View Full Version : done your income taxes?
I am so bummed...we owe $2000:(
Well, you know the other view: it's better to owe them than to let them use your money for many months.
i owed and had payment plans for like 10 years, sigh. then my ex took his trust property and it got much easier.
i get big refunds right now, i think i would rather have a better income,
I have two documents to scan in and upload to the accountant and I need to straighten out why neither I nor DW can gain electronic access to our Roth 401(k) site (to which all those docs are delivered, so no paper). I'll scan tonight and work on access starting tomorrow. First challenge will be finding out who to contact to fix it.... :(
Done and waiting for small returns. We've been bummed too a couple times - jaw-dropping bummed.
I am so bummed...we owe $2000:(
Done, and I also owed money this time to both fed and state. I had an income source I don't usually have so that's what triggered it. Should be back to gettting a refund next year.
DH and I both received small raises that bumped us into the next bracket but apparently forgot to adjust exemptions. That and we no longer have much home interest to deduct. Boy, between the local property tax and now this, any raise will mean nothing as far as income. I am guessing when I retire next year, we'll fall back into the lower bracket.
I did my late January and received my Fed refund (just under $1K) Feb. 9. I file an EZ form, so it's not complicated at all. Takes me longer to do it with TurboTax online than it does by hand! ;) I owe $38 to the state. Just have to mail a check, which I'll wait a bit on.
All done. We usually have to pay due to untaxed income during the year but came out even for 2014 on federal and enough state refund to buy popcorn at the theater. I'm very happy.
Still waiting on a K-1 from a business I am a partner in. Everything else is basically ready to go. I'm just aiming to actually file by April 15th this year. Had to file for extensions and pay penalties the past two years. Very happy to be past that unnecessarily complicated part of my life.
ToomuchStuff
3-2-15, 10:55am
Before the end of last year, figured it out pretty close. When all the paperwork was done, sent the state $3 and received small refund from the state (goes into the property tax fund). Called one of the people I know that works for the IRS as I already received a check, but the form was filled out for direct deposit (don't want to deposit and then have to cut them a check back if they also do direct deposit).
After paying $4000 last year....I just found out we are getting a little refund this year. Enough to pay the accountant and barely cover the new tires I need so that's o.k.
Blackdog Lin
3-2-15, 10:01pm
Last year I felt a need to apologize to the accountant because I dawdled and didn't even get my appt. with her till around April 1! She laughed at me and said, yeah, retirees, all the time in the world to procrastinate.....
I just Saturday thought about it and wrote it on my list of things-to-do, and will call for the appt. this week, so that I don't do the same thing this year. I don't know why I procrastinate on this the last few years, I always have all our paperwork here and organized by mid February. And we always get a refund, so it should be something for me to look forward to.....a weird quirk of mine that I'm gonna have to think about I guess. :)
Owe, which I knew we would though to be honest I forgot of the last couple months. I will not say I told you so, what I will say is last time not paying estimated to home state while working in another.
I will take beans with my rice please!thumbsup!
TVRodriguez
3-5-15, 4:49pm
I'm hoping DH will sit down with me this Friday (tomorrow) to do taxes. Each of us has an 1120S to file and then our own 1040. We keep good books in the businesses all year, so it's usually quite easy, but he lost a bunch of data that he's been re-finding, so that's been our delay.
I don't think we'll owe for 2014, but if we do, we do. We pay estimated taxes quarterly in anticipation of distributions in addition to withholding for our own salaries, so the total amount we owe won't be much if anything.
I've heard in the news that over half of Americans haven't filed their taxes, yet. I'm wondering if it's because healthcare insurance is now part of the tax filing process. Only people who had insurance through the affordable care act have to provide documentation and do the reconciliation for subsidies versus income. Next year we'll all have to provide documentation. It's getting harder and harder for people to do their own tax returns.
I've heard in the news that over half of Americans haven't filed their taxes, yet. I'm wondering if it's because healthcare insurance is now part of the tax filing process. I'm part of that half which hasn't filed yet and the reason is simple: I owe several thousand dollars. What's the rush?
I've written the checks to our state but I'm holding them till April 1 to mail.
In our state, if you get a state refund the next year you owe tax on that refund. Any other states do that?
sweetana3
3-26-15, 12:31pm
If the whole amount of state withholding or state payments made were deducted somewhere on the prior year return (like as itemized deductions on a state or federal return), then a cash basis taxpayer must include the amount returned (refund) on their tax return the next year. I cannot imagine any other way to reconcile the amounts. This is how our state refunds are handled.
I audited a man once who decided to make a huge payment to the state to get an itemized deduction. No other reason. Any refund (when the state got around to giving it back) would have to be reported on the tax return of the year it was returned or refunded. I did not laugh in his face but it was one very stupid move as you can see since he was sitting in front of a IRS auditor due to his action.
In our state, if you get a state refund the next year you owe tax on that refund. Any other states do that?
Minnesota does.
ApatheticNoMore
3-27-15, 11:41am
I've never paid taxes on the state refund when I've had it (so my first instinct is to say, I don't think this is so in California, but maybe it's just that I don't itemize). I've never deducted state income taxes from my federal taxes as I've never itemized (I've always taken the standard deduction - so I shouldn't owe anything for a state refund should I?). It doesn't' seem to make any logical sense to pay fed taxes on the refund as I've already paid federal taxes on the income itself, but taxes are not logical.
It doesn't' seem to make any logical sense to pay fed taxes on the refund as I've already paid federal taxes on the income itself, but taxes are not logical.
My question is just on state taxes. Sounds like a lot of states have you claim state refund from previous year as income for current year. My husband is convinced it's double taxation ("this is a refund on taxes I overpaid, how is it now income?!?") so I just try to make sure we owe a little on state taxes every year so I don't have to hear him complain (rant) about it.
ApatheticNoMore
3-27-15, 12:19pm
That doesn't' seem to make sense. How is a refund even income, all it means is I over-withheld. I don't think I've paid taxes on the refund before. I usually owe but a few times I've gotten a refund.
I just reviewed the Minnesota income tax instructions. They do not allow a state income tax deduction. Since they start with Federal taxable income which MIGHT contain a state tax deduction, there is a calculation on Line 2 to make any necessary "add back" change. You only report a refund if you are involved in this type of Federal itemized deduction situation. If you take the standard deduction, there is no change. I suspect that any state that starts with the Federal figures has a variety of "add backs" or other allowable deductions on their forms. You are not being double taxed. Although it can be extremely difficult to explain to someone without some kind of basic accounting background or who just wants to complain and not try to figure it out.
Line 2—State Income Tax or Sales
Tax Addition
Minnesota does not allow you to claim deductions
for state income tax or sales tax.
If you itemized deductions on your 2014
federal Form 1040, you must add back any
amounts you deducted on lines 5 and 8 of
federal Schedule A for income tax or sales
tax. Complete the Worksheet for Line 2
below.
If you fi led Form 1040A or 1040EZ, or did
not itemize deductions on Form 1040, skip
this line.
For the first time in many years, my itemized deductions were slightly less than the standard deduction, which should save me a half hour or so on next year's tax prep. As usual, I used a pencil, scratch paper, and form 1040.
TVRodriguez
4-22-15, 1:19pm
For the first time in many years, my itemized deductions were slightly less than the standard deduction, which should save me a half hour or so on next year's tax prep. As usual, I used a pencil, scratch paper, and form 1040.
Our itemized deductions have been lower than the standard deduction for a few years, but I always check each year, just in case we donated more that year and it threw us back into itemized territory.
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