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DRich
DRich
Joined: Jul 6, 2012
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April 11th, 2022 at 3:13:18 PM permalink
Hopefully everyone here has already got all of their information to their accountant as Federal taxes are due one week from today.

I am happy to say that mine were filed today and I will get a small refund. I have noticed a trend, when I am unemployed I get money back and when I am working I owe money. I don't understand why I continue to work.
Order from chaos
ThatDonGuy
ThatDonGuy
Joined: Jun 22, 2011
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April 11th, 2022 at 6:56:27 PM permalink
Refund? I wish. Thanks to quite a bit of my money being in mutual funds, which generate quite a bit of capital gain distributions, I'm lucky I don't have to make estimated tax payments every quarter. The same thing happened just before the dotcom bubble burst 20 years ago.
lilredrooster
lilredrooster
Joined: May 8, 2015
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April 12th, 2022 at 2:03:22 AM permalink
______________


I haven't had to take an IRA distribution yet but its going to be necessary soon and its going to have to be pretty big putting me in a whole other bracket

I was trying to find out by googling if you need to make estimated payments before April 15 on that

I couldn't find a good answer - I think I saw something that indicated that the IRS does not require a person to make an advance estimated payment on IRA distributions but I'm not 100% sure

anybody know the answer to this - my IRA is regular - not Roth - I should have done Roth but its too late now_______thanks for any comments or info

I've seen stuff about converting to Roth - but that won't work - that would require me to make a gigantic tax payment all at once -


.
"believe half of what you see and none of what you hear" - Edgar Allan Poe
TigerWu
TigerWu
Joined: May 23, 2016
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April 12th, 2022 at 9:10:50 AM permalink
We're getting a pretty decent refund this year. Quite a bit higher than the last few years.
The odds are 50%, but my guess is 80% accurate.
tuttigym
tuttigym
Joined: Feb 12, 2010
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April 12th, 2022 at 9:54:09 AM permalink
Quote: lilredrooster

______________


I haven't had to take an IRA distribution yet but its going to be necessary soon and its going to have to be pretty big putting me in a whole other bracket

I was trying to find out by googling if you need to make estimated payments before April 15 on that

I couldn't find a good answer - I think I saw something that indicated that the IRS does not require a person to make an advance estimated payment on IRA distributions but I'm not 100% sure

anybody know the answer to this - my IRA is regular - not Roth - I should have done Roth but its too late now_______thanks for any comments or info

I've seen stuff about converting to Roth - but that won't work - that would require me to make a gigantic tax payment all at once -


.
link to original post


I am retired and have been receiving an IRA distribution for over 10 years. The short answer to your question is no. Those funds are part of the totality of your bottom line taxable income so that the tax generated from the IRA distribution is part of the total amount of taxes due at the time you post your tax return not at the time you receive those $$$.

As an aside, I choose to receive my RMD (required minimum distribution) from my IRA's in September in one lump sum. None of my taxable income (pensions, interest, dividends, and SS) have any funds withheld for state and federal taxes, and I therefore, pay estimated taxes each year. I try to pay an amount that will not generate a huge refund or tax penalty if the amount is short. I use my RMD from my IRA to pay in one lump sum my estimated taxes and use the rest for gifting. That pre-planning allows me to file my taxes in February stress free. This year I got a surprise in that my filing actually generated an unexpected refund that I can bank.

tuttigym
unJon
unJon
Joined: Jul 1, 2018
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April 12th, 2022 at 11:43:33 AM permalink
Quote: TigerWu

We're getting a pretty decent refund this year. Quite a bit higher than the last few years.
link to original post



Congrats on making a larger than expected interest free loan to the government.
The race is not always to the swift, nor the battle to the strong; but that is the way to bet.
billryan
billryan
Joined: Nov 2, 2009
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April 12th, 2022 at 11:53:25 AM permalink
Quote: unJon

Quote: TigerWu

We're getting a pretty decent refund this year. Quite a bit higher than the last few years.
link to original post



Congrats on making a larger than expected interest free loan to the government.
link to original post



It's the patriotic thing to do.
The difference between fiction and reality is that fiction is supposed to make sense.
Ace2
Ace2
Joined: Oct 2, 2017
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April 12th, 2022 at 1:09:24 PM permalink
Quote: ThatDonGuy

Refund? I wish. Thanks to quite a bit of my money being in mutual funds, which generate quite a bit of capital gain distributions, I'm lucky I don't have to make estimated tax payments every quarter. The same thing happened just before the dotcom bubble burst 20 years ago.
link to original post

You invest in mutual funds? That's almost like playing 6:5 blackjack when there's a 3:2 table right next to it.
Itís all about making that GTA
TigerWu
TigerWu
Joined: May 23, 2016
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April 12th, 2022 at 1:15:55 PM permalink
Quote: unJon

Quote: TigerWu

We're getting a pretty decent refund this year. Quite a bit higher than the last few years.
link to original post



Congrats on making a larger than expected interest free loan to the government.
link to original post



No, it was pretty expected, just wasn't sure of the exact amount.

Quote: Ace2

You invest in mutual funds? That's almost like playing 6:5 blackjack when there's a 3:2 table right next to it.
link to original post



What is the "3:2 table" in this analogy?
The odds are 50%, but my guess is 80% accurate.
unJon
unJon
Joined: Jul 1, 2018
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April 12th, 2022 at 7:00:31 PM permalink
Quote: Ace2

Quote: ThatDonGuy

Refund? I wish. Thanks to quite a bit of my money being in mutual funds, which generate quite a bit of capital gain distributions, I'm lucky I don't have to make estimated tax payments every quarter. The same thing happened just before the dotcom bubble burst 20 years ago.
link to original post

You invest in mutual funds? That's almost like playing 6:5 blackjack when there's a 3:2 table right next to it.
link to original post



Depends on the fees.

ETA: A better analogy would be dealing a 3:2 table when the plopped would fill up a 6:5 table just the same.
The race is not always to the swift, nor the battle to the strong; but that is the way to bet.

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