2023 Taxes

[disneysteve]

So you didn’t really have any choice but to report what was on the W-2 form. It doesn’t matter what your overall win/loss was since you can’t deduct the losses.

[QuarterMillionMan]

You're right. But it sucks that my net is $2000, but I have to claim the entire $4000 because the W2-G shows $4000.

[QuarterMillionMan]

When it comes to e-filing, I've never done it because I'm skeptical that the Feds would have my bank account number readily available by direct debit or deposit and could mistakenly take out more or could even seize my assets so I always sent paperwork and a physical check which of course they could do the same but in my mind makes it a little tougher and not as easy as the first scenario. Am I paranoid much a do about nothing, lol. I might e-file my 2023 tax returns and pay using direct debit since I'll get immediate confirmation that it's done rather than snail mail which could easily get lost and get dinged for a late tax return w/penalties & fees.

[ua_guy]

When it comes to e-filing, I've never done it because I'm skeptical that the Feds would have my bank account number readily available by direct debit or deposit and could mistakenly take out more or could even seize my assets so I always sent paperwork and a physical check which of course they could do the same but in my mind makes it a little tougher and not as easy as the first scenario. Am I paranoid much a do about nothing, lol. I might e-file my 2023 tax returns and pay using direct debit since I'll get immediate confirmation that it's done rather than snail mail which could easily get lost and get dinged for a late tax return w/penalties & fees.

Never had a problem e-filing. However, I keep an extra account around just for money transfers because I don't like giving out our primary account number. So, when we need to do an electronic transfer, money gets moved to our "clearing" account and then the entity pulls out of that instead of our primary account. The extra account is free through our bank. When the account isn't needed, there's nothing in there to steal other than the $50 or whatever to keep the account active/open.

[ua_guy]

And we're all e-filed. Another big year, and a huge EFT to the feds. We should be so lucky. And the first half of our property taxes at $7600 are due in April. Ouch. Money comes, money goes.

[disneysteve]

When it comes to e-filing, I've never done it because I'm skeptical that the Feds would have my bank account number readily available by direct debit or deposit and could mistakenly take out more or could even seize my assets so I always sent paperwork and a physical check which of course they could do the same but in my mind makes it a little tougher and not as easy as the first scenario. Am I paranoid much a do about nothing, lol. I might e-file my 2023 tax returns and pay using direct debit since I'll get immediate confirmation that it's done rather than snail mail which could easily get lost and get dinged for a late tax return w/penalties & fees.

The government has all of your information already. You are far more likely to be a victim of fraud by mailing in a paper return and physical check. Plus processing your returns takes weeks or months longer than when you e-file and it's done in days.

[scfr]

When it comes to e-filing, I've never done it because I'm skeptical that the Feds would have my bank account number readily available by direct debit or deposit and could mistakenly take out more or could even seize my assets so I always sent paperwork and a physical check which of course they could do the same but in my mind makes it a little tougher and not as easy as the first scenario. Am I paranoid much a do about nothing, lol. I might e-file my 2023 tax returns and pay using direct debit since I'll get immediate confirmation that it's done rather than snail mail which could easily get lost and get dinged for a late tax return w/penalties & fees.

Might electronic tax filing be a good opportunity to get used to the idea of direct deposit paid by "the Feds" before you start receiving Social Security?

[QuarterMillionMan]

Never had a problem e-filing. However, I keep an extra account around just for money transfers because I don't like giving out our primary account number. So, when we need to do an electronic transfer, money gets moved to our "clearing" account and then the entity pulls out of that instead of our primary account. The extra account is free through our bank. When the account isn't needed, there's nothing in there to steal other than the $50 or whatever to keep the account active/open.

I like this idea. I just opened a checking account w/Schwab which I'll use.

[disneysteve]

According to the summary from our CPA our 2023 effective tax rate was 8.0%.

[srblanco7]

We were at an effective tax rate of 19.2% (calculated as total tax/AGI). Pretty much the same as the year prior which was at 19.1%.

[QuarterMillionMan]

[QuarterMillionMan]

Due, not refunds. Due mainly from high interest rates with $9000 in interest income and a $4000 casino gambling win in 2023.

[scfr]

Since I just completed the 5500-EZ for DH's solo 401(k) and he signed & filed it even though not due until July 31, I'm now officially done! Hooray.

Also made the first 2024 estimated tax payment for 2024 even though it's not due until the 15th. I'm dealing with an eldercare you-know-what-storm right now & it eases my mind to know nothing is at risk of falling through the cracks.

[Fishindude77]

Fared pretty well on income taxes. Spoke to our CPA and we'll be doing single payments to state & fed for the entire year, based on anticipated income.

On the other hand, just got our home state real estate taxes and they've gone up substantially, $6700 last year to $8100 this year.

[kork13]

I finally went in & finished/filed for DW & I ... when I first went through the software, I didn't have DW's 1099R yet. Since getting it end of Feb, I've just been procrastinating.

Total tax was 6.8% of AGI, owed $1384 above my payroll deductions. Already adjusted my W4 for the shortfall to prevent it next year .... though the new deduction amount is actually pulling too high now, but I won't rehash my hate for the new W4.

I also randomly owed $10 to Idaho (where my family has been living), but I couldn't figure out why. None of our income was Idaho-sourced, so typically we never owe anything to the state. But for $10, I wasn't willing to deal with fighting the software to figure it out.

All that remains is to do the 3x kiddie tax returns for DKs, I expect to owe a few hundred dollars for them. Planning to knock those out this weekend. I'm uncertain if I'll be able to e-file for them, or if I'll have to mail them in again like last year. Last year was their first time filing, and I just don't recall if future years could be e-filed, or if mail-in is always required for children.