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Tax Season 2012: Work No Longer Pays

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  • #1

    Tax Season 2012: Work No Longer Pays

    Sadly, we don't get a free $400 per person from the US government this year. On top of that, there's a new form for those that have sold stock (Schedule D-1 is gone).

    Further discussions expected to ensue.
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  • #2
    Re: Tax Season 2012: Work No Longer Pays

    Originally posted by FlagDUDE08 View Post
    Sadly, we don't get a free $400 per person from the US government this year.
    Nothing we get from the US government is "free." We have to pay interest on it forever.
    "Hope is a good thing; maybe the best of things."

    "Beer is a sign that God loves us and wants us to be happy." -- Benjamin Franklin

    "Being Irish, he had an abiding sense of tragedy, which sustained him through temporary periods of joy." -- W. B. Yeats

    "People generally are most impatient with those flaws in others about which they are most ashamed of in themselves." - folk wisdom

    Comment

    • #3
      Re: Tax Season 2012: Work No Longer Pays

      Originally posted by FreshFish View Post
      Nothing we get from the US government is "free." We have to pay interest on it forever.
      A lot of people don't really care as long as they get theirs now.
      Originally posted by Priceless
      Good to see you're so reasonable.
      Originally posted by ScoobyDoo
      Very well, said.
      Originally posted by Rover
      A fair assessment Bob.

      Comment

      • #4
        Re: Tax Season 2012: Work No Longer Pays

        I wonder how many people will now have to pay a tax penalty because they were expecting that $400 credit.

        I also love how people are complaining about someone who makes the majority of their money through bank interest, dividends, buying/selling stock, and royalty distributions. I'd love to see what their 1040 form entails at the time they retire. It'll probably look pretty similar.

        Comment

        • #5
          Re: Tax Season 2012: Work No Longer Pays

          Originally posted by Bob Gray View Post
          A lot of people don't really care as long as they get theirs now.
          Case in point, 99% of Baby Boomers.
          **NOTE: The misleading post above was brought to you by Reynold's Wrap and American Steeples, makers of Crosses.

          Originally Posted by dropthatpuck-Scooby's a lost cause.
          Originally Posted by First Time, Long Time-Always knew you were nothing but a troll.

          Comment

          • #6
            Re: Tax Season 2012: Work No Longer Pays

            Originally posted by FlagDUDE08 View Post
            I wonder how many people will now have to pay a tax penalty because they were expecting that $400 credit.

            I also love how people are complaining about someone who makes the majority of their money through bank interest, dividends, buying/selling stock, and royalty distributions. I'd love to see what their 1040 form entails at the time they retire. It'll probably look pretty similar.
            I don't think so. Assuming BHO is re-elected, I understand that he plans to push really hard to implement tax simplification using a slimmed-down 1040, with only two lines:

            1) How much income did you have last year?
            2) Send it all to me.
            "Hope is a good thing; maybe the best of things."

            "Beer is a sign that God loves us and wants us to be happy." -- Benjamin Franklin

            "Being Irish, he had an abiding sense of tragedy, which sustained him through temporary periods of joy." -- W. B. Yeats

            "People generally are most impatient with those flaws in others about which they are most ashamed of in themselves." - folk wisdom

            Comment

            • #7
              Re: Tax Season 2012: Work No Longer Pays

              I love having an accountant for a father.

              I'm filing single and 0, so I usually get a pretty hefty interest free loan to the government refund. Bought a house last year, so I should get a little more on top of that from interest.
              Michigan Tech Huskies Pep Band: There's No Use Trying To Talk. No Human Sound Can Stand Up To This. Loud Enough To Knock You Down.

              Comment

              • #8
                Re: Tax Season 2012: Work No Longer Pays

                You know, if people wanted to really go after banking corporations with loans, they REALLY should go after the government and itemized deductions as well. I wonder how many people out there actually make minimum on-time payments on their mortgages just to claim the deduction on taxes... they're losing more money doing that. Of course, if you can find an investment that pays a dividend at 118% your interest rate, all the better to put your surplus money there.

                Comment

                • #9
                  Re: Tax Season 2012: Work No Longer Pays

                  Ok, silly tax question here. My student load got transferred over from Citi to Sallie May this fall. Clearly I didn't have a choice in the matter I believe. Would have just rathered to stay with Citi. Anyways, what I was wondering is do I need an end of the year statement from both Citi and Sallie May, or do I just need the one from Sallie May??
                  bueller: Why is the sunset good? Why are boobs good? Why does Positrack work? Why does Ferris lose on the road and play dead at home?

                  It just happens.

                  nmupiccdiva: I'm sorry I missed you this weekend! I thought I saw you at the football game, but I didn't want to go up to a complete stranger and ask "are you Monster?" and have it not be you!

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                  Life is active, find Balance!massage therapy Ann Arbor

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                  • #10
                    Re: Tax Season 2012: Work No Longer Pays

                    Originally posted by bigmrg74 View Post
                    Ok, silly tax question here. My student load got transferred over from Citi to Sallie May this fall. Clearly I didn't have a choice in the matter I believe. Would have just rathered to stay with Citi. Anyways, what I was wondering is do I need an end of the year statement from both Citi and Sallie May, or do I just need the one from Sallie May??
                    You need the total amount of loan interest you paid in 2011. You might get a 1099 from each.
                    "Hope is a good thing; maybe the best of things."

                    "Beer is a sign that God loves us and wants us to be happy." -- Benjamin Franklin

                    "Being Irish, he had an abiding sense of tragedy, which sustained him through temporary periods of joy." -- W. B. Yeats

                    "People generally are most impatient with those flaws in others about which they are most ashamed of in themselves." - folk wisdom

                    Comment

                    • #11
                      Re: Tax Season 2012: Work No Longer Pays

                      Originally posted by FreshFish View Post
                      You need the total amount of loan interest you paid in 2011. You might get a 1098-E from each.
                      FYP. I'm not sure how the government refinancers work, as I've never had to use them, so I'm not sure if Sallie sends one. Bigmrg, you'll definitely need one from Citi. If you've been paying them online (checking, OK the name isn't Brent ), you should be able to download the 1098 information from your account. However, if your adjusted gross income before this deduction is more than $75,000, don't bother, because you won't be eligible to claim the deduction.

                      Comment

                      • #12
                        Re: Tax Season 2012: Work No Longer Pays

                        Originally posted by FlagDUDE08 View Post
                        You know, if people wanted to really go after banking corporations with loans, they REALLY should go after the government and itemized deductions as well. I wonder how many people out there actually make minimum on-time payments on their mortgages just to claim the deduction on taxes... they're losing more money doing that. Of course, if you can find an investment that pays a dividend at 118% your interest rate, all the better to put your surplus money there.
                        A lot of Americans don't seem to understand basic accounting. Getting a portion of your interest back in a mortgage deduction doesn't mean you didn't pay a lot more than that in interest to begin with, the vast majority of which isn't coming back to you.
                        Originally posted by Priceless
                        Good to see you're so reasonable.
                        Originally posted by ScoobyDoo
                        Very well, said.
                        Originally posted by Rover
                        A fair assessment Bob.

                        Comment

                        • #13
                          Re: Tax Season 2012: Work No Longer Pays

                          Originally posted by Bob Gray View Post
                          A lot of Americans don't seem to understand basic accounting. Getting a portion of your interest back in a mortgage deduction doesn't mean you didn't pay a lot more than that in interest to begin with, the vast majority of which isn't coming back to you.
                          Considering the number of people that hire tax professionals... yeah.

                          I would honestly feel dumber if I was forced to use tax software and eFile.

                          Comment

                          • #14
                            Re: Tax Season 2012: Work No Longer Pays

                            Originally posted by Bob Gray View Post
                            A lot of Americans don't seem to understand basic accounting. Getting a portion of your interest back in a mortgage deduction doesn't mean you didn't pay a lot more than that in interest to begin with, the vast majority of which isn't coming back to you.
                            Thank the Deity that they never succeeded with the idea to tax imputed rental income for homeowners!


                            While many Americans don't understand accounting, it seems like far fewer understand economics and the role of opportunity cost.

                            I don't mind paying interest on my mortgage because I really like the house we live in. The enjoyment is worth it.
                            "Hope is a good thing; maybe the best of things."

                            "Beer is a sign that God loves us and wants us to be happy." -- Benjamin Franklin

                            "Being Irish, he had an abiding sense of tragedy, which sustained him through temporary periods of joy." -- W. B. Yeats

                            "People generally are most impatient with those flaws in others about which they are most ashamed of in themselves." - folk wisdom

                            Comment

                            • #15
                              Re: Tax Season 2012: Work No Longer Pays

                              Originally posted by FreshFish View Post
                              I don't mind paying interest on my mortgage because I really like the house we live in. The enjoyment is worth it.
                              But why pay more in total than you have to? Throw a few extra bucks at the principal, and the total amount of interest you'll have to pay goes down!

                              Comment

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