Tax Time

[disneysteve]

I normally actually start my taxes around the end of January.

I always start on mine as soon as the year ends. Once January 1 is here, I've got most of the info I need - donations, check and credit card transactions, medical bills, online sales, etc. At that point, all I'm waiting for is my W-2 and the 1099s.

[kork13]

I always start on mine as soon as the year ends. Once January 1 is here, I've got most of the info I need - donations, check and credit card transactions, medical bills, online sales, etc. At that point, all I'm waiting for is my W-2 and the 1099s.

I checked again today, my Vanguard 1099 actually dropped overnight. Off to the races!

[disneysteve]

I checked again today, my Vanguard 1099 actually dropped overnight. Off to the races!

I looked this morning and it wasn’t there yet. I’ll look again.

ETA: Nope. Not yet. It has said 2/17 all along so should be there tomorrow.

[LivingAlmostLarge]

1/1 i do a rough end of year estimate. So I can make a payment by 1/16. This year I made a safe harbor payment and i know we'll owe. I also timed my treasury bills to finish 3.28.23 so I can pay my tax bill

[rennigade]

I finally had the courage to start our taxes. Unexpectedly, we owe somewhere around $20k.

Almost all of our income is regular W2. We both claim S0 and I had an additional federal tax withholdings in Q4.

It’s expected and we have the money set aside for it but yuck.

Won't you be penalized for owing so much?

[jenn_jenn]

Won't you be penalized for owing so much?

No because our 2022 income was substantially higher than 2021. We’ve more than exceeded the 110% safe harbor.

I will need to talk to an accountant for our 2023 taxes though. Our income this year should be comparable (maybe a little bit less) and I won’t be able to fall back on the safe harbor safety net so I need to make sure that we are making the appropriate extra payments.

[disneysteve]

Our Vanguard 1099 came out yesterday as promised and I sent it straight to our accountant. He said based on his first run through, we should come out okay. I had forgotten that he had us pay estimates back in January 2022 so we may actually not owe anything or even get a refund. I should know sometime this week.

[Like2Plan]

I keep a running tab on taxes through out the year. I also ordered tax software before 12/31/2022 so that I could do a quick run through before it was too late to do anything about it. We are getting a larger refund than I estimated for this year for 3 reasons:

1. VA increased the exempted amount for DH's pension.
2. VA changed their tax law and increased the standard deduction amount.
3. A goof up that I made on my spread sheet.

I learned about #1 from DH a few weeks before year end. I learned about #2 when I did the run through using the tax software (I guess I should watch the news more).

#3. I keep a running total of IRA distributions/conversions on a spread sheet. However, DH also did a direct transfer of assets from a tIRA to another tIRA. (I just added the transfer in to the taxable total on my spread sheet and increased withholding accordingly.) When I was doing taxes for real I realized my mistake and that increased the refund of both the state and federal.

I am glad to say that I finished our 2022 taxes.

[Jluke]

My tax documents seemed to arrive much earlier this year.

Mailed today for federal; we will see how long it takes to get the refund deposited. Last year it was July.

return marked as received per IRS2Go app. So three weeks for that

[LivingAlmostLarge]

I owe less than i thought with Tax loss harvesting last year

[srblanco7]

i checked yesterday - both our state and federal returns are marked as received. refunds to be processed in about 3 weeks.

[Jluke]

Mailed Feb 2
Received Feb 23
Refund Issue Mar 7 (per my credit union checking)

not bad for snail mail.

[QuarterMillionMan]

Most Californians will have until October to file tax returns - Los Angeles Times (latimes.com)

[myrdale]

2019 & Before, filed S0, received about $2,500 per year.
2020 filed S1, owed $1,200.
2021 filed S1 and withheld $100 extra per month, received $200.
2022 switched from traditional 401K to Roth 401K.......

Minor update, my federal tax refund was about $450 this year even after having switched to the Roth 401(k). I don't plan on tweaking anything at the moment, and just let everything ride as is for the time being.

[rennigade]

State took the money out of my checking. Waiting for federal to deposit what they owe me, which isnt much. That will probably take some time.