Taxes

[mjarrels]

Hit it really close this year... $6.00 federal refund and owe the state $86.00. Can't get much better than this! Not bad for an old retired Navy Chief.

mark

 

[tulenutn2o]

Good job MJ. I saw a report the other day that stated, Only about half of Americans will pay federal taxes this year, but yet all these spending policies on entitlements is going through the roof. Maybe someone needs to show Washington how to balance a checkbook. Ugh let the political talk begin.Oh yea, they also are adding thousands to the payroll at the IRS to try to take more of our money.

 

[jinman]

Hit it really close this year... $6.00 federal refund and owe the state $86.00. Can't get much better than this! Not bad for an old retired Navy Chief.

mark

Mark, I managed to get a $237 refund this year after we sold two properties in 2009. I just felt lucky to not have to send more money with our return. My disability retirement from the Navy is tax free, so my SSI and what I take out of my IRAs as "play money" are the only things I have to worry about. So far, the gains on my IRAs are more than my withdrawals, so that makes me happier than getting a tax refund. Thanks to a timely purchase and sale of Ford Motor Company stock, we've had a good year.

 

[mjarrels]

Jim, I also get 10% VA disabilty but it doesn't add up to much.

mark

 

[LostInTheWoods]

I saw a report the other day that stated, Only about half of Americans will pay federal taxes this year, but yet all these spending policies on entitlements is going through the roof. Maybe someone needs to show Washington how to balance a checkbook. Ugh let the political talk begin.Oh yea, they also are adding thousands to the payroll at the IRS to try to take more of our money.

Um, yeah. Totally agree. When you have so many taking from the pot, and too much leveled on the rest, eventually those two lines on the chart will cross and the system can't go on. You can probably guess that from my signature line. But, you're right, this could get too political in a hurry...

I think of my sig line as more "philosophical" than "political"

In any event, good job MJ on figuring out a good tax balance through the year.

 

[keegs]

Rational Irrationality: Who Pays Federal Income Tax? : The New Yorker