Taxes done!

[disneysteve]

I finally finished getting everything together for taxes this morning. I copied all of the documents and the originals are all set to mail to my accountant in the morning. He's out of town until next Monday so I wasn't in too much of a rush since I knew he wouldn't even see them until then, but it's all ready to go now.

I'm sure he'll have a question or two. He always does. But I tried to be as thorough as possible.

[Jluke]

Does your daughter qualify for that Roth savers credit - this year or previous years?

[disneysteve]

Does your daughter qualify for that Roth savers credit - this year or previous years?

Well definitely not this year because she had no income so couldn't contribute to her Roth. I'm not sure what happened in prior years. I'd have to go back and look at her returns.

[dawnwes]

I am married to an accountant.....ours get done in October.....

[disneysteve]

I am married to an accountant.....ours get done in October.....

My father was an accountant. He always did mine right on time. Now my cousin does them. He and his brother took over the business from my father and uncle after they retired. And now my cousin is about to retire. This is probably the last year he'll be doing them but we have a good friend who we trust implicitly. I already told him that after tax season, I'd make an appointment to see him and review our financial life so that he'll be up to speed to do our taxes next year.

[FLA]

For the first time ever, I'm having them prepared by the United Way for free but that's not til late March. I am still waiting on a disability W2 and then I'm going to do them on Turbo tax but not submit them, just to see if I get the same numbers as the tax prep person. I have a few new things I've never had to do before this year and I am happy to have back up.

I will owe because for the 6 months I had long term disability, i kept remembering then forgetting to send in the tax withholding form, I didn't remember again until Dec. I've increased the EF to allow for this. I wish they would hurry up and send the W2 so I can see how bad it's going to be.

[dawnwes]

My father was an accountant. He always did mine right on time. Now my cousin does them. He and his brother took over the business from my father and uncle after they retired. And now my cousin is about to retire. This is probably the last year he'll be doing them but we have a good friend who we trust implicitly. I already told him that after tax season, I'd make an appointment to see him and review our financial life so that he'll be up to speed to do our taxes next year.

Well, I should revise that. He does them enough to file an extension. But he doesn't finish them on time.

This year will be way worse. Our deadline to put the house on the market is April 15th.

[dawnwes]

Double post

[Koolmagicguy]

Does your daughter qualify for that Roth savers credit - this year or previous years?

I hope I started a trend!

FYI You have three years to file an adjusted return to claim the credit.

[JustBill]

Well definitely not this year because she had no income so couldn't contribute to her Roth. I'm not sure what happened in prior years. I'd have to go back and look at her returns.

If you claim her as a dependent on your return, or if she is a full time student for 5 or more months, she is not eligible for the credit.

[disneysteve]

If you claim her as a dependent on your return, or if she is a full time student for 5 or more months, she is not eligible for the credit.

That would explain why she didn't get it. She is both a dependent and a student.

[Goldy]

I also got mine filed today. Now the fun part of what to do with the refund.

[disneysteve]

I also got mine filed today. Now the fun part of what to do with the refund.

Well certainly the goal each year is to not get a refund. The flipside is to hope that we don't owe too much.

If we do get a refund, which I doubt, it will go toward our IRA contributions.

[Like2Plan]

I have been collecting the paperwork in one place and I ordered tax software, but I have definitely been task avoiding to actually get our taxes done. I think the biggest impediment is I sold some uncovered shares last year and I have to figure out the cost basis. Other than that, it shouldn't be too tricky. I think you have given me motivation to get started.

[disneysteve]

I have been collecting the paperwork in one place and I ordered tax software, but I have definitely been task avoiding to actually get our taxes done. I think the biggest impediment is I sold some uncovered shares last year and I have to figure out the cost basis. Other than that, it shouldn't be too tricky. I think you have given me motivation to get started.

I'm definitely not looking forward to the outcome. I'm concerned about the 529 issue that I posted about last month. I'm afraid we're going to get hit with a penalty for that. Also, we again had some large capital gains in our taxable accounts that we'll need to deal with. I've been hoarding cash for the past couple of months waiting to see how it all turns out. I wanted to be prepared if we ended up with a big tax bill.