magical thyme (6,381 posts)
Uh-oh! this is the 1st year in many that I've owed taxes
and it looks to me like they've made a big change to the long form somewhere along the way. I've been filing the EZ forever (or as long I can remember...there was a time when I had deductions but it's been a long time). But this year to file my taxes free online this year, I ended up with a plain 1040.
I had to file in a hurry to re-apply for my student loan IBR, so I just did what I needed to do. But this morning I was looking through the form for future reference, seeing if there would be any retirement/age-related deductions.
And I discovered line 50. I've been living paycheck to paycheck for so long, I haven't had anything left to put into a retirement fund, although I've been coming close this year. But what I just realized is if I'd been able to, I could have wiped out my entire federal taxes. Just $400 more than my taxes would put me at the minimum to open an ira with the client at one of my part time jobs.
I think if I can scrape up the money to do that in time, then I can file an amended return and get a refund on my payments.
So on the one hand, I have a bunch more paperwork in my future. Craps. I wish I'd had more time to find this out. I didn't get my W2s until early February, and had only until mid-Feb to get my IBR filed.
On the other hand, instead of supporting the war machine, I'll be saving for myself!!!!!
magical thyme (6,381 posts)
And I discovered line 50. I've been living paycheck to paycheck for so long, I haven't had anything left to put into a retirement fund, although I've been coming close this year. But what I just realized is if I'd been able to, I could have wiped out my entire federal taxes. Just $400 more than my taxes would put me at the minimum to open an ira with the client at one of my part time jobs.
I think if I can scrape up the money to do that in time, then I can file an amended return and get a refund on my payments.
So on the one hand, I have a bunch more paperwork in my future. Craps. I wish I'd had more time to find this out. I didn't get my W2s until early February, and had only until mid-Feb to get my IBR filed.
On the other hand, instead of supporting the war machine, I'll be saving for myself!!!!!
I wish I'd had more time to find this out. I didn't get my W2s until early FebruaryYou had the time, Magic Herb, you just failed to use it.
instead of supporting the war machine, I'll be saving for myself!!!!!
magical thyme (6,384 posts) Jan 24, 2012
7. waiting on the university form
for education credit. I'm low income, so will get back all the fed income taxes I paid, along with ~$1,000 education credit. The state refund will be miniscule by comparison, but at least their online form is simple and works.
Unless my memory is faulty, all the information on his W2 is on his pay stubs, just in small increments. Save the pay stubs all year, or transfer the information on those stubs to some sort of spreadsheet, and behold! all the information he needs and doesn't need to whine about not enough time.You had the time, Magic Herb, you just failed to use it.
The DUmp, the biggest collection of stupid people on the internet. They think they are super smart but keep losing in the game of life. No wonder they think everyone is cheating. What else could it be.