2019 taxes

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  • doddg

    Grandmaster
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    135   0   1
    May 15, 2017
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    I started my taxes today.
    The usual nightmares on many sides.

    One of my $10k rollovers from a school IRA (403-B, I think), going into one my retirement IRAs came up as a dispersal for me to pay taxes on a 1099-R form. :dunno:
    Phone calls to my financial guy who handles my accounts (through school), & to Metropolitan, trying to show they put a code "7" (normal distribution) into the number 7 box, instead of a "G" (for a rollover).
    Now I can't file my taxes till they correct it.
    Do you think 3 weeks means 3 months? :dunno:

    I spent an hour on the phone with Turbo Tax b/c of a puzzle with HSA.
    I didn't have an HSA in 2019 b/c I was on Medicare, but I had funds I took from the account that had accrued, but it is showing up as income. :wallbash:

    On a humorous not, after the person was done going through my form, it ended up that I was to get back as $12k, about the same as paid for ALL my taxes, not just federal (state, SS, medicare, local).
    If it is too good to be true..................
    I worked on it all afternoon.

    I'll call back and get another person tomorrow to work it out.
    I had 8 months of work, full year of Medicare & 4 months of SS & pension: it shouldn't be that complicated.
     

    maxwelhse

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    Aug 21, 2018
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    Fidelity sent me a "corrected" statement yesterday... Uhhh? What was wrong the first time?

    Luckily I haven't actually filed yet, and I pay an accountant a totally reasonable amount of money so I don't go to debter's prison, so I just forwarded it on along.

    I know some people like to go it alone, but I do enough for myself. I pay a pro to do my taxes. Audits and headaches in 27 years of doing that: 0.
     

    doddg

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    May 15, 2017
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    Fidelity sent me a "corrected" statement yesterday... Uhhh? What was wrong the first time?
    Luckily I haven't actually filed yet, and I pay an accountant a totally reasonable amount of money so I don't go to debter's prison, so I just forwarded it on along.
    I know some people like to go it alone, but I do enough for myself. I pay a pro to do my taxes. Audits and headaches in 27 years of doing that: 0.


    I always did my own till the last few years. :coffee:
    1040 long with Schedule A & B were simple enough.
    When I got an HSA it got too complicated for me :ugh: & I got sucked into the "free" Turbo Tax federal, but then they turn around and charge you a good price to transfer everything over to the State, and at that point you're tired & lazy :dunno: and just push the "send" button.
     

    maxwelhse

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    Aug 21, 2018
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    I always did my own till the last few years. :coffee:
    1040 long with Schedule A & B were simple enough.
    When I got an HSA it got too complicated for me :ugh: & I got sucked into the "free" Turbo Tax federal, but then they turn around and charge you a good price to transfer everything over to the State, and at that point you're tired & lazy :dunno: and just push the "send" button.

    I consider Turbo Tax to be going it alone. I can send my account an email at 4am with a question, any day of the year, and by no later than 7:05 I will have a response. It's been well worth it to have that relationship a bunch of times over the years.

    I don't trust those fancy computers... :shady:
     

    doddg

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    I consider Turbo Tax to be going it alone. I can send my account an email at 4am with a question, any day of the year, and by no later than 7:05 I will have a response. It's been well worth it to have that relationship a bunch of times over the years.
    I don't trust those fancy computers... :shady:



    I do envy you! Sounds pretty good right now. Every year since I started with the HSA there has been issues.
    Having to make sure it wasn't taxed or the dispersions.
    Now it seems Retirement is causing alot of paper to fly around with money not going where it is supposed to from Retirement accounts. :wallbash:
     

    maxwelhse

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    Aug 21, 2018
    5,415
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    Michiana
    I do envy you! Sounds pretty good right now. Every year since I started with the HSA there has been issues.
    Having to make sure it wasn't taxed or the dispersions.
    Now it seems Retirement is causing alot of paper to fly around with money not going where it is supposed to from Retirement accounts. :wallbash:

    The money not going where it's supposed to you'll probably have to clear up with whoever your investments are through. My gut feeling is that you probably just want to apply for a filing extension right now since it's almost deadline time already and it's looking a lot like things are about to get a lot harder to do in the US for a couple weeks.

    As far as hiring the job out, it may not be the way you want to go, but it's really not been that expensive for me IMO. I think last year it was $300 and I worried about absolutely not a single bit of it. Sent them my paperwork and forgot about it like I do every year. FWIW, I have an HSA too (though I'm not retired, so who knows how that all goes together) and I've had no specific tax problems with it that I know about.

    As I understand it, mine might be on the more expensive side for just personal tax prep. Seems most people pay a little less, but I feel like I'm getting what I'm paying for.

    So, other than joining you in raising my first to sky and screaming "Gub'mint!!", I can't help you. ;)
     

    churchmouse

    I still care....Really
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    187   0   0
    Dec 7, 2011
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    I have an accountant. He has served us well. Way to many this and that's involved with being retired and still generating Revenue that the asshats on the hill want to slice and dice you to shreds over.
     

    Expat

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    Feb 27, 2010
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    I have been using TurboTax ever since it came out our secretary of the treasury used it. I filed them a few weeks back and sent my money to ole tax and spend Holcomb. Trump is supposed to send me a few dollars back.
     

    Jin

    Marksman
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    30   0   0
    May 20, 2019
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    Salamonie
    Do you guys have any accountants you can recommend?

    I’m in Huntington and would drive to Fort Wayne or even Indianapolis

    TIA


    Sent from my iPhone using Tapatalk
     

    Tactically Fat

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    Oct 8, 2014
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    I started mine a month ago. And still they sit.

    My wife and I have inherited IRA accounts from deceased parents. I don't think the disbursements are any different now than they were, but somehow the coding on them is different. And when I add one of the forms into the tax program, it triggers an "you need to upgrade your filing plan so that a real person can go over this with you" statement. Our taxes aren't that complicated. It should take 15 mins to do - but this one little thing has me stymied. I'd hate to have to pay an accountant (especially during this particular "season" of things)
     

    gregkl

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    Apr 8, 2012
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    I have been doing my taxes for quite some time now. I was doing them manually before software came out and then started trying software when it hit the market. I settled on H&R Block and have used that for the last 20 years or so.

    But my taxes are super simple to the point that in the last 3 years, the standard deduction was better than itemizing. So this year I used the free tax program on Credit Karma.
    I guess sometimes it helps to be poor with only a single source of income and no medical bills.:)
     

    PistolBob

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    4   0   0
    Oct 6, 2010
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    Fidelity sent me a "corrected" statement yesterday... Uhhh? What was wrong the first time?

    Luckily I haven't actually filed yet, and I pay an accountant a totally reasonable amount of money so I don't go to debter's prison, so I just forwarded it on along.

    I know some people like to go it alone, but I do enough for myself. I pay a pro to do my taxes. Audits and headaches in 27 years of doing that: 0.

    A friend of ours was a doctor, and he and his wife had been paying an accountant to do their books and taxes for almost 15 years when the IRS came calling...the SOB hadn't filed a return in over 10 years and had embezzled over a half million dollars. Doc lost their home and their savings.....the accountant skipped town and when he was located it was in an obituary. Don't trust them completely. Always audit the auditors.

    Doc and his wife are both deceased now, he was a WWII veteran of the Navy and they ended up in a cheap apartment.
     

    doddg

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    May 15, 2017
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    I started mine a month ago. And still they sit.
    My wife and I have inherited IRA accounts from deceased parents. I don't think the disbursements are any different now than they were, but somehow the coding on them is different. And when I add one of the forms into the tax program, it triggers an "you need to upgrade your filing plan so that a real person can go over this with you" statement. Our taxes aren't that complicated. It should take 15 mins to do - but this one little thing has me stymied. I'd hate to have to pay an accountant (especially during this particular "season" of things)


    I feel your pain. For decades, as a teacher my tax forms were few and basic, so no reason to not figure out that only about 3 pages of the booklet applied to me.

    After dealing with the very pleasant person (but lacking the proper skill set), and they couldn't figure out what was going on, she referred me to a "tax adviser."
    Before contact, I was afforded to pay an extra $50 for the privilege.
    I figured it out myself, but it did take me a couple of hours.
    Now the fun begins.

    I keep hearing conflicting reports about the tax deadline being extended from April 15 & who it is extended for?
     

    tsm

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    1   0   0
    Feb 1, 2013
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    I feel your pain. I keep hearing conflicting reports about the tax deadline being extended from April 15 & who it is extended for?

    They’re allowing individuals to defer payment up to $1M for a few months with no penalty or interest, but I’m confused whether or not that means you can delay actually filing. Unless you owe a huge amount and have someplace to stash money that pays more than minimal interest (no to both in my case), I said the heck with it and just filed as though the normal dates applied. Kept it simple.
     

    doddg

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    May 15, 2017
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    They’re allowing individuals to defer payment up to $1M for a few months with no penalty or interest, but I’m confused whether or not that means you can delay actually filing. Unless you owe a huge amount and have someplace to stash money that pays more than minimal interest (no to both in my case), I said the heck with it and just filed as though the normal dates applied. Kept it simple.


    I understand that anyone has always had the option can get an automatic extension of 6 months just for the asking (I did it once), so I don't know what all the hype is about a 3 month extension, unless it applies to everyone but that's not what I'm reading (conflicting reports).
    I was simply going to do mine but I've run into 2 big snags, one that makes me owe tax on a $10k IRA dispersion that never happened & another on $11K dispersion where the form says they withheld $14K in just Federal taxes.
    I don't know whether to laugh or cry. :dunno:
     

    Vigilant

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    Jul 12, 2008
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    I understand that anyone has always had the option can get an automatic extension of 6 months just for the asking (I did it once), so I don't know what all the hype is about a 3 month extension, unless it applies to everyone but that's not what I'm reading (conflicting reports).
    I was simply going to do mine but I've run into 2 big snags, one that makes me owe tax on a $10k IRA dispersion that never happened & another on $11K dispersion where the form says they withheld $14K in just Federal taxes.
    I don't know whether to laugh or cry. :dunno:
    You're misunderstanding. You still have to file on the 15th, if you OWE Uncle Sammy money, he is going to give you a 90 day interest and penalty free loan, meaning you don’t have to pay what you owe for 90 days. The 6 month extension you speak of is on actually filing. If you owe money then, you pay penalties and interest from 16 APR, until the day you file.
     

    JettaKnight

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    They’re allowing individuals to defer payment up to $1M for a few months with no penalty or interest, but I’m confused whether or not that means you can delay actually filing. Unless you owe a huge amount and have someplace to stash money that pays more than minimal interest (no to both in my case), I said the heck with it and just filed as though the normal dates applied. Kept it simple.

    NO.

    Which is frustrating for me. I do 1040's for low income and elderly, but right now we can't sit at a table together.



    As to HSAs, the key thing is if you used the fund to pay for qualified expenses(i.e. medical bills) you have to enter that amount on the form. When that number matches the number shown as the disbursement, there's no income tax.


    Bonus tip: You can reimburse yourself for past medical payments from your HSA. Example: If I started my HSA in 2006, paid $400 cash for a root canal in 2012, I can transfer $400 into my personal account, tax free. Of course, you better have good receipts.



    It's worth repeating:
    Always, always, always fund you HSA to max first. It's incredibly versatile and has much better tax benefits than any retirement account.


    I've got my HSA invested in stocks, and a stack of receipts. So, if I ever need it in an emergency, I can withdraw all that with no taxes or penalties at any time. You can't do that with any retirement account.
     

    JettaKnight

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    You're misunderstanding. You still have to file on the 15th, if you OWE Uncle Sammy money, he is going to give you a 90 day interest and penalty free loan, meaning you don’t have to pay what you owe for 90 days. The 6 month extension you speak of is on actually filing. If you owe money then, you pay penalties and interest from 16 APR, until the day you file.

    I'm going to be livin' large with that $37 for three months.

    You're misunderstanding. You still have to file on the 15th, if you OWE Uncle Sammy money, he is going to give you a 90 day interest and penalty free loan, meaning you don’t have to pay what you owe for 90 days. The 6 month extension you speak of is on actually filing. If you owe money then, you pay penalties and interest from 16 APR, until the day you file.

    I'm going to guess that's a typo, because it doesn't match the rest of your post.
     
    Last edited:

    doddg

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    NO.
    Which is frustrating for me. I do 1040's for low income and elderly, but right now we can't sit at a table together.
    As to HSAs, the key thing is if you used the fund to pay for qualified expenses(i.e. medical bills) you have to enter that amount on the form. When that number matches the number shown as the disbursement, there's no income tax.

    I have always had twice the medical expenses that what my HSA was allowed to be loaded up with.
    Loved the easy deduction for the HSA instead of listing all your expenses individually.


    Bonus tip: You can reimburse yourself for past medical payments from your HSA. Example: If I started my HSA in 2006, paid $400 cash for a root canal in 2012, I can transfer $400 into my personal account, tax free. Of course, you better have good receipts.
    It's worth repeating:
    Always, always, always fund you HSA to max first. It's incredibly versatile and has much better tax benefits than any retirement account.

    Always. It was so much better than the Section 125 since it was a "use it or loose it."

    I've got my HSA invested in stocks, and a stack of receipts. So, if I ever need it in an emergency, I can withdraw all that with no taxes or penalties at any time. You can't do that with any retirement account.

    Wow! Now you are really maximizing the options. :thumbsup:
     
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