Working on Taxes – March 18, 2020

Decided to work on my taxes. I don’t get back much, and I will apply the small refund to next year’s taxes and will do the same thing for the next few years as in a couple of years, I will see a decent increase in my pension income which will see a good increase in the taxes owed. I need some more information to finish them that I don’t have in front of me right now. Will look for it when I get home later tonight. In several years, my pension becomes fully funded which will raise my taxes a bit as I get a lot less now before it gets fully funded.

Once it gets fully funded, I will increase the amount of federal taxes withheld. As it’s a federal pension, the state of Kansas does not tax it as they don’t tax federal, state, and local government pensions once you start receiving them. If I was still a county employee, I would owe taxes on the amount of money withheld for KPERS (the county uses the Kansas Retirement System) deductions. The downside is I would owe federal taxes on the KPERS income as they consider it income once I start receiving it. The upside is I didn’t owe federal taxes for the amount paid yearly into KPERS as the federal government treats it as pre-tax income.

About ICT Genealogist

Originally from Gulfport, Mississippi. Live in Wichita, Kansas now. I suffer Bipolar I, ultra-ultra rapid cycling, mixed episodes. Blog on a variety of topics - genealogy, DNA, mental health, among others. Let's collaborateDealspotr.com
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5 Responses to Working on Taxes – March 18, 2020

  1. SLIMJIM says:

    Still need to do my taxes

    Liked by 1 person

    • Good news is you have until July 15th if they don’t move it to September to get them done. I worked for the IRS for six years in the Examination Division and learned a lot. Some things have changed, but I expect a lot has stayed the same. I would encourage doing it online if you do it yourself as paper returns aren’t being processed right now and haven’t been since the shut down in mid-March. If you use a tax preparer, they will probably file online. I would encourage you doing them soon as the closer July 15th gets, the slower the response will be. They are already dealing with the stimulus rebate on top of their other duties and I expect a second stimulus rebate will be approved somewhere between late June and August.

      Liked by 1 person

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