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Federal and State.
I owe, I owe, it's NOT off to work I go.
Getting used to retirement also involves doing one's retired income taxes for the first time.
Adjustments will need to be made, but all in all ...
The "damage" ain't as bad as last year.
Oh well, I just wish those creatures in Congress wouldn't waste so much of the money we give them. But waste it they do ...
Always have ...
Probably always will.
Leopard can't change its spots.
Good luck there Sarge, part of why folks got so upset 250 years ago was "Taxation without Representation!"....now it's "Taxation with Representation!"
ReplyDeleteWell.....Not so sure there IS representation. I think that's limited by them to their friends and supporters.
Deletejuvat
Nylon12 - The common people have never really had representation when it comes to taxation. Only the illusion thereof.
Deletejuvat - Only the special interests are represented. If we paid attention to what those damned politicians were up to, most of them wouldn't serve more than one term.
DeleteThe tax codes are written by the people with the law makers on speed dial.
DeleteTheir lawyers more like.
Delete2025 was my first full year of retirement. No State tax where I live so that's one thing I don't have to deal with. I paid a very nice, very smart lady CPA $200 to do my taxes. Probably could have done it myself but it's worth the money to have her plug the numbers in correctly and file for me. Now it's just a matter of waiting for Unka Sugar to cut the check. Thinking about getting that lever action in .357 that I've always wanted. Sure and it'll go nice with the 4" Mod 19-5 I picked up years ago.
ReplyDeleteI have always been resistant to paying someone to do something for me such as taxes. But looking at this year's forms and instructions, we should fire everybody in Congress.
DeleteShould be an easy transition, basically instead of pulling numbers of W-2 forms, it will come off the 1099R forms which go in a slightly different spot on the 1040. Just like you have always done with your pittance from USAF retirement, but now you have the military industrial complex gratuity as well.
ReplyDeleteYou probably like writing great historical fiction more than doing taxes. You've discovered that you can do pretty much whatever you please with your time, and can afford to keep the lights on, chow on the table, gas in the car, flowers in the yard, and all sorts of other luxuries. If you choose, you can pay someone who likes to play with numbers and tax code gibberish to do taxes for you. Probably around $200. About 12 years ago I switched from self flagellation to paying the tax person, and it was a huge time saving, and elimination of an emotional burden. I am an historian, not a damn accountant, or as Dirty Harry advised, "A Man's gotta know his limits."
Yeah, in a decent world, citizens should be able to comprehend tax requirements enough to fill out the forms themselves, and it is obscene that Congress and the IRS have created an ever more complex system that benefits corporations and rich folks who can afford hordes of lawyers and accountants, but screw the other portion of tax payers. Don't get me started on the fraud-filled garbage where people file tax returns and get money "back" that they never paid in, not just a return of excess withholding.
Every member of Congress should be required to do their taxes by themselves. Maybe that would simplify the rules a bit. In that vein Bravo to Delta for "temporarily" removing all the schweet perks they have been giving to members of congress. Every other airline and industry should do the same, and NEVER restore them. If congresscritters need escorts at the airport, a mob of pitchfork wielding citizenry should be sufficient, even though they may be following after the critters rather than shoving the subjects aside.
JB
Well, yes and no. Different rules for Social Security and other pensions. Why can't the bastards publish tax rules which make sense and don't benefit those who can afford to hire tax specialists and lawyers.
DeleteFully agree with your last. At least make those bastards do something!
Best of luck Sarge. We had less of a beat down than last year, but still am having to up my withholding (and 401k/HSA) to try and break even. I hate owing money.
ReplyDeleteYup, I'll be upping the withholding this year as now I have a clearer picture of what needs to come out in order to avoid writing a check.
DeleteWe ended up using a service this year that a coworker recommended, both because our taxes were a bit complicated and they have experience with the unusual sort of stock options that my company offers. Once things settle down again, I might return to doing them myself (to be fair, straightforward inputs make it much easier).
DeleteI'd be clueless when it comes to that sort of thing.
DeleteYet another in a long, long, long list of reasons to hate taxes.
ReplyDeleteI don't hate taxes per se, I hate the way Congress wastes that money.
DeleteTaxes were never something anyone liked, but to now see the fraud that is taking so much of our taxes is the really aggravating thing.
DeleteIndeed.
DeleteNot sure how I did it, but I managed to not owe anything, and not get anything back. I'm okay with not getting anything back as I didn't pay anything in last year, as I was in my first year of retirement and wanted to see what/how it would all shake out. I do my own taxes, and agree with JB above that Congress critters should have to do their own taxes! Also glad that Delta pulled their special treatment, and agree so should all the other airlines. Let them stand on line for 3-4 hours, and listen to "real folks" and what they have to say. Wouldn't be pretty, I am sure.
ReplyDeleteAlso think that when Congress holds up funding, shutting down parts of government, NONE of the Congress critters should get a paycheck either, until everything is resolved. For TSA, the Coast Guard, Secret Service, and even FEMA folks not to be getting paychecks while the Senators ARE getting paid...just isn't right, never mind fair!! And, no, I have never voted for Chuckles...can't blame me for his being an idiot in Congress...he needs to stay home and work on his Grandpa skills in my book.
Suz
Concur with your last, the man has no business governing anybody or anything!
DeleteI sat down and used the link in USAA to go to TurboTax today. My taxes in retirement a fairly simple. I was crunching through the forms and got almost through then I got hit with "You must buy the Max program to support..." that jumped the price from $55 to $159. The accountant I used last year due to a capitol gains issue only charged $250 to do my taxes. I shut down TurboTax and called the accountant and scheduled an appointment for next Monday.
ReplyDelete.
By my calculations I will have to pay federal but I will be getting about the same amount from the state.
My first year in retirement my finances are a little odd due to the way my company did the pension thing. But that was a one time good deal. From here out they should be simpler. I still don't want to pay someone for something I can do myself. If it gets complicated I might think about it, but for now, I can do the math. Pun intended.
Delete