Congress Agrees on a Tax Bill. What Does Proposed Tax Bill Mean for Older Americans? Learn More.

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Re: Tax Filings - When Do You Start?

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Start as soon as I have all the required forms/information.  I like to use Turbo Tax -- eary and user friendly.

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Bronze Conversationalist

Re: Tax Filings - When Do You Start?

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Retired 2 years w/ Soc Sec income plus IRA investments and annuities.  Was very concerned, but Turbo Tax handled.  My financial advisor always sends ltrs asking clients to wait until March to prevent having to file Amendments, so I do.  So far, so good.  He also suggests I hire a CPA to prepare my taxes at least once. That may happen one year.  Make large contributions and live low.  Only drawn on single annuities, one small IRA plus SS.  My losses/gains have been a wash both yrs.  Higher amounts drawn this yr (grandchild!) from 25 yr 401/k (now IRA) so little nervous.  Dox dated when rec'd & filed.  Tax file is ready and waiting. Always review previous yr Fed/VA filings & hand notes for missed/forgotten items.  Will draft on Turbo Tax in March and file Sat., April 15, 2017. 

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Re: Tax Filings - When Do You Start?

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If you can't understand yourinvestments, you have the WRONG "investmets".

You will NEVER know what a problem you have untill you get a a loss statement.

 

Kbob   

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Treasured Social Butterfly

Re: Tax Filings - When Do You Start?

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@gd74625814 - Hi, fellow New Jerseyan! Because I have a lot of state tax-exempt bonds .. some for NJ and some not, .. my taxable income for federal taxes is significantly less, than my taxable income for NJ! It's just easier to have an accountant do it. I also have stock in limited partnerships & trusts, and they each send out a schedule showing how the dividends have to be accounted for. Too complicated for me!


Registered on Online Community since 2007!
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Re: Tax Filings - When Do You Start?

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Yes, I do get monthly/quarterly paper statements.  I also examine movement in my portfolio on a daily basis.  However, I cannot determine exactly what is tax free income appplicable to NJ &  amount of dividends that are considered qualified.  Yes, I probaby can calculate with some effort dividends & capital gains, but why bother.  My objective is to be as close to my estimated payments for both Federal & State. 

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Valued Social Butterfly

Re: Tax Filings - When Do You Start?

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retiredtraveler wrote:

"...I used to spend hours just reading through the printed book and filing all of the forms old school. Not anymore!...".

 

DW thinks that is where all the fun can be found!


My hat's off to her!

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Super Social Butterfly

Re: Tax Filings - When Do You Start?

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I start mine when I dump the box of paperwork onto my CPA's desk!

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Valued Social Butterfly

Re: Tax Filings - When Do You Start?

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gd74625814 wrote:

I'd like to do my returns ASAP, however, my broker won't submit the final necessary information until the mid to end of February.  However, I enter as much tax data in my Turbo Tax Premium edition and compare the partial results to my estimated taxes.  Always hoping that I estimated correctly however the caveat is the amount of capital gains from my broker. 


Don't you get statements, at least, hopefully, quarterly, indicating what you have earned?

If you have these, just added them up, then if your YE info differs from these, you will know that it is not your problem but theirs.  

 

If you don't get at least something in paper form from your brokerage account(s) or even bank account(s), you have no place to start IF a problem were to occur; like somebody stealing your funds or there is a really big hacking event.

 

Hopefully, you do at least check the YE data sent from financial institutions.

 

 

 

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Re: Tax Filings - When Do You Start?

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I'd like to do my returns ASAP, however, my broker won't submit the final necessary information until the mid to end of February.  However, I enter as much tax data in my Turbo Tax Premium edition and compare the partial results to my estimated taxes.  Always hoping that I estimated correctly however the caveat is the amount of capital gains from my broker. 

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Social Butterfly

Re: Tax Filings - When Do You Start?

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My returns are also pretty simple.  But I like to do an estimate in December to see whether it's going to be a plus or a minus.  In most cases it's a plus from the Feds, but a minus for NY.  I at one time waited on the one I had to pay, but now, do both at the same time and submit early to get it over with.

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