… and ringing out the old. So long 2022 – It’s been — weird.
But not all was bad in 2022 — we’re in good health and have been this year save for a major scare when Damsel got a mass report on this year’s mammogram — fortunately, the results of a biopsy (not fun) was benign calcification. My checkups with the urologist, the ophthalmologist, the nephrologist and dermatologist were business as usual with no complications.
Over the last few weeks, we did a first cut at the 2022 taxes and no surprises. It looks like we’ll be getting a small refund. We also calculated the 2023 Required Minimum distribution for the IRA — the new RMD will be down due to dramatic market loss in the IRA in 2022. That, and the Social Security cost of living adjustment is far less than might be necessary to offset Biden’s disastrous economy. It will be tight, but we’re going to be OK.
Over the last two years, we have seen relentless attacks on our God-given rights as guaranteed by the 2nd Amendment. New gun control has been enacted thanks to the Marxist Democrats and a few spineless RINOs. The NYSRPA v Bruen decision by the Supreme Court of the US is a help but states and courts are still ignoring it – be ready to fight in ’23.
So that’s it for our New Year’s message. We’re wishing you good health and providence from The Almighty in the coming year. God Bless!
The current tax season will soon be over for us since we are completely done with everything except for one consolidated 1099 form from our brokerage; this investment account is always last for some reason, but it has previously been in our (electronic) possession before January is over. We’re expecting it to be available next week. We get a handful of 1099s from several sources including IRA RMD, SSA, pensions and financial institutions. Everything is already input to this year’s tax program except for the one mentioned above.
When the IRS changed the standard deduction under President Trump to be greater than our usual itemized deductions, it made our return so much easier to manage, given our financial particulars. We almost used to be like the dude in the photo on the left, but now we’re relieved of all that tedium under the revised standard deduction. We were happy to see that the current administration left things intact (albeit futzing around with other IRS functions). After we receive that last 1099 form, we will then be just a few clicks away from filing. This year, we are happy to say, that we analyzed our tax situation early and managed our withholding such that we will be receiving a small refund (<1K) from the Feds and, because of our charitable support for Arizona Private Education, we will be paying no state income tax at all.
I usually make it a point to acquire the Tax Software when Black Friday rolls around. This year was no exception and, since it is already the first of December, I roughed out the first cut of the 2021 return for the Fed (the Arizona package has yet to be released). I do this advanced cut each year to check if we have any unexpected issues that need to be fixed. At first glance, it appears that we do not have that need.
Because the tax program we use was a little tardy in getting all the appropriate updates (and some are still not ready) we are getting a later start than usual on the preparation of our annual tax returns. We know most of the numbers such that we can input them to the tax program to get a fairly close approximation of the actual bottom line for the tax year. According to early results, we seem to be getting a larger chunk of change than originally forecast for a couple of reasons; first, the entirety of the .gov “COVID Stimulus” went to charitable organizations which was above and beyond and in addition to our normal 501(c)(3) contributions. The second reason for the larger rebate is we decided to itemize some deductions that were to occur in 2021 by paying them in 2020. That got us to where our itemized deductions exceeded the generous standard deduction introduced by the Trump administration by a couple of thousand dollars which resulted in several more hundred dollars coming back to us.
Earlier than anticipated, the last important 1099 document became available today. I expected at least two more weeks before the investment consolidated 1099 would be available. But, since I reported being 
As of today, I can say that the 2019 returns are about complete. All we’re waiting for is the final 1099s from investments, retirement, etc. One such investment 1099 won’t be available until the second week in February, so we will have to wait another month for that little (very minor) tidbit of fiscal information.
Due to an upcoming change in income status, we started to review our 2019 and 2020 Income Tax situation. It seems that Damsel will now begin getting back some of her hard-earned money that the .gov stole from her while she was working. I know, there are laws that congress passed that made the removal of money from our earnings “legal” under the Social Security Act or whatever. Still, we as individuals would be better off if we had access to those funds to properly invest and not have them deferred for some of the ridiculous spending by congress. It is tantamount to theft in our opinion.