Home › Forums › Financial Markets/Economics › 2023 IRS Tax Filing Extended to Oct 16, 2023 for San Diegans
- This topic has 21 replies, 4 voices, and was last updated 1 year, 9 months ago by plm.
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February 26, 2023 at 9:29 PM #901895February 27, 2023 at 6:58 PM #901905plmParticipant
We had a FEMA emergency in San Diego? Do you actually have to be affected or everyone in San Diego qualifies?
February 28, 2023 at 6:48 AM #901906CoronitaParticipantAccording to the link I shared, if the address you use for your tax filing is within those affected counties, the IRS automatically qualifies you. Riverside County is not on that list, neither is Imperial.
Those puddles in my backyard was really worrisome. If I wasn’t careful, I might have accidentally submerged my brand new New Balance shoes by 3/8 of an inch walking in my backyard last year.
- This reply was modified 1 year, 9 months ago by Coronita.
March 2, 2023 at 11:05 AM #901917plmParticipantThe only thing I can think of to take advantage of this is to do the 5K paper Ibond from your refund. So I suppose you can do your taxes, figure out how much you owe/refund. Then add another estimated tax payment to get 5K back then get the 5K IBond.
Kind of scared of doing paper bonds though. I still have a stack of EE BONDS that matured but figuring out how to collect on them is very hard since it seems like most banks stopped and you need to send it in to the government.
Perhaps we should ask for disaster declaration from FEMA this year too. Yesterday was actually one of the worst storms I drove through for years. And I actually got wet from the rain.
March 2, 2023 at 2:54 PM #901918CoronitaParticipantFunny you should ask. My parents had a stack EE bonds that have stopped accruing interest 10 years ago they forgot about. Chase Bank processes them still, at least the ones in 92130 did two weeks ago. You do have to make an appointment, because they have machine readers to verify they are authentic that needs to be used. call the bank and ask.
- This reply was modified 1 year, 9 months ago by Coronita.
March 3, 2023 at 11:49 AM #901922plmParticipantI’ve got an account with Chase so perfect, time to cash in! Worst investment ever, only a little over 2x for 30 years! Only got them due to a savings bond drive at my first company I worked for. Don’t know what they were thinking pushing savings bonds. If they had an ESPP, I would have made 10X. So financially stupid when you are young. A few of them are still earning 4 percent. But I should just cash them all. Getting 4.8 percent with 13 week tbills.
March 3, 2023 at 12:43 PM #901923sdrealtorParticipantI’m sure you had your share of losing investments. We all do. Sometimes safety of principal ain’t the worst thing
March 3, 2023 at 12:55 PM #901924plmParticipantDefinitely lost alot of money in stocks when I just started out investing so I stopped for a long time. Thankfully company provided ESPP and RSUs so I got lucky. And also lost alot last year too. For the long term as a kid in his 20s it should be all stocks or at least an index fund. Later in life, probably a safer mix of stocks and bonds I suppose although I’m still thinking only short term bonds.
Just have to play the averages long term – stocks averaging around 10 and bonds around 6 percent. Stocks are definitely more of a roller coaster though.
March 6, 2023 at 8:26 AM #901935CoronitaParticipantAccording to my parents, the only reason why they have the EE bonds was they use to work for NASA a long time ago, and at the government agency and defense contractors, they all pushed for the EE bonds. My parents didn’t know what to do with them and kept them in a safe deposit box in the bank since they were all paper at the time. I went to move some of the personal items I had in that box since I was a kid and saw like 4 stacks of the EE bonds, some as going back to the late 1970’s… I guess they forgot about them, and I was like “you know some of these stopped accruing interest for a long time now”…And they were like “oh”….And so off they went to trying to figure out how to cash them in…
Chase in DelMar supposedly has 2 machines that they can use to verify the EE bonds. A few notes were so old, one of the machines was having a hard time with them.
I asked if they had any extra deeds to real estate or land in California since the 1970’s that I’m not aware of that I’m not aware of…Unfortunately, that was a negative 🙁
March 6, 2023 at 11:57 AM #901938sdrealtorParticipantSounds like a lot of us +/- the espp rsu’s
March 6, 2023 at 7:19 PM #901942svelteParticipantFederal may have extended the deadline but I don’t think state did.
I mailed a large dollar value set of bonds to the government a couple of years back. Very scary sticking all of that in the mail, but I insured it, tracked it, and crossed my fingers. Worked out fine.
March 7, 2023 at 5:53 AM #901943CoronitaParticipantCA FTB rarely deviates from IRS, it would create a tax filing nightmare. So they also announced extending it for disaster impacted areas..
Sacramento – The IRS announced tax relief for Californians affected by these winter storms. Taxpayers affected by these storms qualify for an extension to October 16, 2023, to file individual and business tax returns and make certain tax payments. This includes:
Individuals whose tax returns and payments are due on April 18, 2023.
Quarterly estimated tax payments due January 17, 2023, April 18, 2023, June 15, 2023, and September 15, 2023.
Business entities whose tax returns are normally due on March 15 and April 18.
PTE Elective Tax payments due on June 15, 2023.
The following counties are eligible for this extended tax relief, per the IRS January 10 announcement and IRS January 24 announcement:Residents and businesses in Alameda, Alpine, Amador, Butte, Calaveras, Colusa, Contra Costa, Del Norte, El Dorado, Fresno, Glenn, Humboldt, Inyo, Kings, Lake, Los Angeles, Madera, Marin, Mariposa, Mendocino, Merced, Mono, Monterey, Napa, Nevada, Orange, Placer, Riverside, Sacramento, San Benito, San Bernardino, San Diego, San Francisco, San Joaquin, San Luis Obispo, San Mateo, Santa Barbara, Santa Clara, Santa Cruz, Siskiyou, Solano, Sonoma, Stanislaus, Sutter, Tehama, Trinity, Tulare, Tuolumne, Ventura, Yolo, and Yuba counties who have been affected by severe winter storms, flooding, landslides, and mudslides are eligible for tax relief.
Looks like Riverside is now on the list…
- This reply was modified 1 year, 9 months ago by Coronita.
March 7, 2023 at 10:21 AM #901945plmParticipantThe state message is easier to understand. So estimate tax payments for 2023 are also delayed till October 16. I had thought from the Fed message, that delay was only for 2022 estimate tax payments. So I guess the Oct 16 date applies to both fed and state for 2023 estimated tax payments.
What is messed up is I still need to do estimated taxes (dividend income) even though I had huge losses last year for some stocks I just had to get out of. But dividends somehow are treated differently than capital gains and doesn’t apply even though they are taxed the same way.
I suppose I should wait until October to make the payments. So this is a decent benefit from all the flooding. Can buy additional 6 mo tbill to make around 5 percent more by delaying the payment.
March 8, 2023 at 5:51 AM #901997CoronitaParticipantYes, our tax laws are pretty complicated, and when it comes to investments it makes a difference between What is recognized as capital gains and what is recognized as income.
Capital gain losses are limited to $3000 per year, I think, and the rest has to be carried over.
This is particularly an issue if a company gives you RSU stock grants and ESPP stock plan. For RSU stocks, when your RSU stocks vest, the fair market value of those vested shares is considered “ordinary income” and you will owe taxes that year. So for example if 1000 RSU shares best at $100/share that day, you will pay ordinary income taxes on $100k. If you sell the RSU stock , the proceeds from that stock sale is capital gain or los, with the cost basis being $100/share. So for example, if you sell the RSU a month later, if the stock price is $90, you have a capital loss of $10k, of which only -$3000 goes on this year tax and the remaining -$7000 you carry over to next year. The IRS wants its money now from your vesting , and they limit what you can report as a loss to offset income to $3000.
For that reason, when it comes to RSU or ESPP shares, I usually just do a same day sale. If your company does well, your invested shares and future ESPP shares will more than compensate you. And if your company doesn’t do well, there’s no point in keeping so many shares and wealth transfering your money to the CEOs that do regular time sales of their shares.
- This reply was modified 1 year, 9 months ago by Coronita.
March 8, 2023 at 10:34 AM #902001plmParticipantInteresting point about RSUs. So you pay tax on getting them, it goes down and you can’t even write off against the tax you paid for them. I just considered RSUs as no risk investment because of 0 cost basis so I was never inclined to sell until I needed the money. I know now this is stupid, cost basis should not matter except perhaps for tax reasons if you think stock is going down. Makes more sense to sell the RSUs right away. ESPP there is a tax benefit to hold them so most of the gains are long term instead of short term. Stock went up considerably over time. Fortunately, I rarely sold any because doing taxes on either RSUs and ESPP is incredibly difficult.
So basically I did well with my RSUs/ESPP because I was lucky, stupid, and lazy. The free random share I got from Robinhood is doing better than anything I picked on my own. Perhaps I shouldn’t bother and just have an index fund.
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