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  #31  
Old 01-12-2022, 12:57 PM
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Originally Posted by Haggar View Post
Especially with the fact 80% of taxpayers longer itemize.
Mr. Cut Paste & Add......................is this really what the facts state???

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  #32  
Old 01-12-2022, 02:13 PM
joseppe joseppe is offline
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Just hang on for a few years. After awhile the IRS will do all the work for you. They'll calculate how much you owed for every year you didn't file and make the adjustments for penalty and interest. All you'll have to do then is write the check. They don't charge any tax preparation fees for this service.
  #33  
Old 01-12-2022, 02:28 PM
lpruettusa lpruettusa is offline
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Originally Posted by dewilson58 View Post
Mr. Cut Paste & Add......................is this really what the facts state???

According to Putnam Wealth Management (Sept 23 2020), after the Tax Cuts and Jobs Act (TCJA) only 13% itemized and before TCJA 31% itemized. So, the number that the CPA provided for those who don't items ("80% of taxpayers longer itemize) is actually lower than the 87% who don't itemize that Putnam, and other financial sites on the internet, say.
  #34  
Old 01-12-2022, 02:32 PM
Hape2Bhr Hape2Bhr is offline
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Originally Posted by mkjelenbaas View Post
What did you come up with when you did a GOOGLE?

GOOGLE may not be your friend...do not trust carte blanche.
  #35  
Old 01-12-2022, 02:35 PM
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Originally Posted by lpruettusa View Post
According to Putnam Wealth Management (Sept 23 2020), after the Tax Cuts and Jobs Act (TCJA) only 13% itemized and before TCJA 31% itemized. So, the number that the CPA provided for those who don't items ("80% of taxpayers longer itemize) is actually lower than the 87% who don't itemize that Putnam, and other financial sites on the internet, say.
Read what he posted.....read it slowly before you post.
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  #36  
Old 01-12-2022, 02:48 PM
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Don't go away.

I love being 'd for no reason.


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  #37  
Old 01-12-2022, 04:44 PM
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Originally Posted by mkjelenbaas View Post
What did you come up with when you did a GOOGLE?
Google, lol, probably because he knows why there is a seniors vs crimes organization for this area. If you don’t do your due diligence researching assistance for tax prep or any other service in The Villages, don’t whine when you get hoodwinked.
  #38  
Old 01-12-2022, 05:13 PM
Haggar Haggar is offline
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Originally Posted by dewilson58 View Post
Mr. Cut Paste & Add......................is this really what the facts state???

That should read 80% no longer itemize.

A point about QCD's. Qualified Charitable Donations. My own financial advisor did not know what a QCD is. I found that many brokers/financial advisors do not know what this is.

For those of you that are not aware of this tax saving device - if you are required to take a Minimum Required Distribution (RMD) AND you give to charity you can only deduct up to six hundred dollars (Married Filing Jointly) on page 1 if you claim a standard deduction. The excess charity does not reduce your taxes. If you give more than six hundred and you have to do a RMD you can distribute money directly from your retirement fund to charities and it will reduce the taxable portion of your RMD. The QCD counts towards your RMD. This can help reduce your Modified Adjusted Gross Income which may affect how much medicare you pay and reduce your tax burden..
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  #39  
Old 01-12-2022, 05:15 PM
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That should read 80% no longer itemize..
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  #40  
Old 01-12-2022, 05:17 PM
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Several years ago, we were in the TV house at tax time when our longtime, back-home accountant had to retire due to illness.

Because we were already in TV and planned to stay around for longer than usual, we looked for someone to do our taxes in TV.

That was when we found Elizabeth White with Village Tax and Accounting Solutions on Rolling Acres Rd., in the Lady Lake part of TV. We liked her and would have gone back, but we now use a home-based accountant again.

You might want to see if she is still there.

Boomer
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  #41  
Old 01-12-2022, 08:13 PM
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A smart tax advisor would tell you how to not pay tax on the RMD and still control the money
  #42  
Old 01-12-2022, 11:13 PM
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If your tax return is a half inch thick or more you need a CPA.
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  #43  
Old 01-13-2022, 06:20 AM
CoachKandSportsguy CoachKandSportsguy is offline
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Originally Posted by Babubhat View Post
A smart tax advisor would tell you how to not pay tax on the RMD and still control the money
My wife would not be happy. . .

4. Marry someone younger

Oddly, the age of your spouse can affect the amount of required minimum distributions you are mandated to take. The IRS allows you to use different life expectancy tables depending on your unique situation. The amount of your RMD is based on the balance of your accounts at the end of the previous year and a life expectancy factor based on the ages of you and your spouse.

If you are unmarried, have a spouse who is fewer than 10 years younger than you, or your spouse isn't the sole beneficiary of your IRA, you'll use the Uniform Lifetime Table. But if your spouse is more than 10 years younger and is the sole beneficiary of your IRA, you'll use the Joint Life and Last Survivor Expectancy Table.

The Joint Life and Last Survivor Expectancy Table allows you to withdraw a smaller amount of your account balance each year. And because you're taking out less money, you won't owe as much in taxes.

6 Legal Ways to Avoid Taxes on RMDs |
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  #44  
Old 01-13-2022, 06:41 AM
Eg_cruz Eg_cruz is offline
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Originally Posted by petsetc View Post
Vote #1 TurboTax, Vote #2 - H&R Block - read bios, pick someone who is an EA (Enrolled Agent).
H&R is expensive, I would just go to a CPA better service for the same price
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  #45  
Old 01-13-2022, 06:43 AM
Investment Painting Contractors Investment Painting Contractors is offline
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Originally Posted by manaboutown View Post
If your tax return is a half inch thick or more you need a CPA.
Right on the "MONEY"
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