Waiting for W2

[Tradd]

Am I the only one who estimates my income tax refund while waiting for W2 by using my last paycheck stub of the year? :D

[ToomuchStuff]

Nope, already done my taxes (estimated) via paystub and current (and guestimate) of interest.
As usual, refund, and planning on putting towards the property taxes next year.

[sweetana3]

Husband has already started to enter the information into Turbotax. But as always it will be Feb. before we get a big investment 1099 and can finalize it. He tends to obsess over the whole process.

[SiouzQ.]

I tried to do that in mid-December because I needed to see if I needed to buy more supplies for my jewelry business before the end of the year. I got stuck on the ACA subsidy question because I don't have the document for it yet.

[rosarugosa]

I used to always do that when we were expecting a refund. After our refund was stolen a few years ago, I changed our withholding to err on the side of us needing to pay, so that there would not be a refund to steal in the future (take that, bad guys!!). That definitely removed the eagerness factor. I'm also in new territory, with 2018 being my first full year of retirement, so I'm just going to wait for the necessary documents to arrive. I am curious to see the impact of the taxation changes.

[Tradd]

I just do it by hand with the form for the guesstimate. I file with TurboTax online.

[beckyliz]

I estimated our taxes on a spreadsheet earlier this year because I wanted to know where we stood with the new tax laws. Still not sure; guess I won't know until I actually file the return.

[Lainey]

2018 was my first full year of Social Security, so I'll be waiting on their form for me to file my taxes.

Like beckyliz, I'm wondering how it's all going to turn out given the new standard deduction of $12,000 for singles.

[Yppej]

I do paper returns but can't call the IRS for my forms because they are shut down. State forms are not ready yet.

[organictex]

2018 was my first full year of Social Security, so I'll be waiting on their form for me to file my taxes.

Like beckyliz, I'm wondering how it's all going to turn out given the new standard deduction of $12,000 for singles.

i did a rough estimate last night and the formula for taxable amount of SS seems to be more advantageous than
last years. the standard deduction increase is going to probably help a LOT of folks! i'm pretty critical of the prez
but i also believe in giving credit when credit is due. thanks Donald!
jim

[iris lilies]

I think the big standard deduction is way cool and is a big step toward simplifying 1040 filing.

I do wonder what the real estate industry has to say about it, they are always running scared about any change that messes with mortgage deduction. That mortgage deduction is one of the carrots of home ownership.

[Lainey]

i did a rough estimate last night and the formula for taxable amount of SS seems to be more advantageous than
last years. the standard deduction increase is going to probably help a LOT of folks! ….
jim

Another Soc. Security factoid: I retired mid-year 2017. After I filed my 2017 income taxes, I got a call from Soc. Security saying, Hey, Lainey, looks like you earned too much last year and you'll have to repay some of that Social Security. I pointed out that I'd retired mid-year. Then the Soc. Security clerk says, Oh, well, there's a "grace year." So what do you know, I don't have to repay anything. Which only makes sense because otherwise everyone would have to retire on January 1st.

[jp1]

So I finally got my tax doc from e*trade and did my taxes this evening. Apparently since I don't own a home I qualified as one of the "rich" people that benefited from the new tax law. My federal adjusted gross income went up $400 but my federal taxes went down from $15,720 last year to $13,574 this year. I no longer qualify to itemize my taxes because my state income tax bill isn't that large, but the larger standard federal deduction benefited me.

And my withholding was spot on, as it has been for several years. I'm getting a small refund from the IRS and owe a small amount to CA (less than $100 difference and less than $200 for either).

[iris lilies]

Another Soc. Security factoid: I retired mid-year 2017. After I filed my 2017 income taxes, I got a call from Soc. Security saying, Hey, Lainey, looks like you earned too much last year and you'll have to repay some of that Social Security. I pointed out that I'd retired mid-year. Then the Soc. Security clerk says, Oh, well, there's a "grace year." So what do you know, I don't have to repay anything. Which only makes sense because otherwise everyone would have to retire on January 1st.
Hmmm, I plan to start drawing Social Security income in May. I dont have W2 income but have other sources. I assume The SS administration can tell the difference from W2 income and other sources.

I am not looking forward to all of these transitions. I have little patience for the online filling out of forms and accompanying glitches and waiting-for-snail-mail confirmations and etc.

Already health insurance has taken up more of my brain space than I want—employer health coverage to COBRA to ObamaCare to Medicare with supplements, all within 4 years.

I just want to get fully on the gubmnt teat and hang on for the rest of (my) eternity. Our health insurance broker encourages us to review our coverage every year. Yeah, not likely. She says we will have to if we move to Hermann.

this is, I recognize, an extremely minor complaint in the world of healthcare but still I get to bitch and moan.:~)

[Teacher Terry]

I just applied for SS online and it couldn’t have been easier. You can apply up to 4 months before you want to take it.