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My OPERS 1099 is now online. This allowed me to revise my 2018 1040 that I am working on. A small amount of this pension income is not taxable (employee contributions). I was unable to learn this amount until I got the 1099.
I think I have all the data I need, even though I have not received all of the 1099s. I will still wait to fill until I have all of the forms, just in case.
I remembered that my Vanguard Ohio Municipal Bond Fund has some taxable income in different categories. I need this information before I can finalize my tax forms.
On the other hand, when I filled out my Ohio SD100, the amount withheld was right on. I nether owe nor have a refund. This form is finalized because it is earned income only.
Filed mine today on Turbo Tax. Getting a small return, so we're right where we want to be.
The new standard deduction amount overrode our manual deductions, so no Schedule A for us this year.
Note - I also did them on Tax Act the other evening and the results were much worse! It looked like we were going to owe $450. Their "interview" confused me for the topic of my HSA. Turbo Tax was much more straightforward.
I've got bad news for S.S. recipients receiving the average $1200 a month who work or have additional income exceeding $17,700 The new tax code is a big nothing for a single senior. The only change was an additional $1650 of personal exemption/standard deduction [$13600]. There were ZERO changes made to the 'Is your S.S. benefits taxable' worksheet. The $25,000 exclusion [line 8] has remained the same for 26 years. You will be writing a check.
The 'your taxes will be slashed' and 'your rates are reduced' was total B.S.
My investment accounts almost never post their 1099's until just shy of Feb 15th, so I can never file early. I'm also still waiting on my W2. No early tax returns for me.
I have no idea what my return is going to be this year. I got married in mid-2018, but I left my deductions as single not knowing the impact the new tax cuts would have. I also had to sell some stock with the conversion from Capital One to E-trade, so I'll have a little long term capital gains to include as well. We're likely not going to have to itemize because our mortgage and student loan interest is well below the standard deduction rate for 2018.
Almost done with mine. Lots of details this year, as evident from some of my other posts....lol A few complexities that have now been resolved; thanks in a big way to a couple of awesome people on here, willing to help.
I honestly don't notice a whole lot of changes from last year, except that we seem to be getting about 4k more in terms of child-tax credit.
I have 3 W2s from 3 jobs in 2018, haha yeah, it was an interesting year. My income was about 40k more than in 2017 (intentionally increased it via T IRA roll over to Roth IRA), waiting on a couple of 1099-INT and other MISC forms but i'd say i'm 90% done. Getting a good chunk (about 12k) back this year as anticipated (i usually get only a few hundred back....as planned).
I expect to be audited this year....with a few unusual (yet fully legal) items on my return. But very few moving parts.....everything i've got in there is in a form or is insignificant enough that it won't be an issue during an audit. Not sweating it.
Best of luck everyone.
I've done some preliminary calculations and it looks like our tax liability will be between $2000-3000 less than last year! Woo hoo! Yay for the TCJA! That's with a small increase in pay for me, too.
Now I gotta figure out how the pass-through deduction plays into this to close that gap.... (Schedule C income vs. taxable income. But subtract my 401k deduction and SE tax deduction. Ugh. Makes my head spin!)
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