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Trusted Contributor
Posts: 1,953
Registered: ‎09-06-2014

Re: If You Are Retired Do You Do Your Own Taxes?

I did my own taxes for years but after I retired I wasn't sure about reporting Social Security and pensions so have been having H&R Block do it.  A few years ago I tried on my own and had an error so went back to Block the next year. 

Esteemed Contributor
Posts: 5,153
Registered: ‎02-22-2015

Re: If You Are Retired Do You Do Your Own Taxes?

Always use my accountant. He's been doing our (now mine) taxes and helping with other major financial decisions for decades. Well worth the money.

Esteemed Contributor
Posts: 7,258
Registered: ‎03-09-2010

Re: If You Are Retired Do You Do Your Own Taxes?

We're retired and we use TurboTax.  Never had any problems and our $$ is always in our account on the day of or before.  Perfect!

 

The system is very easy and asks all the questions.  If you have all necessary documents (they give you form #, box on form, etc). it's easy.

Esteemed Contributor
Posts: 7,841
Registered: ‎03-09-2010

Re: If You Are Retired Do You Do Your Own Taxes?


@cuddlesmama wrote:

Or do you have someone else do it. I am hearing once retired the taxes are harder to do. We, both retired last year and  I always did Turbo Tax and am now wondering if I should have someone else do it. Any opinions would be helpful. Thanks.


Yes, I am retired and Yes, I do our taxes!  I guess I am confused as to why taxes would be harder after you retire!  The 1099-R you get #7 decides your distribution code, if that is what the problem is.  I use H&R Block's Tax software, and have for many years, I also have worked for them in the past, I find it very user friendly!

Esteemed Contributor
Posts: 7,841
Registered: ‎03-09-2010

Re: If You Are Retired Do You Do Your Own Taxes?


@BirkiLady wrote:

Always use my accountant. He's been doing our (now mine) taxes and helping with other major financial decisions for decades. Well worth the money.


He must be a CPA or have had taken a tax course, most general accountants do not know how to do taxes!

Respected Contributor
Posts: 2,188
Registered: ‎03-11-2010

Re: If You Are Retired Do You Do Your Own Taxes?

Thnak you so much for responding I really didn't expect many responses but this was great!! I thought they it would be more difficult to do after retired with collecting SS and a pension. I have always done Turbo Tax with no problem so I will continue to do so. Thanks to everyone that responded. I have had people tell me "what until you retire, doing taxes is awful". Thats where I got that from.

Respected Contributor
Posts: 2,491
Registered: ‎03-09-2010

Re: If You Are Retired Do You Do Your Own Taxes?


@cuddlesmama wrote:

Or do you have someone else do it. I am hearing once retired the taxes are harder to do. We, both retired last year and  I always did Turbo Tax and am now wondering if I should have someone else do it. Any opinions would be helpful. Thanks.


       We are retired and lived in two states this year.   DH has used Turbo Tax for years and used it again this year.  He said a few things were annoying but he plowed through it.    

Esteemed Contributor
Posts: 6,728
Registered: ‎07-15-2016

Re: If You Are Retired Do You Do Your Own Taxes?

I'm retired and do my own.  Not a big deal.  Recent years I use Turbo Tax because it's easier than doing by hand.

 

I have all my forms and receipts ... just a matter of sitting down at the computer and doing it.  

 

Takes me about 1/2 an hour for Feds and State.

 

When I first started working back in the Dark Ages, my parents sat with me and showed me how to do it ... they always did their own - even with a CPA uncle in the family!

Trusted Contributor
Posts: 1,878
Registered: ‎03-11-2010

Re: If You Are Retired Do You Do Your Own Taxes?

We’ve had the same cpa for years. He’ll do our taxes again this year but he’s thinking of retiring after this. 😢

Esteemed Contributor
Posts: 6,004
Registered: ‎03-13-2010

Re: If You Are Retired Do You Do Your Own Taxes?


@CARMIE wrote:

@bonnielu wrote:

Have CPA doing our taxes. I would rather pay him to do it right than do it myself.  The mistakes I would make would cost more than his fee.  That is how I feel.  Gives me a peace of mind. Every year we get a large refund, state and Federal.


If you get a large refund every year, your CPA should be advising you that you are giving Uncle Sam a tax free loan.

 

Your withholding is way too high.  I know many people like to get a big refund because they view it as bonus money, but is a big mistake.

 

 


Exactly. 

 

The goal should be to balance it out so the amount you receive or pay is minimal.  When I was first married, we got refunds large enough to take a nice vacation, and we liked that.  Our accountant (a close friend) told us that was fine, but that it's a bad idea to end up with very large refunds every year because that's money that could have been working for you all year.