2023 Taxes

[srblanco7]

Our accountant provides us with a year over year summary of changes for review -

Income +$3k
Interest +$11k
Dividends +$5k
Cap Gains +$3k

To be honest, I'm disappointed that our income only increased by $3k. That being said, it's apparent that interest income was a big driver for our increased income tax. Most of that interest income was in t-bills, so at least it's exempt from State taxes. This is likely why we're getting back a few thousand as a State refund while we owe a few hundred in Federal taxes.

[Jluke]

I completed the state taxes.

while I don’t have to do federal for the kids I do have to do one for the state, which I wonder if other people even bother doing.

they don’t have income and it’s just the interest and dividends (under 1200 but over the state minimum of $30 I think) so one owed $19 and the other $3.

[QuarterMillionMan]

For 2023, Schwab acquired TD Ameritrade. In my Schwab account, it lists seperate 1099's for Schwab & TD Ameritrade. I guess that I thought it would be combined.

[disneysteve]

For 2023, Schwab acquired TD Ameritrade. In my Schwab account, it lists seperate 1099's for Schwab & TD Ameritrade. I guess that I thought it would be combined.

Nope. Two separate 1099s were issued. I got several notices that it would happen that way.

[QuarterMillionMan]

With these high interest rates for 2023 the taxes that I'm looking at preliminarily while doing my taxes are $3100 that I owe to Feds and $2700 that I owe to California.

[bjl584]

I finally dropped everything off to my CPA today.
I don't expect much to be different this year than in years past. I'll owe a little to the state and feds

[disneysteve]

We got our return back this morning. I was surprised to see that we're getting refunds from both Federal and state totaling $3,645. I'm good with that. With the always unpredictable year-end distributions, which were high last year, I was afraid we would end up owing, but it worked out okay.

[disneysteve]

I'm reviewing the year over year comparison our CPA provides.

For 2023 vs 2022:
Interest and ordinary dividends UP 130%
Capital gains UP 237%

Big difference in the markets, of course, between 2022 and 2023.

[Jluke]

We got our return back this morning. I was surprised to see that we're getting refunds from both Federal and state totaling $3,645. I'm good with that. With the always unpredictable year-end distributions, which were high last year, I was afraid we would end up owing, but it worked out okay.

What was the factor(s) that allowed you to get a refund?

no dependents and probably take the standard deduction. Did you have additional taxes taken out or something else?

[disneysteve]

What was the factor(s) that allowed you to get a refund?

no dependents and probably take the standard deduction. Did you have additional taxes taken out or something else?

We had a big chunk withheld from my inherited IRA RMD so that's probably what helped a lot.

[LivingAlmostLarge]

ugh i'm going on extension and I need to do a quick and dirty estimate to see what i'll owe. Although I made a huge payment in december.

[QuarterMillionMan]

1) Jamul casino win/loss statement for 2023 (won $1998)
2) W-2 G from Jamul Casino on 12/25/23 for $4000 win

I did not itemize and I claimed the standardized deduction. On my 2023 tax return, I listed $4000 as my gambling win for 2023. But according to my win/loss statement for 2023, I only won $1998. Would you have claimed the gambling win for 2023 using the win/loss statement of a $1998 win (not the $4000 win)?

[disneysteve]

1) Jamul casino win/loss statement for 2023 (won $1998)
2) W-2 G from Jamul Casino on 12/25/23 for $4000 win

I did not itemize and I claimed the standardized deduction. On my 2023 tax return, I listed $4000 as my gambling win for 2023. But according to my win/loss statement for 2023, I only won $1998. Would you have claimed the gambling win for 2023 using the win/loss statement of a $1998 win (not the $4000 win)?

Do you need to itemize deductions to claim gambling losses?

[QuarterMillionMan]

Yes. The standard deduction for a single filer such as myself for 2023 is $13,800.

[QuarterMillionMan]

Also, I don't have mortgage interest to deduct, nor medical expenses, nor any other expenses where I can itemize deductions. So the standard deduction is my best option.