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Thread: Hooray! My Income Taxes Are Done. Now It's Time to Play

  1. #1


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    Hooray! My Income Taxes Are Done. Now It's Time to Play

    I received confirmation that the IRS accepted my e-filed federal return on Thursday, and my e-filed state return was accepted a day later. I'm actually about 4 days later than last year in getting my taxes done, but I didn't get my final 1099's from the brokerage firms until mid Feb.

    This was a strange tax year. Even though my adjusted gross income was thousands more than last year, I will be getting a federal return that's over two thousand more than last year. I didn't change my withholding amounts except due to the small increase on social security. I keep the same withholding percentage as last year. Reason for the big refund even though AGI was higher was due to the large capital gain I had this year and the much smaller blackjack win. The capital gain was taxed at zero percent.

    My worrying about going into a higher income tax bracket was all for nothing. I forgot that social security is taxed at a max of 85% and in my estimating I was including the entire social security as income. Both this year and last my social security was taxed at the max of 85%.

    Overall between federal and state refunds, I will be getting over $9,000 back. Can't wait until 21forme jumps in and says what a dumb ass I am. Nothing like letting the federal government have an interest free loan for a year. Problem is I really don't know how much blackjack winnings will be until the year is over.

    Anyway, shoveled for an hour last night. All the snow work is caught up, and its not suppose to snow for another week. Just maybe its time to get out there and do some playing.

  2. #2


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    Thank you for providing our government with an interest-free loan. That's very patriotic of you.

    I've only partially done my taxes as I'm waiting for some K-1's which usually don't arrive until the end of March. As usual, I will owe money, so I have no incentive to file before 4/15.

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