Tax Season!

[jkernitzki]

How excited/terrified are you?

Filed my taxes this morning, earliest I’ve ever managed. Would’ve gotten it done a week ago, but Social Security doesn’t allow for download of 1099’s until February 1st each year. Hell, even DFAS makes them available in December.

Pretty good refund this year, even better next year. I don’t want to change withholding until SWSBO’s SS checks have been coming in for a full year, and she won’t start collecting until June.

For the time being I guess I’ll still use the vacation/home improvement fund excuse.

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[Frenchy906]

Better than last year, having to pay in. But I also contributed an additional $25 per paycheck after last year having to pay in for the first time in 23 years of filing.

Next year is going to be interesting, I’ve got some massive bonuses coming from work, and I’m going to be taxed to high hell for those.

Luckily, I bought all the expensive things I wanted during 2025, so this year I should be able to increase my savings account, instead of increase the things I have at home.

 

[jkernitzki]

Better than last year, having to pay in. But I also contributed an additional $25 per paycheck after last year having to pay in for the first time in 23 years of filing.

Next year is going to be interesting, I’ve got some massive bonuses coming from work, and I’m going to be taxed to high hell for those.

Luckily, I bought all the expensive things I wanted during 2025, so this year I should be able to increase my savings account, instead of increase the things I have at home.

Yeah, I had to pay an extra $10k in estimated taxes a couple years ago because of the money I made in Afghanistan and Iraq, on top of the foreign taxes I had to pay. Still, it ended up setting up my retirement, so I guess I can’t complain.

 

[Escape2Bronco]

I generally owe so it will be another 2.5 months for me.

 

[Frenchy906]

I generally owe so it will be another 2.5 months for me.

I’ve only owed in once, and that was 2024. My father gave me a tip when I was younger to always put at least $20 extra from my paycheck into federal taxes. He said something along the lines of “you won’t notice the $20 missing, but if you ever have to pay in, you’ll notice that amount missing”.

And was he right about that. It wasn’t a significant amount… <$1,000. But I was not prepared for it, that’s for sure.

 

[Escape2Bronco]

I’ve only owed in once, and that was 2024. My father gave me a tip when I was younger to always put at least $20 extra from my paycheck into federal taxes. He said something along the lines of “you won’t notice the $20 missing, but if you ever have to pay in, you’ll notice that amount missing”.

And was he right about that. It wasn’t a significant amount… <$1,000. But I was not prepared for it, that’s for sure.

Just a difference in philosophy. I know many people like use the federal goverment as their savings manager and get back thousands of dollars every year. And I have no issues with people doing that. My preference is to use my money for 16 months and pay them what I owe in April rather than overpaying every month for a year and then waiting a few months to collect the extra I paid in last year. I’ve done it that way for decades. It does require you to manage your resourses properly. I felt the same way about mortgage escrow accounts. I paid my property tax at the end of the year when it was due, not to the mortgage company every month. At end of the day, it’s what what works best for you.

 

[Frenchy906]

Just a difference in philosophy. I know many people like use the federal goverment as their savings manager and get back. thousands of dollars every year. And I have no issues with people doing that. My preference is to use my money for 16 months and pay them what I owe in April rather than overpaying every month for a year and then waiting a few months to collect the extra I paid in last year. I’ve done it that way for decades. It does require you to manage your resourses properly. I felt the same way about mortgage escrow accounts. I paid my property tax at the end of the year when it was due, not to the mortgage company every month. At end of the day, it’s what what works best for you.

Ya, I feel ya there. The IRS is a non interest bearing savings account. lol

 

[Major Kong]

heads up for geezers
"what's new in 2025"
easily overlooked if you weren't expecting anything
there were no indicators alerting to the senior deduction
nice little add-on to the standard deduction this year

https://www.irs.gov/pub/irs-prior/f1040s1a--2025.pdf

 

[jkernitzki]

heads up for geezers
"what's new in 2025"
easily overlooked if you weren't expecting anything
there were no indicators alerting to the senior deduction
nice little add-on to the standard deduction this year

https://www.irs.gov/pub/irs-prior/f1040s1a--2025.pdf

TurboTax was on top of it, along with the wife’s overtime deduction. Completely hassle-free. Ended up with over $50k in total deductions.

 

[Escape2Bronco]

heads up for geezers
"what's new in 2025"
easily overlooked if you weren't expecting anything
there were no indicators alerting to the senior deduction
nice little add-on to the standard deduction this year

https://www.irs.gov/pub/irs-prior/f1040s1a--2025.pdf

Hey now! I resemble that remark!

 

[jj1]

I feel blessed. Neither my Social Security or pension is taxed. So for the first time ever, I will not be filing taxes. It has not always been this way though. It’s taking many years of grinding work.

 

[DesertRat19]

Just a difference in philosophy. I know many people like use the federal goverment as their savings manager and get back thousands of dollars every year. And I have no issues with people doing that. My preference is to use my money for 16 months and pay them what I owe in April rather than overpaying every month for a year and then waiting a few months to collect the extra I paid in last year. I’ve done it that way for decades. It does require you to manage your resourses properly. I felt the same way about mortgage escrow accounts. I paid my property tax at the end of the year when it was due, not to the mortgage company every month. At end of the day, it’s what what works best for you.

This guy taxes.

 

[jkernitzki]

I feel blessed. Neither my Social Security or pension is taxed. So for the first time ever, I will not be filing taxes. It has not always been this way though. It’s taking many years of grinding work.

Simply not owing taxes (unless it's from a nontaxable source, such as VA Disability) doesn't eliminate the requirement to file a tax return.

Unless your combined (including any 1099-R income) taxable income is <$25K (single) or <$32K (married filing jointly), you still will be taxed federally. Even if you don't owe any taxes after exemptions and deductions, you still have to file.

You don't have to trust me on this, just please check with a tax professional first.

 

[jj1]

Simply not owing taxes (unless it's from a nontaxable source, such as VA Disability) doesn't eliminate the requirement to file a tax return.

Unless your combined (including any 1099-R income) taxable income is <$25K (single) or <$32K (married filing jointly), you still will be taxed federally. Even if you don't owe any taxes after exemptions and deductions, you still have to file.

You don't have to trust me on this, just please check with a tax professional first.

Thank you for the words. Everything is good

 

[dwrufus53]

Taxes filed. Small refund coming my way, thanks to the tax cuts passed this past year.

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