Tax Time

[rennigade]

How much are you receiving or how much do you owe?

We haven't completed ours yet. I'm guessing we'll owe money.

[disneysteve]

Much too early to answer that question. I have gotten most stuff together. Still waiting on some 1099s. They should come in the next few days. Then I’ll sit down and compile everything and schedule a time to drop stuff off to our accountant. I also expect that we’ll owe.

[bjl584]

I expect to owe, but I don't have everything yet, so I can't answer.

[kork13]

I'm still waiting on 1099s from Vanguard and a couple others... But realistically, with everything going on plus a 2-week trip in mid-Feb (tax-free for the month with CZTE though, so that's nice), I don't expect that I'll really have the time to sit down & mess with my taxes until probably the first week of March.

Owe vs. refund back? Zero idea. I normally try to run projections around Sep-Oct or so to fine-tune our withholdings, handle any TLH/LTCG, and so on... But I've not been able to do that this year, and with as much as has been changing both in our financial life & the tax law, I truly can't even begin to guess how it'll end up. I always target +/- $500 or less, but with no mid-year course correction, I'll probably exceed that in one direction or the other.

[Fishindude77]

We're likely to owe. Took $100k out of IRA to help pay for home remodel & have not yet paid the taxes on that.

[disneysteve]

Took $100k out of IRA to help pay for home remodel & have not yet paid the taxes on that.

I took my first RMD from my inherited IRA in 2022 but I had them withhold 20% for taxes (which I discussed with our accountant first). We felt that was enough to cover the taxes on that money plus some so it might offset some of our other tax burden. We shall see how that worked out. If it was pretty close, I'll do the same this year. If we still owe a lot, I'll probably have them withhold more from the 2023 RMD.

[ua_guy]

I'm still at Step 1: Gathering tax forms

We'll probably owe money.

[rennigade]

Just did a run through on turbotax. I won't use that service since you have to pay but the cash app tax wasn't working for me at the moment. Cash app tax is free.

Federal refund appears to be $144. State we owe $181. So we owe $37 total. That may be the closest to zeroing out we ever had.

[Jluke]

My tax documents seemed to arrive much earlier this year.

I had everything except Morgan Stanley as of last week, but that arrived this past Monday. 1099’s (Vanguard and MS) were just dividends; no stock sales this year so maybe that’s why I didn’t have to wait till mid-Feb

I use turbo tax and an excel sheet to do my returns. They matched so I paper filed. Mailed today for federal; we will see how long it takes to get the refund deposited. Last year it was July.

$3300 back which I’m still scratching my head as to why but it’s probably because we got the full child tax credit whereas last year that was given ahead of time (stimulus)

PA state I will owe $130 but I can file that online with the state’s free tax software.


local tax filed as well - owe $0 as it always is

[disneysteve]

I use turbo tax and an excel sheet to do my returns. They matched so I paper filed. Mailed today for federal; we will see how long it takes to get the refund deposited. Last year it was July.

Why didn’t you e-file? You’d have your refund in 7-10 days.

[kork13]

I use turbo tax and an excel sheet to do my returns. They matched so I paper filed. Mailed today for federal; we will see how long it takes to get the refund deposited. Last year it was July.

I'm curious why you would choose to paper file, rather than eFile? Especially having already done the work in TurboTax. Even if you don't want to pay fees for eFile (not sure who charges how much for what), you can eFile directly with the IRS using their FreeFile program, by filling out the forms electronically.

Doing the eFile would get your refund back to you weeks or months faster. I guess I only see significant negatives to paper filing, and no benefits...

[Jluke]

I'm curious why you would choose to paper file, rather than eFile? Especially having already done the work in TurboTax. Even if you don't want to pay fees for eFile (not sure who charges how much for what), you can eFile directly with the IRS using their FreeFile program, by filling out the forms electronically.

Doing the eFile would get your refund back to you weeks or months faster. I guess I only see significant negatives to paper filing, and no benefits...

IRS efile only for AGI <= $73,000

[Jluke]

Why didn’t you e-file? You’d have your refund in 7-10 days.

Didn’t want to pay TT

plus didn’t irs hire a bunch of new agents? Maybe it will be quicker this year.

[kork13]

IRS efile only for AGI <= $73,000

Yes, if you want to do the commercial software offered by the program. But to just fill out the electronic forms (just like you did to paper file) then eFile them is free & available to anyone regardless of income.

https://www.irs.gov/e-file-providers...fillable-forms

[Jluke]

Yes, if you want to do the commercial software offered by the program. But to just fill out the electronic forms (just like you did to paper file) then eFile them is free & available to anyone regardless of income.

https://www.irs.gov/e-file-providers...fillable-forms

Oh man. Didn’t realize