Investing, money

Taxes and Tension

I got up this morning and went straight away to finalizing my taxes.  Hey, I’m 3 days early!  I use Turbo Tax  Home&Business.  After almost five hours I am done.

I’ve been working on my taxes since February.   I’ve probably invested a total of 15 hours on this year’s taxes.  This includes reading several IRS online documents… skimming about 50 pages and reading about 10 pages in depth… sometimes re-reading many times.  And this includes doing other online research.  I find, however, that the IRS documents are more helpful than much of the drek I come across online.  They are also really boring!

This year (2008 tax year) I have the full straight of schedules: A, B, C, and D.   The filed forms for federal amount to 11 pages.  There are 8 additional pages of worksheets.

By getting done a bit before April 15, I had time to calculate my allowable 2008 Roth IRA contribution.  Unfortunately, I only get a portion of the $5000 2008 limit (for folks under 50).   Once calculated I simply made the Roth IRA investment online.  [Its not too late, you can still make contributions for 2008 up through April 15th! ]

I’m also carrying forward a capital loss.  It’s a bummer that loss offsets against income are still maxed at $3000/year.  Congress, how about some inflation adjustment on this number?  It should be upped to at least $5000 in my opinion.

I don’t hate doing taxes, but they sure are a big pain and hassle.  Hey, at least they are done for this year.  Best wishes to those of you who are rushing to file.  And to all taxpayers, my sympathy.

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