[PersonOfInterest]

What's a K-1? I just ignore all that stuff and eventually they'll let me know what I owe them. After not filing for years I'll go on a payment plan. Chances are I'll be 6 feet under before they catch up with me.

Why do we go through the aggrivation of telling them what we think we owe in taxes when they already know what they say we owe them? Seems like it would be easier if they just sent out a yearly bill to everyone.

[Andyb]

Originally Posted by Pugchief

If things were logical....

Capital gains is the killer. Not to mention tax on Social Security, which has already been taxed. Seems if your middle class, you get screwed the worst.
The tax system and the IRS need a major overhaul.

[biker1]

If you itemize, have a Schedule C, and for other situations, the IRS doesn’t known your tax obligation..

Originally Posted by PersonOfInterest

What's a K-1? I just ignore all that stuff and eventually they'll let me know what I owe them. After not filing for years I'll go on a payment plan. Chances are I'll be 6 feet under before they catch up with me.

Why do we go through the aggrivation of telling them what we think we owe in taxes when they already know what they say we owe them? Seems like it would be easier if they just sent out a yearly bill to everyone.

[daca55]

I use H&R Block online tax program to do my taxes. It updates all the latest changes. If you can follow instructions it’s not that difficult to use this program. I highly recommend it!

[manaboutown]

Originally Posted by CoachKandSportsguy

totally agree. It sux to have oil and gas publicly traded LLCs because the IRS requires you to pretend to be an owner of 0.000001% of the company, and you have to file all the expenses of the company as if you were the company, times 0.000001%., including oil and gas recovery taxes and credits, etc. . totally sux. . The GP files a very limited income tax return. . .

Even though the interest rate was great, the filing headaches were more than enough to sell the stock
ASAP. . and reminder to never buy another one again. . .

Over the last few years I have acquired shares in a handful of MLPs and they have done very well both in appreciation and payouts. This year some of the K-1s had not arrived in time for my CPA to plug the numbers into his tax prep software so I got on-line to obtain them. It was easy once I found the tax package support website which handles all of them.

I do agree each K-1 requires multiple entries on a tax return which can be a hassle.

[lpkruege1]

Originally Posted by Pugchief

If things were logical....

I sent them additional $8,100 this year and I didn't see any change in what they provided for me.

[bumpa]

Originally Posted by Stu from NYC

If only we did not have to pay preparers to do our taxes for us

Then my wife would not have a job. Blame the complexity of the tax code, way too many ways to make mistakes unless you know the rules inside and out.

[bumpa]

Originally Posted by Pugchief

Back to the OP: Today is the 16th. Are the roads fixed yet?

Don't blame the IRS, road repairs are paid for using the gasoline tax,

[Pugchief]

Originally Posted by PersonOfInterest

What's a K-1? I just ignore all that stuff and eventually they'll let me know what I owe them. After not filing for years I'll go on a payment plan. Chances are I'll be 6 feet under before they catch up with me.

Depending on what the K-1 is for, it may be to the taxpayer's advantage to include it on their return. MLPs and REITs often provide a reduction to taxable income during the holding period.

Conversely, if you owe taxes on K-1 income, I assure you the taxman will want his cut, in addition to penalties and interest if you fail to include on your return.

[Stu from NYC]

Originally Posted by bumpa

Then my wife would not have a job. Blame the complexity of the tax code, way too many ways to make mistakes unless you know the rules inside and out.

For sure it is not your wives fault it is that our elected representatives have made a mess of the tax code and nobody wants to fix it.

[Regorp]

Originally Posted by Stu from NYC

If only we did not have to pay preparers to do our taxes for us

Do it myself and owe nothing!!

[HORNET]

Retirees shouldn’t have to pay School Tax ! You have them , you pay for them !

[Stu from NYC]

Originally Posted by HORNET

Retirees shouldn’t have to pay School Tax ! You have them , you pay for them !

Not the way the system works

[rsmurano]

I’ve used turbo tax for almost 30 years now. In 2001 after a big change in finances, I used both an accountant and turbo tax to make sure turbo tax was doing it correctly. It was.
I used the Premier version that grabbed all my info from my brokerage accounts and applied all the values but I also had a lot of RSU’s and options that I had to deal with which premier did a very good job.

Now retired without rsu’s and options, I use the deluxe or regular version of turbo tax that goes out to all my brokerage houses to grab all my investments. Very easy, very cheap. Then file electronically

[RoboVil]

Originally Posted by manaboutown

Got nailed as usual with AMT, NIIT and IRMAA again next year. Ouch!

Yes, figuring out what the income levels are going to be to avoid paying higher IRMMA fees is just about impossible.