Anyone file their taxes yet?

[highland145]

Who? Me? IW? :'(

No. Not you guys.

 

[brianmanahan]

nope, i still need to get my HSA 1099SA and taxable brokerage account 1099's

oh and some side income 1099's

 

[gorcorps]

Got my W2s but I usually wait until February to file.

Just bought a house in November so not sure how it comes into play (if at all) when I go to do my taxes.

Taxes are too ridiculously complicated. If I were in charge personal taxes would never be more than 1 or 2 pages long. Short and simple. I guess CPAs would be mad though.

I've heard rumors that there have been attempts at simplifying the tax forms, but they get shot down after pressure from the software vendors (like Intuit) and others. Seems a little too much like a crazy conspiracy theory for my tastes, but I wouldn't be surprised either.

Also regarding the house thing... chances are you won't have paid enough to itemize but I might be wrong. You're able to deduct any taxes you pay (usually charged to an escrow account) but chances are they were already paid up for 2014. The other deduction is for interest on your loan, which obviously won't be much for one month of the loan.

 

[chowderhead]

I've heard rumors that there have been attempts at simplifying the tax forms, but they get shot down after pressure from the software vendors (like Intuit) and others. Seems a little too much like a crazy conspiracy theory for my tastes, but I wouldn't be surprised either.

Also regarding the house thing... chances are you won't have paid enough to itemize but I might be wrong. You're able to deduct any taxes you pay (usually charged to an escrow account) but chances are they were already paid up for 2014. The other deduction is for interest on your loan, which obviously won't be much for one month of the loan.

You can also deduct any points you paid for the mortgage.

 

[highland145]

I've heard rumors that there have been attempts at simplifying the tax forms, but they get shot down after pressure from the software vendors (like Intuit) and others. Seems a little too much like a crazy conspiracy theory for my tastes, but I wouldn't be surprised either.

Did a customers on the fed site. It was surprisingly easy. Theirs wasn't complicated but the process/questions seemed to cover it well. When I did my own with kiplingers, I always had to go back and edit because I answered a question wrong.

 

[s0me0nesmind1]

Sooooo..... I got an 1099-INT for $956 this year...

Why you ask?

Because of the Bank of America "Keep The Change" promotion where they would match the first $250 of your account (after leaving the account open for 1 year). I opened up 4 accounts and tried to max them all out. Well, apparently that is considered taxable interest, which is complete bullshit. That is a promotional match, it has nothing to do with interest payments.

It's funny, you don't get an 1099-INT if say... You get a credit card promotion to spend $500 and get a $100 Cashback. But if you do it with a bank account you do. And this only happened recently ( < 3 years ago IIRC). Fucking. Bullshit.

 

[s0me0nesmind1]

You can also deduct any points you paid for the mortgage.

I still don't understand what 'points' are and how I can tell if I've paid any to deduct. I don't have the most mortgage experience, because our home was purchased through my wife before I met her. We did recently refinance in 2014, but the company we refi with covered all the costs, so I'm kind of at a loss. Would this be something on our 1098?

 

[IronWing]

I still don't understand what 'points' are and how I can tell if I've paid any to deduct. I don't have the most mortgage experience, because our home was purchased through my wife before I met her. We did recently refinance in 2014, but the company we refi with covered all the costs, so I'm kind of at a loss. Would this be something on our 1098?

Points are an upfront payment to the lender in trade for getting a lower interest rate. The IRS views points as pre-paid interest and therefore deductable under the mortage interest deduction. There is (was?) a requirement to spread the points deduction over several years as opposed to taking it all the first year. I don't remember the exact rules on that.

Points are called that as they are generally determined as a percentage of the mortgaged value.

 

[s0me0nesmind1]

Points are an upfront payment to the lender in trade for getting a lower interest rate. The IRS views points as pre-paid interest and therefore deductable under the mortage interest deduction. There is (was?) a requirement to spread the points deduction over several years as opposed to taking it all the first year. I don't remember the exact rules on that.

Points are called that as they are generally determined as a percentage of the mortgaged value.

How would I know if I paid points? Would it be on the 1098 or would I need to look back at our mortgage docs? Because like I said, they covered pretty much ALL the costs of refinancing.

 

[IronWing]

How would I know if I paid points? Would it be on the 1098 or would I need to look back at our mortgage docs? Because like I said, they covered pretty much ALL the costs of refinancing.

The points, if any, should be listed on the Good Faith Estimate for your mortgage. It gets tricky because sometimes a lender will roll the points back into the principle so you don't actually pay them up.

 

[jagec]

Uhhh nope, not if he invested it. Which depending on how much of your check % goes to your 401k, and how much you would have put in your IRA, etc... etc... Nice try buddy with the whole "Ohh it would just sit in the bank account" routine :sneaky:

Because stocks are FDIC insured and guaranteed never to drop in value right before you have to pay your tax bill. Just like real estate!

That said, a $3k refund does imply that you should adjust your withholding next year.

 

[Exterous]

Nope - still waiting on two 1099s...

 

[rudeguy]

I filed mine on the 12th but they still haven't approved my refund.

Should I be worried?

 

[IronWing]

I filed mine on the 12th but they still haven't approved my refund.

Should I be worried?

Keep the curtains closed.

 

[SparkyJJO]

Sooooo..... I got an 1099-INT for $956 this year...

Why you ask?

Because of the Bank of America "Keep The Change" promotion where they would match the first $250 of your account (after leaving the account open for 1 year). I opened up 4 accounts and tried to max them all out. Well, apparently that is considered taxable interest, which is complete bullshit. That is a promotional match, it has nothing to do with interest payments.

It's funny, you don't get an 1099-INT if say... You get a credit card promotion to spend $500 and get a $100 Cashback. But if you do it with a bank account you do. And this only happened recently ( < 3 years ago IIRC). Fucking. Bullshit.

Difference is "spend" vs "deposit" to get that promotional money.

When you've spent 500 bucks on your CC and get $100 cash back, that is like you got a $100 refund on your purchase. You've still had a net expenditure of $400, so in that way it is not "income."

Put $250 in your account, and gain another $250, now you are at a net profit which is considered "income."

 

[s0me0nesmind1]

The points, if any, should be listed on the Good Faith Estimate for your mortgage. It gets tricky because sometimes a lender will roll the points back into the principle so you don't actually pay them up.

Yeahhhhhh so I'm confused, I just busted out my Good Faith Estimate for my refinance.

The only part that mentions "points" is under "800. Items Payable in Connection with Loan".

Under "802. Your credit or charge (points) for the specific rate chosen" I have a number, but it's actually a negative number. -$2k. I have no idea what to take of that? :hmm:

 

[IronWing]

Yeahhhhhh so I'm confused, I just busted out my Good Faith Estimate for my refinance.

The only part that mentions "points" is under "800. Items Payable in Connection with Loan".

Under "802. Your credit or charge (points) for the specific rate chosen" I have a number, but it's actually a negative number. -$2k. I have no idea what to take of that? :hmm:

Sounds like you owe taxes on an additional $2k.









Just kidding.

 

[slightlyhuman]

previous year i got $400 back. i made 15k more last year and i'm also getting $2k back.

already filed too.

 

[Zeze]

Getting $900 back.

 

[BurnItDwn]

Ehh, I havent checked if the W2s are out yet, I should get my 1099 with my $20 or so of dividend earning soon, and the mortage 1099 int should arrive soon if its not in the pile of mail the fiancee has placed for me to go through ... should be ready to file in Feb some time ...

 

[JDawg1536]

I filed mine on the 12th but they still haven't approved my refund.

Should I be worried?

Same here. Filed the 12th, accepted on the 13th, and no approval. My state return was accepted on the 20th and I got it already. WTF?

 

[RadiclDreamer]

Eh, Im getting just shy of 13,000 back, but I pay $40 extra per pay and claim 0 all year. Its a forced mini savings that my wife cant touch

 

[rudeguy]

Same here. Filed the 12th, accepted on the 13th, and no approval. My state return was accepted on the 20th and I got it already. WTF?

OK good. As long as I'm not the only one, I'm not worried.

Last year they didn't do shit until the 31st.

 

[SP33Demon]

All done.

 

[s0me0nesmind1]

I'm going fucking insane daily checking my mail and none of the docs I need have come in.