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  1. #11
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    Sfc Ollie's Avatar
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    I'll probably talk with the accountant that does my American Legion books for free every year....
    If Zombies are chasing us, I'm tripping you.

  2. #12
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    Quote Originally Posted by gentlegiant View Post
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    It might be worthwhile for someone to check my logic.
    Makes sense and sounds logical to me but then I have someone do my taxes.
    Don't Worry. Be Happy!

    Extraram

  3. #13
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    Quote Originally Posted by Extraram View Post
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    Makes sense and sounds logical to me but then I have someone do my taxes.
    I have someone else do my taxes. I usually end up paying about a thousand dollars. I suspect that with the new tax changes, I will about break even or come out ahead. I will likely reduce my withholding accordingly.

    My taxes are generally not all that complicated except I have to show the basis for my investments. Because of that, my return may run around twenty pages or more. I failed to do it properly one year and the IRS came back and said I owed over twenty five thousand dollars. H&R Block straightened it out so that I ended up breaking even except for paying H &R Block several hundred dollars.
    Life is more fun, if you do not take it too seriously.

  4. #14
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    Quote Originally Posted by gentlegiant View Post
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    I will about break even or come out ahead.
    I know it's stupid but I use the IRS as another savings account and get around 4 to 5 grand back every year. With the interest the banks are paying today I really am not missing out on that much income. I mention banks because, IMO, I have enough invested and at some risk in the market already so come March each year it is nice getting a lump sum to play with.
    Don't Worry. Be Happy!

    Extraram

  5. #15
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    [QUOTE=Foxfyre;370698]
    Quote Originally Posted by gentlegiant View Post
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    The new tax plan kicks in this month. I am retired and have income from several sources. Air Force Retirement, Lockheed Martin Retirement, Social Security for my Wife, Social Security for me, investments for me and investments for my wife. Over time, I started withholding set amounts from each source rather than just using the number of dependents. I end up paying when I file. I am temped to just leave them like they are and see what happens and make adjustments in early 2019.

    Any one else have any ideas.[/QUOT

    It depends. If all your income does not add up to your personal exemptions plus the generously increased standard deduction, you might not owe any taxes this year. I am not really clear on how this will affect social security income as being taxable. In 2017 Hombre and I didn't have enough income above and beyond our social security so that social security was taxable. This year I'm still waiting to get the information on that, but I'm pretty sure it will be the same.
    WHAT ???????? Foxy,Social Security Payments can be TAXED!!!!!!!!!How come...steven

  6. #16
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    Quote Originally Posted by theliq View Post
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    WHAT ???????? Foxy,Social Security Payments can be TAXED!!!!!!!!!How come...steven
    It is complicated. SS is taxed on a sliding scale depending on your other income.
    Life is more fun, if you do not take it too seriously.

  7. The Following User Says Thank You to gentlegiant For This Useful Post:

    theliq (01-19-2018)

  8. #17
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    [QUOTE=theliq;371134]
    Quote Originally Posted by Foxfyre View Post
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    Quote Originally Posted by gentlegiant View Post
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    The new tax plan kicks in this month. I am retired and have income from several sources. Air Force Retirement, Lockheed Martin Retirement, Social Security for my Wife, Social Security for me, investments for me and investments for my wife. Over time, I started withholding set amounts from each source rather than just using the number of dependents. I end up paying when I file. I am temped to just leave them like they are and see what happens and make adjustments in early 2019.

    Any one else have any ideas.[/QUOT

    It depends. If all your income does not add up to your personal exemptions plus the generously increased standard deduction, you might not owe any taxes this year. I am not really clear on how this will affect social security income as being taxable. In 2017 Hombre and I didn't have enough income above and beyond our social security so that social security was taxable. This year I'm still waiting to get the information on that, but I'm pretty sure it will be the same.
    WHAT ???????? Foxy,Social Security Payments can be TAXED!!!!!!!!!How come...steven
    How come? Because liberal Democrats put it into the tax code and we haven't had anybody in Congress or the White House with the courage or integrity to take it out. That makes it really tough on those receiving very modest social security benefits though.
    Only the mediocre are always at their best.

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    Extraram (01-20-2018)

  10. #18
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    Part of my social security is always taxable..... However I haven't even had to file Ohio State tax in years because they don't tax my military retirement.
    If Zombies are chasing us, I'm tripping you.

  11. The Following User Says Thank You to Sfc Ollie For This Useful Post:

    theliq (01-19-2018)

  12. #19
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    [QUOTE=Foxfyre;371139]
    Quote Originally Posted by theliq View Post
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    Quote Originally Posted by Foxfyre View Post
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    WHAT ???????? Foxy,Social Security Payments can be TAXED!!!!!!!!!How come...steven
    How come? Because liberal Democrats put it into the tax code and we haven't had anybody in Congress or the White House with the courage or integrity to take it out. That makes it really tough on those receiving very modest social security benefits though.
    Amazing !!!!!

  13. #20
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    Worked on my taxes today and so far because I am now single and my household income dropped by roughly $4000 a year, My taxes went up roughly $1700..... Where's my tax break? And how the hell do they figure this -$@!?

    If Zombies are chasing us, I'm tripping you.

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