. I've been doing my taxes by myself for years, after getting tired of paying my accountant $300 or so for what I felt was a fairly simple return. He had me collect all my paperwork in an orderly little folder anyway, so I figured I could model successive tax returns on ones he'd done before, consulting with the IRS 1040 instruction booklet as needed.
Being self-employed created the need for several more schedules/forms; it was always such a hassle and of course I worried something in there might trigger an audit. So I happily decided not to do any more freelance work in 2014 now that I'm working f/t at the bank.
I relished the thought of simplifying my tax return, which I did. So Sunday I was making steady progress getting through the return, filling out all the little worksheets and schedules for itemized deductions and luckily i didn't sell any shares of my sole remaining taxable mutual fund so I didn't have to deal with capital gains or losses.
But then I got to a new line item, and a new form, for people who got a subsidy via the healthcare exchange. What I didn't realize initially is that I needed a new form, the 1095-A, to complete the new Form 8962. The IRS instructions weren't exactly crystal clear, considering this is all brand new, but it appeared that my healthcare exchange is supposed to mail me the 8962. I called them up and they confirmed I should get it and that they were a little behind schedule due to the recent snow storms.
So that will delay completion of my return, but I already knew that I'd have to pay back the $1200 in subsidies I got for the 3 months I was getting healthcare through the exchange. But I also could tell that I overpaid my federal taxes via both the agency that hired me for the contract job and the bank I work for as a perm employee to the extent that I should not owe ANYTHING to the IRS and in fact may still get a refund of about $500!
So that's good news, although I will want to adjust/increase my withholdings somewhat so not so much tax is withheld. I wish I knew of a more precise way to do that; it always seems like something of a guessing game, but right now, I have just 2 withholdings, I believe. I guess I should just increase that to 3 and see what happens?
Started taxes, got stuck
February 3rd, 2015 at 01:12 pm
February 3rd, 2015 at 02:36 pm 1422974204
http://www.irs.gov/pub/irs-pdf/p15.pdf
Most employers use the tables, but there are a couple of other methods which area also discussed in the publication. (It all starts on page 43.)
February 3rd, 2015 at 03:02 pm 1422975758
February 4th, 2015 at 02:53 am 1423018405
Hope you get your last form soon!
February 4th, 2015 at 01:15 pm 1423055715
February 5th, 2015 at 12:09 am 1423094971