Have you done your taxes yet, American DLers ?

Done, filed, and awaiting a five figure refund

No.

There's a school part that I need to include but couldn't figure out how to make TurboTax include. So I am stuck.

Turbo tax is perennially terrible with the backdoor Rollover IRA. I finish my full tax form every year in about an hour and then spend hours and hours trying to figure that part out

Filing for an extension tomorrow. I am self employed and never get refunds.

We had ours done by a local CPA and they've been sent it. We had to pay a SHITLOAD in taxes :(

Me too, r5. Five figure refund? Nope, five figures due.

R3 I bet you Queerbo Tax wouldnt have a problem with any of your backdoor ANYthings!

Still not done.

Done.

Self employed and still procrastinating. I file an extension every year but usually get them in on time. This year - No way in hell am I getting them done on time. I’ll owe anyway.

I've done my federal taxes - at the end of February. I haven't done my state taxes yet.

Only pay Federal, and always file by mid-February. I plan tax withdrawals for little to no amount owed or refunded so it's just paperwork to me. And as simple as mine are, I still find it needlessly officious.

Yes, R6 - we had a five-figure payment, too. UGH.

I've just finished. I'm getting money back but I've been so lazy.

Other countries don't go through this annual craziness. The government knows how much you've made (through its version of the W2 forms) and sends you a bill or a refund. That's it.

In the US, companies like Turbotax have successfully lobbied to keep this angst going so they can make lots of money

Finished mine and my mother's - I'm getting 3,000 back but my mom has to pay $22,000. She did inherit a decent amount, so it's only fair. But it hurts to write a check to the gvt for that much.

And for those that say inheritance amounts aren't taxed if under $6.5 million, you are dead wrong. You have to pay taxes on any interest and fund increases since the time the funds were originally setup. So if you put $100,000 into a fund and it increased in value to $165,000, your inheritors have to pay taxes on the $65,000.

^ that's called "step up in cost basis."

It happens for houses that are inherited too. So, if you're not living in the house when you inherit it, it's best to sell it as soon as possible so you don't owe taxes

[quote] You have to pay taxes on any interest and fund increases since the time the funds were originally setup. So if you put $100,000 into a fund and it increased in value to $165,000, your inheritors have to pay taxes on the $65,000.

This depends on the type of investment--particularly in trust accounts.

Most inherited stocks get a step up in cost basis--as in you only pay any increase AFTER the person has died. Others, mostly in some trusts, you are responsible for the full amount value went up from when it was first bought.

Done in MARCH AND STILL HAVE NOT RECEIVED MY REFUND!!!!

R17 - yes, sorry, I should have stated these were in a trust. But a lot of people don't understand this when it comes to inheriting money.

One of my best friends is rubbing his hands together over the money that he and his sister will inherit in his Dad's estate accounts. I had to bring him down to earth a bit that he and his sister will have to pay substantial taxes on that money. It's not 7 figures, but that money has been in estate accounts for a long time and he's going to be in for a rude surprise.

FreeTaxUSA for several years. Just did my partners last night. Gets over 4k from Feds, 1.5k from State. I say great, dumbass, you want to use taxes as a savings account, you can buy the new deck and shed.

I tentatively did mine. Changed my withholding last year to head of household, so less taxes taken out. I get about $400 back. Even with mortgage, I have to take the Standard deduction. I am going to finish mine tonight.

Yes, got $535 back. Four good meals out.