Tax return back already
#2892129
02/23/21 09:19 AM
02/23/21 09:19 AM
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Joined: Feb 2004
Posts: 34,871
S.E. South Dakota !
bigdad
OP
Still Posting A Lot
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OP
Still Posting A Lot
Joined: Feb 2004
Posts: 34,871
S.E. South Dakota !
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Expected it to take time this year but, 1 week
The lips of fools bring them strife, and their mouths invite a beating.Proverbs 18:6
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Re: Tax return back already
[Re: bigdad]
#2892142
02/23/21 10:02 AM
02/23/21 10:02 AM
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Joined: Feb 2003
Posts: 2,810
Sobieski Wi
bee1971
master
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master
Joined: Feb 2003
Posts: 2,810
Sobieski Wi
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I think I will file on April 15th 2021
1971 Dodge Charger Superbee
2011 Ram Sport 1500 Quad Cab Deep Water Blue Loaded
Siberian Huskies
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Re: Tax return back already
[Re: mopars4ever]
#2892149
02/23/21 10:15 AM
02/23/21 10:15 AM
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Joined: Jan 2003
Posts: 10,703
North Dakota
6PakBee
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 10,703
North Dakota
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We did a lot of conversions from IRA's to Roth IRA's last year. I about fell over when I did our taxes. And after two weeks of back and forth with our financial advisor, it didn't get any better. The result of poor communication between the two of us.
"We live in a time when intelligent people are being silenced so that stupid people won't be offended".
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Re: Tax return back already
[Re: bigdad]
#2892150
02/23/21 10:16 AM
02/23/21 10:16 AM
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Joined: Dec 2007
Posts: 18,157
Mass
DAYCLONA
I Live Here
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I Live Here
Joined: Dec 2007
Posts: 18,157
Mass
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Expected it to take time this year but, 1 week Same here, about 1 week, direct deposit....
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Re: Tax return back already
[Re: 6PakBee]
#2892184
02/23/21 11:19 AM
02/23/21 11:19 AM
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Joined: Feb 2007
Posts: 5,438
Michigan
oldjonny
Don't argue with me.
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Don't argue with me.
Joined: Feb 2007
Posts: 5,438
Michigan
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We did a lot of conversions from IRA's to Roth IRA's last year. I about fell over when I did our taxes. And after two weeks of back and forth with our financial advisor, it didn't get any better. The result of poor communication between the two of us. Yikes...I struggled with looking into doing the same thing. When I ran the calculations for the conversion versus payback time to get my tax hit back, I could not justify doing the conversions. Its interesting how financial guys heavily encourage the conversions, but then again they are in a totally different income scale than guys like me.
Never, ever argue with an IDIOT. They will drag you to their level and then beat you with their years of experience
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Re: Tax return back already
[Re: 6PakBee]
#2892212
02/23/21 12:23 PM
02/23/21 12:23 PM
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Joined: Feb 2014
Posts: 1,696
central il.
second 70
top fuel
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top fuel
Joined: Feb 2014
Posts: 1,696
central il.
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We did a lot of conversions from IRA's to Roth IRA's last year. I about fell over when I did our taxes. And after two weeks of back and forth with our financial advisor, it didn't get any better. The result of poor communication between the two of us. Sure hope you had prepaid at least the same amount of taxes due from last year or they'll hit you with a penalty on top of it! A lot of people are shocked to find out ever dollar of a regular IRA,401k,457 plan is taxed at full tax rate including capitol gains that are only 15% in a taxable account.
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Re: Tax return back already
[Re: oldjonny]
#2892217
02/23/21 12:30 PM
02/23/21 12:30 PM
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Joined: Feb 2014
Posts: 1,696
central il.
second 70
top fuel
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top fuel
Joined: Feb 2014
Posts: 1,696
central il.
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We did a lot of conversions from IRA's to Roth IRA's last year. I about fell over when I did our taxes. And after two weeks of back and forth with our financial advisor, it didn't get any better. The result of poor communication between the two of us. Yikes...I struggled with looking into doing the same thing. When I ran the calculations for the conversion versus payback time to get my tax hit back, I could not justify doing the conversions. Its interesting how financial guys heavily encourage the conversions, but then again they are in a totally different income scale than guys like me. I've paid $156,000 in taxes converting to a Roth. I've made a $200,000 capital gain in roth tax free. That same 200k would have cost me an additional $48K in taxes. Under new tax law I pay 24% when it goes away in 2025 it goes up to 33%. I'd rather pay now at a lower rate and have tax free earnings going forward.
Last edited by second 70; 02/24/21 12:28 PM.
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Re: Tax return back already
[Re: DAYCLONA]
#2892222
02/23/21 12:39 PM
02/23/21 12:39 PM
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Joined: Jan 2003
Posts: 4,996
North Pole,New York
formula_s
master
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master
Joined: Jan 2003
Posts: 4,996
North Pole,New York
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Expected it to take time this year but, 1 week Same here, about 1 week, direct deposit.... So you gave the US Treasury a tax free loan??
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Re: Tax return back already
[Re: formula_s]
#2892230
02/23/21 12:53 PM
02/23/21 12:53 PM
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Joined: May 2019
Posts: 6,225
nowhere
Sniper
master
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master
Joined: May 2019
Posts: 6,225
nowhere
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Expected it to take time this year but, 1 week Same here, about 1 week, direct deposit.... So you gave the US Treasury a tax free loan?? So, you are good enough to figure your taxes so closely that you give neither a tax free loan, nor incur a penalty for underpayment? Maybe you should open up a tax consulting business.
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Re: Tax return back already
[Re: formula_s]
#2892250
02/23/21 01:27 PM
02/23/21 01:27 PM
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Joined: Dec 2007
Posts: 18,157
Mass
DAYCLONA
I Live Here
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I Live Here
Joined: Dec 2007
Posts: 18,157
Mass
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Expected it to take time this year but, 1 week Same here, about 1 week, direct deposit.... So you gave the US Treasury a tax free loan?? Yep, and it didn't bother me in the lease amount,.....I look at it as a "bonus" at the end of the year, an $8K refund to throw for some new parts, toys, etc....rather than regretting having to possibly pay out at tax time.... I've played the game of trying to pay little to nothing come April 15, I like the "bonus" plan better....
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Re: Tax return back already
[Re: Sniper]
#2892286
02/23/21 02:29 PM
02/23/21 02:29 PM
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Joined: Jan 2003
Posts: 4,996
North Pole,New York
formula_s
master
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master
Joined: Jan 2003
Posts: 4,996
North Pole,New York
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Expected it to take time this year but, 1 week Same here, about 1 week, direct deposit.... So you gave the US Treasury a tax free loan?? So, you are good enough to figure your taxes so closely that you give neither a tax free loan, nor incur a penalty for underpayment? Maybe you should open up a tax consulting business. Not a question about being" good enough" in calculating my taxes: I make quarterly payments, and no, I'm not self employed.
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Re: Tax return back already
[Re: second 70]
#2892471
02/23/21 09:37 PM
02/23/21 09:37 PM
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Joined: Jan 2003
Posts: 2,252
New York
rarefish
top fuel
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top fuel
Joined: Jan 2003
Posts: 2,252
New York
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We did a lot of conversions from IRA's to Roth IRA's last year. I about fell over when I did our taxes. And after two weeks of back and forth with our financial advisor, it didn't get any better. The result of poor communication between the two of us. Sure hope you had prepaid at least the same amount of taxes due from last year or they'll hit you with a penalty on top of it! A lot of people are shocked to find out ever dollar of a regular IRA,401k,457 plan is taxed at full tax rate including capitol gains that are only 15% in a taxable account. I know too well about the IRS under-withholding penalty. I got burned by in back in 1999 when I did a total Trad IRA to Roth conversion that my then "finical advisor" recommended. Now when I need to see my finical advisor, I just look at the person at is looking back at me in the mirror.
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Re: Tax return back already
[Re: formula_s]
#2892521
02/24/21 12:05 AM
02/24/21 12:05 AM
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Joined: Jan 2003
Posts: 30,994
Oregon
AndyF
I Win
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I Win
Joined: Jan 2003
Posts: 30,994
Oregon
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Expected it to take time this year but, 1 week Same here, about 1 week, direct deposit.... So you gave the US Treasury a tax free loan?? Sometimes you are forced to. I pull income from my 401K and the Feds require a minimum withholding even though it is higher than what my tax rate is. So I get a refund every year and there is nothing I can do about it. The Feds have so many rules that sometimes you just can't work your way out of it.
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