Tax Deadline vs being Retired - Sitcoms Online Message Boards

GentlemanJim · 04-15-2022, 12:24 PM

Having retired in early 2020, this is the first year since 1973 that "tax season" has been stress free for me. Even in the years where I either didn't owe, or was entitled to a refund, were still stressful in having to correctly dot all the i's and cross all the t's for the central authority. So, this year it's been nice being able to watch all the ~IRS horror story~ commercials with a tongue planted firmly in cheek.

And then the state throws an unexpected curve ball. Since Indiana experienced a big operating surplus last year, they are paying a $125 tax refund to all taxpayers for 2021.

How nice after all these years, they offer such a generous gesture only after I no longer qualify for it?

PaperClips · 04-15-2022, 12:34 PM

You should always file taxes even if you don't owe anything. If they give another stimulus check, etc. you will need to have your taxes on file to qualify. It's pretty easy to file individual taxes. I have an LLC so need an accountant for that end of it, but I can file my individual taxes in about a half an hour. It's not that hard.

If you need to file 2021 taxes to get the refund, you have until Monday to either file or get an extension (free). You can file for an extension (on-line or post-marked on Monday) and file later. I think they give you until October to file with the extension but it really shouldn't take very long to file a non-complicated return.

GentlemanJim · 04-15-2022, 12:52 PM

I've always had unique circumstances that necessitated the long form with supporting schedules...so i've never been a "1040-ez" kind of guy

And I had multiple semesters of accounting in college, so it's not the technical difficulty that I've always loathed...math is just math.
It's the being scrutinized by an all-powerful entity on matters where I may have employed "creativity" that was the source of stress.

Happy to no longer be required to bow to the central authority.

PaperClips · 04-15-2022, 02:09 PM

Quote:

Originally Posted by GentlemanJim

I've always had unique circumstances that necessitated the long form with supporting schedules...so i've never been a "1040-ez" kind of guy

And I had multiple semesters of accounting in college, so it's not the technical difficulty that I've always loathed...math is just math.
It's the being scrutinized by an all-powerful entity on matters where I may have employed "creativity" that was the source of stress.

Happy to no longer be required to bow to the central authority.

To each his own, but if you don't file, lets assume it takes you an hour to file, that is $126.00 an hour you would make. I wouldn't let that sit there. And, if you don't owe any taxes, why wouldn't you get that money? But again, I understand if you don't want to deal with it.

GentlemanJim · 04-15-2022, 03:00 PM

Quote:

Originally Posted by PaperClips

To each his own, but if you don't file, lets assume it takes you an hour to file, that is $126.00 an hour you would make. I wouldn't let that sit there. And, if you don't owe any taxes, why wouldn't you get that money? But again, I understand if you don't want to deal with it.

I suspect that I may have been unclear. The refund is for "Taxpayers"

I was a taxpayer thru 2020, but did not earn one dime in "taxable" income in all of 2021. So my change in status is what's shutting me out.

Not being "required" to file, might be a case of me trying to see a silver lining.

LOL, I thought about lying and saying I had just enough income to get zeroed out by the standard deduction.....but not having a w-2 nor with holding to back up the claim, I'd have to file as self employed, and the self employment tax is figured before any deductions can be applied.

So, I'd be stuck paying 13% of what I claimed to have earned, regardless.

Any future stimulus payments can be paid to the same direct deposit that I get my SS payments made to.

Caroline13 · 04-15-2022, 03:53 PM

The 2 stimulus payments I received was from the Feds via SS that I've collected for 18 yrs...I have not filed in 18 yrs and the state stim I did not get but does not matter, as I'm so happy to be out of the System.

treky · 04-16-2022, 02:22 AM

I don't pay taxes because I'm on disability (SSDI)

04-15-2022, 12:24 PM	#1
GentlemanJim Concerns, Support, & Feedback Forum Veteran Join Date: Dec 26, 2019 Location: The back country Posts: 5,443	Tax Deadline vs being Retired Having retired in early 2020, this is the first year since 1973 that "tax season" has been stress free for me. Even in the years where I either didn't owe, or was entitled to a refund, were still stressful in having to correctly dot all the i's and cross all the t's for the central authority. So, this year it's been nice being able to watch all the ~IRS horror story~ commercials with a tongue planted firmly in cheek. And then the state throws an unexpected curve ball. Since Indiana experienced a big operating surplus last year, they are paying a $125 tax refund to all taxpayers for 2021. How nice after all these years, they offer such a generous gesture only after I no longer qualify for it?
	__________________ On my word as a gentleman!

04-15-2022, 03:53 PM	#6
Caroline13 Member Forum Star Join Date: Jan 30, 2021 Location: So Calif Posts: 14,483	The 2 stimulus payments I received was from the Feds via SS that I've collected for 18 yrs...I have not filed in 18 yrs and the state stim I did not get but does not matter, as I'm so happy to be out of the System.
	__________________ Inexpensive Health Insurance = Grape Seed Extract Keep It Simple

04-16-2022, 02:22 AM	#7
treky star trek fan Eternal Member Forum Star Join Date: Feb 25, 2002 Location: Conshohocken, pennsylvania Posts: 14,490	I don't pay taxes because I'm on disability (SSDI)
	__________________ the Clampetts are in a fancy Beverly Hills jewelry store. Granny points to a tray of rubies. Granny: "How much fer one o' them red diamonds?" clerk: "Madam, those are rubies." Granny: "OK ask her kin we buy one offa her." clerk: " The ruby I am talking about is not a lady." Granny: "Lissen, how she got them diamonds is her business. I'm just sayin' ask her kin we buy one from her."

04-15-2022, 12:34 PM	#2
PaperClips Member Frequent Poster Join Date: Feb 09, 2021 Posts: 316	You should always file taxes even if you don't owe anything. If they give another stimulus check, etc. you will need to have your taxes on file to qualify. It's pretty easy to file individual taxes. I have an LLC so need an accountant for that end of it, but I can file my individual taxes in about a half an hour. It's not that hard. If you need to file 2021 taxes to get the refund, you have until Monday to either file or get an extension (free). You can file for an extension (on-line or post-marked on Monday) and file later. I think they give you until October to file with the extension but it really shouldn't take very long to file a non-complicated return.

04-15-2022, 12:52 PM	#3
GentlemanJim Concerns, Support, & Feedback Forum Veteran Join Date: Dec 26, 2019 Location: The back country Posts: 5,443	I've always had unique circumstances that necessitated the long form with supporting schedules...so i've never been a "1040-ez" kind of guy And I had multiple semesters of accounting in college, so it's not the technical difficulty that I've always loathed...math is just math. It's the being scrutinized by an all-powerful entity on matters where I may have employed "creativity" that was the source of stress. Happy to no longer be required to bow to the central authority.