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2020 taxes - how did you fare?

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    #46
    I find myself remarkably relaxed about taxes this year. We take the standard deduction, so our taxes are really pretty simple. We e-filed the federal back in Feb and received our refund about a week later. Turbotax includes 5 federal e-files with the price of the software, but you have to pay about $20 more to e-file state. So, I decided to mail my state return. Usually, I send it certified, return receipt, but I got to thinking--that will cost extra ($6.96 in addition to the regular postage)...

    So, it's been over a month and I started to second guess my decision. (Like--what if the return get lost in the mail? Should I send them another one?) Anyway, I found my state has a web site that let's me see if they've processed my return and when the refund will be issued.

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      #47
      Originally posted by Like2Plan View Post
      We take the standard deduction, so our taxes are really pretty simple.
      I hope everybody remembered that they added in a separate $300 charity deduction in 2020 even if you don't itemize. And that increases to $600 ($300 per spouse) for 2021.
      Steve

      * Despite the high cost of living, it remains very popular.
      * Why should I pay for my daughter's education when she already knows everything?
      * There are no shortcuts to anywhere worth going.

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        #48
        Originally posted by disneysteve View Post

        I hope everybody remembered that they added in a separate $300 charity deduction in 2020 even if you don't itemize. And that increases to $600 ($300 per spouse) for 2021.
        Yes. I think it was line 10 (above the line for adjust gross income) for 2020. Last year I made a point to make a cash donation to our food bank instead of just food items. Since we have been taking the standard deduction I have gotten very lazy (or relaxed ) and apart from the receipt for the cash donation, I have not kept any receipts for charitable donations.

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          #49
          Originally posted by Like2Plan View Post

          Since we have been taking the standard deduction I have gotten very lazy (or relaxed ) and apart from the receipt for the cash donation, I have not kept any receipts for charitable donations.
          Fortunately, our synagogue dues count and I pay that electronically and they send a year-end tax statement. We also make some other donations throughout the year typically by credit card so there's always documentation.
          Steve

          * Despite the high cost of living, it remains very popular.
          * Why should I pay for my daughter's education when she already knows everything?
          * There are no shortcuts to anywhere worth going.

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            #50
            Owed like $375 for Federal and $475 for state. 1st time owing this much ever, I think we got like $2k back last year.

            Changes =
            1) Resigned from my corporate w-2 job 1/24/2020. My income dropped like 40% compared to dancing for the man --> working as a contractor in various fields.
            2) we had $20k of profit, out of a big taxable stock sale I had this year. Paid off another one of my properties w/ it.

            *Going forward, I'm only working for myself as a realtor and a photographer (as active work). So I assume I'll owe much more in 2021 taxes (from the R.E. income that is beginning) just hoping to continue to be able to write off enough of my expenses (mainly advertising.... that gets expensive, but also driving miles, all the SW i use, R.E. fee's, and etc...). I think our days of getting any returns back, will be far in the rear veiw mirror, until we have kids. (Wife's still at her W-2, but we stuff 25%+ of her income into 401k)

            Interesting changes. Thankfully they're roughly what I was expecting, and no "curve balls" with all my changes, and new projects being deployed.

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              #51
              I'm a billionaire and I didn't pay any taxes.
              Never underestimate the power of stupid people in large groups.

              -George Carlin

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                #52
                Got the Form 5500-EZ filed for DH's solo 401K today! It was the first time he had to file that form, so it took awhile for me to read instructions, ferret out information on the not-so-clear portions of the instructions, complete a draft of the form, then complete & double-check everything prior to his filing. In future years, the form should be very easy to complete now that I know what I'm doing, but this year I was in uncharted waters so it took some time, was a bit stressful, and caused a bit of hesitancy before I took the dive. The form's not due until the end of July but I couldn't feel like our taxes were really and truly done until that form was filed. Also the penalty for late filing is very steep.

                On our personal tax return, we had a refund and applied it to 2021 estimated taxes. I don't sweat refunds or payments. If we have no penalties or interest, I'm good.
                Last edited by scfr; 04-08-2021, 11:29 AM.

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