Note for anybody that likes to take care of their taxes early, IRS won't accept/process returns until January 30th and not until February or March if you depreciate property or have certain business or energy credits.

1/12/2013 8:14:04 AM

ibt "OMFG I GOT A HUGE RETURN!"
"OMFG YOU JUST GAVE THE GOVT A HUGE INTEREST FREE LOAN!"

1/12/2013 10:33:19 AM

wtf. I normally do mine as soon as I get em and normally have the money in February last week of it. Is that not possible? Turbo Tax.

1/14/2013 1:34:16 AM

http://www.irs.gov/uac/Newsroom/IRS-Plans-Jan.-30-Tax-Season-Opening-For-1040-Filers

1/14/2013 7:40:26 AM

still waiting on my 1099s

[Edited on January 14, 2013 at 8:23 AM. Reason : and 1098s, damn mortgage and student loans]

1/14/2013 8:21:25 AM

Already received my W2. This is the fastest that has ever happened.

1/14/2013 4:17:06 PM

Has anyone contacted the IRS to see when they will be updating the instructions for 1040 and Schedule A for 2012? This'll be the first year we're itemizing, and we don't plan on using any software, so we'd like to see the instructions.

1/18/2013 11:47:36 AM

wait, you do your taxes manually? with paper?


are you a baby boomer?

1/18/2013 12:13:17 PM

^It's also possible to e-file with fillable forms.

Quote :

"Another component of Free File is Free File Fillable Forms, which is available to all taxpayers, including taxpayers whose incomes are greater than $57,000. It is an alternative to Free File Software, although both are free. Free File Fillable Forms is operated by a private organization, the Free File Alliance and not the IRS. Though IRS links to it, they do not endorse it in any way.[5] Free File Fillable Forms is found online at http://www.freefilefillableforms.com. Free File Fillable Forms is an electronic version of IRS paper forms. Free File Fillable Forms does not include any elaborate cross-checking or question-and-answer formats (such as is found in many of the Free File Software packages), instead it is a simple fill-in-the blank format (however, it does perform math calculations). Free File Fillable Forms is best for taxpayers who are comfortable preparing their own tax returns or who have been long-time paper filers. There are no income restrictions for using Free File Fillable Forms. It does not support any state tax returns. It provides free electronic filing. Free File Fillable Forms is managed by the Free File Alliance."

http://en.wikipedia.org/wiki/Free_File

The upside is that it's free. The downside is no hand-holding and having to enter information twice (for state return).

[Edited on January 18, 2013 at 12:45 PM. Reason : http://freefile.irs.gov/]

1/18/2013 12:42:10 PM

it's worth the 40 bucks or whatever to get turbotax.

1/18/2013 1:08:04 PM

NC's consumption tax should be criminal. They're trying to get back the taxes they are losing to online purchases (and all out of state purchases) but what about people that don't buy anything online, and don't buy out of state?

1/20/2013 9:07:27 PM

Um, those people actually paid the sales tax at the point of purchase.

1/20/2013 11:17:59 PM

^^

1/20/2013 11:27:52 PM

Anybody else going for the American Opportunity Tax Credit? This will be the last year my wife is eligible and i was wondering how to 'file' receipts and paperwork proving her qualified expenses that arent going to be on the 1098-T such as books, equipment, and uniforms. Always just got H&R to efile with a 1098-t only since her books and costs were almost negligible in the past, this time by my calcs we'll max out the credit. Or is it not required to provide those docs initially and its only needed if the IRS audits us? Cant find anything within the form instructions or on the IRS site about documenting those expenses.

1/21/2013 12:47:42 AM

Have my done. Just sitting there on turbo tax waiting for the 30th. Lets say I do it that day. How quick will they be direct depositing?

1/21/2013 2:52:49 AM

Quote :

"The IRS issued more than 9 out of 10 refunds to taxpayers in less than 21 days last year. The same results are expected in 2013. Even though the IRS issues most refunds in less than 21 days, it’s possible your tax return may require additional review and take longer."

http://www.irs.gov/Refunds/What-to-Expect-for-Refunds-in-2013

1/21/2013 8:13:30 AM

How do people already have theirs done? I do mine as soon as I get all of our information but I haven't received a single 1099, W-2 or any other tax papers yet.

Actually...I take that back. We got our HSA statements which we don't actually have to do anything with except keep on file.

[Edited on January 21, 2013 at 8:41 AM. Reason : ]

1/21/2013 8:39:13 AM

Some companies get their W-2s/1099s out pretty early. I've had mine for a couple of weeks, although I do work at a CPA firm...

Quote :

"Or is it not required to provide those docs initially and its only needed if the IRS audits us? Cant find anything within the form instructions or on the IRS site about documenting those expenses."

You don't submit any documentation with your tax return. Just for your records and/or in an audit circumstance.

[Edited on January 21, 2013 at 9:40 AM. Reason : .]

1/21/2013 9:38:43 AM

Our W-2s almost always come right around this time (expecting them this week). But it's not usually them that hold us up. All my 1099 INT and 1099 DIV from banks/investing usually come later as well as statements for our mortgage interest. I hardly ever get that stuff until the last week in January it seems like.

1/21/2013 10:34:08 AM

I got most of my stuff about a week and a half ago and I finished my taxes last week. Although I haven't submitted them yet because I'm going to see if I can find a few more deductions. This is the first time I've ever owed any money. It's good, because it means I finally made some bank this year...I'm just use to getting a ton of money back from my bartending days.

1/21/2013 10:37:16 AM

$rhodeisland for investment income means no 1099s though

1/21/2013 10:37:29 AM

^Appreciate the reply on my question.

1/21/2013 1:11:54 PM

Quote :

"wait, you do your taxes manually? with paper?"

Haha, I'm envisioning the guy in Idiocracy saying "Water? You mean like in the toilet?"

1/21/2013 11:56:16 PM

All 3 W-2's came today for wife and I, went online and got the rest of 1098/1099 forms and receipts for charitable donations. All set for quick turnaround again this year. Considering savings account rates are 0.90% at best I probably save more money by letting the gov't hold on to it than having extra in my pay check.

1/22/2013 12:28:48 AM

An automatic deduction fixes that easily, and you shouldn't necessarily be putting it in a savings acct, anyway.

1/22/2013 1:51:11 AM

Any way to see what my current deductions are?
I need to change my forms so less taxes are taken out but don't want to go too overboard.
I can use an online calc, but would like to know what number is currently being used.

1/22/2013 10:50:54 AM

I'm thinking this is the year I hire someone to do this for me.

moved from NC to VA
sold a house in NC
bought a house in VA
pretty sure with my wife's new job we might have hopped a tax bracket
exercised some stock options
sold a lot of ESPP


although looking at it listed out like that, it doesn't sound so bad.

maybe i'll run it through turbotax and if i get stuck, i'll get a real accountant.

1/22/2013 10:56:28 AM

This is the first year I actually have to pay, being salaried now instead of a contractor killed my deductions

1/22/2013 11:10:21 AM

anyone heard about this for 1099s?
http://raleightaxaccountants.com/50000-tax-deduction-for-raleigh-small-business-owners/

1/22/2013 2:56:48 PM

Quote :

"An automatic deduction fixes that easily, and you shouldn't necessarily be putting it in a savings acct, anyway."

Yeah.... I know, <sigh>

1/22/2013 3:38:07 PM

doh

1/22/2013 6:15:04 PM

I own stocks, but is there a real reason why I should get TurboTax Premier over Deluxe? Anyone have an example of the differences?

[Edited on January 24, 2013 at 11:10 AM. Reason : ]

1/24/2013 10:58:46 AM

running some online estimators and I cant decide if I need a tax adviser or some lube.

1/24/2013 11:16:14 AM

^^

1/25/2013 4:28:10 PM

If I didn't have property and investments I might consider doing my own taxes but I'd just assume pay my CPA his $125 bucks and have the peace of mind that its probably not going to get screwed up.

1/25/2013 4:31:59 PM

Quote :

"http://raleightaxaccountants.com/50000-tax-deduction-for-raleigh-small-business-owners/"

I have not heard about that, but I am definitely looking into it now

1/25/2013 5:24:35 PM

Jrb, you're going to want to use the premier. Most brokerages will send you (or go to their website to get an excel sheet) for gain/loss tracker. The premier makes it easy to upload it.

1/25/2013 7:07:13 PM

Interest on student loans are no longer deductible for myself + wife due to exceeding income limits . Not a problem for undergraduate loans coasting at less than 1% but for the graduate loans at 6% not so happy.

(And for those who are wondering, its mostly her rising up the career ladder quickly).

1/26/2013 10:14:36 PM

well then pay off those student loans.

1/27/2013 12:56:03 AM

^^ Damn you dinks!!!

1/27/2013 5:41:11 PM

^^^^

Interesting. I don't buy and sell a ton. Mainly buy and hold in mutual funds with a little play money in a couple companies. However, the past two years I have used Deluxe and it imported all the information Turbo Tax was looking for directly from Vanguard and E-Trade (I think I just had to "log in" to the account within TT like you do for Mint). I don't remember doing anything myself as far as tracking beyond what TT imported from their sites but maybe I've been doing it wrong?

1/27/2013 6:00:48 PM

^Nobody has a given me a really good reason. My best guess is maybe options

1/27/2013 6:07:17 PM

$20k to the man

1/27/2013 8:18:15 PM

I need to file two W2s and a 1099.
Is there simple software available for this? TurboTax?
Would you recommend a tax service instead?

1/27/2013 8:23:46 PM

Tax Act would be much cheaper

1/27/2013 8:29:05 PM

Only 7k in taxable income this year

1/27/2013 9:49:26 PM

Tax return accepted early by IRS according to Turbotax, unexpectedly owed another 1.7k in taxes,

1/27/2013 11:08:38 PM

So I found a turbo tax discount through NCSECU. Does anyone know any others?

1/28/2013 8:00:09 AM

Yeah, I've seen about a dozen in the past week thus far.

1/28/2013 9:58:26 AM

I've got a question for someone who knows about taxes a little better than me:

My wife has been a stay at home mom for the past three years, so I have filed "married filing jointly" every year. This year she got a part time seasonal job over the holidays, and it looks like her income might've pushed us over the threshold for a couple exemptions. Would it be worth it if we filed separately? What goes into a "married filing jointly" return (i.e. even though I have a certain number of dependents on my W-4 can I switch between statuses like that?)

I would just go ahead and run a test filing for her on turbotax to see what it would do to our returns, but since we have a daughter with a lot of medical expenses that we write off, it will probably be more trouble than its worth.

1/28/2013 9:23:42 PM