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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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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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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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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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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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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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.

willeyeam
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Tax Season

Postby willeyeam » Thu Apr 15, 2021 6:55 pm



cc @ktk

Fire0nIce228
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Tax Season

Postby Fire0nIce228 » Tue Apr 27, 2021 10:56 am

Filed our taxes in February and wife still hasn't got her return. First time adding a dependent for our new daughter (she claimed) and her first time as a 1099 through some online work shes doing. Getting perturbed that we're stuck waiting for several thousands of dollars back.....

mac5155
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Tax Season

Postby mac5155 » Tue Apr 27, 2021 2:16 pm

They'll get to you eventually!

LITT
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Tax Season

Postby LITT » Fri Apr 30, 2021 2:34 pm

i hate getting a return

Dickie Dunn
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Tax Season

Postby Dickie Dunn » Fri Apr 30, 2021 2:45 pm

Had my 2018 return audited, owed money, sent the money, IRS received the money timely, took forever to process the money, sends new statement saying that it took me so long to send the owed money that I now owe more interest. How about you go **** yourselves?

Faftorial
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Tax Season

Postby Faftorial » Fri Apr 30, 2021 6:13 pm

Had my 2018 return audited, owed money, sent the money, IRS received the money timely, took forever to process the money, sends new statement saying that it took me so long to send the owed money that I now owe more interest. How about you go **** yourselves?
What had you done "wrong" where you ended up owing more money?

meow
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Tax Season

Postby meow » Fri Apr 30, 2021 6:56 pm

We ended up a +$2 this year. Got a federal return. Owed state. Paid account. Net of $2. Woohoo

Dickie Dunn
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Location: Bruton Gaster

Tax Season

Postby Dickie Dunn » Fri Apr 30, 2021 8:13 pm

Had my 2018 return audited, owed money, sent the money, IRS received the money timely, took forever to process the money, sends new statement saying that it took me so long to send the owed money that I now owe more interest. How about you go **** yourselves?
What had you done "wrong" where you ended up owing more money?
Education tax credit we no longer qualified for. Tax Slayer had no issue when we filed. :shrug:

MalkinIsMyHomeboy
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Tax Season

Postby MalkinIsMyHomeboy » Mon May 03, 2021 1:46 pm

I'm using an accountant for the first time ever and just got an estimate on how much I'll owe them for preparing my taxes...$1200-$1500...


that seems like...a **** lot. I went to an accountant because I exercised ISOs and wanted to help figure out what the full tax responsibility was (I knew I was going to owe AMT) but otherwise my tax situation is very straightforward. Single, own a house, one source of income, no dependents, no deductibles, etc.

not really sure what to do here. I feel like I got very overcharged. I guess my only recourse is to pay them and then never use them again?
Last edited by MalkinIsMyHomeboy on Mon May 03, 2021 1:49 pm, edited 1 time in total.

Dickie Dunn
Posts: 20851
Joined: Thu Mar 26, 2015 12:12 pm
Location: Bruton Gaster

Tax Season

Postby Dickie Dunn » Mon May 03, 2021 1:48 pm

Just make stuff up and see if you get caught.

willeyeam
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Tax Season

Postby willeyeam » Mon May 03, 2021 1:51 pm

You could just wing it and pay a ton more in tax. Your call.

skullman80
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Tax Season

Postby skullman80 » Mon May 03, 2021 1:58 pm

Why didn't you get a price from them before they did your taxes based on your situation so you knew what to expect?

mac5155
Posts: 8917
Joined: Wed Mar 25, 2015 12:47 pm

Tax Season

Postby mac5155 » Mon May 03, 2021 2:00 pm

If your 2021 income is $160k+ (MFJ) and you received a third economic impact payment, will they want it back when you file a return in 2022 (TY21)?

It appears to me that it is based off your 2020 tax return income and has no bearing on the 2021 income level..

MalkinIsMyHomeboy
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Tax Season

Postby MalkinIsMyHomeboy » Mon May 03, 2021 2:08 pm

Why didn't you get a price from them before they did your taxes based on your situation so you knew what to expect?
inexperience. First time going through a CPA so I didn't really know how this stuff worked. Their hourly rates don't seem ridiculous ($120-$260/hr) but I'm questioning how they've spent 5+ hours on my taxes

mac5155
Posts: 8917
Joined: Wed Mar 25, 2015 12:47 pm

Tax Season

Postby mac5155 » Mon May 03, 2021 2:10 pm

If your 2021 income is $160k+ (MFJ) and you received a third economic impact payment, will they want it back when you file a return in 2022 (TY21)?

It appears to me that it is based off your 2020 tax return income and has no bearing on the 2021 income level..
I'm also seeing there is no "claw back" clause. So that may put my concerns to rest.

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