What's Your Return? (or pay in) '05 Edition

Discussion in 'Finance, Investing & Economy' started by peledre, Jan 26, 2006.

  1. peledre

    peledre Member

    Mar 25, 2001
    Sioux Falls, SD
    Club:
    Chicago Fire
    Nat'l Team:
    United States
    Turbotax tells me that I gave the Government a $925 interest free loan this year. With a deal like that you'd think that they'd have the courtesy to at least give you a reach around.
     
  2. odg78

    odg78 Member

    Feb 14, 2001
    North Carolina
    --I don't know my return yet so this might not be appropriate, but how do you like TurboTax? I've been looking at some tax filing software and I'm trying to get an idea how people like this one. Do you actually file electronically using the program? Are there any extra fees other than the purchase price?
     
  3. peledre

    peledre Member

    Mar 25, 2001
    Sioux Falls, SD
    Club:
    Chicago Fire
    Nat'l Team:
    United States
    This is my first year with it. I love it so far, extremely easy to use and very comprehensive. I haven't actually filed yet because I'm still waiting on my official w-2 from my current employer. They have all of their payroll stuff online though, so I could access everything I needed to for my taxes.
     
  4. Footer Phooter

    Jul 23, 2000
    Falls Church, VA
    Haven't gotten all the W-2s in yet, but "napkin math" tells me we'll owe about $1,000 this year. Guess we shouldn't have booked that vacation. :eek:
     
  5. Glenwood Lane United

    Apr 28, 2001
    Hanover Park, IL
    Club:
    Chicago Fire
    Nat'l Team:
    United States
    Being refunded about $1,150 for Fed, about $200 for state.

    I just view it as sort of a Christmas Club, except I don't get the $$$ until around Presidents Day.
     
  6. peledre

    peledre Member

    Mar 25, 2001
    Sioux Falls, SD
    Club:
    Chicago Fire
    Nat'l Team:
    United States
    I've been told that if you file electronically with turbotax you can get your refund in as little as 10 days, anyone have any experience with this?
     
  7. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Nat'l Team:
    United States
    Yes and it totally works if you are submitting a 1040 or 1040-EZ without itemizing. I'm not sure about any other method
     
  8. odg78

    odg78 Member

    Feb 14, 2001
    North Carolina
    --What version do you have, the deluxe or the premier?
     
  9. striker

    striker Member+

    Aug 4, 1999
    In what way is Turbotax better than the free electronic filing that one can get through the IRS site? I took that route the last couple of years and was very happy with it. However, my tax situation is rather simple.
     
  10. peledre

    peledre Member

    Mar 25, 2001
    Sioux Falls, SD
    Club:
    Chicago Fire
    Nat'l Team:
    United States
    Premier 2005
     
  11. M

    M Member+

    Feb 18, 2000
    Via Ventisette
    Why on earth would you want to give the government an interest free loan?
     
  12. peledre

    peledre Member

    Mar 25, 2001
    Sioux Falls, SD
    Club:
    Chicago Fire
    Nat'l Team:
    United States
    Because as a free service, they will monitor your phone calls for you just to make sure you're not committing any treasonous crimes. If you are, they offer a free reminder service.
     
  13. Glenwood Lane United

    Apr 28, 2001
    Hanover Park, IL
    Club:
    Chicago Fire
    Nat'l Team:
    United States

    Going into each year, I don't know if I'll do some consulting work on the side. If I do, I usually take a pretty big hit come tax time.

    This year, I did no consulting work, and I made less $$$ because I had a severance package paid to me in 2004.

    Really, we're only talking about $25 a week, and any interest on $1,300 is negligible.
     
  14. chayes

    chayes New Member

    Feb 29, 2000
    Raleigh, NC
    Yep, except they charge you like $20-$25 for the filing fee. And you are still supposed to mail in hard copies of your return so that the gov't actually has your W-2s.

    I don't need the money back that soon to pay for it. (Although I do believe the filing fees are tax deductible for '06. The software definitely is.)
     
  15. peledre

    peledre Member

    Mar 25, 2001
    Sioux Falls, SD
    Club:
    Chicago Fire
    Nat'l Team:
    United States
    I paid a $14.95 filing fee and got my return in 5 days. I was pretty impressed.
     
  16. FearM9

    FearM9 New Member

    Jul 14, 2000
    On my bike
    The only thing I have to mail in is a Form 8452-OL to the Feds.
     
  17. melbrown

    melbrown New Member

    Aug 27, 2001
    Incorrect. I've used Turbotax for the past three years and I've never had to mail anything in. It costs $19.95 for the filing fee and that includes the use of the online program to figure everything up. I don't itemize and only had two W-2's and it took me less than an hour start to finish. You can opt to pay the fee (which is indeed deductable this year) with a credit card or they will deduct it from your refund for an additional fee of $24.95. I opted to pay with my CC. They say you'll have your refund direct deposited within ten days. Last year it took 6, the year before it was only 3 days.
     
  18. Uppa 90

    Uppa 90 Member

    Jan 16, 2004
    K.C. MO
    Club:
    Kansas City Wizards
    Nat'l Team:
    United States
    yeah... i got mine in 4 days last year...

    the price for my state's went up... so it was over 40 bux to file both... but it was so easy carrying over a majority of stuff from last year...

    i highly recommend people with any common sense at all trying it... gives you a sense of pride...
     
  19. Caesar

    Caesar Moderator
    Staff Member

    Mar 3, 2004
    Oztraya
    Sounds like not many of you guys use accountants to do your returns over there.

    Our top tax bracket is 49.5%, so it often pays to have your return prepared by a pro if its at all complicated... the savings can be big. Also Capital Gains Tax in particular is a bitch to work out what with all the grandfathering clauses.

    Most financial planners throw in free tax return preparation and lodgement with their returns.
     
  20. peledre

    peledre Member

    Mar 25, 2001
    Sioux Falls, SD
    Club:
    Chicago Fire
    Nat'l Team:
    United States
    Holy Shit.
     
  21. firstshirt

    firstshirt Member+

    Mar 1, 2000
    Ellington, CT / NK, RI
    Club:
    New England Revolution
    Nat'l Team:
    United States
    the military gave everyone a free version of Turbo tax premier. I used it last night and I am getting back almost 7 grand, did not do the state tax yet.. That scares me as last year I used an accountant and had to pay 10k to the feds and 1k to state. I am going to print out my return and give it to my accountant and have him look at it and see if I messed up. It was pretty easy and can not see how I messed it up,,,,I went thru the numbers and had the wife check too. If turbo tax is correct then the new lawn sprinkler system goes in sometime in april and the patio gets poured around the same time;)
     
  22. peledre

    peledre Member

    Mar 25, 2001
    Sioux Falls, SD
    Club:
    Chicago Fire
    Nat'l Team:
    United States
    Did you have 2.3 kids in the last year or something? Go back to school or purchase a house? What was different about your income or deductions in '04 vs. '05 to account for a 17k swing?
     
  23. firstshirt

    firstshirt Member+

    Mar 1, 2000
    Ellington, CT / NK, RI
    Club:
    New England Revolution
    Nat'l Team:
    United States
    had a few issues with my wife cashing in two 401k plans so we had 17k of income not taxed , pluse the wifes new job put us in a higher bracket and did not have enough taxes taken out. last years deductions were around 27k, this year 40, plus we paid 9k more in federal taxes and 5k more in state
     
  24. Matt in the Hat

    Matt in the Hat Moderator
    Staff Member

    Sep 21, 2002
    Brooklyn
    Club:
    New York Red Bulls
    Nat'l Team:
    United States
    I owe almost 3K.

    Ha Ha! Eat it Uncle Sam
     
  25. peledre

    peledre Member

    Mar 25, 2001
    Sioux Falls, SD
    Club:
    Chicago Fire
    Nat'l Team:
    United States
    Tell em thanks for the loan.
     

Share This Page