March 8, 2014 |
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Yes. I paid the Federal $2625 and the state of KS $581. I read the average refund is $3000. I would like to know how it is done. I only have my social security and a very small teachers retirement. .
You got off cheap. It just warms my heart to know that the check I write to the Fed and State every year goes right into the pockets or many that have zero desire to work.
Most people aren't as fortunate as you.
If your retirement payment is over about $14K, and/or you have any taxable savings/CDs, and/or you are making any withdrawals from any taxable annuities or original IRAs, then you are generating taxable income. Only a part of your SS is taxable unless your other income drives it all into a taxable status and if none of your income streams have taxes withheld then you have to pay every year.
Have I prepared my tax forms? Yes
Have I sent them in? No. I will mail them on Monday, 4/16, as required by law, and I always send paper forms, along with my payment. I pay just enough quarterly taxes to avoid a penalty for under-withholding.
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