This years Tax Return

Our SSA-1099's just came in the mail yesterday. These were the last forms I was waiting on. So today (Jan. 15th) I completed my our return via Freetaxusa and submitted it for electronic filing with direct deposit of our refund to our checking account.

Now let's see how long it takes for that refund to arrive considering the ongoing government shutdown.
 

C'est Moi

Dishin' it out.
Location
Houston Y'all
I heard on the news that 60% of the IRS workers will be returning to work to start processing tax returns.
 

KingsX

Well-known member
Location
Texas
.

I haven't needed to file a tax return in several years.

By the time I am required to file again, because of RMDs, everything will be different.

.
 

Roadwarrior

Active member
What is this "refund" thing of which you speak?
Over the years I would do 'taxes' for others, watching everyone but me get a refund. I vowed that when I retired I would change my spots, lowered my exemptions (0) on my pension, had 10% taken out of my SS. 9 years now have enjoyed a windfall in the spring. This year I filed free on the 28th, got my federal today took 9 days. Technology is great! With banks only paying a fraction of a % it was just as easy to let the government use it so I could get a big lump sum.
 

KingsX

Well-known member
Location
Texas
I'm curious if any of you early filers have noticed a significant change in your taxes under the new laws.


For single senors like me, the standard deduction [tax threshold] was increased to $13,600 in 2018 and now $13,850 in 2019.

.
 

Roadwarrior

Active member
I'm curious if any of you early filers have noticed a significant change in your taxes under the new laws.
Income for 2018 went up approx $800 vs 2017
Withholding for 2018 went down approx $200 vs 2017
2018 Tax refund went up $45 vs 2017

So yeah I got more income through the year to enjoy the good life, I guess..
 

Don M.

Well-known member
Location
central Missouri
With the new Standard Deduction, we should be getting a refund of about $300 more on the Federal taxes, and $200 more on the State. I E-filed, using H&R Block on Jan. 31st, and got the State refund yesterday....the Fed refund should arrive within the next few days....IF the shutdown didn't mess up the IRS. It wasn't much of an increase, but better than the opposite.
 

Colleen

Active member
Location
Arizona
We filed early and got our direct deposit within 2 weeks. The only "change" we noticed was with our state (Arizona) return. They tax my husband's pension (bastards!) so we always pay. Last year we paid $90. This year it was $200!! I have no idea why it would have increased so much. Our "wages" certainly didn't go up any.
 

Roadwarrior

Active member
Refigured again came up with a small windfall for me.

2018 Fed refund up $45 vs 2017
2018 State up $1 vs 2017
2018 Fed W/H dn $205 vs 2017
2018 St W/H up $10 vs 2017
2018 AGI up $816 vs 2017

Total $36 less in taxes on increased income of $816.
State was $9 more, Fed was $250 less combined generated small raise.

I guess you could say I benefited.
 

OneEyedDiva

Well-known member
Location
Nrw Jersey
This was the first time in decades that I got a refund. My little $21 was deposited into my account in about the same time it took yours Trade.
 

OneEyedDiva

Well-known member
Location
Nrw Jersey
We filed early and got our direct deposit within 2 weeks. The only "change" we noticed was with our state (Arizona) return. They tax my husband's pension (bastards!) so we always pay. Last year we paid $90. This year it was $200!! I have no idea why it would have increased so much. Our "wages" certainly didn't go up any.
WOW Colleen! That's a shame. N.J. has always had a $15,000 pension exclusion for single filers (forgot what it is for married) but this year they added a $45,000 exclusion! They need to do something here because property taxes are high.
 

Leslie

New member
I got my refund in the mail within three weeks. I use turbo tax to do my taxes as I sometimes rent out my basement suite and keep all the deductions.
The calculations are all done automatically. It's easier.
 

Camper6

Well-known member
.

I haven't needed to file a tax return in several years.

By the time I am required to file again, because of RMDs, everything will be different.
It's recommended here (Canada) that you file a tax return every year in order to take advantage of tax refunds like sales taxes. This year some Canadian provinces are giving a tax rebate for carbon tax. You have to file to get it.

You might be missing out on something by not filing. I'm not familiar with U.S. taxes, my son lives in the U.S.
 

Camper6

Well-known member
Over the years I would do 'taxes' for others, watching everyone but me get a refund. I vowed that when I retired I would change my spots, lowered my exemptions (0) on my pension, had 10% taken out of my SS. 9 years now have enjoyed a windfall in the spring. This year I filed free on the 28th, got my federal today took 9 days. Technology is great! With banks only paying a fraction of a % it was just as easy to let the government use it so I could get a big lump sum.
Ouch! I do taxes for others and I just cringe when they have a huge refund coming.

That's a poor way to save. You are giving the government a tax free loan and if you screw up on your return you might not get it all back.

It's best to owe and have a reserve fund to pay it.
 

mathjak107

Well-known member
That would be better in a tax free savings account earning interest.
for many it is the only way they can get a meaningful amount in to their hands . they would never see it weekly nor be able to do anything meaningful with it ..

on the other hand when the day comes i have to worry about interest on a tax refund , that is the day i seriously need to look at my investment plan because in the scheme of things it should be irrelevant ..

since we have a lot of investment income we pay estimated tax .. hence the word "estimated " we have no clue what will turn out to be the correct amount of taxes paid in over the year until the year ends . we get a refund most years but just apply it to next year .
 


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