Dropped mine off at the tax man tonight. This is the earliest I have ever been able to file. Work seems to always wait to release the W2s.
As usual we will get a pretty substantial return. I need to better adjust with holdings to get more in the paycheck.

quote:

Originally posted by egregore:
Everybody knows, I ass-u-me, that a refund was your money to begin with and you're just getting back what you overpaid. You aren't making money off the government. With that said, I make sure I withhold enough so I get some money back, the purpose being not to get a big refund, but to not have to pay. I got stuck with a $1400 bill once when I didn't do that. My refund this year is to be $582.

With the interest rates so low these last few years, the argument about "over-witholding" holds very little water. We got ~ $6,000 refund, and it is a nice perk to our available retired spending incomes.
 

quote:

Originally posted by henryaz:

quote:

Originally posted by egregore:
Everybody knows, I ass-u-me, that a refund was your money to begin with and you're just getting back what you overpaid. You aren't making money off the government. With that said, I make sure I withhold enough so I get some money back, the purpose being not to get a big refund, but to not have to pay. I got stuck with a $1400 bill once when I didn't do that. My refund this year is to be $582.

With the interest rates so low these last few years, the argument about "over-witholding" holds very little water. We got ~ $6,000 refund, and it is a nice perk to our available retired spending incomes.
 

Yes, but if you had put $500 a month in an S&P index fund during the last year, rather than loaning the government the money, it would be worth approximately $7000 now.

Now I realize this last year had an unusually strong run in the stock market, so let's consider instead a bond index fund. There you'd have ended up with approximately $6100. Which is still better than the $6000 you have as a result of your interest free loan to the government.

Filed and done. The sooner the better for us.

Done last week and should see the federal and state returns by mid February.
Been going to the same guy for about 20+ years and he gets them done quickly.

Mailed yesterday. My preparer is first class.

All done. E-filed this morning.

quote:

Originally posted by DMF:

quote:

Originally posted by henryaz:

quote:

Originally posted by egregore:
Everybody knows, I ass-u-me, that a refund was your money to begin with and you're just getting back what you overpaid. You aren't making money off the government. With that said, I make sure I withhold enough so I get some money back, the purpose being not to get a big refund, but to not have to pay. I got stuck with a $1400 bill once when I didn't do that. My refund this year is to be $582.

With the interest rates so low these last few years, the argument about "over-witholding" holds very little water. We got ~ $6,000 refund, and it is a nice perk to our available retired spending incomes.
 

Yes, but if you had put $500 a month in an S&P index fund during the last year, rather than loaning the government the money, it would be worth approximately $7000 now.

Now I realize this last year had an unusually strong run in the stock market, so let's consider instead a bond index fund. There you'd have ended up with approximately $6100. Which is still better than the $6000 you have as a result of your interest free loan to the government.

The other side of this coin, and has been for 25 years, is that my wife prefers to overwithhold for the "bonus" we get at tax time. I understand it is never a good bet, but you have to pick some battles and leave others behind. I am too old to be delving into equity markets, also.
 

I finally have everything I need and downloaded my tax software today. I will try to do taxes next weekend.

quote:

Originally posted by LBTRS:

quote:

Originally posted by arfmel:

quote:

Originally posted by WaterburyBob:
Nope. Haven't received any W2's or other Tax Documents.
I never have everything I need before mid-March.

This

The deadline for employers to have W2's in the mail to employees is January 31st. Why are you still waiting until mid March?

K-1's don't arrive til mid March

Have to wait until Feb 15 for the second mailings for Mutual Funds and such. I was set to do them early this year. Previous years, I've had to push it out to April even though I consistently get a refund.

Haven't filed yet as I am still waiting on some required documentation....

No big deal as I usually break even with the state and the local taxes.

As far as for the feds, I'll owe as usual so there isn't any hurry to get the taxes done

First tax year being married.

5 W2s between the two of us, plus my wife's prior house at the beach that we rent out.

I've done my taxes myself for my entire life, but she already had a relationship with a tax person that has been handling her rental and it's information. We sent her all the information last week.

I really didn't know what to expect, under the new circumstances. I ran the rough numbers and it looks like we owe the state several hundred, but are getting about twice that back from the feds.

Refund deposited in my account today. Seven working days from receipt of return to refund.

quote:

Originally posted by henryaz:
I am too old to be delving into equity markets, also. 

Well opinions vary, but in my opinion, no matter how old you are, at least some of your portfolio should be in stocks.

Regardless, as I said, even an extremely conservative bond only investment would have done better for you, than giving the government a free loan.

I do understand the difficulty of convincing a spouse of such things, but it's definitely worth the effort.

Received federal refund last Thursday.

E-filed mine yesterday. Now waiting for refund.

It's getting easier to do online. City, state, Federal, plug in the numbers, and hit "calculate".

Remembering the small items that hold up forms from properly populating.

In honor of all hard working Americans that are slowing turning into serfs. Here are some great quotes on taxes:

If it moves, tax it.
If it keeps moving, regulate it.
And if it stops moving, subsidize it.
-Ronald Reagan
I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.
-Winston Churchill
A government which robs Peter to pay Paul can always depend on the support of Paul.
-George Bernard Shaw
A liberal is someone who feels a great debt to his fellow man, a debt he proposes to pay off with your money.
-G. Gordon Liddy
Democracy must be something more than two wolves and a sheep voting on what to have for dinner.
-James Bovard
Government is the great fiction, through which everybody endeavors to live at the expense of everybody else.
-Frederic Bastiat
In general, the art of government consists of taking as much money as possible from one party of the citizens to give to the other.
-Voltaire
No man’s life, liberty, or property is safe while Congress is in session.
-Mark Twain
The government is like a baby’s alimentary canal, with a happy appetite at one end and no responsibility at the other.
-Ronald Reagan
The only difference between a tax man and a taxidermist is that the taxidermist leaves the skin.
-Mark Twain
There is only one way to kill capitalism, taxes, taxes, and more taxes!!!!!
-Karl Marx
Collecting more taxes than is absolutely necessary is legalized robbery.
-Calvin Coolidge
The power to tax is the power to destroy.
-John Marshall
I believe that every individual is naturally entitled to do as he pleases with himself and the fruits of his labor, so far as it in no way interferes with any other men’s rights.
-Abraham Lincoln

Sent mine to my CPA, she emailed me telling me it was filed and accepted by the IRS.

Then I got the "we are conducting a thorough review of your records..." letter.

AAAARRRRGGGGHHH!!!!!!