Henry Rifle Forums

on the morning of Monday, Jan 24th our daughter emailed us all of the forms/info needed to complete our 2019 State and Federal Income Taxes ..... later that evening we downloaded a tax program and completed our taxes .... we emailed the Federal forms that evening and took the State forms to a local post office the following morning .... by contract terms from the both of us retiring from working for the State of North Carolina we don't have to pay any state taxes on our retirement income .... with the bottom line on our state forms always be in $0, I don't seen any since in rushing the forms to them .. .. earlier today (the 27th) we received notice that the Federal forms had been accepted by the IRS .... last year our Federal refund was deposited in our account 9 days after it was accepted .... wonder how long it will be this year ...

Still waiting for my Social Security and 401k 1099s. Both should be here by the end of the month.

to complete our taxes we need 4 forms .... 2 from Social Security and 2 from our NC retirement system .... we've talked about it and don't remember getting all 4 this early

I hate doing taxes even with Turbo Tax. Just have to get in mood to deal with it.

This year will be exciting as I will qualify for the Fed. 30% tax credit for our solar power install. Wish the State of Va. would have a credit for it and maybe later they will with the new party rule.
The increased Fed. Personal Deduction really helped us out last year.

I turn 70 1/2 this year so a lot of tax changes for me. The biggest change is I have to start drawing down my IRA’s.

Sir Henry wrote: ↑

Tue Jan 28, 2020 12:48 pm

I turn 70 1/2 this year so a lot of tax changes for me. The biggest change is I have to start drawing down my IRA’s.

I believe this was changed this year. You might check with an accountant.

My wife owns a LLC candy company with a about 10 employees depending upon time of year. I also do part time work for her. Our taxes are a nightmare.

Last year I got $30 refund from fed and paid $150 to NC.

TMB wrote: ↑

Wed Jan 29, 2020 4:07 am

Last year I got $30 refund from fed and paid $150 to NC.

our NC taxes are easy to determine .... as retired State Employees who are covered by the Bailey Settlement ===> https://www.freetaxusa.com/help/display ... faq_id=827 .... we do not have to pay state income tax on our retirement income .... the bottom line is $0 but as one might expect, it takes entering a bunch of irrelevant numbers on various lines in the return

Sir Henry wrote: ↑

Tue Jan 28, 2020 12:48 pm

I turn 70 1/2 this year so a lot of tax changes for me. The biggest change is I have to start drawing down my IRA’s.

Was told by an investment guy at last week’s RV show that the new laws state no required withdrawal until 72. Effective 2020 I believe.

https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-required-minimum-distributions wrote:The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) became law on December 20, 2019. The Secure Act made major changes to the RMD rules. If you reached the age of 70½ in 2019 the prior rule applies, and you must take your first RMD by April 1, 2020. If you reach age 70 ½ in 2020 or later you must take your first RMD by April 1 of the year after you reach 72.

Hatchdog wrote: ↑

Wed Jan 29, 2020 10:42 am

Sir Henry wrote: ↑

Tue Jan 28, 2020 12:48 pm

I turn 70 1/2 this year so a lot of tax changes for me. The biggest change is I have to start drawing down my IRA’s.

Was told by an investment guy at last week’s RV show that the new laws state no required withdrawal until 72. Effective 2020 I believe.

Hatchdog wrote: ↑

Wed Jan 29, 2020 10:42 am

Sir Henry wrote: ↑

Tue Jan 28, 2020 12:48 pm

I turn 70 1/2 this year so a lot of tax changes for me. The biggest change is I have to start drawing down my IRA’s.

Was told by an investment guy at last week’s RV show that the new laws state no required withdrawal until 72. Effective 2020 I believe.

I’m thinking it’s time anyway. My IRA’s have more than doubled in the last three years and I’m not certain this will continue.

I’m not rich but live very comfortable.

update : our daughter's refund arrived 10 days after we e-filed her tax return .... ours arrived today, that's 25 days after we filed our return