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Tax Season!!
#21
Every year around this time I start to question my BEP, BIP, and BPY holdings, as K-1 season comes around . . .
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#22
(02-15-2019, 10:38 AM)Otter Wrote: Every year around this time I start to question my BEP, BIP, and BPY holdings, as K-1 season comes around . . .

I used to hate K1's and would avoid buying anything that used them.  Since then, I've stopped doing my own taxes and now I don't care if it's a K1.  It's freeing!
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#23
(02-15-2019, 12:06 PM)DividendGarden Wrote:
(02-15-2019, 10:38 AM)Otter Wrote: Every year around this time I start to question my BEP, BIP, and BPY holdings, as K-1 season comes around . . .

I used to hate K1's and would avoid buying anything that used them.  Since then, I've stopped doing my own taxes and now I don't care if it's a K1.  It's freeing!

Me too....not a big deal the K-1 just makes me WAIT.
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#24
(02-18-2019, 11:12 AM)rayray Wrote:
(02-15-2019, 12:06 PM)DividendGarden Wrote: I used to hate K1's and would avoid buying anything that used them.  Since then, I've stopped doing my own taxes and now I don't care if it's a K1.  It's freeing!

Me too....not a big deal the K-1 just makes me WAIT.

Exactly, I used to file asap at the beginning of February.  Now, because of K1's, I file in early April or late March.  No biggie, just a timing shift.
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#25
Brookfield's partnerships are pretty reliable about getting them out by mid-February (available online). I just wish TurboTax were more efficient at importing them.
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#26
Well this is way off topic but you guys seem knowledgeable enough to give sound guidance. I have been Power of Attorney for my brother-in-law for about 8 months. I need to file his taxes. I can't get past taxes. I do have his W-2 from SS and his pension. His old POA is not giving up any records. She scammed him and that is why I am the POA now. Think I can contact the IRS and get past tax filings? I'm sure he could himself but he is crazier than a pet raccoon. I can't count on him to get the records for me. We are only talking about a < $1000 refund but it matters to him. I have thought about estimating his 2017 Iowa numbers where necessary and I could be fairly accurate.
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#27
You can only get the past year records with the POA if you filed the return or are a CPA or an attorney. Otherwise, you're going to need him to call and if he's as crazy as you say he is, you might want to be right there with him when he calls so that you can make sure that he gets the right info. The IRS won't have any state withholding so for that you will need to contact the state of Iowa.
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#28
(02-19-2019, 10:23 AM)ChadR Wrote: You can only get the past year records with the POA if you filed the return or are a CPA or an attorney.  Otherwise, you're going to need him to call and if he's as crazy as you say he is, you might want to be right there with him when he calls so that you can make sure that he gets the right info.  The IRS won't have any state withholding so for that you will need to contact the state of Iowa.
You just validated my nightmare Chad.  I have spent 100 hrs trying to make his life better and make sure he has some spending money.  (His Med bills are insane and I spend my time negotiating what he can really pay).  I find a way to give him some spending money when there actually isn't any.  My reward is he posts social media accusing me of stealing his money, and reports everyone who tries to help him to GOV agencies for adult abuse.  They have to respond.  

Let no good deed go unpunished.  Sad 

I'll contact the IA IRS soon.  Guess I start there.
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#29
I owe $905, filed married--- marginal tax rate went from 25% to 22%--- effective tax rate went from 16% to 14.45%--- however we made 15.09% more in 2018 vs 2017--- more money went in our pockets in 2018 vs 2017 even owing the IRS money. It's not the refund/amount owed it's what goes in the pocket that counts.
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#30
(03-18-2019, 09:18 PM)rayray Wrote:  It's not the refund/amount owed it's what goes in the pocket that counts.

Sadly that will never be fully understood by those who are not good with their finances.  I know a LOT of people that  are probably better off having too much tax withheld so they have an emergency fund at least once a year, for a better used car, new appliance etc.  I just helped a gal patch her car up so her old car would last a few more weeks until her refund showed up.  She gets significant credits for being a single parent and working though.  Your tax refund should not have a huge impact on your life, but it does for many, and probably always will.
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