2020 Taxes

  • Fanatics -

    Thank you for your patience today and welcome to the newest version of Cyclone Fanatic!

    Most of the changes we have made are very simple, but will greatly improve your user experience while visiting the website.

    We have upgraded our forum software to speed things up. Our homepage is much cleaner and should be even more mobile friendly than before.

    We appreciate your loyalty and are committed to not only keeping Cyclone Fanatic in tip-top shape, but continuing to build this community for the next decade and beyond.

    We ask that if you are experiences any glitches to let us know in this thread . Will will be diligently working on the site all day.

    Thanks again.

    Chris Williams - Publisher

KnappShack

Well-Known Member
May 26, 2008
11,538
11,391
113
Parts Unknown
I've used TurboTax for the better part of a decade now. Every year I see the cost and think I'll do it myself. And every year I just say screw it and let the computer spit it out for me.
Especially now. With the SALT cap I can't even play around with the Schedule A. Sold my rental property a few years back

I should go back to a paper form that I pick up from the library. It's that straight forward now.
 

06_CY

Well-Known Member
Apr 11, 2006
3,981
813
113
I don't think that's weird at all anymore since so many people who used to itemize on Federal no longer need to. But yes, it's a pain.

Along these lines, look real closely at the Iowa K-12 tuition and textbook credit. I used to think it was only for tuition and textbooks since, you know, that's the name of the credit. But a couple years ago I looked closer and you can deduct almost anything school-related - musical instruments, activity fees, all kinds of stuff. It's a 25% credit on up to $1,000 in deductions.
Tell me more about a credit for K-12 Tuition and related expenses. TIA.
 

ISUAgronomist

Well-Known Member
Nov 5, 2009
25,391
6,026
113
Close Enough, IA
Tell me more about a credit for K-12 Tuition and related expenses. TIA.
Line 44 on the Iowa 1040
.
 

mramseyISU

Well-Known Member
Nov 8, 2006
3,682
2,579
113
Waterloo, IA
The wife does our taxes because she's a glutton for punishment. We got a pretty good bonus this year somehow and we ended up getting bumped up into the next tax bracket but we're just barely there so it's looking like our take home is going to be less this year than last year.
 

SCyclone

Well-Known Member
Mar 11, 2014
8,718
11,162
113
Fort Dodge, IA
Last year, thanks to tRump's fabulous tax cuts, I ended up paying to the Feds for the first time ever. Wasn't that special?

So I changed my withholding, had a decent refund this year. They're gonna get it one way or another..........
 

clone52

Well-Known Member
Jun 27, 2006
5,522
925
113
Turbo Tax Deluxe has a nice bug on the 1099-NEC form. Keeps putting my name in instead of my wife's.
 

Big_Sill

Active Member
Aug 4, 2008
274
141
43
39
The wife does our taxes because she's a glutton for punishment. We got a pretty good bonus this year somehow and we ended up getting bumped up into the next tax bracket but we're just barely there so it's looking like our take home is going to be less this year than last year.
Just want to make sure you understand that the tax rates are graduated.
 

mramseyISU

Well-Known Member
Nov 8, 2006
3,682
2,579
113
Waterloo, IA
Just want to make sure you understand that the tax rates are graduated.
I'm aware, our pre-tax went up just enough to go over the line to the next bracket by a couple hundred dollars or so. Last year we ended up getting about $1500 back between state and federal, we owe about that much now. Part of that is we're into the bracket that we can't claim student loan interest anymore apparently.
 

charlie_B

Member
Mar 21, 2017
78
52
18
Just want to make sure you understand that the tax rates are graduated.
I'm aware, our pre-tax went up just enough to go over the line to the next bracket by a couple hundred dollars or so. Last year we ended up getting about $1500 back between state and federal, we owe about that much now. Part of that is we're into the bracket that we can't claim student loan interest anymore apparently.
I don't think they get it. Getting bumped into the next bracket is not affecting your refund that much. That couple hundred dollars is all that is taxed at the higher rate.
 

Cyinthenorth

Well-Known Member
SuperFanatic
SuperFanatic T2
Mar 29, 2013
5,615
2,679
113
31
Dubuque
Pay H&R Block some money or do it ourselves on HR Blocks site/Turbo Tax for next to nothing? Married, filing jointly. One child. Nothing too crazy, but at the same time don't want to miss anything.
 

CycloneDaddy

Well-Known Member
Sep 24, 2006
4,600
2,304
113
Johnston
I don't think they get it. Getting bumped into the next bracket is not affecting your refund that much. That couple hundred dollars is all that is taxed at the higher rate.
Bonus probably didnt get taxed at a high enough % so they are now getting hit on their return. Govt always get their money.
 
  • Agree
Reactions: ISUAgronomist

Big_Sill

Active Member
Aug 4, 2008
274
141
43
39
I'm aware, our pre-tax went up just enough to go over the line to the next bracket by a couple hundred dollars or so. Last year we ended up getting about $1500 back between state and federal, we owe about that much now. Part of that is we're into the bracket that we can't claim student loan interest anymore apparently.
I'm not convinced you understand.
 
  • Disagree
Reactions: mramseyISU

mramseyISU

Well-Known Member
Nov 8, 2006
3,682
2,579
113
Waterloo, IA
Bonus probably didnt get taxed at a high enough % so they are now getting hit on their return. Govt always get their money.
It's because our bonus bumped us up to a bracket where we can't deduct student loan interest. We always set up the bonus to take out as much as we can so that doesn't hit us.

After your household income is over $170k you can't deduct student loan interest anymore.
 

isufbcurt

Well-Known Member
Apr 21, 2006
18,381
20,925
113
41
Newton
Pay H&R Block some money or do it ourselves on HR Blocks site/Turbo Tax for next to nothing? Married, filing jointly. One child. Nothing too crazy, but at the same time don't want to miss anything.
Why would you pay HR Block? they are biggest ripoff out there. If I charged HR Blocks rates I wouldn't have any clients, and I actually know tax stuff and not just take a weekend class to learn how to use their software. They are predatory towards people who don't know any better.
 

IcSyU

Well-Known Member
Nov 27, 2007
26,970
4,135
113
Rochester, MN
Why would you pay HR Block? they are biggest ripoff out there. If I charged HR Blocks rates I wouldn't have any clients, and I actually know tax stuff and not just take a weekend class to learn how to use their software. They are predatory towards people who don't know any better.
Whoa whoa whoa Intuit would like a word.

Find a local CPA who kind of has their own one or two person show. You'll get the same or maybe even a better price AND you'll get someone who actually knows what the hell they're doing. The national franchises are just marketing machines for pumping out returns to collect franchise fees that are wrong about half the time if they involve anything more than a W-2.

Ever tried to get help in one of the national franchise offices between 4/15 and 1/15? Your local CPA or even EA is working on those days and will help you if something comes up.
 

isufbcurt

Well-Known Member
Apr 21, 2006
18,381
20,925
113
41
Newton
Whoa whoa whoa Intuit would like a word.

Find a local CPA who kind of has their own one or two person show. You'll get the same or maybe even a better price AND you'll get someone who actually knows what the hell they're doing. The national franchises are just marketing machines for pumping out returns to collect franchise fees that are wrong about half the time if they involve anything more than a W-2.

Ever tried to get help in one of the national franchise offices between 4/15 and 1/15? Your local CPA or even EA is working on those days and will help you if something comes up.
I was talking about the HR Block physical places. I don't really comment on the different online do it yourself options since I don't have experience with them

I just know that for HR Block to charge a husband and wife who each have 1 W2 and a 1098 $350 is absolutely disgusting.
 

Cyinthenorth

Well-Known Member
SuperFanatic
SuperFanatic T2
Mar 29, 2013
5,615
2,679
113
31
Dubuque
Why would you pay HR Block? they are biggest ripoff out there. If I charged HR Blocks rates I wouldn't have any clients, and I actually know tax stuff and not just take a weekend class to learn how to use their software. They are predatory towards people who don't know any better.
Honestly that just where I went for the first 4-5 years of living on my own, before I did know better. I was in college, so basically all I ever had was a w2 from my part time job and the college tuition deduction or w/e it's called. The last 4-5 years I have done it on Turbo taxes site or HR Block's site for free or basically free each time. I guess forget the HR Block part of my question and replace it with "tax pro, accountant, advisor etc." My big thing is I don't like to leave stones unturned and I feel like I'm more likely to leave stones unturned than someone who does it for a living. But if my situation is simple enough, why pay anyone?
 
  • Like
Reactions: isufbcurt

Trice

Well-Known Member
Apr 1, 2010
3,304
3,663
113
Ankeny
Here's a question for tax pros. What is the purpose of having both tax brackets and tax tables?

By tax brackets, I mean the things the IRS and Iowa Department of Revenue publishes every fall for the upcoming tax year that list the income ranges for each tax rate. Then when you actually do your taxes, they publish pages upon pages of tax tables, where you can simply look up what you owe based on your taxable income.

Given the same taxable income, both the tax brackets and tax tables produce the same result, within a couple dollars or so. So are the tax tables simply to save people from the complicated math of calculating your tax owed via the tax bracket?
 

ClonesTwenty1

Well-Known Member
May 23, 2018
4,304
3,473
113
I ****** up on my W-4 last year and owed last tax season. Not this year! Getting a decent return thankfully.

by the way, if you have a simple W-2 form there’s no reason for you to go pay a tax expert 80 dollars to do your taxes. I’ve been doing mine for free on TurboTax for the last 5 years now. They make it so simple to do on your own.