2017 Tax Season and Return Thread Vol. Tax Podcast Mixed In?

Just to let everybody know the IRS is not accepting returns until the 23rd so you can file with your preparer or online provider but the IRS will start processing that date. Typically see refunds early in the tax season with about 1 to 2 week turn around time.
 
Just filed for the first time via turbo tax. Hopefully it doesnt get rejected cause im a noob lol
 
how accurate is turbotax's estimate when it comes to federal and state tax return?
 
Another piece of advice, I believe the paid Turbo Tax version has X amount of State filings that come with the program. All others cost money. For many states, you can enter your information on their state website and do it for free. Turbo tax won't exactly tell you that and will want you to file within their program. That is generally not required.

For a standard person with two jobs, and a kid, and no investments, there is no reason you should be paying more than $100 to ANYONE for their services. It literally takes 20 minutes of work on Turbo Tax.

I know these ladies around my way who use Turbo Tax and such as their side hustle. They have everyone afraid of doing their taxes and portray it as too hard to comprehend. Most fit into the category above, single, one or no kids, and maybe a house.

Be careful out there. There are some who want a % of your refund too, and may fudge a couple areas here or there.
 
Halfway through filing with TurboTax. I'm set to get $3.7k back Federal but I want to maximize it as much as possible. I'm a single renter, no kids, basic W2 and student loan Interest.

So I did make some clothing donations here and there with the Salvation Army etc. but I have no paperwork to prove it.

How can I MAXIMIZE my refund? :lol: I know some people who get 7k back and I need parts of that. Granted, they own homes :frown:
 
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Exactly why I say freetaxusa >* . Once you have to start paying Freetax is only $12 for federal and state .

Yes turbotax looks nice, but it's literally all fluff. Don't let the pretty UI have you paying $100 to file essentially a few piece of papers at the end of the day.

I'm about to start my return now. Praying I don't owe I used one of TurboTax's calculators last year.

EDIT: Checked my email here is the 10% off promo code for freetaxusa : FREETAXUSA10
 
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FlyNY said:
Halfway through filing with TurboTax. I'm set to get $3.7k back Federal but I want to maximize it as much as possible. I'm a single renter, no kids, basic W2 and student loan Interest.

So I did make some clothing donations here and there with the Salvation Army etc. but I have no paperwork to prove it.

How can I MAXIMIZE my refund? :lol: I know some people who get 7k back and I need parts of that. Granted, they own homes :frown:
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Unless you donated more than your standard deduction, you're not gonna use any of that.

Also no point comparing to others refund when you don't know their tax situation.
 
What's the easiest way to amend taxes from last year? I forgot to enter my FSA transit and Parking. I can't remember if any of these programs give you the option to make changes to prior years.
 
I remember using turbotax last year for the first time. It was so easy and free (I only had 1 w2 and a 1098-T) I got a new job this summer so I should have 2 w2's and Im assuming it should still remain simple for me just another W2 added on
 
Just finished filing and I am getting back much more than expected. When I did the turbotax calculator I had to estimate some number, since I only paid interest for a few months and what not. I am not sure if I should increase my witholding even more. I only was expecting between $500-$1500 back totatl, I'm getting $4000 back.

$2500 federal , $1500 state

For federal I witheld 5 , state I witheld 1 (I believe) .

Should I go higher? Only difference for this year is I won't be getting any educational credits $2000 deduction.
 
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BeezyGotSole said:
Exactly why I say freetaxusa >* . Once you have to start paying Freetax is only $12 for federal and state .


Yes turbotax looks nice, but it's literally all fluff. Don't let the pretty UI have you paying $100 to file essentially a few piece of papers at the end of the day.


I'm about to start my return now. Praying I don't owe I used one of TurboTax's calculators last year.

EDIT: Checked my email here is the 10% off promo code for freetaxusa : FREETAXUSA10
Click to expand...

Just used this. TurboTax can go kick rocks.
 
Anybody know if I would have to owe a health care penalty fee or not? I was covered for a total of 3 months last year. For the month of March I paid for insurance directly myself only for that month  then cancelled and then in November and December I was covered through my employer. If I do owe a fee, would it  just be for the months I wasn't covered? And I get the other 3 months of the year not charged to me, sort of like a prorated fee?  Or is it a straight flat fee for the whole year since I was so scattered and I wasn't consistently covered throughout? Or is there any way to be exempt from this at all? Any help would be appreciated. Thanks. 
 
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PrimeTimeBoy said:
Anybody know if I would have to owe a health care penalty fee or not? I was covered for a total of 3 months last year. For the month of March I paid for insurance directly myself only for that month  then cancelled and then in November and December I was covered through my employer. If I do owe a fee, would it  just be for the months I wasn't covered? And I get the other 3 months of the year not charged to me, sort of like a prorated fee?  Or is it a straight flat fee for the whole year since I was so scattered and I wasn't consistently covered throughout? Or is there any way to be exempt from this at all? Any help would be appreciated. Thanks. 
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You just have to pay a fee for the months you weren't covered, just make sure you add the months you were covered.
 
When I went thru the health care thing last year, I was able to get exempt by jus selecting that it was too expensive for me to be covered....
 
chuch83 said:
You just have to pay a fee for the months you weren't covered, just make sure you add the months you were covered.
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will there be an option for that on turbo tax where you can click on the months and non months you were covered?
rock steady22 said:
When I went thru the health care thing last year, I was able to get exempt by jus selecting that it was too expensive for me to be covered....
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I do remember that. I had a couple of friends who did that as well, it just seems way too easy to get exempt with a simple click option. I guess I'll just follow through the instructions of turbo tax and see how it goes. 
 
PrimeTimeBoy said:
will there be an option for that on turbo tax where you can click on the months and non months you were covered?


I do remember that. I had a couple of friends who did that as well, it just seems way too easy to get exempt with a simple click option. I guess I'll just follow through the instructions of turbo tax and see how it goes. 
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Yes, just download the app is easier and faster
 
BeezyGotSole said:
Just finished filing and I am getting back much more than expected. When I did the turbotax calculator I had to estimate some number, since I only paid interest for a few months and what not. I am not sure if I should increase my witholding even more. I only was expecting between $500-$1500 back totatl, I'm getting $4000 back.

$2500 federal , $1500 state

For federal I witheld 5 , state I witheld 1 (I believe) .

Should I go higher? Only difference for this year is I won't be getting any educational credits $2000 deduction.
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Do you have kids? Or other credits coming your way? A single person with 5 allowances would usually owe money. With a educational credit that you may not see again, you may be looking at $2,000 less in federal next year. If you add one more allowance, depending on how much you make, you may actually end up owing at the end of the year. I would be very careful adding any more.

Say you make $52k a year. If you were single and had 5 allowances, you would owe around $2k.. There has to be some sort of credit you are receiving to get $2500, and NOT owe.
 
wallyhopp wallyhopp I file single, no kids I own a home. I have 25K in itemized deductions. Not going to break down all of it but the house interest & real estate taxes accounts for a good amount of the deductions. Without the educational deduction I will be around 23K or close to there. I'm getting a promotion and raise next month, so I'll have to run the withholding calculator with my new income.
 
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BeezyGotSole said:
wallyhopp wallyhopp I file single, no kids I own a home. I have 25K in itemized deductions. Not going to break down all of it but the house interest & real estate taxes accounts for a good amount of the deductions. Without the educational deduction I will be around 23K or close to there. I'm getting a promotion and raise next month, so I'll have to run the withholding calculator with my new income.
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Without sharing your income, I would advise you to check out the Wage Bracket Method Tables for Income Tax Withholding chart here
https://www.irs.gov/pub/irs-pdf/p15.pdf
It starts about page 47. I mentioned this a couple pages back. But you can go to how often you are paid and filing type (single etc.) and you can see what an increase or decrease of allowances does to Federal withholdings.
For example, if you make $1240/wk, with 5 allowances, they would take out $121 dollars. The chart shows what it would take out if you go up to say 9 allowances. In essence, you would get $70 more PER week. That amounts to $3600 over the course of a year, which would negate any deductions and credits, and may have you owe. There is definitely a delicate balance to altering your allowance #s

That chart has been a lifesaver for me. For years I was over withholding money, sometimes in excess of 20% of my annual wage.

It's basically within the same realm as the withholding calculator, but it may help a bit more as you can see first hand paycheck to paycheck what exactly is taken out, and what should/could be taken out.

All else equal, to negate $2500 in a Federal refund, you would need about $48 less withheld per week. That chart linked above should be able to guide you as each allowance increases, you can see exactly what is withheld
 
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wallyhopp wallyhopp Thanks for the chart , but unfortunately my income isn't in the chart breakdown . I don't get the percentage breakdown. I'll try Turbotax calculator again I have more of an accurate picture now.
 
im single and live alone so i been claiming 2 for witholdings or "exemptions" as it says on my paystub. is there some kind of formula to use to maximize my checks and break even at the end of year and minimize a return?

Edit:do i just wait and see what i get for a return this year and make that adjustment accordingly using that chart that was posted by wallyhopp? i dont really have a baseline to go off of cause as opposed to last tax year-this year i made about 20k more.
 
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