It's tax time

[supton]

Hand the forms to the wife and she goes to town. She enjoys doing the taxes--don't know why, but she's unfazed by them. Has it mostly figured out now, forget if we have received all the docs yet or not.

Didn't pay enough attention as they year went by and am getting a refund. Oops. At least it's not too large.

 

[Hermann]

I don't have to file this year. No income other than SS. I have a $43 loss on stock trades for the year. Won't even get a 1099 for this.

 

[AutoMechanic]

I wanted to do TurboTax but that started a heated argument with my folks so I guess I’ll just pay someone to do them. I’ve never done them on my own before. Hopefully they don’t need any receipts cause if so I’m in trouble lol. Hopefully they won’t cost a lot of money either cause I don’t have a lot of money. I’m still waiting on my 1099 from eBay since I made over $600 on eBay in 2022 I have to do a 1099 for them too according to what they told me. I already got the one from my employer. I don’t know anything about this stuff and when I try to talk to my parents about it my dad gets upset cause I won’t let him claim me anymore so he loses money. Hopefully I can find someone to do it who won’t mess me over. The place we had doing it the last few years didn’t seem interested in us anymore. Hopefully I get some money back. I just don’t know how anything like that works.

Edit to correct eBay is a 1099 not W2.

 

[tbm5690]

I wanted to do TurboTax but that started a heated argument with my folks so I guess I’ll just pay someone to do them. I’ve never done them on my own before. Hopefully they don’t need any receipts cause if so I’m in trouble lol. Hopefully they won’t cost a lot of money either cause I don’t have a lot of money. I’m still waiting on my W2 from eBay since I made over $600 on eBay in 2022 I have to do a W2 for them too according to what they told me. I already got the one from my employer. I don’t know anything about this stuff and when I try to talk to my parents about it my dad gets upset cause I won’t let him claim me anymore so he loses money. Hopefully I can find someone to do it who won’t mess me over. The place we had doing it the last few years didn’t seem interested in us anymore. Hopefully I get some money back. I just don’t know how anything like that works.

You'll get a 1099 from eBay...different than a W-2 but also reports income. You'll be taxed on your earnings. If money is tight all the more reason to use an online service...some options are free for fed filing and very cheap for state.

 

[AutoMechanic]

You'll get a 1099 from eBay...different than a W-2 but also reports income. You'll be taxed on your earnings. If money is tight all the more reason to use an online service...some options are free for fed filing and very cheap for state.

That’s right 1099 I knew it was something. That’s kind of surprising they want money from the things you own personally and sold haha. I will look for programs to do it on maybe. I have to locate my papers first have no idea where they are.

 

[ammolab]

That’s right 1099 I knew it was something. That’s kind of surprising they want money from the things you own personally and sold haha. I will look for programs to do it on maybe. I have to locate my papers first have no idea where they are.

Your 1099 will require a form C (business profit). You will only pay taxes on what you figure the amount of profit is that you made on those items. Quite a low figure I would say! Selling used stuff?…could be a negative figure

 

[Hermann]

That ebay 1099 for over $600 has been delayed. It is still the old $20000 limit.

 

[2strokeNorthstar]

I wanted to do TurboTax but that started a heated argument with my folks so I guess I’ll just pay someone to do them. I’ve never done them on my own before. Hopefully they don’t need any receipts cause if so I’m in trouble lol. Hopefully they won’t cost a lot of money either cause I don’t have a lot of money. I’m still waiting on my 1099 from eBay since I made over $600 on eBay in 2022 I have to do a 1099 for them too according to what they told me. I already got the one from my employer. I don’t know anything about this stuff and when I try to talk to my parents about it my dad gets upset cause I won’t let him claim me anymore so he loses money. Hopefully I can find someone to do it who won’t mess me over. The place we had doing it the last few years didn’t seem interested in us anymore. Hopefully I get some money back. I just don’t know how anything like that works.

Edit to correct eBay is a 1099 not W2.

The best rule is tell no one ever that you don't have receipts....

 

[wpod]

I am already crying

 

[michaelluscher]

I'm getting a little less back than last year
But I earned notably less than last year 😭
Hopefully FY23 will be better

 

[Vil_Riker]

I used to do it with paper and pencil until the tax reform a few years ago. The returns got really complicated for paper filers after the government simplified it - made it easy for electronic filing and difficult for paper filing. So I use FreeTaxUSA service.

I almost always owe money so will wait until the last day to file.

 

[Vil_Riker]

That ebay 1099 for over $600 has been delayed. It is still the old $20000 limit.

I stopped selling on eBay because of the $600 in sales rule. Ridiculous.

 

[RhondaHonda]

Still waiting on investment statements, hopefully by end of February. I use H&R Block software and take the standard deduction since property tax is capped at $10k. I think the majority of people (W2, homeowner or renter) should do their own taxes or at least look over the forms to get an understanding of how everything is calculated. It’s a good exercise to go through the steps and can save you hundreds or more vs paying to have them done.

 

[Eric Smith]

Same every year just plug in the numbers in Taxact. Typically always get the same amount back. The MO/KS tax is the biggest pain.

 

[Delta]

Did mine yesterday. Was all excited to see what putting in my mortgage interest would do this year, but yea that didn't change crap. I made 10K more in '22 than '21 so that changed my tax bracket and got even less back. Oh well.

Still got to file my local taxes. That has to be done manually. They got to get their 1%...

 

[tbm5690]

Did mine yesterday. Was all excited to see what putting in my mortgage interest would do this year, but yea that didn't change crap. I made 10K more in '22 than '21 so that changed my tax bracket and got even less back. Oh well.

Still got to file my local taxes. That has to be done manually. They got to get their 1%...

Yeah unless you're itemizing mortgage interest, property taxes etc. won't make a difference. Used to be more prevalent until the standard deduction went up so much a few years ago. Keep in mind you're taxed progressively, so more money earned is still always better

 

[53' Stude]

Did mine yesterday. Was all excited to see what putting in my mortgage interest would do this year, but yea that didn't change crap. I made 10K more in '22 than '21 so that changed my tax bracket and got even less back. Oh well.

Still got to file my local taxes. That has to be done manually. They got to get their 1%...

Welcome to PA 🤣🤣🤣

I also made more this year than last year, but I look at it that I like to pay more taxes cause I’m making more. My 2 cents

 

[2strokeNorthstar]

I stopped selling on eBay because of the $600 in sales rule. Ridiculous.

It's just paper. You don't owe taxes if you are selling used goods for less than you bought them for.

 

[Vil_Riker]

It's just paper. You don't owe taxes if you are selling used goods for less than you bought them for.

I don't have the documentation for the audit trail. Remember, they hired 64,000 armed revenue men. That's not a joke.

 

[JeffKeryk]

I don't have the documentation for the audit trail. Remember, they hired 64,000 armed revenue men. That's not a joke.

You would be very fortunate to be a person those men are after.