taxes
Phase One of the taxes are done.......
Phase-One is a pencil-through of the Fed.
I had already done “Schedule-A;” itemized-deductions. All it is in our case is plugging in totals from my Excel spreadsheet. Took about 10-15 minutes — I did it the other night.
Phase-One would take longer — an fact, I thought I might get no farther than income — in our case there are at least nine sources.
-One is the income from three different jobs. I had income from the mighty Mezz for about a week. Linda retired from West at the beginning of February, but also collected five weeks of vacation-pay. Third is Linda’s job at the post-office — not very much. The greatest part was West: over $10,000. The post-office is about $3,300; the mighty Mezz about $1,900. I think my income from there was only sick-pay; but maybe not. My retirement was 12/29/05. (The pay was credited the first week of the year.)
-Second is income from two pensions: my RTS disability-pension (two different sources; the payer changed mid-year); and Linda’s Thomson-pension.
Three other small incomes are on here; but no interest or dividends.
-Third is our Social-Security; we both collect.
But I got to the second page: figuring of tax. We owe a tax-liability of $5,601; and we prepaid $4,580.71; partially from Social-Security deductions, and partially a deduction from Linda’s pension. That leaves a total owed of $1,020.29 — sizable enough for me to think we might get penalized.
But I’m told we won’t because of the major changes in our income sources. Apparently there is a one-year grace.
Whatever; it sounds like we might have to dicker the deduction-amounts.
Later, dude..... And I’ll do it same way I’ve always done. Figure the projected tax owed; then what the deductions need to be to get close (and that’s over the remaining weeks of 2007). I ain’t makin’ it like no savings-account. They don’t pay no interest! NO REFUNDS! They’re not paying us to hold our money. In that case, they can just wait for us to pay up.
Social-Security income declared was a tiny amount less than what we expected. Apparently an income-scale is at work that decreases the Social-Security income below the 85% of what you receive.
We (I) did the Social-Security income worksheet, and came up with a slightly smaller amount than the 85%.
Phase Two is a pencil-through of New York State.
In that case, there might be a small refund. I don’t think Social-Security gets declared.
Phases Three and Four are to complete the .pdfs for each tax; which I get online, and are editable. No functions though — all you do is crank in the numbers; allowing a print instead of hand-written.
I hope they do functions someday — in fact, maybe they already have. To me that makes more sense than all the insanity of TurboTax.
The next moves are to copy the .pdfs, and then send. What I will probably do is print the .pdfs twice, so that I can keep a copy. I think that’s what I did last year. (It scotches having to hit the mighty Mezz for their two-sided copier.)
I would imagine I should easily be able to complete the whole mess by this weekend; in which case I send the New York State right away if I get a refund, and hold off the Fed until tax-day.
But to do this I had to shove everything else aside: e.g. the “ground-beef” story got posted after I completed Phase-One.
Phase-One is a pencil-through of the Fed.
I had already done “Schedule-A;” itemized-deductions. All it is in our case is plugging in totals from my Excel spreadsheet. Took about 10-15 minutes — I did it the other night.
Phase-One would take longer — an fact, I thought I might get no farther than income — in our case there are at least nine sources.
-One is the income from three different jobs. I had income from the mighty Mezz for about a week. Linda retired from West at the beginning of February, but also collected five weeks of vacation-pay. Third is Linda’s job at the post-office — not very much. The greatest part was West: over $10,000. The post-office is about $3,300; the mighty Mezz about $1,900. I think my income from there was only sick-pay; but maybe not. My retirement was 12/29/05. (The pay was credited the first week of the year.)
-Second is income from two pensions: my RTS disability-pension (two different sources; the payer changed mid-year); and Linda’s Thomson-pension.
Three other small incomes are on here; but no interest or dividends.
-Third is our Social-Security; we both collect.
But I got to the second page: figuring of tax. We owe a tax-liability of $5,601; and we prepaid $4,580.71; partially from Social-Security deductions, and partially a deduction from Linda’s pension. That leaves a total owed of $1,020.29 — sizable enough for me to think we might get penalized.
But I’m told we won’t because of the major changes in our income sources. Apparently there is a one-year grace.
Whatever; it sounds like we might have to dicker the deduction-amounts.
Later, dude..... And I’ll do it same way I’ve always done. Figure the projected tax owed; then what the deductions need to be to get close (and that’s over the remaining weeks of 2007). I ain’t makin’ it like no savings-account. They don’t pay no interest! NO REFUNDS! They’re not paying us to hold our money. In that case, they can just wait for us to pay up.
Social-Security income declared was a tiny amount less than what we expected. Apparently an income-scale is at work that decreases the Social-Security income below the 85% of what you receive.
We (I) did the Social-Security income worksheet, and came up with a slightly smaller amount than the 85%.
Phase Two is a pencil-through of New York State.
In that case, there might be a small refund. I don’t think Social-Security gets declared.
Phases Three and Four are to complete the .pdfs for each tax; which I get online, and are editable. No functions though — all you do is crank in the numbers; allowing a print instead of hand-written.
I hope they do functions someday — in fact, maybe they already have. To me that makes more sense than all the insanity of TurboTax.
The next moves are to copy the .pdfs, and then send. What I will probably do is print the .pdfs twice, so that I can keep a copy. I think that’s what I did last year. (It scotches having to hit the mighty Mezz for their two-sided copier.)
I would imagine I should easily be able to complete the whole mess by this weekend; in which case I send the New York State right away if I get a refund, and hold off the Fed until tax-day.
But to do this I had to shove everything else aside: e.g. the “ground-beef” story got posted after I completed Phase-One.
posted by BobbaLew at 6:54 PM
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