Thread: Tax time

April 15th is getting close and I just started on mine today. Ya'll got your returns filled out and turned in?

Since I never get any money back, I take my time turning in my returns. Knew this year was going to be a rough one as I sold off some stock that was mostly gains. Reinvested it in something more profitable, hopefully. Right now with both Fed and State returns are all but done I think I need to call an ambulance. Had what I thought was a good estimate but you know how that goes. Tax bill is >150% of estimate. The gains were high enough most all our SS income was taxable and hadn't give any thought to that. And we no longer have enough expenses to itemize our deductions. Did get a break on not being liable for tax underpayment which saved a couple $k. Didn't help any that the voters in their infinite wisdom voted in a tax increase a couple months ago and it is retroactive to Jan of last year. DAMN! But what can you expect when so many are sucking from the public tit? Only issue now is where to find the money to pay Uncle Sam.

Oh, have been using TaxCut/H&R Block software and I discovered a BUG and not sure if it has impacted my returns. Found out most of the $$$ figures it imported from last yrs return are off by a factor of >10X. Our adjusted income is low enough we normally don't have a tax liability but noted the imported AGI was given as $290k and tax liability of $32k. Actual liability was ZERO. Now if any of you use this same software, I'd do some check'n to see if the returns are correct.

Didn't I hear sump'n about no tax increase if you are making <$250k. Must have been my imagination.