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#1
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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#3
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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#4
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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#5
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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#6
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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#7
posted to rec.boats
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Income Tax Time
wrote:
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 I had to file an amended return last year. 2 days after the efile. Sad, you have to paper file on amended returns. Biggest tax problem I ever had was because of paper filing. They lost the return. They lose 2% a year. Machine readers,eat them or something. They slapped 28% withholding on my accounts, Even though they owed me money on the return. But took time to reprint and refill. They removed the withholding requirement, but seemed to miss about half the accounts. But I do not have to pay estimated payments to the Feds. |
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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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