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Tax Return Filing Season Is Here Again

Discussion in 'Money & Finances' started by Babs Hunt, Feb 3, 2018.

  1. Sheldon Scott

    Sheldon Scott Supreme Member
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    Not so Lon. You only have to file if you owe taxes. Of course if you had taxes withheld you'll have to file to get a refund.
     
    #31
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  2. Lon Tanner

    Lon Tanner Supreme Member
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    Picky picky----OK, but it's very common for many to have income with NO with holding, there fore they owe taxes and must file.
     
    #32
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  3. Sheldon Scott

    Sheldon Scott Supreme Member
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    True Lon, but I have no taxes withheld and I don't owe taxes. I haven't filed for several years. If I ever have to start drawing from my investments I will most likely owe taxes. Or if I win the lottery.
     
    #33
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  4. Lon Tanner

    Lon Tanner Supreme Member
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    If you have NO taxes paid on the income you receive then you are either paid in CASH or receive DISABILITY payments from the VA. ???
     
    #34
  5. Sheldon Scott

    Sheldon Scott Supreme Member
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    No, Lon. My income is social security and a company pension. My wife's is the same but hers is a lot lower.

    We pay no taxes but our income is low enough we don't owe any taxes. Our investments are not income unless we start drawing from them and then we still might not owe taxes depending on how much we draw. Right now we are able to add to them rater than drawing from them.

    If you are getting back all you paid in then you didn't need to have taxes withheld.
     
    #35
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  6. Hal Pollner

    Hal Pollner Veteran Member
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    We had our taxes done yesterday as a free service of the Apple Valley Senior Citizens Club, which have been doing our taxes since 2012. They bring in tax preparers who do the job.

    Hal
     
    #36
  7. Cody Fousnaugh

    Cody Fousnaugh Supreme Member
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    My wife does ours online now and that costs us $50. Wife is still working a full-time job and we both get SS, with tax coming out of that. Last year we owed and paid, but not much.

    My SIL (wife's sister) has tax taken out of her part-time teaching job. She has already filed and found out that she owed. She had a Preparer do her taxes and took down the banking information from SIL to do payments. Unfortunately, either the State or Federal Government wanted their money NOW. They pretty much emptied out her savings account to pay what she owed...…...and, they can do that, if they want to. She was saving for a new frig, but that money is gone now. Her Preparer told her "sorry, I didn't know they would do that when I sent them your banking info."
     
    #37
  8. Beth Gallagher

    Beth Gallagher Supreme Member
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    Sounds like she needs to get a new "preparer." What did they think would happen when the forms were filed including the banking info?? Good grief.
     
    #38
  9. Bob Kirk

    Bob Kirk Veteran Member
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    By Jan. 28th. all the 1099R's were ready. 2 pensions, 2 Soc. Security 2 Traditional IRA's 2 Self directed IRA's. Turbo Tax has the firms listed so all that was needed was to confirm amount's & update any info. With 15% withheld from all sources we manage to get a small amount back. With no deductions we have to use the standard deductions option. Feb. 10th. The return was transferred to our checking account.
     
    #39
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  10. Lon Tanner

    Lon Tanner Supreme Member
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    My taxes are pretty simple to do and it's a good way to spend a lazy Sunday along with watching National Football League Playoffs. I am rooting for the San Francisco 49er's to make it to the Super Bowl.
     
    #40
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  11. Al Amoling

    Al Amoling Veteran Member
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    As usual waiting for paper work so that I can file.
     
    #41
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  12. Lon Tanner

    Lon Tanner Supreme Member
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    Go Paperless Al
     
    #42
  13. Al Amoling

    Al Amoling Veteran Member
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    I've gotten to the point where I don't want to depend on having an internet connection so that I can go paperless.
     
    #43
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  14. Bess Barber

    Bess Barber Veteran Member
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    @Lon Tanner Glad you found something entertaining to do while dealing with your taxes. A lot of people don't know how to do them. Maybe
    you could offer your help to some of the residents. It would be a good way to meet new people. I don't watch football, so I hope your favorite team wins.
     
    #44
  15. Ed Wilson

    Ed Wilson Veteran Member
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    My utilities urge me to go paperless with bills, but I don't want to take away work from postal employees, plus it's always good to have a hard copy.
     
    #45
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