Have You Started Your Taxes Yet?

I got started with my federal return yesterday and filled in all the information I could. Have to wait until the 13th for one of my Schwab 1099s and the IRS update that's coming soon.
 

If your income does not come up to the standard deduction ($12000 for single), you need not file. I would assume you know what your gain/loss of sale of stocks was.
However, the 'warning' is that if you don't file, you are more open to someone filing in your name and not knowing it, meaning opening yourself up to potential fraud.
BTW, I posted kind of tongue-in-cheek and failed to mention that wife is an AARP tax aide (and the warning about filing regardless of low income is given to all clients). She was also an accountant in a former life.
Standard Deduction: $13,500 for 65 and older, if my sources are correct. $12,200 plus $1300 for 65+.
 
I usually wait until the first week of March or later to file. I don't get my documents from Ameritrade until the end of February and usually they send an amendment a little later, once as late as March 8. No biggie this year, I won't be getting a refund.
 

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I file as soon as I get the needed documentation. I did so about a week ago using TurboTax free. I just saw on the news that TurboTax has been guilty of charging people for their free service. I've used it for three years and haven't had any issues....but I'll be watching.
 
Got my taxes done the 1st week in February. I've used the AARP Tax-Aide services offered for free at our local library for the past 5 years. Not sure what program they use to file electronically but they give you a nice printed package for your records.
 
I filed my Federal and State electronically yesterday morning using Turbo Tax. By that afternoon I already got back text messages telling me that they were accepted.
 
I got a call from my CPA this morning. For the 8th year I don't have to file a return. I don't have taxes withheld so I don't have to file to get a refund. I thought sure I would have to pay some this year but she said no. I'm happy.
 
My tax guy told me I don't have to file, because I never make enough to go over my income limit. He also said the IRS seldom goes after seniors. I am very nervous about not filing and will still file for 2019 because I sold a lot of stocks. Next year we'll see. Opinions?
I agree with Aunt Bea about reasons to continue filing. Of course you will have to report your stock sales because the IRS will already have a record of them from your brokerage. Not filing may send up a red flag. Another reason to file: I know I don't have to pay state income tax because so much of my pension is excluded, as is my social security. But this year, I got a surprise...I'll get back $50 as a homeowners credit from the state. Unlike last year when I had a capital loss and got back $21 from the feds, this year I'll have to pay $125.
 
Got nervous for a minute. Got an email that my federal taxes were rejected at first (thus my state was on hold). Turns out I inadvertently transposed two of the numbers of one of the Payers TIN. I was amazed (though I shouldn't have been), that the IRS data base picked up on that so fast. Within the tax program, there's an indication of why the rejection and where to fix it. Once that was done, my federal was accepted. I only refiled the federal, waiting to see if the state hold is released in a reasonable time period. If not I'll have to refile that but they'd better not double charge me.
 
IMO it's a good idea to continue filing so that you have documented evidence of income in the event that you ever need to apply for some form of financial assistance like a reduction of property taxes, government-funded home improvement grants, home energy allowance, subsidized apartments, Medicaid, etc...
Aunt Bea, I haven't filed the last seven years. This year will make eight. Since I retired in 2007 I was only filing to get back what I'd paid in so I stopped having taxes withheld, Just keep the records you would use to file your taxes and you are covered for everything.

I really thought I'd have to pay this year but my CPA said I didn't owe any tax.
 
I'm so glad Deb...a 359 degree turn from your nightmarish tax filing situation last year.
It was two years ago I had the nightmare (but thanks for remembering). The CPA I had been using for years just sat on my return for some reason and I know he had done it because when I followed up with him, he told me the refund amount I'd be getting. Finally in November I called him and told him I needed it on file for my STAR tax exemption. Then he said "You should have said something sooner."

After that I started going to a more local CPA on a friend's recommendation - don't have to drive as far, she's a little less expensive and gets thing done expediently. I was never given a reason for the delay in 2018 by the other CPA. He didn't seem very professional either. The last few times I went to his home office, what I could see of him as he sat behind his desk, was unclothed.
 


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