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View Poll Results: What are you getting/owing the government for 2018?
I owe the government > $5000 1 1.20%
I owe the government > $1000 9 10.84%
I owe the government $101-999 4 4.82%
I nailed my withholding EXACTLY +/- $100 because I am a wizard 5 6.02%
I loaned the government $101-999 13 15.66%
I loaned the government > $1000 39 46.99%
I loaned the government > $5000 12 14.46%
Voters: 83. You may not vote on this poll

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Old 02-11-2019, 03:07 PM   #201
shikataganai
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Quote:
Originally Posted by nogger View Post
I still haven't sat down and gone through everything yet. I did put in my info into a 2017 tax calculator to see how the new tax law changed my taxes (many changes for me in 2018 including more income, more kids, more mortgage interest so couldn't really compare effective tax rates). I'm paying at least $4k less now than with the old tax law.
How is how much you paid relevant given the "many changes" you list? Wouldn't effective tax rate be the most relevant comparison since it scales with income, etc.?

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Old 02-12-2019, 11:30 AM   #202
shikataganai
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Originally Posted by shikataganai View Post
So 2/15 is when the investment houses must release 1099-B and 1099-DIV forms.

2/15 is also when the current 3 week continuing resolution to keep the government opens ends.



Might be a while before I get my monies backÖ
https://www.cnn.com/2019/02/11/polit...own/index.html

CN: Looks like refunds will go through even if Shutdown Part Deux comes into play.
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Old 02-12-2019, 11:58 AM   #203
Integra96
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TurbTax online is officially worthless for the backdoor Roth. There is no way to manipulate the inputs to get Form 8606 correct. And forms mode is not available in the online version. ****. ****.

Edit: I think it might work by pulling in another 1099. The instructions kind of suck.

Edit2: Got it, finally. Derp.

Last edited by Integra96; 02-12-2019 at 01:00 PM.
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Old 02-12-2019, 01:15 PM   #204
nogger
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Quote:
Originally Posted by shikataganai View Post
How is how much you paid relevant given the "many changes" you list? Wouldn't effective tax rate be the most relevant comparison since it scales with income, etc.?

My effective rate under new law is about 2% less than if under old law.

And I meant a comparison between actual effective rates from 2017 and 2018 wouldn't be that helpful since a lot of parameters changed. Even if the tax law had not been changed, my effective rate would have dropped about 1% due to much high deductions in 2018.

Last edited by nogger; 02-12-2019 at 04:30 PM.
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Old 02-12-2019, 03:49 PM   #205
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Quote:
Originally Posted by shikataganai View Post
How is how much you paid relevant given the "many changes" you list? Wouldn't effective tax rate be the most relevant comparison since it scales with income, etc.?

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Old 02-12-2019, 06:19 PM   #206
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Mr effective rate dropped about 3% over last year.
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Old 02-13-2019, 03:01 PM   #207
sebtarta
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So what are people using to file these said taxes?
  1. TurboTax
  2. H&RBlock
  3. CPA
  4. I don't work so **** taxes

Also, how is it that the IRS does not have their own filing system yet!
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Old 02-13-2019, 03:09 PM   #208
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Quote:
Originally Posted by sebtarta View Post
So what are people using to file these said taxes?
  1. TurboTax
  2. H&RBlock
  3. CPA
  4. I don't work so **** taxes

Also, how is it that the IRS does not have their own filing system yet!
I've used TurboTax for years.

What do you mean, "how does the IRS not have their own filing system yet?" They do and always have, just that it's often involved filling the forms out longhand and mailing them in.
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Old 02-13-2019, 03:14 PM   #209
sebtarta
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Originally Posted by VpointVick View Post
I've used TurboTax for years.

What do you mean, "how does the IRS not have their own filing system yet?" They do and always have, just that it's often involved filling the forms out longhand and mailing them in.
I guess they do have the online option.

www.e-file.com

Why do people still use TurboTax and other services when e-file is available?


I have always used an accountant, and in the past two years I got a letter with some "fixes" that the IRS had to do on our claims. This year I would like to try and do it myself, giving the IRS an opportunity to come an knock my door down because I filed all wrong
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Old 02-13-2019, 03:26 PM   #210
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Quote:
Originally Posted by sebtarta View Post
I guess they do have the online option.

www.e-file.com

Why do people still use TurboTax and other services when e-file is available?


I have always used an accountant, and in the past two years I got a letter with some "fixes" that the IRS had to do on our claims. This year I would like to try and do it myself, giving the IRS an opportunity to come an knock my door down because I filed all wrong
For most cases the free version of TT is just fine, and I'd guess that with the changes this year it's even more likely to be the best bet.

I think many people view taxes as some arcane calculation and the risks of making a mistake being hauled at gunpoint to Federal pound-me-in-the-ass prison so they farm it out to a tax man or they think that the paid service must be better than the free one so they let TT or HRB upsell them. I have a coworker who has been jealous of me for years because I a) get my refund back in mid Feb. compared to his late May, and II] don't pay a cent to file. He still won't take the "risk", despite his year's long accountant retiring and the new person charging him twice as much and his having the (likely accurate) impression that she's not doing anything more than plugging his numbers into the HRB software.



I've made a couple of errors over the years (back when I was doing it longhand), the IRS corrected my return. NBD.
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Old 02-13-2019, 04:51 PM   #211
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My wife has three small businesses, I have lots of 1099-B and -DIV transactions, and Iím sometimes up against AMT.

I gladly pay $43 to have TurboTax simplify all that for me.
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Old 02-13-2019, 05:59 PM   #212
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Filed last night. ~$1,100 federal, ~$400 state refund. I used FreeTaxUSA. Super easy to use, web-based interface so no downloading anything, free federal filing and $12 state filing.

I literally only have one W2 so I can't comment on how well it handles more complicated tax scenarios, but for an "easy" program it was about quick and painless as possible.
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Old 02-13-2019, 06:11 PM   #213
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Quote:
Originally Posted by shikataganai View Post
My wife has three small businesses, I have lots of 1099-B and -DIV transactions, and Iím sometimes up against AMT.

I gladly pay $43 to have TurboTax simplify all that for me.
Yep. We have 2 W-2s, 2 K-1s, Schedule B (capital gains and dividends), Schedule C (side business for me), Schedule E (rental property), and Schedule H (nanny). Totally worth it to have TurboTax chew everything up and spit me out a return.

Back in the day, I did my taxes by hand and E-filed. So it's nice to have the understanding of how everything works, but not having to do the actual work.
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Old 02-13-2019, 08:30 PM   #214
WRX Shenanigans
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Quote:
Originally Posted by sebtarta View Post
So what are people using to file these said taxes?
  1. TurboTax
  2. H&RBlock
  3. CPA
  4. I don't work so **** taxes

Also, how is it that the IRS does not have their own filing system yet!
I use Turbotax. I also plugged my info into H&R but quit halfway through because the software was just crappy next to TT.


I'm getting back over $14k fed but only because I'm claiming the adoption tax credit. It was accepted today so hoping I get my refund by 1st week of March.
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Old 02-13-2019, 08:41 PM   #215
godfather2112
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Not sure how, but I owe the state of California $750 and I left there end of last February. Motha ****a.
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Old 02-15-2019, 10:37 PM   #216
shikataganai
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Betterment turned on 1099-B and -DIV importation into TurboTax today, so I was finally able to file my Federal and CO taxes. What's pretty cool is that TurboTax e-filed my Federal return at 7:59 PM, and at 8:20 PM I got another email saying it had already been accepted.

2017 effective Federal tax rate was 18.94%, including one EV tax credit.

2018 effective Federal tax rate was 12.79%, but that included two EV tax credits. It'd be just shy of 15% with one credit if I'm doing the math right, and I'm not sure that I am since I can't exactly reproduce TurboTax's reported effective rates with what they provided.

Net result is that I should have a bit over $30k coming back to me between Federal and state. This would normally be where I'd be chastised for giving the government an interest-free loan, but 0% actually soundly beats the DJIA's -3.48% 2018 return!



Edit: Also note that I was penalized by the $10k SALT cap, this despite me having prepaid my 2018 property taxes in 2017 to mitigate this. The decreased marginal rates/different bracket income levels helped enough to overcome this, but still annoying.

Last edited by shikataganai; 02-16-2019 at 11:20 AM.
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Old 02-16-2019, 05:20 PM   #217
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****ing TurboTax Online won't auto-import the 1099, so have to download the software version. And the ****ing CD version is more expensive than the digital download..why?

chris619
dr_wheel


Full_Clip doesn't have a CD ROM drive anymore.

Last edited by Full_Clip; 02-18-2019 at 05:57 PM.
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Old 02-16-2019, 05:28 PM   #218
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I used TT for years, however last year I got charged more for having them insist I file two forms, which I didn't think I needed. I tried them again this year, and alas, same ****. I went over the H&R online, and it was free for both, but had to pay the $35 transaction fee. They didn't try to upsell **** and all is well
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Old 02-18-2019, 01:01 PM   #219
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Getting back $850 fed and $550 state. I haven't had a tax refund in like 10 years, so that's kind of nice. I was anticipating another bill.
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Old 02-18-2019, 02:40 PM   #220
sebtarta
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Quote:
Originally Posted by Full_Clip View Post
****ing TurboTax Online won't auto-import the 1099, so have to download the software version. And the ****ing digital download version is more expensive than the digital download..why?

chris619
dr_wheel


Full_Clip doesn't have a CD ROM drive anymore.
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Old 02-20-2019, 02:51 AM   #221
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Filed on Feb 1 and havenít heard ****. Iím getting some real money back due to the federal EV credit.

Give me my ****ing money!
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Old 02-20-2019, 05:56 AM   #222
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Got both my refunds over a week ago. First time my fed was lower than state. Intuit has always worked for me.
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Old 02-20-2019, 06:38 AM   #223
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I filed on the 9th of Feb, money was in my bank account the 15th.
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Old 02-26-2019, 05:15 PM   #224
shikataganai
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Originally Posted by .brian. View Post
I filed on the 9th of Feb, money was in my bank account the 15th.
Filed 2/15 as per my post in this thread. As of 2/25, yesterday, the Where's my Refund? tool said my Federal return approved and that the refund would deposit on 2/28.

My credit union, which does credit scheduled ACH transfers a day before they're supposed to, had it post to my checking account today, 2/26.

:notbadobama:

Colorado asked me for more info in a letter dated 2/25, on the other hand. When they changed the EV tax credit they made it so that dealers could credit it up front, so they want documentation showing that this didn't happen.
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Old 03-03-2019, 05:17 PM   #225
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My wife and I met with our CPA last week to do our first joint filing for 2018.

I miss the days when I was just filing for myself, worked a W2 job and could bang it out on Turbo Tax in 20 min:

Our current task list includes:

1. Filing/managing my 2018 corporate taxes from my S Corp
2. filing and subsequent closing of my wife's personal corp due to lack of significant future income stream (real estate)
3. sale of 1 home
4. purchase of 2 new homes
5. filing income streams from 2 separate rental properties
6. Organizing and sorting out all the obvious deductions at our disposal (stuff charge thru business, child care, education costs, property taxes, mortgage interest taxes, car registration costs, etc)
7. My wife's full time W2 income and my full time 1099 income thru my primary job


unfortunately it means they are going to be work on our corporate returns first and then our personal returns so I won't see any numbers until end of March at the earliest.


We're hoping under the new Trump tax laws that my wife's reported W2 income (approx $100k) minus deductions + my reportable individual income ($200k+ after deductions) will keep our reportable combined income under the $315k limit for joint filings that will qualify me for the 20% corporate tax rate which normally doesn't apply to the small pass-thru (S and C) service oriented corporations who make too money annually. Otherwise my business income gets bumped up into a much higher tax bracket.

fingers crossed.

Last edited by edkwon; 03-03-2019 at 05:46 PM.
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