Community Chat

[willowbark]

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@Roscoe the Rascal wrote:

I get my paperwork together by the first of February and send to have done and my deadline for me.  I want it out of the way and move on.  I had to pay in this year and status changed.  Going from married to single hit me.  My husband passed and first time filing that way.  If I had realized that I would have increased my payroll taxes to be taken out.  Did that for this year  and should come out better when I file for this year next year. 

Kind of like really.  Then there is also property tax the first of March.  Like a double hit but it is what it is as they say.  Seems like every time I turn around it is something else.

Had to spend on car repair too.  2026 has started out to be an expensive year so far.  I don't see it getting much cheaper either.  

I just keep a tighter handle on all expenses any more.  Save where I can and just come to expect paying more.  No credit card debt for me.  

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@Roscoe the Rascal  Condolences dear and you are not alone believe me so many others also had their filing status change after the death of their spouse.  So difficult under such sad and difficult circumstances.  Here's a little heads up in case you need it. Your husband was probably the primary and so it will be his ss# if you use the traditional method to pay and it won't be correct.  I didn't know that at the time and boy did I have a lot of hoops to jump thru that required calling the IRS to reflect my ss#. I mentioned to them how shocking it was that there was no privision for widows since it defaults to the primary when you had filed jointly. My tax preparer forgot to clue me in on this and it was a big headache at the time. 

[Still Raining]

It is worthwhile to check on your withholding amounts every quarter or so.  You have the right to adjust them.

The penalties for under withholding can bite and who wants to give them an interest free loan?  Take a look.

[stevieb]

Talk about a real oxymoron...

[tansy]

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@shoekitty wrote:

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@AuntG wrote:

All done by end of February. There was a bonus for seniors which was very nice.

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@AuntG   What bonus? We are 78, that's pretty senior lol

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We're seniors and had to send in a check, so, yeah, what bonus.

[Lakelife62]

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@tansy wrote:

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@shoekitty wrote:

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@AuntG wrote:

All done by end of February. There was a bonus for seniors which was very nice.

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@AuntG   What bonus? We are 78, that's pretty senior lol

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We're seniors and had to send in a check, so, yesh, what bonus.

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We are both still working and under 65. We paid too. We always do. I asked the tax preparer about the supposed big tax credits and he said our "extra" credit was around $2,400. So we may have saved a couple hundred dollars when all was said and done.

The tax break is intended for the richest of the rich. Not us.

[smoochy]

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@50Mickey wrote:

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@shoekitty wrote:

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@AuntG wrote:

All done by end of February. There was a bonus for seniors which was very nice.

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@AuntG   What bonus? We are 78, that's pretty senior lol

@shoekitty  The bonus is an extra $6000 deduction for a single taxpayer over 65 and $12,000 for a couple. This is in addition to the standard deduction. The deduction phases out for single taxpayers who have AGI over $75,000 and AGI over $150,000 for married couples. This  deduction is for the years 2025 through 2028.  This is why many seniors received a larger tax refund this year.     

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I was thrilled! We got a $3000 refund. Helped so much 

[vermint]

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@Lakelife62 wrote:

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@tansy wrote:

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@shoekitty wrote:

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@AuntG wrote:

All done by end of February. There was a bonus for seniors which was very nice.

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@AuntG   What bonus? We are 78, that's pretty senior lol

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We're seniors and had to send in a check, so, yesh, what bonus.

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We are both still working and under 65. We paid too. We always do. I asked the tax preparer about the supposed big tax credits and he said our "extra" credit was around $2,400. So we may have saved a couple hundred dollars when all was said and done.

The tax break is intended for the richest of the rich. Not us.

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@Lakelife62 We're in our 70's, retired, and by no means rich/wealthy. We're getting a very nice refund this year due to the seniors credit! Maybe you need to be on Social Security for it to take effect, I don't really know how it works.

[Lakelife62]

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@vermint wrote:

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@Lakelife62 wrote:

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@tansy wrote:

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@shoekitty wrote:

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@AuntG wrote:

All done by end of February. There was a bonus for seniors which was very nice.

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@AuntG   What bonus? We are 78, that's pretty senior lol

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We're seniors and had to send in a check, so, yesh, what bonus.

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We are both still working and under 65. We paid too. We always do. I asked the tax preparer about the supposed big tax credits and he said our "extra" credit was around $2,400. So we may have saved a couple hundred dollars when all was said and done.

The tax break is intended for the richest of the rich. Not us.

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@Lakelife62 We're in our 70's, retired, and by no means rich/wealthy. We're getting a very nice refund this year due to the seniors credit! Maybe you need to be on Social Security for it to take effect, I don't really know how it works.

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I am a working person and so is my husband. We could take SS but we chose to wait until our full retirement age of 67. It's very nice that seniors are getting a 3 year reprieve. That does not help the working people.

The senior reprieve will be over, but the billions in cuts for the richest of the rich don't have an end date.

Enjoy your refund. Truly. I'll think about it when the IRS cashes my $2,000 tax payment.

[Stray]

This is the first time in many years we had a refund. I put it toward our estimated taxes. It was nice not to have one payment due in April & I didn’t owe anything to IRS from last year. So that was appreciated