[Magdalen] Quick return.

[Jay Weigel]

I don't claim any bloody exemptions. None. I'm on SS. I get a small monthly
amount from my late ex's pension. I make a small amount from my jewelry
business. That's it. And I pay the freaking government every damn year, so
they can jolly well wait for it.

On Fri, Feb 13, 2015 at 1:52 PM, Jim Guthrie <jguthrie at pipeline.com> wrote:

> Have everything I need except the Mortgage deduction and property tax
> deduction on Brooklyn. Supposedly, it's in the mail.
>
> I've done an overall run through with Turbo Tax, and despite the
> substantial capital gain on the sale in Brooklyn, I have still figured out
> how to get a refund by transferring money from savings to the IRA savings
> account. As soon as that's all taken care of, I'll start taking back a
> distribution -- but without work income anymore I don’t expect to be paying
> much (if any) tax on that.
>
> Deductions for Property taxes help, as do church and charity contributions.
>
> Of course, getting money back means you've been giving government a
> tax-free loan. It's better, I think to calculate the exemptions taken on
> your W2 with your employer and then have to pay a bit at the end of the
> year, or get a very small refund.
>
> Self-Employed (clergy, notably) usually get to pay Self-employment tax
> (Social Security that would normally be paid for by the employer) and then
> whine about it at tax time (or quarterly, as the case may be <g>).  And
> then there was the Rector who demanded the parish pay the mortgage on his
> new home "because the parish is obligated to pay for housing." I said there
> was no way we would double his housing expenses, and worked out a deal
> based on his property taxes and mortgage interest that in essence deducted
> them from the cost to the parish. But he still balked and complained to
> everyone in sight (including the bishop) that we were stiffing him.
>
> It turns out that he had always lived in Rectories, so was unclear on
> housing deductions, and even better (or worse), we fond out later he hadnt
> even bothered to file tax returns for the previous five years or more.
>
> I suppose not hearing him whine about the Self Employment Tax should have
> tipped me off, but I missed the clues.
>
> Cheers,
> Jim Guthrie
>
>