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View Poll Results: What are you getting/owing the government for 2020?
I owe the government > $5000 8 11.59%
I owe the government > $1000 10 14.49%
I owe the government $101-999 6 8.70%
I nailed my withholding EXACTLY +/- $100 because I am a wizard 3 4.35%
I loaned the government $101-999 7 10.14%
I loaned the government > $1000 14 20.29%
I loaned the government > $5000 21 30.43%
Voters: 69. You may not vote on this poll

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Old 02-19-2021, 07:09 PM   #51
whitrzac
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Federal shows as pending in my bank account until 2/22. Filed the day they opened up.
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Old 02-19-2021, 08:23 PM   #52
.brian.
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Quote:
Originally Posted by psg View Post
If it just said it was going to cost $100 up-front, I wouldn't be as pissy. Instead, they treat the consumer like they're a chump.
Point taken, and I understand where you are coming from.

Quote:
Originally Posted by shikataganai View Post
Filed taxes on Feb 16. Accepted by IRS on Feb 17. Direct deposit hit my checking account today, Feb 19.

Not bad turnaround time, government, not bad!
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Originally Posted by whitrzac View Post
Federal shows as pending in my bank account until 2/22. Filed the day they opened up.
Mine was accepted on the 12th, but still has not been approved.
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Old 02-20-2021, 09:19 AM   #53
orndog
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Quote:
Originally Posted by whitrzac View Post
Federal shows as pending in my bank account until 2/22. Filed the day they opened up.
Same as of this morning.
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Old 02-20-2021, 09:40 AM   #54
thechickencow
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I have no clue yet. We are waiting for the tax prep person to do ours. Wife has some payouts for company equity that have some weird challenge/complications that make me not really able to do any sort of estimating at all.
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Old 02-20-2021, 11:21 AM   #55
ashtnn
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$9617 fed, $500ish state (OR.) Fed still in processing because of EITC and Child Tax Credit delays, so hopefully we'll see it the week after next. Paying off some debt before we close on our new house in a couple months.
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Old 02-20-2021, 03:57 PM   #56
AcquaCow
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I owe about $30k as usual due to stock sales...
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Old 02-20-2021, 06:14 PM   #57
fiasco
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My family is in every donut hole there is...too rich for free stuff/credits, etc., too poor for trickle-down tax loopholes. All your Covid stimulus and a few hundred more are belong to Feds on April15.
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Old 02-20-2021, 06:24 PM   #58
PilotKD
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I owe $11.5k to the Feds, mostly because the wife was on unemployment all of last year not paying Federal Income Tax on her payments and despite warning her of this scenario, she blew most of her cash on garbage (while I pay all the bills). How about dem apples?

Luckily we get $1,500 back from the state.
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Old 02-20-2021, 06:43 PM   #59
Bryan T
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Getting a refund from fed, owe state about $1k less. First year as mortgagers, so wasn’t sure what expect. Moved halfway through the year.
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Old 02-20-2021, 07:20 PM   #60
Meat Supply
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Quote:
Originally Posted by PilotKD View Post
I owe $11.5k to the Feds, mostly because the wife was on unemployment all of last year not paying Federal Income Tax on her payments and despite warning her of this scenario, she blew most of her cash on garbage (while I pay all the bills). How about dem apples?

Luckily we get $1,500 back from the state.
you always!!!! have them take out taxes!!!! that's like unenjoyment 101.

so you get a few $$ less weekly but at least you know you're covered.
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Old 02-20-2021, 07:30 PM   #61
Joe
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Anyone have their return accepted yet?
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Old 02-20-2021, 07:34 PM   #62
n2oiroc
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Quote:
Originally Posted by Joe View Post
Anyone have their return accepted yet?
state and fed were both accepted last week just a couple days after filing.
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Old 02-20-2021, 07:39 PM   #63
FaastLegacy
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I filed earlier today and my return has already been accepted by the fed.
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Old 02-20-2021, 07:56 PM   #64
.brian.
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Quote:
Originally Posted by Joe View Post
Anyone have their return accepted yet?
Yup, accepted almost immediately. Approved...not so much.
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Old 02-20-2021, 08:22 PM   #65
nogger
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Mine was also accepted soon after filing this morning. I’m wondering how long it will take to be approved and funds deposited.
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Old 02-20-2021, 08:56 PM   #66
whitrzac
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Sent/approved 2/12, deposit cleared today 2/20
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Old 02-21-2021, 08:34 AM   #67
f4phantomii
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Quote:
Originally Posted by AcquaCow View Post
I owe about $30k as usual due to stock sales...
You don't have them withhold it at time of sale?
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Old 02-21-2021, 08:37 AM   #68
AcquaCow
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Quote:
Originally Posted by f4phantomii View Post
You don't have them withhold it at time of sale?
No, I'm not sure e-trade does that... and I just reinvest the earnings immediately also.
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Old 02-21-2021, 09:36 AM   #69
340Duster
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For 2020 I owe $3,439 according to TurboTax

Posting this here as well because of views to this thread. on December 12th, I got a note from the IRS about an error with 2018 taxes. Apparently part of a settlement I received should have been claimed as income (whoops) and I owe ~$3k on taxes on it. They wanted payment or at least a response to them by 30 December! I read through the charges and see that they tacked on almost $700 because one of the settlement checks paid out on a 1099 and claimed I was self employed

I responded (by fax... it was that or regular mail) with what I believe is the correct amount owed in a letter, and explained that I was working with the previous employer for the tax documents (that I tossed like a couple of months ago )

It's now Feb, and I have not received any updated information from them. I created a profile on the IRS website that of course contains none of this information, and the phone number to call is automated online The only thing I know to do is send in another fax with the tax documents I now have and see if they concur with the adjusted amount owed.
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Old 02-23-2021, 10:32 AM   #70
nogger
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Well dammit. I filed on Saturday. I realized today that I completely forgot about one form (K-1 for the S Corp). I’m going to have to amend once that is available. It usually wouldn’t be a big deal. However, the PPP our group got changes it a good bit this year, and it should increase my refund as the K1 shows a loss that can be deducted.
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Old 02-23-2021, 11:07 AM   #71
oct1285
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e-filed on Feb 16, deposited today. One week turn around not too shabby.
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Old 02-23-2021, 11:15 AM   #72
edkwon
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So an interesting twist in my tax returns :

Because I applied and qualified for a PPP loan for my solo corporation in 2020, all PPP loans are not federal taxable, however not all states have yet made these loans non-taxable, including CA.

I've now been advised to hold off on filing both my business and individual tax returns and play the waiting game until CA passes legislation making the PPP non state-taxable as well, otherwise I could be out another $2-3k in state taxes that I may not need to pay.
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Old 02-23-2021, 11:47 AM   #73
nogger
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Quote:
Originally Posted by edkwon View Post
So an interesting twist in my tax returns :

Because I applied and qualified for a PPP loan for my solo corporation in 2020, all PPP loans are not federal taxable, however not all states have yet made these loans non-taxable, including CA.

I've now been advised to hold off on filing both my business and individual tax returns and play the waiting game until CA passes legislation making the PPP non state-taxable as well, otherwise I could be out another $2-3k in state taxes that I may not need to pay.
Glad I just saw this. Looks like PA already passed a law saying PPP isn’t taxable by state. That will get me another $1k back. I’m going to have to amend both state and federal.
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Old 02-23-2021, 12:01 PM   #74
96accord
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Quote:
Originally Posted by nogger View Post
Well dammit. I filed on Saturday. I realized today that I completely forgot about one form (K-1 for the S Corp). I’m going to have to amend once that is available. It usually wouldn’t be a big deal. However, the PPP our group got changes it a good bit this year, and it should increase my refund as the K1 shows a loss that can be deducted.
So.... since you mentioned about forgetting one form... my wife got a 1099 in the mail yesterday. She said "I forgot about this".. I asked her if she had everything for filing and she said she did. Well I filed on Saturday..

It was for T. Rowe Price. Her father passed away back in May and they had a joint account. I don't think it was much but maybe under $40 in interest. I'll check when I get home.

How should I proceed? Never had to do this before.
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Old 02-23-2021, 12:13 PM   #75
orndog
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$40 in interest? Put the form in a file with a post-it that said you forgot. Open only if audited.
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