# Will you receive a refund or pay additional taxes for 2017?



## Lon (Feb 23, 2018)

Just curious to know the tax status of our U.S. seniors on this forum. I have just finished my taxes and have filed on line.
Happy to say that I will get a refund deposited to my checking account.


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## James (Feb 23, 2018)

I'm Canadian and fortunately I am able to income split with my spouse who doesn't have a pension, so this year it should be a refund!


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## Don M. (Feb 23, 2018)

I filed on Jan 29th...both Federal and State.  I got the Federal refund about 10 days later, and the State about a week after that.  Both checks are in the bank.


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## Bullie76 (Feb 23, 2018)

Won't look at it until mid March. If I get a refund it won't be much. I'll just apply to 2018's est tax payments.


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## Aunt Bea (Feb 23, 2018)

This year I will probably have to pay a small amount because distributions from some of my mutual funds were higher than normal, we'll see.


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## terry123 (Feb 23, 2018)

Will get a 500 refund


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## AZ Jim (Feb 23, 2018)

terry123 said:


> Will get a 500 refund


Ca I borrow a few bucks Terry??


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## ProsperosDaughter (Feb 24, 2018)

My electronic returns were accepted on 2/13. I received the state refund 2/16 direct deposit. Still waiting for the Fed refund. Last year it arrived exactly four days after the state.


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## OneEyedDiva (Apr 18, 2018)

Due to investment income, I had to pay more than double what I did at filing last year to the IRS ! I pay no state income taxes at all.


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## Aunt Bea (Apr 18, 2018)

I mailed my tax payments and the extension forms yesterday, the taxes won't actually be ready for filing until the end of the month.

My Federal tax, estimated payment, was about double this year too! Some of that was due to larger than normal distributions from mutual funds in 2017. The main portion of the increase was the government recapture of my Affordable Care Act subsidy in 2017, due to the increased investment income. I hate writing checks to the IRS but I'm glad to see that the government is reviewing the subsidies and adjusting them where appropriate.

I'm waiting to see what the accountant gives me for 2018 estimates based on the new tax laws.

_"Just pity all those millionaires, they never can relax_
_Because they’re always worryin’ about their income tax ..." - _Elvis Presley ​


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## Robusta (Apr 18, 2018)

We got a small refund on federal and it was a zero sum game as NY taxes neither our SS or our pensions.


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## terry123 (Apr 18, 2018)

AZ Jim said:


> Ca I borrow a few bucks Terry??


 Sorry, Jim. Can't do it right now. Got some dental work to finish paying!!!


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## Keesha (Apr 18, 2018)

We will be getting a good refund but we do every year. While I’m retired, my husband isn’t.


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## Keesha (Apr 18, 2018)

terry123 said:


> Sorry, Jim. Can't do it right now. Got some dental work to finish paying!!!



And dental work is pricey. I got some work done also. :grin:


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## moviequeen1 (Apr 18, 2018)

No refunds for me,instead doing quarterly est taxes


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## fmdog44 (Apr 18, 2018)

I have not had a refund in decades.


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## jujube (Apr 18, 2018)

I got a nice refund.  It's a good feeling, even though it's just a case of _"intaxication_" (the euphoria felt upon getting your tax refund until you realize that it was your money to begin with).


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## KingsX (Apr 18, 2018)

.

Neither.  

I keep my income under the IRS threshold and don't have to file a tax return.

Thanks to the new tax law,  in 2018, that IRS income threshold is much higher.


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## Knight (Apr 19, 2018)

very small refund. our income is fairly constant so calculating the percent to cover taxes is easy. one of those situations where planning for a comfortable retirement means paying a hefty amount of federal taxes. thankfully part of the planning included retiring where the state doesn't tax pensions, soc. sec. or required distributions.


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## KingsX (Apr 19, 2018)

Knight said:


> very small refund. our income is fairly constant so calculating the percent to cover taxes is easy. *one of those situations where planning for a comfortable retirement means paying a hefty amount of federal taxes.* thankfully part of the planning included retiring where the state doesn't tax pensions, soc. sec. or required distributions.




My tax situation is the total opposite.  I planned my retirement by paying off all debt including my house,
so I could live comfortably on a small income so I pay little or no federal taxes for the first 15 years of my
retirement.  I already lived in a state that has no state income tax.  When I turn 70 1/2 my taxes will go up 
[up from nothing which means my taxes will still be low] due to the federal required minimum distribution.

.


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## ancient mariner (Apr 19, 2018)

What kind of income do you have? We get Social Security, both of us, I get a small pension from JCPenny and we get VA compensation .  We don't pay taxes on any of it.  Haven't filed in years.  We don't pay property tax either.  No medical bills or prescription costs.  Combat related disability has its perks.


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## Buckeye (Apr 19, 2018)

Efiled Tuesday and mailed IRS a check for a little over 8k.  First time in my life I've ever filed as single.  Bummer.


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## Knight (Apr 19, 2018)

ancient mariner said:


> What kind of income do you have? We get Social Security, both of us, I get a small pension from JCPenny and we get VA compensation .  We don't pay taxes on any of it.  Haven't filed in years.  We don't pay property tax either.  No medical bills or prescription costs.  Combat related disability has its perks.



2 pension checks, 2 soc. sec checks, 2 traditional ira mrd's  2 self directed mrd's, plus  tax on other investments. no mortgage or medical expense deductions. pretty much this is what comes in and this is what the federal goverment wants out of that.


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## KingsX (Apr 19, 2018)

Knight said:


> *2 pension checks*, 2 soc. sec checks, 2 traditional ira mrd's  2 self directed mrd's, plus  tax on other investments. no mortgage or medical expense deductions. pretty much this is what comes in and this is what the federal goverment wants out of that.





I had the option of getting a pension check or a lump sum.
I chose a lump sum which I rolled over into a tax deferred IRA
as I did my 401k.  Eleven years into retirement, both of them
are still earning tax referred.

.


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## Knight (Apr 20, 2018)

KingsX said:


> I had the option of getting a pension check or a lump sum.
> I chose a lump sum which I rolled over into a tax deferred IRA
> as I did my 401k.  Eleven years into retirement, both of them
> are still earning tax referred.
> ...



retiring at age 54 with the pensions as part of our finances to pay for utilities and general living expenses. it also made it possible to hold off until 70 and 1/2 to be forced into the mrd. 24 years so far which exceeds the lump sum we would have received. and yes i know the potential for a gain would have been possible, but need at the time ruled out what you did.  now we invest that, not for ourselves but for our sons. soc. sec. is for fun money or as i like to think of it as helping the local economy. hoarding money is not a healthy way to live.


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## Lethe200 (Apr 22, 2018)

Surprisingly, we got a modest Fed refund for 2017 despite having a rise in taxable income. State was owed a small amount; CA does not like to over-withhold and will not do so even if you request it. 

I started my SocSec check in March so needed to see the tax adviser later than we usually do, so he could give us an estimate of whether we are withholding enough for the 2018 tax year, since there are now 5 tax brackets instead of only 3. Very relieved to find we are okay for 2018 as well.


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## debodun (Apr 27, 2018)

A substantial refund, if my preparer ever gets around to filing it.


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## jujube (Apr 27, 2018)

Years ago, my mom filed and received a modest refund.  

She cashed the check (thankfully making a copy of it first) and went on with life.  Several months later, she gets a notice from the IRS that she hadn't filed her taxes and was going to be penalized.  

She called them and said that not only had she filed in a timely manner, but she had received a refund check and read off the check into to them.  Nope, you.didn't.file!  We have no record of you filing.  Well, what the hell was that check for, then?  "We'll get back in touch with you".  She never heard from them again.  

About 40 years ago, I received a refund check which I promptly cashed.  Then about a week later, I received another refund check.  I called the IRS.  Of course, they knew nothing about it.  Well, shall I mail it back?  No, don't mail anything until you are instructed by letter.  A month passes, two months, three months, no letter.  I call again...same song and dance.  Every month for the next year I called.  "Wait til you hear from us"  Finally, I sent the check back registered mail.  Guess what?.....I never heard from them.


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