View Full Version : Income Tax Angst

April 16th, 2004, 01:04 PM
I hope everyone that needed to, got them in on time.

I've always done my own taxes, enjoying the challenge of using estimated payments to keep the money out of the governments' hands for as long as possible without incurring a penalty.

For the first time ever, after numbers crunching through Turbo Tax, my federal tax bill was exactly zero.

It looked too silly, so I made some final (ahem) adjustments before transmitting. :P

April 16th, 2004, 04:23 PM
I always find it amazing that if they overcharge you, they pay no penalty, but if you don't pay ENOUGH, they will add MORE to the total.

We need to go back to the post-tax rather than pre-tax and return....

March 10th, 2009, 12:16 PM
So as I'm getting ready to assemble a 2008 return, I get a letter from the IRS about my 2007 return.

The envelope was oversized, so I knew it was trouble. The first thing to spill out was an explanation of my Rights, and I'm thinking - so I need to be aware of my Rights; this can't be good.

The IRS claims that I owe $11,000 tax on the sale of securities which I didn't report. Well, they're right about the non-report, and it was a dumb mistake. March 2007, Oracle purchased the shares of a company that was held in my account. Since the sale went to a cash position in the account, I forgot about it. I also thought that the shares were being held in my Roth account, but they were in my brokerage account, so the capital gains were taxable.

But the IRS based their figure on the total sale amount that was reported to them by the investment firm 1099B. This assumed that I bought the stock for $0 and sold it for $52.

I only wish.

So I have to go through records and compute the cost-basis, complicated by a 3 for 2 split. I figure the bill will be about $1,000. There goes the wife's birthday present.

March 10th, 2009, 01:36 PM
Well, we had a kid.

Sounds like a tax break? maybe, but kids raise the "minimum" taxed taken from you regardless of your deductions.

Also, my wife FOOLISHLY [/sarcasm] put "Married, 1 dependent" on her tax form.

Initial estimate from the accountant is $4000 owed between the two of us.


I am not one for getting much on the tax return. It just means that they have been holding $XXXX for half a year and you not earning any money on it, but with my 401K and all retirement accounts losing 60% in the past year, I don't care how much I earned, having more taken to bail out deadbeats is just heartbreaking.

I am not criticizing the plan (it should actually be larger) but it is doubly frustrating when you are in a profession that depends on Construction to have work.

Frigging dark clouds.

March 10th, 2009, 10:00 PM
They mailed my rent deposit interest statement two weeks late and I had already sent in my tax returns. :(

March 11th, 2009, 05:18 AM
Being back in the UK imagine my frustration when I waited 4 weeks just to receive my state return back, the online program I used didnt have a particular form included. So now another 4 weeks to get my refund. And Im still waiting on anything from the Fed return.