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#1
posted to rec.boats
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Income Tax Time
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#2
posted to rec.boats
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Income Tax Time
On Sat, 17 Mar 2018 14:34:54 -0400, John H.
wrote: On Sat, 17 Mar 2018 11:06:51 -0400, wrote: On Sat, 17 Mar 2018 10:22:06 -0400, John H. wrote: A nice, cloudy day. Too cool for a motorcycle ride or a round of golf. Grass does not need cutting and leaves do not need raking. Reckon I'll do my taxes. Time to crank up Turbo Tax. I did mine a couple weeks ago. Since I did not sell any stock this year or do anything else to complicate things it was pretty simple. I had to wait for a K-1 return which never comes until about the second week in March. Actually, that's your fault. That damn oil company. I won't have to deal with it next year. I have not screwed with that K-1 for years. I take the distributions as ordinary income and the IRS seems to be happy. It may be costing me some money but the hassle is not worth it. I doubt the extra tax I pay would cover buying Turbotax. Besides Harry should appreciate me supporting a good cause, "Uncle Sam", with the money. I figure if they ever do get around to auditing me over the K-1, they will owe me money. Have you ever done a "what if" on Turbotax taking the distribution as income? Just curious. I stopped buying Turbotax the first year it screwed up on my K-1. I had a bunch of boxes it never had me entering and the instructions on the K-1 said I should be doing it. That was the first year I started just taking it as income. |
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#4
posted to rec.boats
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Income Tax Time
On Sat, 17 Mar 2018 18:00:15 -0400, John H.
wrote: On Sat, 17 Mar 2018 16:36:18 -0400, wrote: I have not screwed with that K-1 for years. I take the distributions as ordinary income and the IRS seems to be happy. It may be costing me some money but the hassle is not worth it. I doubt the extra tax I pay would cover buying Turbotax. Besides Harry should appreciate me supporting a good cause, "Uncle Sam", with the money. I figure if they ever do get around to auditing me over the K-1, they will owe me money. Have you ever done a "what if" on Turbotax taking the distribution as income? Just curious. I stopped buying Turbotax the first year it screwed up on my K-1. I had a bunch of boxes it never had me entering and the instructions on the K-1 said I should be doing it. That was the first year I started just taking it as income. I've never had a problem with it, other than it being a PITA. I just put the numbers in the boxes TT tells me to. I did that for years and it worked great, then one year there were not enough prompts to get all the information in. I suppose there might have been an update but things were not on line like they are now. Like you said, the K-1 comes so late, you have a time constraint getting the forms in. I was not sure I had time for a mailed out update. |
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#5
posted to rec.boats
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Income Tax Time
On Sat, 17 Mar 2018 19:44:06 -0400, wrote:
On Sat, 17 Mar 2018 18:00:15 -0400, John H. wrote: On Sat, 17 Mar 2018 16:36:18 -0400, wrote: I have not screwed with that K-1 for years. I take the distributions as ordinary income and the IRS seems to be happy. It may be costing me some money but the hassle is not worth it. I doubt the extra tax I pay would cover buying Turbotax. Besides Harry should appreciate me supporting a good cause, "Uncle Sam", with the money. I figure if they ever do get around to auditing me over the K-1, they will owe me money. Have you ever done a "what if" on Turbotax taking the distribution as income? Just curious. I stopped buying Turbotax the first year it screwed up on my K-1. I had a bunch of boxes it never had me entering and the instructions on the K-1 said I should be doing it. That was the first year I started just taking it as income. I've never had a problem with it, other than it being a PITA. I just put the numbers in the boxes TT tells me to. I did that for years and it worked great, then one year there were not enough prompts to get all the information in. I suppose there might have been an update but things were not on line like they are now. Like you said, the K-1 comes so late, you have a time constraint getting the forms in. I was not sure I had time for a mailed out update. That caught me last year. The K-1 came about three weeks after I'd filed my Fed and state taxes. That called for an amendment. Amended the Fed, but forgot to amend the state. A couple months later I got a nastygram from the state, with a penalty of a couple bucks. Oh well, live and learn. |
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#6
posted to rec.boats
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Income Tax Time
On 3/18/2018 7:26 AM, John H. wrote:
On Sat, 17 Mar 2018 19:44:06 -0400, wrote: On Sat, 17 Mar 2018 18:00:15 -0400, John H. wrote: On Sat, 17 Mar 2018 16:36:18 -0400, wrote: I have not screwed with that K-1 for years. I take the distributions as ordinary income and the IRS seems to be happy. It may be costing me some money but the hassle is not worth it. I doubt the extra tax I pay would cover buying Turbotax. Besides Harry should appreciate me supporting a good cause, "Uncle Sam", with the money. I figure if they ever do get around to auditing me over the K-1, they will owe me money. Have you ever done a "what if" on Turbotax taking the distribution as income? Just curious. I stopped buying Turbotax the first year it screwed up on my K-1. I had a bunch of boxes it never had me entering and the instructions on the K-1 said I should be doing it. That was the first year I started just taking it as income. I've never had a problem with it, other than it being a PITA. I just put the numbers in the boxes TT tells me to. I did that for years and it worked great, then one year there were not enough prompts to get all the information in. I suppose there might have been an update but things were not on line like they are now. Like you said, the K-1 comes so late, you have a time constraint getting the forms in. I was not sure I had time for a mailed out update. That caught me last year. The K-1 came about three weeks after I'd filed my Fed and state taxes. That called for an amendment. Amended the Fed, but forgot to amend the state. A couple months later I got a nastygram from the state, with a penalty of a couple bucks. Oh well, live and learn. I have my taxes done by an accountant, a couple years ago I picked them up with the efile sheet for the wife and I to sign. I returned the efile sheet, got home and checked the mail box, there was an amended 1099! I immediately called the accountant, they had already efiled, I had to do an ammended 1040. I have got ammended 1099s in mid March a few times. Now, I don't have my taxes done until later March. Mikek |
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#7
posted to rec.boats
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Income Tax Time
On Sun, 18 Mar 2018 12:18:53 -0500, amdx wrote:
On 3/18/2018 7:26 AM, John H. wrote: On Sat, 17 Mar 2018 19:44:06 -0400, wrote: On Sat, 17 Mar 2018 18:00:15 -0400, John H. wrote: On Sat, 17 Mar 2018 16:36:18 -0400, wrote: I have not screwed with that K-1 for years. I take the distributions as ordinary income and the IRS seems to be happy. It may be costing me some money but the hassle is not worth it. I doubt the extra tax I pay would cover buying Turbotax. Besides Harry should appreciate me supporting a good cause, "Uncle Sam", with the money. I figure if they ever do get around to auditing me over the K-1, they will owe me money. Have you ever done a "what if" on Turbotax taking the distribution as income? Just curious. I stopped buying Turbotax the first year it screwed up on my K-1. I had a bunch of boxes it never had me entering and the instructions on the K-1 said I should be doing it. That was the first year I started just taking it as income. I've never had a problem with it, other than it being a PITA. I just put the numbers in the boxes TT tells me to. I did that for years and it worked great, then one year there were not enough prompts to get all the information in. I suppose there might have been an update but things were not on line like they are now. Like you said, the K-1 comes so late, you have a time constraint getting the forms in. I was not sure I had time for a mailed out update. That caught me last year. The K-1 came about three weeks after I'd filed my Fed and state taxes. That called for an amendment. Amended the Fed, but forgot to amend the state. A couple months later I got a nastygram from the state, with a penalty of a couple bucks. Oh well, live and learn. I have my taxes done by an accountant, a couple years ago I picked them up with the efile sheet for the wife and I to sign. I returned the efile sheet, got home and checked the mail box, there was an amended 1099! I immediately called the accountant, they had already efiled, I had to do an ammended 1040. I have got ammended 1099s in mid March a few times. Now, I don't have my taxes done until later March. Mikek I think I told you guys, I just got my refund from 2011 or something along with a $571 interest check I had to declare as income. That was an amended return too. I had even forgotten the refund had not arrived yet. I amended the return within weeks of the original but that screwed them up for 5 years or something |
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#8
posted to rec.boats
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Income Tax Time
On Sun, 18 Mar 2018 12:18:53 -0500, amdx wrote:
On 3/18/2018 7:26 AM, John H. wrote: On Sat, 17 Mar 2018 19:44:06 -0400, wrote: On Sat, 17 Mar 2018 18:00:15 -0400, John H. wrote: On Sat, 17 Mar 2018 16:36:18 -0400, wrote: I have not screwed with that K-1 for years. I take the distributions as ordinary income and the IRS seems to be happy. It may be costing me some money but the hassle is not worth it. I doubt the extra tax I pay would cover buying Turbotax. Besides Harry should appreciate me supporting a good cause, "Uncle Sam", with the money. I figure if they ever do get around to auditing me over the K-1, they will owe me money. Have you ever done a "what if" on Turbotax taking the distribution as income? Just curious. I stopped buying Turbotax the first year it screwed up on my K-1. I had a bunch of boxes it never had me entering and the instructions on the K-1 said I should be doing it. That was the first year I started just taking it as income. I've never had a problem with it, other than it being a PITA. I just put the numbers in the boxes TT tells me to. I did that for years and it worked great, then one year there were not enough prompts to get all the information in. I suppose there might have been an update but things were not on line like they are now. Like you said, the K-1 comes so late, you have a time constraint getting the forms in. I was not sure I had time for a mailed out update. That caught me last year. The K-1 came about three weeks after I'd filed my Fed and state taxes. That called for an amendment. Amended the Fed, but forgot to amend the state. A couple months later I got a nastygram from the state, with a penalty of a couple bucks. Oh well, live and learn. I have my taxes done by an accountant, a couple years ago I picked them up with the efile sheet for the wife and I to sign. I returned the efile sheet, got home and checked the mail box, there was an amended 1099! I immediately called the accountant, they had already efiled, I had to do an ammended 1040. I have got ammended 1099s in mid March a few times. Now, I don't have my taxes done until later March. Mikek Mine are done. Took about 8 hours total. Hard part was wife's 'Independant Contractor' income and expenses. Had a glitch with the software, but Intuit customer support got my view of my machine, had me download, install and run a program from Microsoft, and all was fixed. Now I'm letting it rest, like you would a good roast beef. Give it a day and see if I have any more thoughts. Last night in bed I thought of a charitable contribution I'd made and hadn't received a receipt for. Saved me another $32. Not much, but it'll buy a new battery for the motorcycle. |
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