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Author Topic: 2012 Tax Files  (Read 5086 times)
clean
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« on: February 18, 2012, 11:33:01 PM »

I started my taxes today.  I though that I would be done hours ago!!!  Most of it has gone quickly, but my stock tradings are going slow.  None of my options transactions transferred into the TurboTax program. Ill have to enter them by hand, and it is not the format that I expected, so I will have to get a calculator and undo some of the numbers that ETrade has combined/netted. 

I hope to finish tomorrow.  I really dont remember spending this long (most of the day) doing taxes before!  It makes me wonder if I was not better off when I did them by hand!

So has anyone finished? 

Got your refund yet? 

Hand/software/pay for it?
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chaosbydesign
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« Reply #1 on: February 18, 2012, 11:45:16 PM »

I haven't started. I only just recently found out that I have to actually *do* something in the first place, and I'm still not entirely sure what I'm supposed to be doing. Eventually, I will get around to looking into that (and I'm mainly posting on this thread to bookmark it so that I don't forget to file taxes).
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Seriously, I tried to lick my own face.

Ah. Typical ivory tower pedanticalness.
lohai0
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« Reply #2 on: February 18, 2012, 11:49:39 PM »

I used the free program for poor people and filed a while ago. That is one of my few starving grad student perks.
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This  semester's going to call for an increase in my liquor budget.
wet_blanket
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« Reply #3 on: February 19, 2012, 12:06:09 AM »

I haven't started. I only just recently found out that I have to actually *do* something in the first place, and I'm still not entirely sure what I'm supposed to be doing. Eventually, I will get around to looking into that (and I'm mainly posting on this thread to bookmark it so that I don't forget to file taxes).

Check in with the international student office at your uni.  They'll almost certainly be able to tell you what you need to do, and may even have a service where they walk you through everything.
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Wet Blanket will find success. The spreadsheet is the way...
chaosbydesign
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« Reply #4 on: February 19, 2012, 12:10:17 AM »

I haven't started. I only just recently found out that I have to actually *do* something in the first place, and I'm still not entirely sure what I'm supposed to be doing. Eventually, I will get around to looking into that (and I'm mainly posting on this thread to bookmark it so that I don't forget to file taxes).

Check in with the international student office at your uni.  They'll almost certainly be able to tell you what you need to do, and may even have a service where they walk you through everything.

I know. I'm just putting it off because I suspect it will take a long time. They mailed me a random form sans instructions, so I'll take that in and ask what to do.
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Seriously, I tried to lick my own face.

Ah. Typical ivory tower pedanticalness.
systeme_d_
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« Reply #5 on: February 19, 2012, 12:13:33 AM »

I started it, but then as soon as I realized that I'm going to owe big time this year, I decided to stop and finish them closer to the deadline.

Ain't no way anyone gets my money more than a day before it's due.
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wet_blanket
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« Reply #6 on: February 19, 2012, 12:22:21 AM »

I haven't started. I only just recently found out that I have to actually *do* something in the first place, and I'm still not entirely sure what I'm supposed to be doing. Eventually, I will get around to looking into that (and I'm mainly posting on this thread to bookmark it so that I don't forget to file taxes).

Check in with the international student office at your uni.  They'll almost certainly be able to tell you what you need to do, and may even have a service where they walk you through everything.

I know. I'm just putting it off because I suspect it will take a long time. They mailed me a random form sans instructions, so I'll take that in and ask what to do.

It won't take a long time.  It will take approximately forever.
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Wet Blanket will find success. The spreadsheet is the way...
barred_owl
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« Reply #7 on: February 19, 2012, 03:09:44 AM »

I have to set up a filing appointment this week.  We qualify for free tax filing (thanks to Mr. Owl's advanced age), if we take advantage of a local tax service that caters to seniors.  We will do so, of course. I estimate that the total time involved is one hour + whatever time it takes for me to round up all the "evidence."  (Minimal, since I've been doing so for a while.)

Just this evening, without the help of the tax service, I determined that we will probably be able to deduct about $1000 for medical expenses (above and beyond the 7.5% of AGI specified by the IRS), thanks to an increase in premium costs and the assortment of out-of-pocket expenses we had last year (glasses, dental, Rx's, etc.).  We also have mortgage interest for which someone must account.  Hopefully, our refund will be sufficient to cover two of the three "summer" months in which I have no other source of income.  Fingers crossed!
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ursula
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« Reply #8 on: February 19, 2012, 10:07:37 AM »

I'm still waiting for a couple of T5s from the banks, and then I'll get mine and Spousal's done in an evening.  I use Turbotax, and have not had any problems with it.
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chaosbydesign
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« Reply #9 on: February 19, 2012, 10:17:11 AM »

Wait... you have to pay to file taxes?

I think I'll put it off another couple of weeks, then. Meh.

What exactly will I need to have to get it done? I haven't kept receipts for anything I've paid for. All I have is evidence of what the university paid me and what tax I've already paid. 
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Seriously, I tried to lick my own face.

Ah. Typical ivory tower pedanticalness.
wet_blanket
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« Reply #10 on: February 19, 2012, 10:35:43 AM »

So here's a question: Last year, I got a payment I wasn't supposed to, and the uni still hasn't taken it back.  Thus, it is recorded on my documentation of income.  I assume they will eventually will claim it back, and it will be sometime after my return is filed and my refund paid this year.  How will that work?  Will I have to redo my 2011 return or will it magically get accounted for in the year in which it happens?

Wait... you have to pay to file taxes?

I think I'll put it off another couple of weeks, then. Meh.

What exactly will I need to have to get it done? I haven't kept receipts for anything I've paid for. All I have is evidence of what the university paid me and what tax I've already paid. 

You don't need to pay to file; many people pay someone to help them file because the system is incredibly complex.  I've filed tax returns in three other countries, and I've only considered getting help here, despite my tax situation here being far simpler than anywhere else I've lived.

Luckily (well, not really, in terms of the size of your refund), because you are likely to be a non-resident alien for tax purposes, you don't qualify for most of the deductions or credits for which you would need receipts.
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Wet Blanket will find success. The spreadsheet is the way...
glowdart
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« Reply #11 on: February 19, 2012, 11:21:44 AM »

Wait... you have to pay to file taxes?

I think I'll put it off another couple of weeks, then. Meh.

What exactly will I need to have to get it done? I haven't kept receipts for anything I've paid for. All I have is evidence of what the university paid me and what tax I've already paid. 

I'd dig up your contract, too, just in case they care about how you are being funded (fellowship vs. assistantship vs. etc.).   

There was one year when I bought a box of software, but that was the first year that I itemized, so I figured the $30.00 was worth it to make sure I didn't miss anything.  Otherwise?  I've never paid anyone.  But I also do my taxes by hand, don't have any capital gains, a house, or anything challenging to consider. 

Your campus or town will likely have some kind of tax-help seminar or volunteers. 
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aandsdean
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« Reply #12 on: February 19, 2012, 11:36:18 AM »

Finished. E-filed federal on Feb. 5, getting a pretty sizable refund (about $5k). IRS website says we should have it deposited on the 21st, a week late; I think they've had a computer snafu.

We owe the state about $600.  Will pay on the last possible day.  We owe previous state $25 even though our only "income" there is a $6,000 loss on our former house, now a rental. It's the "business tax" for the privilege of bleeding money on an unsellable house.

I know I should change my fed withholding, but it's very difficult to predict our federal taxes because of the ups and downs of the rental house.  I'd rather get a big refund than write a big check, and frankly can't be bothered to do the tracking across the year to keep adjusting withholding and/or send in estimated payments.

On review: TurboTax.
« Last Edit: February 19, 2012, 11:37:15 AM by aandsdean » Logged

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parispundit
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« Reply #13 on: February 19, 2012, 11:41:05 AM »

Wait... you have to pay to file taxes?

I think I'll put it off another couple of weeks, then. Meh.

What exactly will I need to have to get it done? I haven't kept receipts for anything I've paid for. All I have is evidence of what the university paid me and what tax I've already paid. 

No, you only have to pay to file taxes if you choose to have an accountant or tax service do the work for you. If you don't own a house, haven't bought or sold shares, etc., your taxes are probably very simple and you don't need any more help than the uni will provide. You may end up either getting money back from the government or owing more money for taxes. Talk to some American friend.
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marigolds
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« Reply #14 on: February 19, 2012, 11:50:06 AM »

We always pay someone, because Mistergolds is self-employed and we itemize (and he has depreciation on work-related assets, too.)  AND some of his income is royalty income, etc. so ours are super-complicated. (I used to be able to do the EZ form until we got married!)

I just started getting things together. I have all the W2 and 1098 and other income form thingies together, and the mortgage interest/retirement income statements too. I'm going to start collecting the receipts and adding up deductible things tomorrow, and do uncovered medical things later in the week.

Then I just have to get Mistergolds to add up his mileage deductions and we're nearly there. 
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