Author Topic: Taxes  (Read 357 times)

Offline Dusty Tagalon

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Taxes
« on: January 29, 2021, 04:48:03 PM »
Transitional year, retired June 2020. Tried online filing 2x different businesses. Both “AFU” , couldn’t navigate through them, so gathered materials, & dropped off at a local office. 2.5 hours got a call, wanting clarification on a 1095-C. Bad news, I owe US $2600. Budget set next three months, “Full Steam Ahead”!
Brian

Offline S. Quentin Quale, Esq.

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Re: Taxes
« Reply #1 on: January 30, 2021, 08:43:53 AM »
The year my wife retired (I'd done so some years before and ran the farm) we went from one, large check to seven much smaller checks.  I did not recomp withholding and got a BIG, NASTY SURPRISE at tax time.  It took a couple of years to get it right.  I feel your pain.  ;)

SQQ

Offline Coffinmaker

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Re: Taxes
« Reply #2 on: January 30, 2021, 10:15:06 AM »

 >:(  Two Unavoidable's   :( 

The Tax Man and The Reaper.

Offline ira scott

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Re: Taxes
« Reply #3 on: January 30, 2021, 04:12:20 PM »
Yes Brian,  I still remember the day after my first year of retirement that I came to the realization that no body was withholding taxes for me.  DAMMITOL!  A little hiccup again last April after Theresa started collecting S.S.  Hopefully we have the quarterly payments figured out now!

Yup,  death and taxes

Mike
It is far better to remain silent, and be thought a fool, than to speak and remove all doubt!

Online Delmonico

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Re: Taxes
« Reply #4 on: January 30, 2021, 06:16:51 PM »
Wife said she has everything but one, when it gets here she said something about taking it somewhere, she has the accounting degree, figure it's her job however she wants to do it.  If she goes before me the youngest does for their company and she has power of attorney, we talked about it when things went to shit in 2019, she said not to worry she'd deal with it so I didn't have to figure it out. ;D
Mongrel Historian


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Ab Ovo Usque ad Mala

The time has passed so quick, the years all run together now.

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Re: Taxes
« Reply #5 on: Today at 12:35:49 AM »

Offline Trailrider

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Re: Taxes
« Reply #5 on: January 31, 2021, 11:12:09 AM »
According to some source, Social Security is supposed to increase by 1% this year.  So I get my January SS, and it has gone down by $160! Seems my Medicare premiums went up for some reason! (May have earned too much over the last two years or something!)  >:(  "I'm here from the government, and I'm going to help you!"  :P
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Offline Dusty Tagalon

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Re: Taxes
« Reply #6 on: January 31, 2021, 04:11:21 PM »
I got $28 more in social security, expect a meeting with them, IRS income 2x higher then reported to social security, (reimbursement for 460 hours of unused vacation).

 

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