Income Tax Thread

[Pom]

Mar 31, 2023 12:01:50 GMT -5 flygirl said:

We owed about $3000 between Fed and State. I was expecting to owe a little but wasn’t expecting that much -more like 1/2 so that sucks. Also, the CPA who is working on the estate taxes I need to have done told me he’d have the numbers to me by the 15th of March, then the 31st. When I asked today if he even had an estimate he said he’d give them to me on April 18th. I don’t know if this is normal for CPAs but I was rather irritated. I delivered everything to him on Feb 7 and understand it’s complicated but don’t promise a date and then totally forget about it.

Well, I took our taxes, my sister’s info and our family LLC to our CPA February 8th and I’ve seen nothing back either. Very frustrating but not unusual based on past years. The waiting is stressful. I hope you hear something soon, us too.

[aprilsails]

I feel like Americans and a Canadians have a very different approach to taxes. While you can submit extra forms to your payroll to reduce your taxes here, unless you make the same amount every year it would be difficult to get it just right. It’s very uncommon that people bother.

Between our large deductions and overtime DH and I will be getting back $18,000 next week. 😳 While that’s a lot it’s certainly not unheard of here. I realize this is a loan to the government, but whatever. It’s nice knowing that we’ll pretty much always get a chunk back.

[cherry1111]

I submitted our taxes on 3/18 and our refund should get deposited tomorrow. We got back a little over $5k which is about where we have fallen the last few years. We could adjust but we pay our year of homeowners and auto insurance in April so it’s kind of nice to just use the refund to knock that big payment out.

[flygirl]

Pom, I probably wouldn’t have had any expectations of hearing before close to April 18th but he told me he’d give me estimates. I kind of got the impression that he either isn’t very experienced or was annoyed that I didn’t bring my taxes to him. I hope we both hear back soon!

[pumpkincat]

I'm incredibly frustrated. Usually I would have filed weeks ago, but we're waiting on a corrected 1099 related to my step-mom's estate. Once we get that, my BIL will create the K-1s we need to file individually. The investment firm she used has been completely worthless for all 3 of us to deal with since she passed away. Took months and months to get disbursements out, with limited communication (I at one point asked for a summary document with all accounts/balances/account types and it was like pulling teeth). The incompetency related to the creation of this 1099 is just the icing on the cake.

[flygirl]

pumpkincat,just out of curiosity was it Amer.i…prise?

[pumpkincat]

Apr 3, 2023 15:41:23 GMT -5 flygirl said:

pumpkincat ,just out of curiosity was it Amer.i…prise?

No, Woodbury Financial. It may just be this particular office/advisor, but certainly not impressed. They also advised her to invest in some very questionable things, resulting in investments in some funds that are currently in SEC receivership.  Sigh.

Amusingly, when my mom passed away 23 years ago, I was recommended to Amex which became Ameri..prise and have had only a great relationship with them!    My current advisor there was very helpful in getting the cash/funds rolled over as quickly as possible.

I really think with all of these larger companies it depends on the office/practice!

Also, pretty sure the advisor at Woodbury isn't realizing he's dealing with 3 CPAs - myself, my half sister and my step-sister's husband (who owns his own very successful tax firm).  Hah.

[quesyrah]

Mar 1, 2023 21:40:11 GMT -5 quesyrah said:

I’m nervous for ours. I inherited an IRA when my parents died and I withdrew most of it so I could disburse to my siblings. I had taxes withheld so hopefully it all turns out ok but it had to be done.

I was worried for nothing! I don’t owe a ton od money 😅

Last year filing for my parents and theirs turned out to be easier than I feared too.

Phew!

[egishere]

Met with our accountant via Zoom last night. We almost always owe. This year we are getting back a five figures from the IRS and around $2500 from the state. We can't believe it! I asked our tax guy if he made a mistake somewhere but he's confident he didn't and even pulled our tax file from 2021 just to compare some numbers. DH started a new job Jan 2022 and we gave a lot to charity last year in order to offset some of the extra income but whoa....did not mean to get a crazy refund like that. So we will need to change some things up for 2023 to avoid that but I'm just happy we don't owe for once!

[trissie18]

My mom has always done our taxes in TurboTax for us. This year I decided to try them on my own. Only had to call her a couple times to verify where to enter some of my 1099 expenses but otherwise it was much easier than I ever anticipated. We owe a net of $350 so not too bad. Have a meeting with our financial advisor later this month to review how we can reduce our taxable income for 2023 as I am expecting a much bigger HHI with DH in his new role for the full year instead of only 4 months.

[flygirl]

The CPA for the estate I’m working on called and said he needs to file an extension because he has been out for 2 weeks due to a death in the family. I still have to pay by 4/18 so I’m fearing that it’s going to be totally wrong. Last year I ended up having to fix 2 things that were messed up for the previous years taxes and had to pay a fee. I just want it over with! (((Cries)))

[tealblue]

Finally got DH’s business stuff. The only things that saved me from owing this year was a carry forward of rental loss last year that I offset with this years rental income.

Weirdly we made more $$ and got the child tax credit? We didn’t get it last year (we got a very small additional child tax credit)… so I’m super confused. I assumed we had phased out last year but now that we had more income… I have no clue.

Edit: Google has told me the income threshold for getting the child tax credit has massively gone up. $150k for joint filers in 2021 but $400k income for joint filers in 2022!

[pumpkincat]

Apr 7, 2023 14:51:33 GMT -5 flygirl said:

The CPA for the estate I’m working on called and said he needs to file an extension because he has been out for 2 weeks due to a death in the family. I still have to pay by 4/18 so I’m fearing that it’s going to be totally wrong. Last year I ended up having to fix 2 things that were messed up for the previous years taxes and had to pay a fee. I just want it over with! (((Cries)))

This sounds familiar.  Still waiting on an estate K1 here as well.  

[noodleoo]

Vent ahead: OMG taxes are so frustrating. H always leaves it until the last minute, every single year. Due to some unexpected income this year, we are over the limit for contributing to a Roth IRA, so we need to recharacterize to a traditional. Of course H put it into Turbotax wrong and didn't realize it until TODAY. FUCK!!! He was able to do his in 3 mins on the Fidelity website. I tried on Vanguard's website, but I searched for the form, found the page that explains how to do it, but the link to the form didn't work. Clicking it just did nothing, I tried from multiple browsers and computers. So I had to call. First call wasn't bad, wait was 60 mins but they had a callback feature so they called me back. But then, the agent who called back had to transfer me to another department and the wait time was 90 mins with no callback option!!!! So I've literally been listening to their damn hold music for 80 fucking minutes. I got back on my computer to be ready for the agent, was messing around and found a whole new screen for Retirement that I've literally never seen before where the link to the form actually worked.  I was able to the recharacterization in 5 mins.

So I'm happy because it is DONE, but I'm so fucking annoyed that I wasted 2.5 hours of my day stressing about it. They really need to fix the damn links on their website!!!

ETA: the extra income is obviously great, but we owe a LOT this year too since we had no idea it was coming.  I hate not being able to plan.  We're also paying a penalty because apparently we should sent in a tax payment or something for it.

[Pom]

Well, we finally got our taxes. I wrote about $30k in checks today. We had two significant capital gain events and we knew would it would be ugly. It was in range of the calculators I ran. Estimated payments due for state and fed for 2023 too. Next year, things should finally level out a bit. I just feel lucky to have the money and not completely freak out. I’m so glad it’s over.

[flygirl]

My taxes are filed and paid but I had to call the estate CPA yesterday and ask him what I should be paying. He said if we paid the estimated taxes each quarter last year, nothing. Which I knew was wrong and also previously told him that only 1 quarterly amount had been paid (the person died early in the year). I reminded him of an IRA dispersement also so he gave me a $ amount to be paid and said he’d file an extension. Are all CPAs like this? Gah, I’m not letting anyone do mine next year (needed to for some complications) if it’s going to be pushed off over and over and then still incorrect. I had to fix things from last years filing. I get they are super busy but by my estimate, we’ve underpaid $8-9k. The heirs have been pestering me to disperse the remaining funds and I can’t until this is sorted out.