We have always used H and R Block and have had excellent service.
We could get a "little" cheaper going with private but like the
insurance and peace of mind.
On 4/14/16, Cal-Kid wrote:
> Bill a real eye opener. I gave up on H & R Block. Use a
> retired CPA. His charge is between $150 to $200. I get a 10
> percent loyalty discount.
>
> I also pay estimated taxes to the Feds and State of
> California. If I get a refund it is applied to the estimated
> return. If you have any investments that are paying out
> income now or in the future and they do not offer tax
> withholding then you would probably need to pay estimated
> taxes.
>
> Also this year I have the required minimum distribution (RMD)
> based on my life span, 24.7 years divided into the value of
> my 403-B (7) equals the amount needed to be removed.
> Otherwise there is a penalty. This affects estimated taxes
> too. I told my CPA the amount and he already figured the
> amount of extra estimated taxes.
>
> My wife retired so we make less money now, a good thing, so
> the extra RMD distribution is not a tax bracket increase. And
> that would be a very bad thing to have to pay more taxes.
>
> If any teacher has a tax shelter including regular IRA then
> you will have to pay the RMD the year you turn 70 1/2. If you
> are born in the second half of year you can wait to the
> following year.
>
> Life is fun. Retirement is better each week!
>
>
>
> On 4/14/16, Bill T NC (now retired) wrote:
>>
>> Just tiled my 2016 taxes.
>>
>> For the third year running, I owed the IRS as HUGE chunk of
> change....
>>
>> Seems my trouble stems from two sources:
>>
>> first, I didn't realize, two years ago, when I began
> drawing social security, that I
>> needed to request tax be withheld. I have now, but I have
> been burned three times
>> in the meantime.
>>
>> Second, with my state and military retirement, I was taxed
> only at a 10% rate, since
>> it is assumed that each would be my sole means of income.
> When all was totaled
>> up, I was put into the 25% tax bracket and WHAM.
>>
>> My tac consultant (H 7 R block) advises me to have more tax
> withheld from my two
>> pension to solve this.
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