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Taxes: The waiting game

January 28, 2009

I am still waiting on two tax forms: a W-2 from my job in the Midwest (where I worked for 2 weeks in 2008 ) and something regarding opening a rollover IRA.  I’m annoyed because I have all these forms and all this stuff that happened in 2008, but it was all tax neutral.  Yet I need to dot my i’s and cross my t’s and let the IRS know exactly what I did.

I have HSA forms for distributions from my two health savings accounts (federal tax neutral, but California still wants to tax me), a 1099-T for tuition (even though I had tax-free employer paid tuition), two 1099-R’s for a 401k to IRA rollover and a pension distribution (previous job).  Plus I have to file two state returns (turbo tax suggest they are $40 each–no thanks!).  I also moved for a job, but my moving expenses were covered and mostly tax assisted, so I don’t think I need to do much with that.

Though I’m fairly certain I know what the result of these actions are (no change in refund), it is complicated to list them all.

My plan is to go click through both TurboTax and TaxAct and make sure I get the same results.  I think TaxAct is less expensive for the state returns, and I’ve used them for a couple years now (turbotax seems much more user friendly).  Preliminary results project a refund of about $500-$1000, but I can’t be sure until I get that other W-2 and fill out my state returns.

11 Comments leave one →
  1. January 28, 2009 2:12 pm

    Oh how we all love tax season. I just wrote about my HORRIBLE experience I had last year with filing my taxes. Glad you’re getting them organized early, as April 15th will creep up on us all very quickly if we’re not careful.

    Good luck! 🙂

  2. January 28, 2009 3:03 pm

    I just started looking at my taxes too. I’m secretly pleased that it looks like I’ll be getting a decent refund. I know the personal finance experts always say not to, but there’s just something about getting a big chunk of cash that is irresistable.

    Do you know what to do with the forms from schools for tuition you didn’t pay yourself? I was just planning on ignoring mine, since they didn’t include the tuition on my W2.

  3. January 28, 2009 3:12 pm

    Good luck with your taxes SP. Ours are pretty simple so we’ve always done them ourselves also. Never tried TurboTax though, not sure I could possibly get any more money back though to justify the expense.

  4. January 28, 2009 3:21 pm

    I’m beginning to think about taxes and I’m sort of dreading them. I think I have most of my paperwork in order, but I rented out my house this year and I’m just hoping that I have everything covered for that.

  5. January 28, 2009 3:25 pm

    Yeah, I always do mine ASAP. I’m a dork.

    @PA – No, I couldn’t figure out what to do with them for sure. I entered them in taxact in such a way that I said I paid (numbers made up) $5000 in tuition and received $5000 in tax free assistance (it was reported as ‘scholarship’ on a 1099-T). TurboTax seemed to ignore them entirely. Like I said, I know it is tax neutral, I’m just not sure how the IRS wants to hear about it (if they do). I like getting a small refund too.

    @bayoujosh – I think that you can run your (federal only) numbers in turbotax without paying and see if they come up with the same thing you do.

  6. January 28, 2009 3:31 pm

    oh man, i CANNOT wait to get all mine in too! I literally *just* finished getting my stuff organized and now that i know what i’m waiting for – it’s on like Donkey Kong!

    Esp since i have an accountant do them 😉 sure i pay her, but the excitement of having someone else do them and wondering how much i get back is aweeeeeesome to the max! haha…Hope you get them soon!

  7. January 28, 2009 4:47 pm

    Just downloaded my ING Direct forms, now I need the company to send me a contractor 1099 and I’m set for the races! I’ve got the estimates but I’d much rather have everything in hand and get it done in one go.

    Er, that and need to print out my tracked tax-deductible expenses. Very excited to get started!

  8. January 28, 2009 6:29 pm

    I am waiting on my W-2 from my on-campus job, which I did not pay taxes on from February-May 2008, but am expecting a refund, too.

    My first time doing taxes! I will be using TaxACT as I need to file a state return for CA.

  9. January 29, 2009 7:20 am

    @SP – While I love reading your blog (and I’ll keep my RSS sub), I’m looking to start reading a new blog. Since my wife and I are both in our late 20’s and have two small kids, we’re interested in reading a pf blog from someone in a similar situation. Any suggestions? I’ve poked around, but haven’t really found much. Maybe some of your readers could throw out some ideas too.

    Thanks for the help!

  10. January 29, 2009 7:31 am

    If your taxes are simple you can download the forms and paper file. I never used tax software until I bought a house and suddenly had itemized deductions to deal with. I did a 1040 EZ for years.

    @BayouJosh – Wide Open Wallet, similar age w/2 young kids
    My 3 dogs cost as much as kids does that count 😉 The other bloggers I can think of with kids are probably at least 10 years older than you.

  11. January 29, 2009 8:06 am

    My taxes aren’t that simple this year, and I can’t use the 1040 EZ because of… I forget which thing I mentioned above, but one of them prevents it. The federal ones shouldn’t be TOO bad.

    Actually, you can e-file for free on the irs web page if you don’t go through tax software.

    @bayoujosh – I can’t think of many–I most read blogs of other 20-something single females. Ha. Trent at the simple dollar I think is in his 20s. I’ll see if anyone has any suggestions for you!

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