Message Font: Serif | Sans-Serif
 
No. of Recommendations: 2
synch rarely stops by anymore but he would be happy to hear that I ended up owing $518 on my federal income taxes this year. A blind squirrel finds a nut every once in awhile.

PSU
Print the post Back To Top
No. of Recommendations: 1
I once again will be writing a very large check to the government and then getting a very, very small check back sometime next year.

I'm beginning to wonder if I'm getting my money's worth in this relationship.
Print the post Back To Top
No. of Recommendations: 0
Oy, wrote big check in spring that I thought had to be more than enough. Not even close - writing another big one with the return.

I enjoy my work and don't do all that much of it. I know there is a school of thought that any financial benefit is worth it but I really need to deconstruct my return to be sure it isn't actually costing me money because I actually think it might be.

(Return includes income from quite a variety of other sources with bump from selling rental property in '17; hoping to sell house in '18 to match with selling loser land "investment" in another location).
Print the post Back To Top
No. of Recommendations: 0
You folks who already have your taxes done are making me feel guilty here. I haven't even started ours yet. I did do the returns for both kids, and that's always first because theirs are so much simpler.

Ours are a bit more complex, and I seem to be stalling, but the plan is to attack them this weekend. I try to have us owe a bit, but DH's income is all over the map, so it's hard.

Hopefully, I will get them all done this weekend and we will owe a bit, which is where I like to be.
Print the post Back To Top
No. of Recommendations: 3
I did do the returns for both kids, and that's always first because theirs are so much simpler.

Did you do it for them or did you assist them? I'm sure my kids would love if I did their returns but all I do is sit next to them so I can answer any questions while they do their own returns.

PSU
Print the post Back To Top
No. of Recommendations: 2
I forgot to say the reason I owe instead of getting a refund is almost all due to losing the youngest one as a dependent. I'd love to say I have detailed spreadsheets like synch but each tax year is a crapshoot since I don't do any real planning.

PSU
Print the post Back To Top
No. of Recommendations: 0
Did you do it for them or did you assist them? I'm sure my kids would love if I did their returns but all I do is sit next to them so I can answer any questions while they do their own returns.


I had DD sit with me while we did hers together, so she knows how to do it. DS has other issues, so it is best if I do those for him and send them down to him. He's also an hour away, and it is difficult for him to get up here - he never did get the snow tires on his car this year because he couldn't find a good window to get up here.

If I didn't do them for DS, he'd need to pay H&R Block, and from what I understand, they just take the info and do the taxes. This saves him some money.

I am hopeful that he will be capable of doing them himself some day, but we shall have to wait to see. He's not a Typical child, and so this is just one more thing with which he needs assistance.

Sort of like I have POA on all his financial accounts, and none for DD. He needs the help.
Print the post Back To Top
No. of Recommendations: 1
the reason I owe instead of getting a refund is almost all due to losing the youngest one as a dependent.

This is my last year with the elf as a dependent.
He moved out and isn't in school...I was kind of hoping I'd have him as a deduction for a few more years.


peace & not the only reason
t


(have not done any planning around that yet- but should)
Print the post Back To Top
No. of Recommendations: 0
He moved out and isn't in school...I was kind of hoping I'd have him as a deduction for a few more years.

Isn't possible that he may be a dependent again - particularly if he does go to school ?

My kids were only an issue the year they graduated from college. I didn't take the oldest that year because of her stipend from AFROTC and then supporting herself from graduation until the end of that calendar year. For the other two, we provided more than half of their support for that year(not good memories on the youngest but that had nothing to do with what he did.)
Print the post Back To Top
No. of Recommendations: 4
Dead to me.

FWIW, I was in Paris when you posted, so that's my excuse for not replying earlier.

Beyond that, I wrote a smallish check to the IRS this year. I also ran the numbers under the new (2018) tax law, and if everything stayed the same our taxable income would be higher (the new deduction rules and no personal exemptions) but our tax liability would be lower (brackets and being able to use the Child Tax Credit).

Personally, I'd rather pay the same or more taxes and have a robust social safety net, but that choice isn't offered.

-synchronicity
Print the post Back To Top