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Thread: Income taxes - 2016 addition

  1. #1
    Cyburbian Richmond Jake's avatar
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    Income taxes - 2016 addition

    We made a first pass with TurboTax this morning. Looks like cheetos-head owes us a return of slightly over $3,400.

    Y'all started filing yet?
    Annoyingly insensitive

  2. #2
    Cyburbian Planit's avatar
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    Just got my W2 last week. Preliminary evaluation looks close to last year - a couple dollars from the state & very low 4 figures from the feds (unless there's some executive order coming).
    "Whatever beer I'm drinking, is better than the one I'm not." DMLW
    "Budweiser sells a product they reflectively insist on calling beer." John Oliver

  3. #3
    Super Moderator kjel's avatar
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    Still waiting on my W-2 from the city, they are slow this year. I get to do RT's return too which is a pain because she works in NY and lives in NJ so I have to start the federal return, do the NY non-resident return, do the NJ resident return and then finish the federal return. I should make her pay me this year.
    "He defended the cause of the poor and needy, and so all went well. Is that not what it means to know me?" Jeremiah 22:16

  4. #4
    Cyburbian The Terminator's avatar
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    I have my W-2 from the last job ready to go. I am going to be sending my forms and cheques in on a toilet seat as a protest.

  5. #5
    Cyburbian Plus
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    e-filed
    Feds - refund direct deposit
    State - owned & paid
    fee paid for e-filing

  6. #6
    Cyburbian AG74683's avatar
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    Waiting on one last document from Ameriprise Financial (it takes forever, they seriously suck, don't invest with them). Looks like I'm getting a decent amount back.

  7. #7
    Cyburbian terraplnr's avatar
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    Turbo Tax said I was going to have to pay the feds, until I put in that the daycare bill for my youngest last year was over $11,000 (and that's at one of the cheapest, licensed, reputable daycares in town, and he wasn't even there full-time all year). So now I'll get some money back.

  8. #8
    Cyburbian HomerJ's avatar
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    Despite paying a ton of interest in student loans (just graduated grad school this past year) and donating an older vehicle, I'm still getting a small return :/
    Insanity in individuals is something rare - but in groups, parties, nations and epochs, it is the rule.

  9. #9
    Cyburbian WSU MUP Student's avatar
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    Quote Originally posted by HomerJ View post
    Despite paying a ton of interest in student loans (just graduated grad school this past year) and donating an older vehicle, I'm still getting a small return :/
    I realized a long time ago that the deduction for student loan interest seems to have a ridiculously low cap.
    "Where free unions and collective bargaining are forbidden, freedom is lost." - 1980 Republican presidential candidate Ronald Reagan

  10. #10
    Cyburbian HomerJ's avatar
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    Quote Originally posted by WSU MUP Student View post
    I realized a long time ago that the deduction for student loan interest seems to have a ridiculously low cap.
    Yep.

    Not to mention the fact that my loan interest rates are more than the typical interest rate for a new car. Good to see our government has it's priorities straight
    Insanity in individuals is something rare - but in groups, parties, nations and epochs, it is the rule.

  11. #11
    Cyburbian jsk1983's avatar
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    Quote Originally posted by HomerJ View post
    Yep.

    Not to mention the fact that my loan interest rates are more than the typical interest rate for a new car. Good to see our government has it's priorities straight
    The rates for grad school are terrible. I think mine are around 8% or so.

  12. #12
    Super Moderator kjel's avatar
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    I'm waiting for Scott Trade to release the last tax form i need. I'm spending my snow day printing out and organizing all my documents. I have an appointment with a CPA in a couple of weeks. Usually I do my own taxes but I need to amend my 2014 return due to probate issues with my uncle's estate and figured I would talk to them about my impending increased salary and working in NY while living in NJ and how to minimize the tax pain.
    "He defended the cause of the poor and needy, and so all went well. Is that not what it means to know me?" Jeremiah 22:16

  13. #13
    Cyburbian Rygor's avatar
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    Thanks to being able to claim my mother as a dependent now (only gets paid from SS disability), I'm thinking we'll be getting back a couple few grand. No idea for sure yet since we haven't yet filed and can't at least for another week while I wait on my investment statements from last year.
    "When life gives you lemons, just say 'No thanks'." - Henry Rollins

  14. #14
    Cyburbian michaelskis's avatar
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    Sent everything off to the accountant and I figure we will get something back being that we now have daycare costs and mortgage interest.
    If you're not growing, you're dying. - Lou Holtz

  15. #15
    Cyburbian Rygor's avatar
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    Quote Originally posted by WSU MUP Student View post
    I realized a long time ago that the deduction for student loan interest seems to have a ridiculously low cap.
    I believe the student loan interest cap is only $2,500. That's per household, so it sucks if you and your spouse both have student loans.
    "When life gives you lemons, just say 'No thanks'." - Henry Rollins

  16. #16
    Cyburbian Jen's avatar
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    still waiting for 2015 refund. We hadn't even filed 2015's yet when a notice from the IRS came and said we're still waiting on your healthcare.gov statement in order to process your return. Freak Out! SOmeone had already filed in our name! WHat a mess! CPA's filed the affadavit and paperwork yadda, told us to keep checking the refund hotline. In process in process in process in process in process. FInally called Jan 2017 an IRS agent, Oh no it's not in process oh wait looky here it's been archived with no progress. So sad too bad wait nine more weeks. Screwed up the our FAFSA filing for daughter too as could not use data retreival tool and then they audit her fafsa askign for info we do not have!

    lordy

    2016 taxes file in hands of new CPA now
    what is the purpose within
    if not to reach the cluBBe
    herein it remains contained
    let the journey of the words begin

  17. #17
    Cyburbian Richmond Jake's avatar
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    We filed this morning. TurboTax informs us we paid a 13.4% tax rate. We'll get the refund I noted above. Probably go toward new kitchen counter tops.
    Annoyingly insensitive

  18. #18
    Super Moderator kjel's avatar
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    Still waiting on Scott Trade to issue a gain/loss tax document on one of my accounts. They said the 15th.
    "He defended the cause of the poor and needy, and so all went well. Is that not what it means to know me?" Jeremiah 22:16

  19. #19
    With the divorce, quitclaiming the house (is that the same as selling for tax purposes?), her transferring money to me opening an IRA, and buying a house, let alone my son's college tuition, I'm dreading this year. It's going to be a stressful time with taxact.com
    Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration.
    Abraham Lincoln

  20. #20
    Super Moderator kjel's avatar
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    Quote Originally posted by Gedunker View post
    With the divorce, quitclaiming the house (is that the same as selling for tax purposes?), her transferring money to me opening an IRA, and buying a house, let alone my son's college tuition, I'm dreading this year. It's going to be a stressful time with taxact.com
    This year spring for the CPA. Trust me.
    "He defended the cause of the poor and needy, and so all went well. Is that not what it means to know me?" Jeremiah 22:16

  21. #21
    Cyburbian Rygor's avatar
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    Wife sent in her paperwork for her business and I just finished getting everything filled in on our CPA's paperwork and accumulating all of our forms and receipts. Should be sending it all in soon and setting up the appt for sometime in the next couple weeks. Still have no idea what to expect as far as any refund/amount owed. It was a very complicated year.
    "When life gives you lemons, just say 'No thanks'." - Henry Rollins

  22. #22
    Cyburbian estromberg's avatar
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    Quote Originally posted by AG74683 View post
    Waiting on one last document from Ameriprise Financial (it takes forever, they seriously suck, don't invest with them). Looks like I'm getting a decent amount back.
    My return is finished except for Ameriprise. I don't understand why it takes them so long to send out a report that a computer can generate on Jan 1 in a matter of seconds. It's Feb 21 for f*cks sake.

    We are getting back just under $10k, lots of deductions from our rental house this year.

    Used TaxAct, going on 6 years with it. I have done a few others 1040EZ with Tax Act as well.

  23. #23
    Cyburbian estromberg's avatar
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    Quote Originally posted by WSU MUP Student View post
    I realized a long time ago that the deduction for student loan interest seems to have a ridiculously low cap.
    It sure does. I'm just hoping DeVos doesn't kill the Public Service Loan Forgiveness program. Life saver for my wife and I.

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