Has anyone started your taxes yet?

[Mackenzie Click-Mickelson]

Still waiting on a few things-have about 3/4ths of it.

 

[ols386]

We always owe, so we won’t file until early April.

 

[MillauFr]

I guess I don't understand why people over withhold and get a refund every year. This year that could burn you big time with the potential government shutdown. The IRS would surely be effected and not process any returns.

 

[mamamary]

We have only gotten one item in the mail towards doing our taxes. My son and daughter haven't received anything yet.

 

[runwad]

I guess I don't understand why people over withhold and get a refund every year. This year that could burn you big time with the potential government shutdown. The IRS would surely be effected and not process any returns.

For me its not about getting the refund, although I do because of college credits, its about filing early to ward off potential identity theft. With all the hacks and people's social security numbers being stolen, I want to make sure to file early to lessen those odds!

 

[Darcy03231]

I guess I don't understand why people over withhold and get a refund every year. This year that could burn you big time with the potential government shutdown. The IRS would surely be effected and not process any returns.

Some people look on it as forced savings. They don't see it so they don't miss it.

We usually get a refund (less than $1000) each year, but this year because of DH's social security income we'll have to pay in. I'm not redoing any withholdings yet because I want to see what happens next year with the new tax plan.

 

[mi*vida*loca]

I guess I don't understand why people over withhold and get a refund every year. This year that could burn you big time with the potential government shutdown. The IRS would surely be effected and not process any returns.

Sometimes you can't get it perfectly right. I thought I had it about right but I'm getting a small federal refund. It actually surprised me. I thought I would owe about $200 but I'm actually getting something back.

Some people receive credits that give them above and beyond what they paid in so even if they have $0 withdrawn from their paychecks they will still get a refund. EIC, Child tax credit, etc.

 

[MillauFr]

Some people look on it as forced savings. They don't see it so they don't miss it.

We usually get a refund (less than $1000) each year, but this year because of DH's social security income we'll have to pay in. I'm not redoing any withholdings yet because I want to see what happens next year with the new tax plan.

I do forced savings as well by having Fidelity take money out of my checking account every month. Why send it to the government who may not give it back to you in a timely manner. Also as someone else mentioned by giving it to the IRS you risk identity theft where someone can steal your savings.

 

[MillauFr]

Sometimes you can't get it perfectly right. I thought I had it about right but I'm getting a small federal refund. It actually surprised me. I thought I would owe about $200 but I'm actually getting something back.

Some people receive credits that give them above and beyond what they paid in so even if they have zero federal withdrawn from their paychecks they will still get a refund. EIC, Child tax credit, etc.

I agree that if you withhold zero there is no alternative to getting a refund if you have big credits and the government pays you.

 

[QueenIsabella]

We try to get our taxes within $500, plus or minus--that is to say, either we have to write a small check, or get a small check back.

This year it's going to be complicated for all of us, next year even more so, due to MIL dying and having stuff passed down. The good news is, most of the stuff DH has inherited isn't taxed to us, just the estate, but he was required to make IRA withdrawals on MIl's behalf for 2017.

We're still waiting on documentation. I have a folder with all the stuff we have so far, but I know there are things missing.

 

[wenrob]

I guess I don't understand why people over withhold and get a refund every year. This year that could burn you big time with the potential government shutdown. The IRS would surely be effected and not process any returns.

Because my DH’s income can fluctuate it’s hard to nail it just right. The couple of times he tried we ended up owing more than just a little bit. It’s disheartening to make a nice cushion in savings during higher pay times and then having to fork it over in leaner times so I don’t mind the government “borrowing” the modest amount we get back for a year.

We’ll file when all the paperwork is in.

 

[vacationer1954]

I think the biggest reason is that if you're wrong enough times they make you go through the hassle of paying estimated taxes.

 

[wvjules]

I guess I don't understand why people over withhold and get a refund every year. This year that could burn you big time with the potential government shutdown. The IRS would surely be effected and not process any returns.

You do you.

I think it happens unintentionally to most people. They don't understand the withholding tables, credits, deductions, etc., or their income fluctuates and refunds just happen. I think that is far more common than people using it as "forced savings".

 

[dotfurio]

We always make our appointment for mid- late Feb to wait for all the forms to come in. I usually put off organizing until I'm in panic mode the night before.

 

[OhMari]

I ordered Turbo Tax Deluxe for $39 on Amazon. I think it is on sale for a few more days yet. Otherwise Target and Costco had it for $59. You can download fairly cheaply now, but i do not trust my info being out there in cyberspace. I rather have the hard copy software. Now we are just waiting for our W2. We are paying in. It stinks, since we pay into the State of Wisconsin almost as much as we do to the Federal Government. Wisconsin is in the top 5 most taxed states. Our property taxes are really high too.

 

[Colleen27]

Waiting on one more document and then I'm ready to go. It looks like I did the balancing act rather poorly - after owing the state more than I got back from the fed last year, I adjusted some of our withholding numbers and we're getting a bigger-than-usual refund this year. So of course I'm going to file ASAP.

 

[mel&me]

Started the business taxes, won't bother with personal until mid February after I know I have everything from other sources.

 

[Darcy03231]

I do forced savings as well by having Fidelity take money out of my checking account every month. Why send it to the government who may not give it back to you in a timely manner. Also as someone else mentioned by giving it to the IRS you risk identity theft where someone can steal your savings.

I agree, which is why I try my best to make it even out, but we usually end up with a small refund. I hate to give the government an interest free loan!

Some people just aren't great at saving money and they like to get that big check at the beginning of each year. We had a neighbor that thought it was great and looked on it like a bonus.

 

[Spencer Wright]

I complete them the instant I get all the forms I need, and use freetaxusa. I don't have offspring or investments or anything so mine are very easy and take maybe 20-30 minutes.

The past few years (including this year), I have gotten my refund my the end of February, and they have gone right to paid for a WDW trip (in part)!

 

[mi*vida*loca]

I filed today and it was accepted by the IRS within a few hours.

I want to add that with my son turning 17 this year and him going off to college in the fall and the new tax laws I'm not changing my deductions. If I end up with another refund I'm ok with that. I would rather get a small refund than have to write a check in April.