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Respected Contributor
Posts: 4,399
Registered: ‎09-18-2010

Re: Sigh of relief ... did my taxes!

Well, we owed, but it was good to get it done, I use TT also. Glad thats done and over.

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Respected Contributor
Posts: 2,141
Registered: ‎03-10-2010

Re: Sigh of relief ... did my taxes!


@BirkiLady wrote:

 

 

 What gives the government the right to tell us we must cash those funds in at 70 1/2??

 

The same right that says they can tax us period. We are able to put that money into a 401K or (non-Roth) IRA before taxes and at some point the govt wants the taxes on it. How else do you think there will be money to pay your SS? The real outrage is that we are taxed on 75% of our SS - some of which we have already paid taxes on.

 

Make your MRD, pay the tax on it and reinvest the balance. 


 

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Esteemed Contributor
Posts: 5,629
Registered: ‎12-24-2010

Re: Sigh of relief ... did my taxes!

@Annabellethecat If the guy you reference works at the Post Office and gets paid by the FEDERAL GOVT.............they sure know where he lives.

(a co-worker will probably send a sticky-note to someone in management if he keeps bragging)  LOL

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Honored Contributor
Posts: 8,637
Registered: ‎03-09-2010

Re: Sigh of relief ... did my taxes!


@fthunt wrote:

 My hat is off to anyone who does their own taxes.  I'm waiting for CPA to call to see if I owe more........estimated chunk  has been paid in every quarter but there's always a balance still due.

Can't wait to get it behind me.

Hmmm waiting for that phone call


Sometimes the smartest decision is to turn some matters over to a professional. Personally, I know I don’t have enough hours in my day to handle everything that needs to get done, in the best way. Nothing wrong with having a CPA do our taxes.
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Esteemed Contributor
Posts: 5,983
Registered: ‎02-22-2015

Re: Sigh of relief ... did my taxes!

@froggy  Just don't want to cash RMD in yet. Don't feel like a senior citizen yet and that seems to insist that I AM!! Yes, I have cash in several of the RMD's and they are now earning interest . . . so I'll pay more taxes on that same money. Go figure. 

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Valued Contributor
Posts: 860
Registered: ‎10-05-2012

Re: Sigh of relief ... did my taxes!

I can so identify with you.........my anxiety rachets up having to get all this stuff organized and to the accountant on time. A big issue is that part of my paperwork that's needed doesn't come out until March. Mine got done - I retired this year so wasn't sure what to expect. UGH

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Respected Contributor
Posts: 4,004
Registered: ‎03-30-2014

Re: Sigh of relief ... did my taxes!

So nice to have the whole thing behind me for one more year.  Odd how amnesia takes over until next year.

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Respected Contributor
Posts: 4,338
Registered: ‎05-22-2014

Re: Sigh of relief ... did my taxes!

My DH does our taxes.  It takes forever.  He handles our investments, following the stock market is a big interest.  I couldn’t do this on my own.  When you add up what we pay in all taxes - income tax, CT state income tax, sales tax, and property tax on our home and cars, it is very sobering.

 

And then you read about people of great wealth, with teams of accountants working the system to pay little or nothing.  I guess they feel no sense of obligation to a country that has enabled them to accumulate what they have.  

 

We give what what we can to charity every month.  Wish it could be more, as there is so much need everywhere you look.

 

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Esteemed Contributor
Posts: 6,654
Registered: ‎03-09-2010

Re: Sigh of relief ... did my taxes!


@blackhole99 wrote:

@fthunt  my son is in business for himself and only needed a CPA at the beginning. He just followed what the accountant did after that and has not been called in for an audit yet. My son is super thrifty and did not like paying the accountant hundreds of dollars to do what he felt he could do himself.


Every year I think about doing that, just follow last years and then I decide not to.

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Honored Contributor
Posts: 22,668
Registered: ‎05-10-2010

Re: Sigh of relief ... did my taxes!

$1 refund is better than owing.  So many people we know owe Federal taxes this year, including...us.