CalorieCents

So Taxcut finally fixed the 529 issue and my refund is very close to what I thought it should be.  As soon as I corrected the error, I filed our returns with a mix of relief and joy that the waiting was over and we would get our refund.  Later that same day, Mrs. Moonimus called me and said that a 1099 had arrived.  (insert nerd walking into hip party record scratch here) I was furious.  It was the same 1099 that I had mentioned before.  I couldn’t believe the incompetence of the person who had our 1099 sent to the wrong address and then receiving it on February 25th.  February 25th!!

OK, I’m over it but it I was seriously irritated at the time.  This means I have to file a 1040x which amends the previous 1040 filed.  Luckily, New York rejected Taxcut’s filing so I will have to prepare the state return as soon as I run the new numbers on the 1040x.  Just on initial glance, I think we will give back $500 of our original refund.  I’m not sure if I will use Taxcut next year…

I made a decision to crack open a recent Federal Taxation textbook and I’m going to relearn Individual Taxation.  My first time through Individual Taxation in college didn’t go so smoothly as it was my toughest semester.  I did however rock Corporate Taxation though I don’t remember much of it.  I’m hoping to share what I learn on here from time to time.  First thing I did learn was calculating your FICA portion of self employment wages.  There’s a lot that goes into the calculation though the math isn’t difficult.

So 2007 taxes are nearly behind us.  I just have to spend a half day over the weekend preparing a 1040x and redoing my state return.  Let the good times roll!