Tax Season!

[count2infinity]

I can't wait for the day I'm making enough money that I get to complain about how much the government takes from me...

[columbia]

In excess of six figures?

[columbia]

[newarenanow]

Got over $4K back. Higher mortgage interest, real estate taxes, and an extra kid this year did that.

I have to readjust what I'm withholding. I like to break as close to even as possible.

[shafnutz05]

yeah, I am looking forward to all of the homeowner deductions next year. This year, I am pretty sure we actually made less money than we did the year before because the extra taxes from the higher bracket more than offset the actual raises we got.

Being punished for advancing your station in life #murica

[columbia]

About 3K from Uncle Barack, which will be used as extra principal-only payments on my car loan.
If I do the same next year, I should be able to pay that sucker off, two years ahead of schedule.

[AlexPKeaton]

April is why I will vote GOP for life even though I don't agree with them at all on most things anymore.

[KennyTheKangaroo]

In excess of six figures?

crooked ceo's and the stock market rob us of amounts in excess of six figures, not the government

[tifosi77]

Happy confiscation day everyone. I paid more in federal taxes this year than I earned in 1998.

I understand that taxes are a necessary evil. But the way the Governement goes about this would make our founding fathers reach for their muskets.

Same here, except the year was Y2K.

I'm all for revising the tax code, but I see this as a good problem to have.

I'll just stick this here:

That's what she said.

[ExPatriatePen]

In excess of six figures?

With all my love Columbia... FU, but I say that as someone who considers you a brother.

You have always had a unique ability to know how to punch someone's buttons. It's a skill I respect as much as a Gretz tape to tape pass, a Ovy sliding on his back goal, or a Pieterangelo save...

None the less, FU... And I say that with love

[King Sid the Great 87]

yeah, I am looking forward to all of the homeowner deductions next year. This year, I am pretty sure we actually made less money than we did the year before because the extra taxes from the higher bracket more than offset the actual raises we got.

Being punished for advancing your station in life #murica

From a purely income tax perspective, that is impossible unless your raises put your additional salary into the > 100% tax bracket.

[JS©]

I'll just stick this here:

and since we're in the tax thread, don't forget this one:

[eddysnake]

7500 back, I think I need to readjust some things, but for the first time in a long time, we are debt free! (minus mortgage)

[JeffDFD]

7500 back, I think I need to readjust some things, but for the first time in a long time, we are debt free! (minus mortgage)

Ha...wow. Your paycheck can get a lot bigger! If you get paid bi-weekly, that's around $250 extra per pay. Most people have to get a nice promotion for that!

How did you get that big of a refund? One time things or just not claiming anything?

I

[eddysnake]

7500 back, I think I need to readjust some things, but for the first time in a long time, we are debt free! (minus mortgage)

Ha...wow. Your paycheck can get a lot bigger! If you get paid bi-weekly, that's around $250 extra per pay. Most people have to get a nice promotion for that!

How did you get that big of a refund? One time things or just not claiming anything?

I

I had to question myself that I did them correctly. I do know that having 3 kids helped out a lot. My wife also stopped working all together to stay at home with them. Between giving to charities, goodwill, and home improvements, etc - that helped a lot too. I was thinking the $250 extra per pay would be great, but when you factor these things in previously, I bet it's around $4000 that would factor in which is around $150 per pay and after taxes who knows what. I really should probably go talk to a professional and see what can be done, but that huge paycheck is pretty awesome in April.

[JeffDFD]

7500 back, I think I need to readjust some things, but for the first time in a long time, we are debt free! (minus mortgage)

Ha...wow. Your paycheck can get a lot bigger! If you get paid bi-weekly, that's around $250 extra per pay. Most people have to get a nice promotion for that!

How did you get that big of a refund? One time things or just not claiming anything?

I

I had to question myself that I did them correctly. I do know that having 3 kids helped out a lot. My wife also stopped working all together to stay at home with them. Between giving to charities, goodwill, and home improvements, etc - that helped a lot too. I was thinking the $250 extra per pay would be great, but when you factor these things in previously, I bet it's around $4000 that would factor in which is around $150 per pay and after taxes who knows what. I really should probably go talk to a professional and see what can be done, but that huge paycheck is pretty awesome in April.

The kids change a lot. The W-4 has changed since when I first started working at my job. May want to go through that worksheet portion again. Originally, it was just an extra dependent you can claim which would shelter a few thousand of your earnings netting you (based on tax bracket) around 900 dollars. Now, there is a new section on the W4 that has to do with the child credit or whatever it is called which (based on earnings) is another 1000. So a kid nowadays gets you around 1900...per kid (up to a certain # of kids though I think)

If it was home improvements and one time things that you will not be doing again, that is different. If you got X amount of dollars for a green credit or something else you did to your house, for example. But if you regularly give to those charities about the same amount each year, then look to change those withholding...I would love that pay raise! Some people like that lump sum at the end of the year though. You can always round against yourself to make sure you still get 1-2 thousand if that is what you want.

[eddysnake]

7500 back, I think I need to readjust some things, but for the first time in a long time, we are debt free! (minus mortgage)

Ha...wow. Your paycheck can get a lot bigger! If you get paid bi-weekly, that's around $250 extra per pay. Most people have to get a nice promotion for that!

How did you get that big of a refund? One time things or just not claiming anything?

I

I had to question myself that I did them correctly. I do know that having 3 kids helped out a lot. My wife also stopped working all together to stay at home with them. Between giving to charities, goodwill, and home improvements, etc - that helped a lot too. I was thinking the $250 extra per pay would be great, but when you factor these things in previously, I bet it's around $4000 that would factor in which is around $150 per pay and after taxes who knows what. I really should probably go talk to a professional and see what can be done, but that huge paycheck is pretty awesome in April.

The kids change a lot. The W-4 has changed since when I first started working at my job. May want to go through that worksheet portion again. Originally, it was just an extra dependent you can claim which would shelter a few thousand of your earnings netting you (based on tax bracket) around 900 dollars. Now, there is a new section on the W4 that has to do with the child credit or whatever it is called which (based on earnings) is another 1000. So a kid nowadays gets you around 1900...per kid (up to a certain # of kids though I think)

If it was home improvements and one time things that you will not be doing again, that is different. If you got X amount of dollars for a green credit or something else you did to your house, for example. But if you regularly give to those charities about the same amount each year, then look to change those withholding...I would love that pay raise! Some people like that lump sum at the end of the year though. You can always round against yourself to make sure you still get 1-2 thousand if that is what you want.

just did the W4 again and got 12, I have 4 now. Might have to change some things. THanks

[JeffDFD]

Don't get too crazy on that W4...if you got 7500 back and you had 1-time impacts that helped you get to that 7500...I definitely would not claim 12. You also have to take into account what all your wife does if she goes back to work or does anything on the side. Also have to consider taxable investments and any other income that does not get taxed immediately like dividends, etc. There is actually a calculator on teh IRS website that can help and also some good stand alone calculators that take some of these things into account.

12 just sounds crazy. You probably would definitely owe at year's end. I re-did the W4 and I got a higher number than I expected. I did one of those calculators and it suggested a few lower.

[JS©]

Ended up with around $1500, which is probably the most I've had refunded in several years. Usually its around $400, but it sometimes dropped down to $100 or as high as $800.

[mac5155]

itd be real nice if Barry would increase the student loan interest deduction from $2500 to something higher. I paid almost $7k in interest this year alone.

[mac5155]

bump.

What are the advantages of married filing separately vs. jointly?

[KennyTheKangaroo]

just file jointly.

[columbia]

I received a 1099 G this year for the first time. I've done my taxes through H&R Block for years, so can I assume that they have been accounting for this in the past?

[tifosi77]

Interesting, mac.... I saw this thread and popped in to ask a similar question.

Last month I got hit with a wage garnishment for school loans that, according to my records, were paid off seven or eight years ago. I've initiated the process to contest the garnishment (which has been SUPER FUN!), but in the meantime I'm pretty sure that if we file jointly with the garnishment in place, any refund balance we have will be confiscated. If we file separately will any refund on her individual return be subject to confiscation?

[KennyTheKangaroo]

I received a 1099 G this year for the first time. I've done my taxes through H&R Block for years, so can I assume that they have been accounting for this in the past?

is it for a state refund?

Also, do you itemize?