Filing Taxes

Ghoulish Delight · 02-04-2010, 11:05 AM

So I looked at the 1099 for our savings account at Chase. "Damn," I thought, "this must be only for the part of the year after the WaMu account officially became a Chase account, I'm going to have to wait until I get the 1099 for the WaMu part of the year."

Then I pulled up the account online to check the statements and do the math myself.

Turns out that the 1099 WAS for the full year, the interest rate has just dropped to absolutely nothing. Time to move that money into something that will actually earn something.

Andrew · 02-04-2010, 11:53 AM

Got everything I needed last week and did the whole thing on Saturday. E-filed so hope to have the refund next week. Yes, there's a fairly substantial refund because I haven't updated W4s in quite a long time. I'd rather give a no-interest loan to the government than the other way around.

Alex · 02-04-2010, 01:24 PM

Quote:

Originally Posted by Ghoulish Delight

Time to move that money into something that will actually earn something.

Good luck. If you find anything let me know. Short of the risk of actual investing, nothing has sufficient interest that I'm willing to be illiquid with the funds.

Quote:

Originally Posted by Andrew

I'd rather give a no-interest loan to the government than the other way around.

While I'd rather go the other way (I'd rather owe $1000 than get a $5000 return). It has proven impossible to get the withholding adjusted correctly to avoid the underpayment penalty. Every year I say "please! take out more!" and then come tax time I still end up owing a few thousand and paying a penalty.

Still, I'd rather pay the penalty than deal with the hassle of deductions, accountants, and saving receipts.

Hopefully I'd do them this weekend so I know how much we owe and then wait until 4/15 to pay.

Ghoulish Delight · 02-04-2010, 01:44 PM

Quote:

Originally Posted by Alex

Good luck. If you find anything let me know. Short of the risk of actual investing, nothing has sufficient interest that I'm willing to be illiquid with the funds.

Well, even the paltry rate offered by my credit union for regular savings would be 25x the rate Chase is currently offering. But then, I can put most of what's in regular savings into something less liquid, so that's what I'll be doing.

02-04-2010, 11:05 AM	#1
Ghoulish Delight I Floop the Pig Join Date: Jan 2005 Location: Alternative Swankstyle Posts: 19,348	So I looked at the 1099 for our savings account at Chase. "Damn," I thought, "this must be only for the part of the year after the WaMu account officially became a Chase account, I'm going to have to wait until I get the 1099 for the WaMu part of the year." Then I pulled up the account online to check the statements and do the math myself. Turns out that the 1099 WAS for the full year, the interest rate has just dropped to absolutely nothing. Time to move that money into something that will actually earn something. __________________ 'He who receives an idea from me, receives instruction himself without lessening mine; as he who lights his taper at mine, receives light without darkening me.' -TJ
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02-04-2010, 11:53 AM	#2
Andrew Making Good Girls Go Bad Join Date: Jun 2006 Location: Palo Alto, CA Posts: 734	Got everything I needed last week and did the whole thing on Saturday. E-filed so hope to have the refund next week. Yes, there's a fairly substantial refund because I haven't updated W4s in quite a long time. I'd rather give a no-interest loan to the government than the other way around. __________________ -- Andrew Just Andrew. Do I contradict myself? Very well then, I contradict myself. (I am large, I contain multitudes.) -- Walt Whitman, "Song of Myself"
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