Reflective of our efforts to de-clutter our financial affairs, we completed our tax returns on Monday. Form 1040 is only 37 pages, and California Form 540, which includes a copy of the 1040, was 44 pages.
We were aided by the fact that all K-1's (information from pass-through entities) came in by the first of April. When the K-1's arrive dictates whether we need to file an extension request (2013 yes, 2012 no).
We are also in the fortunate majority that had health insurance through our employer. For those who had no coverage or who had received tax-credit subsidies to purchase insurance through the exchanges, the calculations may be very complex. It's too late to simplify the program retroactively for 2014, and unlikely anything will be done for 2015. We'll probably have to live with the system until the elections of 2016 point us in the direction that the American people wish to go.
Happy Tax Day!
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