2020 Federal Income Taxes

[JEBar]

its my understanding that the first date the IRS says we can file our Federal Taxes is Feb 12th .... we use H&R software and they say their next update will be on Feb 18th .... question, when do you plan on filing your taxes .. .. we have the documents needed to fill ours out right now but don't know if we should wait until after then software update on the 18th

[GunnyGene]

its my understanding that the first date the IRS says we can file our Federal Taxes is Feb 12th .... we use H&R software and they say their next update will be on Feb 18th .... question, when do you plan on filing your taxes .. .. we have the documents needed to fill ours out right now but don't know if we should wait until after then software update on the 18th

I don't do mine until early April.

[Sir Henry]

I need a tax accountant to do mine and I’m searching for a new one.

[Sir Henry]

Slightly more than 45% of my income goes to Federal Income Taxes, state sales tax, and property tax. I would be rich if it wasn’t for taxes

[BigAl52]

Sister in Kent says her taxes are 10K a year. Dont know what urs are but thats a little steep I think.

[BigAl52]

Jim I dont know but I sent my info to my tax person the other day she never mentioned anything about when it could be filed

[Sir Henry]

Sister in Kent says her taxes are 10K a year. Dont know what urs are but thats a little steep I think.

Mine are only $9,860. Sales tax is 10.3%.

[BigAl52]

Thats insane I think. But her house and your house are probably close to the same in value. That sales tax is crazy. But ours is about 7 and then we have state income tax also.

[JEBar]

well, we just sat down and filled out our taxes .... we have used H&R Block for years .... the program imports last year's data and we put in only the new info .... e-filed both our state and federal .... both are shown as pending .... now we will see when the Feds accept ours

[ESquared]

My tax guy had already confirmed the 12th and the first filing day of "the season," and I didn't even know there was such a thing. That window may open a bit earlier for CPA types and at a later date for individual filers, but that's just a guess.

Bottom line is the 12th is the earliest for anyone, as I understand it.

Good news is, he says he'll be ready to hit "Send."

[dave77]

My return is pretty simple and I used FreeTaxUSA this year and last year. They submitted my 1040 a couple of weeks ago but also said IRS will not be accepting (or rejecting) e-filed returns until Feb. 12.

Good news, because I pulled quite a bit out of my 401k in 2019 I didn't qualify for much of the stimulus checks. I received the rest of the full amount as a tax credit.

[Hatchdog]

I filed ours with Turbo Tax about a week ago. Turbo Tax has it and will submit it to the IRS on the 12th. Figured I might as well get it in the que as soon as possible. Getting a small refund so no worries on the time.

[JEBar]

Figured I might as well get it in the que as soon as possible.

we are operating on the same theory

[Cowboy Gun Fan]

Sales tax is 10.3%.

Ouch, ours is 5.3%. Less for food (about 2.5%).

[Shakey Jake]

I also use the H&R Block software. I worked for Block four or five years part time. I got tired of the office BS. Anyway, the software is as good as others and I use it for convenience since past years information can be imported. That said, I'm still waiting for a 1099 from the sale of my mother's home and my wife's 1099 from ETS. Seems like they get later and later. You can file anytime it's just that IRS isn't accepting them until the 12th.
Jake

[dave77]

Just got an email saying the the IRS has accepted my return.

[JEBar]

great to hear .... how long ago did you e-file it .. .. just checked, ours is still pending

[dave77]

I'm pretty sure FreeTaxUSA submitted it as soon as I completed it, around a couple of weeks ago. A friend of mine filed her return with them about a week later and hasn't received her acceptance e-mail yet.

I've found that when I file really early I usually see the refund hit my bank account in around a week after IRS accepts it but who knows with the co-vid going on. Same friend filed for unemployment clear back in Sept. and is still waiting for her first check.

With my tax credit I'm getting a decent sized refund this year, planning to use some of it on a new Langdon Tactical Beretta PX4c if they ever come back in stock.

[John E Davies]

I finished my taxes with Turbo Tax (Married Jointly, Standard Deduction). Toward the end it asked about the Stimulus checks. I entered $2400 for the first one and $0 for the second one, and was astonished when my refund shot up by $1200.I was pretty happy, but I suspected at once that it was not right. I double checked my bank records and discovered I had missed the second one which was deposited on January 4 of THIS year, not 2020. I entered $1200 in the second box, and my big “bonus” vanished instantly.

They also have a new deduction, up to $300 cash for charities, even if you don’t itemize. That was a nice surprise.

John Davies
Spokane WA

[JEBar]

just checked, as of 1PM today ours is still shown as Pending .... no clue what time tomorrow the IRS will open the gate .... my hunch is there will be a flood