Tax prep woes ...

[tedsweet]

if dont fill in 3 years the refund will not be issued

 

[PWMDMD]

Talk to Joe!

About what?

 

[Pablo]

Disturbing?

While working and paying SS tax, I had to pay self employment tax.............

 

[69GTX]

With that big fat Standard Deduction, it's almost like a tax refund in retirement; you Gotta use it or loose it to peel off some of your Trad Ira/401 money and get it into a Roth bucket.

Enjoy it while you can. Those big standard deductions that came about in 2017 via the Trump Tax Reforms go away after next year.
So in 2026 things are scheduled to go back to 2016/2017 standard deduction rates.......or about half of what they currently are. It's still
not being talked about very much. So for many people, it will be back to itemizing on their tax returns.

 

[Cujet]

Those big standard deductions that came about in 2017 via the Trump Tax Reforms go away after next year.

I did not know that. Yikes.

Sadly, that big standard deduction was tied into the elimination of non reimbursed employee expenses. Since I spend upwards of $50K per year working in multiple locations, the tax cuts were nothing of the sort for me. As I could no longer itemize.