Will you receive a refund or pay additional taxes for 2017?

L

Lon

Well-known Member
Location
Central California
Just curious to know the tax status of our U.S. seniors on this forum. I have just finished my taxes and have filed on line.
Happy to say that I will get a refund deposited to my checking account.
 

I filed on Jan 29th...both Federal and State. I got the Federal refund about 10 days later, and the State about a week after that. Both checks are in the bank.
 

My electronic returns were accepted on 2/13. I received the state refund 2/16 direct deposit. Still waiting for the Fed refund. Last year it arrived exactly four days after the state.
 
I mailed my tax payments and the extension forms yesterday, the taxes won't actually be ready for filing until the end of the month.

My Federal tax, estimated payment, was about double this year too! Some of that was due to larger than normal distributions from mutual funds in 2017. The main portion of the increase was the government recapture of my Affordable Care Act subsidy in 2017, due to the increased investment income. I hate writing checks to the IRS but I'm glad to see that the government is reviewing the subsidies and adjusting them where appropriate.

I'm waiting to see what the accountant gives me for 2018 estimates based on the new tax laws.

"Just pity all those millionaires, they never can relax
Because they’re always worryin’ about their income tax ..." - Elvis Presley

​
 
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Neither.

I keep my income under the IRS threshold and don't have to file a tax return.

Thanks to the new tax law, in 2018, that IRS income threshold is much higher.
 
very small refund. our income is fairly constant so calculating the percent to cover taxes is easy. one of those situations where planning for a comfortable retirement means paying a hefty amount of federal taxes. thankfully part of the planning included retiring where the state doesn't tax pensions, soc. sec. or required distributions.
 
Knight said:
very small refund. our income is fairly constant so calculating the percent to cover taxes is easy. one of those situations where planning for a comfortable retirement means paying a hefty amount of federal taxes. thankfully part of the planning included retiring where the state doesn't tax pensions, soc. sec. or required distributions.
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My tax situation is the total opposite. I planned my retirement by paying off all debt including my house,
so I could live comfortably on a small income so I pay little or no federal taxes for the first 15 years of my
retirement. I already lived in a state that has no state income tax. When I turn 70 1/2 my taxes will go up
[up from nothing which means my taxes will still be low] due to the federal required minimum distribution.

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What kind of income do you have? We get Social Security, both of us, I get a small pension from JCPenny and we get VA compensation . We don't pay taxes on any of it. Haven't filed in years. We don't pay property tax either. No medical bills or prescription costs. Combat related disability has its perks.
 
ancient mariner said:
What kind of income do you have? We get Social Security, both of us, I get a small pension from JCPenny and we get VA compensation . We don't pay taxes on any of it. Haven't filed in years. We don't pay property tax either. No medical bills or prescription costs. Combat related disability has its perks.
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2 pension checks, 2 soc. sec checks, 2 traditional ira mrd's 2 self directed mrd's, plus tax on other investments. no mortgage or medical expense deductions. pretty much this is what comes in and this is what the federal goverment wants out of that.
 
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Knight said:
2 pension checks, 2 soc. sec checks, 2 traditional ira mrd's 2 self directed mrd's, plus tax on other investments. no mortgage or medical expense deductions. pretty much this is what comes in and this is what the federal goverment wants out of that.
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I had the option of getting a pension check or a lump sum.
I chose a lump sum which I rolled over into a tax deferred IRA
as I did my 401k. Eleven years into retirement, both of them
are still earning tax referred.

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KingsX said:
I had the option of getting a pension check or a lump sum.
I chose a lump sum which I rolled over into a tax deferred IRA
as I did my 401k. Eleven years into retirement, both of them
are still earning tax referred.

.
Click to expand...

retiring at age 54 with the pensions as part of our finances to pay for utilities and general living expenses. it also made it possible to hold off until 70 and 1/2 to be forced into the mrd. 24 years so far which exceeds the lump sum we would have received. and yes i know the potential for a gain would have been possible, but need at the time ruled out what you did. now we invest that, not for ourselves but for our sons. soc. sec. is for fun money or as i like to think of it as helping the local economy. hoarding money is not a healthy way to live.
 


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