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Author Topic: It's Tax Time!  (Read 3550 times)
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CeeKay
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« on: January 28, 2009, 04:33:24 PM »

ah, glorious tax refund time!  as of this morning I am officially done with all my taxes and all my refunds are in my bank account.  I already spent about a fifth of what I'm getting back, and I' think I'll just sit on the rest for a bit.
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« Reply #1 on: January 28, 2009, 05:06:23 PM »

I should get a refund this year, both state and federal. However I doubt i will be getting my California refund anytime soon......
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Kevin Grey
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« Reply #2 on: January 28, 2009, 05:12:51 PM »

Wasn't there some talk that the new round of stimulus would include a retroactive tax cut to last year's tax code?  Is that still in the bill?  If so then I would wait until the bill gets passed before filing my taxes. 
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« Reply #3 on: January 28, 2009, 05:32:06 PM »

Quote from: Kevin Grey on January 28, 2009, 05:12:51 PM

Wasn't there some talk that the new round of stimulus would include a retroactive tax cut to last year's tax code?  Is that still in the bill?  If so then I would wait until the bill gets passed before filing my taxes. 

If we didn't need the money so bad, I would. 

Already filed.
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Gratch
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« Reply #4 on: January 28, 2009, 05:37:14 PM »

Damn, you guys are fast.  I don't even have all my W-2's yet!   I'm guessing we'll break even or maybe come out a little bit ahead this year.
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« Reply #5 on: January 28, 2009, 06:07:46 PM »

Man.. I sure could use my return now.  Unfortunately in Canada our T-4's don't have to be out until the end of Feb.  My employer waits until the last possible day.
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Ironrod
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« Reply #6 on: January 28, 2009, 06:23:25 PM »

What is this word, this "refund"?

We will delay mailing our check until April 15. I'm in no rush to complete the paperwork and learn the extent of the damage much before that.
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« Reply #7 on: January 28, 2009, 07:26:58 PM »

Ugh... I actually have to call and make an appointment with an accountant today.  Hoping that he can make me somehow pay less than I normally do.

gellar
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« Reply #8 on: January 28, 2009, 08:00:17 PM »

Finished mine on Saturday.  Can't wait to get some money back smile
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« Reply #9 on: January 28, 2009, 08:07:49 PM »

Man, haven't gotten our W2s or our daycare statement yet.

Boo.
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Booner
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« Reply #10 on: January 28, 2009, 08:13:05 PM »

This will be just the most paperwork heavy of the four payments I'll make this year.... 

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« Reply #11 on: January 28, 2009, 08:41:53 PM »

What the heck is a refund?
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Gromit
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« Reply #12 on: January 28, 2009, 09:30:52 PM »

Quote from: Ironrod on January 28, 2009, 06:23:25 PM

What is this word, this "refund"?

It's only $1990, but it will help since my wife isn't working right now.
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« Reply #13 on: January 28, 2009, 10:05:42 PM »

Quote from: Gromit on January 28, 2009, 09:30:52 PM

Quote from: Ironrod on January 28, 2009, 06:23:25 PM

What is this word, this "refund"?

It's only $1990, but it will help since my wife isn't working right now.

In my world, there's no such thing as "only" $1,990.
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« Reply #14 on: January 28, 2009, 10:18:37 PM »

Refund is currently "pending" in my account.   I filed before receiving Form 5498 from my 401k to rollover IRA transfer.  And since it was an internal transfer, there was no 1099-R to worry about.
« Last Edit: January 28, 2009, 10:20:57 PM by Isgrimnur » Logged

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« Reply #15 on: January 29, 2009, 01:26:06 AM »

Looks like I'll be getting a whopping $3 back; which is good, because I had extra taken out of my paycheck this year in order to get it as close to $0 as possible. 

The surprising thing for me was that after adding up the dozens upon dozens of medical bills due to infertility treatments, it didn't make the slightest bit of difference.  Even with mortgage interest and property taxes, the standard deduction was better than itemizing.  I think that's a first for us.
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CeeKay
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« Reply #16 on: January 29, 2009, 01:43:00 AM »

Quote from: Gratch on January 28, 2009, 10:05:42 PM

Quote from: Gromit on January 28, 2009, 09:30:52 PM

Quote from: Ironrod on January 28, 2009, 06:23:25 PM

What is this word, this "refund"?

It's only $1990, but it will help since my wife isn't working right now.

In my world, there's no such thing as "only" $1,990.


I wish I was only getting back $1990  crybaby
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The Grue
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« Reply #17 on: January 29, 2009, 02:48:51 AM »

I really need to adjust my withholdings, but am always too lazy to do it.  I always get back 6K from the government each year.
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gellar
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« Reply #18 on: January 29, 2009, 03:02:40 AM »

Quote from: The Grue on January 29, 2009, 02:48:51 AM

I really need to adjust my withholdings, but am always too lazy to do it.  I always get back 6K from the government each year.

I say the same thing... except  I tend to OWE the government that much each year.

gellar
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« Reply #19 on: January 29, 2009, 04:02:02 AM »

I did my taxes a couple weekends ago right after I got my W-2s.  I came out nearly even, paid $56 in federal and got a whole $8 back in state. 

I wouldn't mind a stimulus check in a few months either.
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« Reply #20 on: January 29, 2009, 04:27:49 AM »

I think ours will be close this year... wife has to work it out (she's an accountant). Fingers are crossed though!
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« Reply #21 on: January 29, 2009, 05:43:47 AM »

Quote from: EngineNo9 on January 29, 2009, 04:02:02 AM

I did my taxes a couple weekends ago right after I got my W-2s.  I came out nearly even, paid $56 in federal and got a whole $8 back in state. 

I wouldn't mind a stimulus check in a few months either.

Nice. Our situation fluctuates too much, with two home businesses and a real job. 1099s, K-1 income...yeesh. Most of our lives are deductible, but the paperwork is a bitch, and it comes down to how well I manage the 1040-ES payments. I should do my MIL's returns pretty soon for warmup.

My wife lost her job today, leaving 0 jobs between us. If we owe Unc Sam a few $thousand in April, like we did last year, we will be destroyed. I really need break-even or better this year. I wish they were talking about stimulus checks instead of a $10/week giveback. What good is $10 less withheld if you don't have a paycheck?
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« Reply #22 on: January 29, 2009, 02:16:47 PM »

I haven't even gotten all my paperwork yet, much less figured out how much I owe the overspending government.
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« Reply #23 on: January 29, 2009, 02:49:56 PM »

I still waiting on my wife to finish her inventory count for her home business. I ready to hit submit except for the one last dollar figure to enter.
As of now it looks like we are getting about $1320 federal and $580 state back.
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« Reply #24 on: January 29, 2009, 03:05:37 PM »

As of right now it looks like we're going to get $7,500 back this year.  I should adjust my holdings as well, but I'm not going to complain.  I'm going to build a new PC!
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« Reply #25 on: January 29, 2009, 03:12:41 PM »

I know that I should adjust my witholding, but the refund is like a little bonus this time of year that I know we would have spent through otherwise...
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« Reply #26 on: January 29, 2009, 06:47:33 PM »

Big refund = I don't bother adjusting my W4 and like giving the government my hard earned money and don't make any interest on it.

I've never understood why people like to get huge refunds. That's money you could have had LAST YEAR!

I usually end up getting a refund less than $200 or owing no more than $200. I like having MY money during the year. I made $660 in interest last year by just socking away as much money as possible in savings and pulling it out when I need it to pay bills.
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« Reply #27 on: February 01, 2009, 03:38:59 PM »

So given the size of my expected refund, I decided that I needed to take a look at my exemptions.  Right now I claim 1. A worksheet I did said I should be claiming 11  icon_eek eek  icon_eek.

I decided to claim 8 moving forward.
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Octavious230
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« Reply #28 on: February 01, 2009, 04:25:09 PM »

I did my taxes last weekend as soon as my W-2 came in the mail. Getting back 1,100 which is great. I don't really feel comfortable adjusting my withholding even if I could get a extra 90 bucks or so a month. This is going straight into the savings account as I don't really think it's a good time to really buy anything. They just fired the one girl at work to cut costs. In the 7 years I've been working there that's the first time that's ever happened. I did just get reassigned to my old manager who will give me a metric ass ton of work so I'm not terribly worried but you never know.   eek
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« Reply #29 on: February 01, 2009, 04:41:09 PM »

Quote from: Octavious230 on February 01, 2009, 04:25:09 PM

They just fired the one girl at work to cut costs.

Sausage fest!   puke
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« Reply #30 on: February 01, 2009, 05:53:19 PM »

Quote from: Gratch on January 28, 2009, 10:05:42 PM

Quote from: Gromit on January 28, 2009, 09:30:52 PM

Quote from: Ironrod on January 28, 2009, 06:23:25 PM

What is this word, this "refund"?

It's only $1990, but it will help since my wife isn't working right now.

In my world, there's no such thing as "only" $1,990.


We were getting $4000 in years past, but I make too much now to get EIC.  I could really use that extra $2000.   icon_confused
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« Reply #31 on: February 01, 2009, 06:48:48 PM »

Quote from: Octavious230 on February 01, 2009, 04:25:09 PM

I don't really feel comfortable adjusting my withholding even if I could get a extra 90 bucks or so a month.

I get your hesitancy as I don't want to over compensate and end up owing, hence I took more of a not-so-middle ground on the exemptions rather than claiming the full 11.  But in my case it's several hundred dollars a month, so...
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« Reply #32 on: February 01, 2009, 07:13:56 PM »

I just finished mine, and I will be adjusting my W-4. I usually get a giant refund do to the absurd amount of taxes that come out of my Quarterly bonuses, but I know that those will be few and far between this year, and that money is better off in either my 401k or my Credit Union account making interest. So adjust I will. I want to file taxes and have everything be as close to 0 as possible. You forget that not only is is an extra amount (over $300 in our case) in the banking account every month, but it is also an extra amount earning compounding interest!
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« Reply #33 on: February 01, 2009, 10:53:57 PM »

+ $1300 here.  Very pleased. I love the new e-file and direct deposit stuff. I should have my money within a week. No plans for it yet, other than to save.
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« Reply #34 on: February 02, 2009, 07:03:12 PM »

I have resolved to start filling in our CPA's questionnaire tomorrow -- or at least to do my filing, so that I can start on that. My wife's 1099s haven't even started arriving yet, and I won't get my K-1 until the CPA finishes my corporate returns. Once those pieces are in place my wife needs to spend a day sorting her records and filling in her expenses. Making most of her freelance income disappear is a long, tortuous process...complicated this year by the transition into unemployment -- starting her job search, prodding her freelance clients, filing for unemployment, and exploring health insurance alternatives. The good news is that we might be poor enough to qualify for a state COBRA subsidy.

My goal is to have it figured out by March 15 if the CPA and the wife both cooperate. That would give us a month to come up with any payment due. Maybe I'll warm up this week by doing my MIL's taxes, if her lazy son will ever bestir himself to send me her paperwork.
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« Reply #35 on: February 02, 2009, 07:42:00 PM »

I've got over 250 stock transactions last year.  Mostly derivatives too.  I think I'm going to have to go see an accountant frown
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« Reply #36 on: February 02, 2009, 08:33:33 PM »

Quote from: Jeff on February 01, 2009, 10:53:57 PM

+ $1300 here.  Very pleased. I love the new e-file and direct deposit stuff. I should have my money within a week. No plans for it yet, other than to save.

Ya doing everything online makes it so damn easy. Since I have used turbotax for the last few years in imports the data from the previous year which makes things go so quickly. Another cool thing is that you can import your W-2 if your company supports it. Which mine did. (I think anybody that uses ADP for payroll would work)
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« Reply #37 on: February 03, 2009, 01:12:17 AM »

The good:  $968 refund.  W00T!!!
The bad:  Found out on Friday that I need close to $6,000 in dental work done.  This refund will at least cover the first crown (of 3) and a couple of the 13 fillings I need until I can scrape together some more cash.  frown

Strange, I keep getting all kinds of timeout and script errors when I'm trying to enter my info for the e-file.  I'm attributing it to high traffic (my guess is that a boatload of people got their final W2's tonight) and will try again later tonight.
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« Reply #38 on: February 20, 2009, 12:57:55 AM »

Filed electronically via Turbo Tax on 2/11. Refund electronically deposited into checking account 2/19. Cool! thumbsup
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« Reply #39 on: February 20, 2009, 12:02:36 PM »

Quote from: Gratch on February 03, 2009, 01:12:17 AM

The good:  $968 refund.  W00T!!!

Always find it weird that people get so excited over getting a big refund. Usually that means you were having too much money taken out of your paycheck. And it was sitting in the Fed bank account, when it could have been in yours, making you money. Unless this is some strange thing related to state taxes?
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