April 15th

KSR6450

Okay, so to make tomorrow an even worse day for my employees - I get to pass out their quarterly 401k summary. Only the 3 codgers who are now fully invested in Preservation Funds (I am one) didn't lose money. Are the rest of the folks just in bad funds or is this something you have seen as well? I folllow the market and wouldn't have thought the losses would have been so substantial.

Anyone out there who still hasn't finished their taxes and is willing to admit to it?

Sharon McKnight SPHR

I've heard that the average 401k is down 40% to 50% from where they were in October of 2007. I can attest that mine is. However, mine did make a little uptick in March so maybe the worst of the recession is over and we're starting back up again.

Sharon

KSR6450

I saw losses on statements from the last quarter that were worse than those in previous quarters. I hope you are right and things are starting to look up now, but with the DJIA down 135 I have to wonder. At least the DJIA is higher than it has been...

ACU Frank

I've already banked my federal refund. I've completed my state return, but I have to write a check for about $80 so I'm not sending it until tomorrow. You know, it's immaterial whether I have the $80 in there for an extra few weeks... it's just a habit, I guess.

KSR6450

Congrats on your refund!! No state income tax in Tennessee or Florida (my state of residency). Since I have never had to do a state return I don't understand how you can get money back on one and owe on another. Shouldn't they be about the same 'rate wise'? Or do I just live in a fantasy world where tax codes should be uniform and easy?

If you want - next year I will keep your $80 and earn interest on it until the 15th :angel:

cnghr

I don't even want to think about how much I lost from my 401(k) over the past year. It has done a little bit better lately, but I still hate looking at the summary of gains/losses for the last year.

I did our taxes last week and we got a whole $88 federal refund this year. I knew we were going to come close to breaking even and didn't care, as long as we didn't end up owing them. We haven't had state income tax here in many years, although I do remember having to do them the first couple of years that I was on my own.

joannie

I guess I'll fess up. The only thing I have done on my taxes is entered the W2 info into TurboTax. If the rest of the return was as simple..............:-/

NaeNae55

Since the Dow Jones was nearly 15,000 at its high and it is now hovering around 8,000, it is no wonder many 401k's lost value in a big way. However, historically speaking we can expect it to go back up over the next 5-7 years. In the meantime, those people putting money in are buying some bargains. That is, unless they freaked out and took their money out while it was low.

We got large refunds this year, but normally we get a refund from the feds and pay the state. My hubby works for the state and while his state retirement deductions are federally deductible, they are not state deductible. Go figure.

Nae

Dutch2

I am waiting until this Friday to hand out the First Quarter 401(k) Plan statements..
Even with the recent increases in the market, our total plan is still down 25-30% from its high point.
I also do not get the Federal & State tax swap. If I get back from the Fed's - I have to pay the State and vice versa.
We visit our friendly nieghborhood CPA this evening to get the news - good I hope.

KSR6450

I switched the balance of my 401k to the preservation funds back in '07 so I haven't taken too hard a hit. Allocations for future contributions I kept where they were so I am still 'buying at a bargain'. It was not pleasant when I passed out the statements today, lots of "Oh Crap" and "Just Toss That" - be forewarned Dutch!

Hope you got good news at the CPA! I'm still working on my brother's, nephew's and parents' returns. Today should be a fun day :-/

KSR6450

[quote=joannie;715824]I guess I'll fess up. The only thing I have done on my taxes is entered the W2 info into TurboTax. If the rest of the return was as simple..............:-/[/quote]

Jo, I am sure you got them finished last night...right?

Dutch2

Tax news was not bad... had to pay the State a little (under $50) but getting enough back from the Fed to pay for the State and CPA charges.
We got in the habit of using a CPA firm for taxes when we ran a beef cattle operation and have simply continued to use them. Sure do miss all those "farm" expenses.

joannie

Nope, received a Presidential pardon. Well actually, I found out today, because Carter County was declared a disaster area due to the tornado, every county resident has an automatic filing extension until May 11th.

KSR6450

Hmmm, so I should check back with you on say, May 8th, to see how you will be spending your weekend?

Since the economy could be called a 'disaster area' why didn't they give everyone a pardon on taxes this year? That is a plan I could get behind - I would even stand behind a Pantsless Frank for it. BTW nice new photo Frank, very professional - did you shave the beard because Moustache March is over?

KSR6450

[quote=Dutch2;715833]Tax news was not bad... had to pay the State a little (under $50) but getting enough back from the Fed to pay for the State and CPA charges.
We got in the habit of using a CPA firm for taxes when we ran a beef cattle operation and have simply continued to use them. Sure do miss all those "farm" expenses.[/quote]

My brother in law has a 'cattle farm' in Florida (15 acres and about as many cows) and they get money back every year. Not sure I understand his deductions for chaw and moonshine, but I apparently don't understand alot of things! :angel:

NaeNae55

Ok Everyone. Mark you calendars for May 11th and let's countdown Joannie's tax deadline. Should we start a pool to see what date she actually ends up filing?

KSR6450

May I be the first to choose the 11th? We may have to break it down into hours...

joannie

Ladies,

You do realize that even with the presidential pardon until May 11th, I still have the option of filing an extension which will postpone the date until October.**==

KSR6450

Yes, that is what I do for my parents every year! Shame on me...especially since I send in money with the extension then I get that money back when I finally file.

But Jo, you wouldn't do that would you?

joannie

Me? :angel:

plynnl

I am so busy doing everyone else's returns (family and business) that I had to file an extension for mine.