Tax Season

Dickie Dunn
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Tax Season

Postby Dickie Dunn » Thu Mar 18, 2021 9:24 am

I remember the 100/90 rule from looking at things during last year’s disaster. This year tax slayer awarded me that I might want to fill out some other form to prepare myself for interest penalties just in case. Don’t remember that from last years filing.

NTP66
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Location: FUCΚ! Even in the future nothing works.

Tax Season

Postby NTP66 » Thu Mar 18, 2021 9:24 am

We've adjusted out W4s at least half a dozen times over the last 3 years, and think we're finally at the point where we'll come close to breaking even next year. We only owed ~$400 this year.

Beveridge
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Location: Punxsutawney

Tax Season

Postby Beveridge » Thu Mar 18, 2021 9:31 am

We've adjusted out W4s at least half a dozen times over the last 3 years, and think we're finally at the point where we'll come close to breaking even next year. We only owed ~$400 this year.
If your income is predictable, easiest thing to do is take what you owe, divide by however many pays you and your wife have and tell your payroll to withhold that each week. You can have whatever amount withheld, withheld. If a payroll department says otherwise, they are full of it. It's not an exact science, but you'll end up in the ballpark.

Most years, in about September I calculate out where I'm ending and do a mock tax return and then readjust withholdings for the remainder of the year to attempt to end even. Last year was an exception because we had a lot of moving parts and decided to roll the dice.

NTP66
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Tax Season

Postby NTP66 » Thu Mar 18, 2021 9:41 am

It's not as predictable thanks to on-call pay and such. And that's basically what we've been doing, just figuring out what we owed each year, and adding that amount to our witholdings divided by the number of paychecks.

eddy
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Location: Emmet's barn loft

Tax Season

Postby eddy » Wed Apr 07, 2021 8:45 pm

Filed and received notice that my federal taxes were accepted on Feb 27. I still haven't received the direct deposit. It's never taken this long, what is going on with this refund?

willeyeam
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Location: Sticky Boy

Tax Season

Postby willeyeam » Wed Apr 07, 2021 8:49 pm

Did you have unemployment?

Shyster
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Tax Season

Postby Shyster » Wed Apr 07, 2021 10:01 pm

One of the accounts held by my late mother was an annuity held within a Roth IRA with my brother and me as 50/50 beneficiaries. We liquidated that annuity and transferred the cash back to the estate to cover expenses specifically because it was a Roth account that would have no tax impact. The problem is that the annuity company sent out 1099s that do not include the code saying it was a Roth distribution. I've called them a couple times, but their tax department is backed up and hasn't gotten to the issue yet. Everyone I've talked to agreed from looking at the account that, yes, it was a Roth account and its distribution should be tax-free, but I don't want to file my taxes without a corrected 1099-R and then have the IRS come back at me. Whether or not that was a Roth distribution is the difference between a refund of $200 and taxes due of $7,000.

eddy
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Tax Season

Postby eddy » Thu Apr 08, 2021 7:00 am

Did you have unemployment?
Yes I did.

willeyeam
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Joined: Wed Mar 25, 2015 12:49 pm
Location: Sticky Boy

Tax Season

Postby willeyeam » Thu Apr 08, 2021 9:41 am

Did you have unemployment?
Yes I did.
I haven't heard anything official yet on delay times but they are now calculating the adjustment on their end if you filed before the first 10,200 of unemployment was officially non taxable which is sounds like is the case. So I wouldn't be surprised if that's why

eddy
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Joined: Thu Mar 26, 2015 9:49 am
Location: Emmet's barn loft

Tax Season

Postby eddy » Thu Apr 08, 2021 9:56 am

Did you have unemployment?
Yes I did.
I haven't heard anything official yet on delay times but they are now calculating the adjustment on their end if you filed before the first 10,200 of unemployment was officially non taxable which is sounds like is the case. So I wouldn't be surprised if that's why
Figured it had something to do with that. I guess that's what I get for having them take the taxes out ahead of time.

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