Taxes done!

[bjl584]

I'm still waiting on some forms from my brokerage account.

I should have everything ready to go by the end of this week.

[parafly]

I finished preparing my taxes yesterday. I'm getting a $300 refund from federal, and I owe $80 to the state. I'm happy with those results.

[Goldy]

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.

I enjoy getting a refund at tax time because it forces us to live on less during the year. Sure I am missing out on 1% interest on 5k but that is easily made up with the refund offers like amazons 10% bonus last year.

[msomnipotent]

We got our Federal tax refund a few days ago, but I had some trouble with state. I usually use H&R Block software and it was frustrating this year. State was rejected twice because H&R put the wrong AGI on my forms automatically, which has me worried. I filed with them last year, so they should know what my AGI was. And I couldn't find where to claim internet sales tax, which I had to claim last year. I hope it doesn't draw suspicion. Amazon charges sales tax in my state, so I'm covered there. I can't really remember buying from online stores that didn't charge tax this year, but I would feel better filing the form and claiming zero instead of doing nothing.

On the plus side, we usually get all of our forms very late and they all were mailed early this year. I'm hoping I didn't forget anything, like last year.

[Like2Plan]

Well, Disneysteve--you motivated me to get going:
1. I organized my papers and put paper clips on them (according to the different categories)
2. I loaded the tax software on my computer and updated it.
3. I started entering my data.
4. Finally, when I couldn't put it off anymore I started entering my data for my cost basis for the uncovered shares of stock I sold. I ran into a problem immediately. So, I thought I would ask if anyone has any experience with this problem:

My statements don't match the line item detail on the 1099B. There is a note that the line item detail is for information only and in not technically part of the IRS form 1099B. But, it appears those numbers are the basis for what is reported to the IRS on the actual 1099B.

For example, it has the total uncovered shares 2.287294 (these are the shares acquired prior to Jan 1 2013.) But, my Dec 2012 statement put my total at 2.408899.

Then, there were 3 errors totaling $6.96 understating my cost basis for the shares that were covered. The 3 entries did not include the transaction fee, all the other entries did reflect the transaction fees.

I'm not talking big bucks here, so I hate to think about holding up the whole return pending getting an amended 1099B. Or, do I just say close enough and move on?

[disneysteve]

Well, Disneysteve--you motivated me to get going:
1. I organized my papers and put paper clips on them (according to the different categories)

A few years ago, I started a system to organize everything throughout the year so that it isn't a big mess when I sit down to do my taxes in February. I used to have one folder in my file drawer marked TAXES. Now I still have that TAXES folder but within that folder, I have several other folders: Charity, Medical, Surveys, Investments. As things come in throughout the year, I drop them in the appropriate sub-folder. It has made tax time far easier.

[FLA]

the other day I woke up really early and realized I do not want to wait for the free United Way help, I don't want not knowing how much I owe hanging over my head. I use Turbo Tax online, it feeds in all of last year's info. I thought I had lost too many brain cells to do my own taxes but with their cues, I did them and think they are right. Submitted and paid what I owed, which was a bit more than I had hoped but oh well. It's done and I am pretty sure it's done right. In the end it was the easy form so no great brain trust needed.

[disneysteve]

The verdict is in, and it's much better than I expected.

We did get nailed with a penalty on the 529 due to the timing issue I posted about before and we had some large capital gains (though not as much as last year). However, we did a lot of charity work and those deductions helped a lot. Also, I was paying quarterly estimates to the state.

The end result is we're getting a fairly large federal refund and a few hundred back from the state. We're going to let the state keep some of that so that I don't have to bother with estimates this year but even after that, we're still ending up with about $3,000 back.

All of that will go into retirement plans for anyone who is wondering.

[Like2Plan]

We did get nailed with a penalty on the 529 due to the timing issue I posted about before

Sorry Steve. That is so distressing because IIRC you used the $$ for qualified college expenses. I wish they would change the law to have some leeway on that.

[kork13]

I finished ours the other day, and we ended up with a refund just shy of $3000... I didn't really take into account very well the reduced taxes we'd have thanks to our new son (a.k.a. my little tax deduction), and my deployment for part of last year also kept us well inside the 15% tax bracket. My goal is always to keep my refund/payment less than $500, so I kinda blew it this year... But I guess money in my pocket is still money in my pocket, even if it's delayed until tax season....

[disneysteve]

Sorry Steve. That is so distressing because IIRC you used the $$ for qualified college expenses. I wish they would change the law to have some leeway on that.

The system is definitely flawed since schools operate on a year that starts in August and the IRS operates on a year that starts in January.

Most colleges bill in December for the Spring semester that starts in January. It is way too easy to screw up by requesting the 529 money in late December but not actually paying the bill until early January. I certainly won't make that mistake again and I'll warn everybody I possibly can so that others don't do it either.

[creditcardfree]

Most colleges bill in December for the Spring semester that starts in January.

But not all. My daughter's college had a bill date of January 25, due February 12 for spring tuition.

[disneysteve]

But not all. My daughter's college had a bill date of January 25, due February 12 for spring tuition.

I did say most.

Of course, most school also start spring semester in mid-late January so that makes sense.

[ua_guy]

It was an interesting tax year for us filing jointly for the first time as a married couple. Not as bad as I thought. Lots of retirement contribution plus no withholdings on our W4's made for a pretty good return, more than we were expecting. It will go towards our EF.

[Fishindude77]

Got all of my stuff to the CPA. Waiting to see the verdict.