Income Taxes - I Learned Something!!

[RCW]

Been doing my own forever, and used software last 10 years.

Two kids are no longer dependents as of 2015, so did some early tinkering, as usual.

After adding income stuff, etc., said we owed feds $250, ON TOP OF THE HUGE WITHHOLDINGS WE ALREADY DO!!! Damn, we always get something back, just figured not so much with 2 less deductions........

Played around for a bit, got to the Section that asks about medical coverage. Checked the box that said all in household covered - immediately said refund due of $2,400!!!

While it may change, at least I'm on the right side of $0!!!

Pay attention to that section when doing your own taxes! I know I have done that section correctly in the past; it's just easy to overlook!!

I'm tickled with that so far, but it's something when the gubbermint tells you to buy something, or get penalized.

Socialism at its best....

 

[Kennyd4110]

Yep...and you'll need a new form to PROVE you are covered.

https://www.irs.gov/Affordable-Care...erage-Documentation-for-the-Tax-Filing-Season

Fundamental Transformation at it's finest

 

[RCW]

Kenny -

I know a lot of this stuff is new, but I felt like an idiot. My wife would agree with that.

I was sputtering the other day after tinkering (we were -$1,100 then), and before I had some real W-2 data.

What really shocked me was the how big the difference was. Now maybe it was just the HR Block updating/catching up to other changes, but that was the only recent change......

They say the "Cadillac Tax" will really hook folks a few years from now. Now your W-2 has total premium value on it, and the feds will also have more information on the 1095's.

Big Brother is watching.................and it scares me........

 

[Kennyd4110]

Big Brother is watching.................and it scares me........

Me too RCW, me too

 

[Diydave]

If they have been holding YOUR $2400 all year, and not getting any interest on it, are you really ahead?

 

[RonBoyBX25D]

Low return, but I like to get something back & not have to send them anything extra.

I am a poor investor for sure.

 

[GaryL]

If they have been holding YOUR $2400 all year, and not getting any interest on it, are you really ahead?

I pay for my boat dock in the spring, and yard preps for the year, so I use the IRS as my Spring Christmas Club. This way, I don't spend it on something else and have to come up with $6,000 in the spring. It just works for me.