I don't have to repay anything. Which only makes sense because otherwise everyone would have to retire on January 1st.
    Hmmm, I plan to start drawing Social Security income in May. I dont have W2 income but have other sources. I assume The SS administration can tell the difference from W2 income and other sources.

    I am not looking forward to all of these transitions. I have little patience for the online filling out of forms and accompanying glitches and waiting-for-snail-mail confirmations and etc.

    Already health insurance has taken up more of my brain space than I want—employer health coverage to COBRA to ObamaCare to Medicare with supplements, all within 4 years.

    I just want to get fully on the gubmnt teat and hang on for the rest of (my) eternity. Our health insurance broker encourages us to review our coverage every year. Yeah, not likely. She says we will have to if we move to Hermann.

    this is, I recognize, an extremely minor complaint in the world of healthcare but still I get to bitch and moan.

  5. #15
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    I just applied for SS online and it couldn’t have been easier. You can apply up to 4 months before you want to take it.

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