Tax Season!

[count2infinity]

he was in 2nd grade btw. doesn't mean he cant be still dealing drugs. there are some sick people out there that force their kids to do that kind of stuff.

[mac5155]

didn't you get married last year? maybe that changed the amount of your income that is federally taxable? I have no idea, maybe a good question for your employer.

hm, no, I didn't change anything on my W4.

It's one thing to do married filing separately, but you didn't even change your W4 from single? I'm no expert, but I can't think that would be good.

And from everything I've read, unless in very particular circumstances, married filing separately is a pretty unfavorable status to be in.

Well my wife withholds her taxes from her check and I withhold mine from my own. It must've worked out. I got a few thousand back from federal, broke even on state, but somehow still owed on local.

MFS does not allow for student loan interest deduction and some education credits, I believe. We did MFJ.

[slappybrown]

didn't you get married last year? maybe that changed the amount of your income that is federally taxable? I have no idea, maybe a good question for your employer.

hm, no, I didn't change anything on my W4.

It's one thing to do married filing separately, but you didn't even change your W4 from single? I'm no expert, but I can't think that would be good.

And from everything I've read, unless in very particular circumstances, married filing separately is a pretty unfavorable status to be in.

Well my wife withholds her taxes from her check and I withhold mine from my own. It must've worked out. I got a few thousand back from federal, broke even on state, but somehow still owed on local.

That does not mean it "must've worked out." Your refund probably would have been higher.

[ulf]

He said he did MFJ no?

[slappybrown]

oh my bad mac

[mac5155]

Yeah I was wonderin.

[ulf]

Silly Slappy

[mac5155]

still though, should I contact someone in HR to take a look at it?

[count2infinity]

None of us have any better idea as far as what's going on with your W2 than your employer would. If you're concerned about it, contact them. If you don't give a crap, then don't worry about it.

[Sam's Drunk Dog]

Question..my state income Is $5k higher than my local income. My local tax on my return Is saying that I am $50 short because it's calculating my local tax based off my state income. Is this correct?

I'm not an accountant, but yes, this is correct. Mine also works this way.

How is my federal income one number, my local income is $4k higher, and my state income is $9k higher, than federal? I looked at last year's W2 and they're all the same. Did something change this year?

I just paid the $51 local.. I just dont get it, I never owe local.

Certain types of income and other benefits are accounted for differently based on tax laws. Federal is generally the lowest. PA for example considers the money you contribute to a 40lK as taxable income but the Federal government excludes those contributions.

[mac5155]

I emailed HR, just said I wanted to ask them if everything was right for next year. I got a bonus for the first time this year.. also, for whatever reason (I'm going to bring it up with HR) they tax my tuition reimbursement at the state level. PA state tax law said it's not taxable, so I must be missing something. The only things that have changed in 2013 to 2012, other than my gross income, are that I got a bonus and married.

[Shyster]

[youtube][/youtube]

[Mr. Colby]

Bump!

Can anybody tell me about the student loan interest deduction "phase out"?

[ulf]

F this thread

[ulf]

Bump!

Can anybody tell me about the student loan interest deduction "phase out"?

It means you make enough that you don't need to worry about it.

Jk I believe it starts at 70k for single taxpayers and not sure of married amounts. Not sure on how gradual you get phased out, but for some reason I thought it was an all or nothing thing.

[Mr. Colby]

Bump!

Can anybody tell me about the student loan interest deduction "phase out"?

It means you make enough that you don't need to worry about it.

Jk I believe it starts at 70k for single taxpayers and not sure of married amounts. Not sure on how gradual you get phased out, but for some reason I thought it was an all or nothing thing.

I'm seeing either 65k-80k or 60k-75k is a "phase out period" but i have no idea what the deduction would then be. Probably won't end up that high, but do you think that is based on the # from box 1 or the number from box 1 minus the 6200 and 3950 exemption/deduction? Everything I am seeing says it's based on "MAGI" which i can't figure out how to calculate.

[ulf]

It's basically your line 37 agi with nontaxable income and passive losses added back

[Kraftster]

Got the tax form from daycare tonight. lol
When this is double next year, I'm going to need to drink much more than I am tonight.

[mac5155]

Bump!

Can anybody tell me about the student loan interest deduction "phase out"?

It means you make enough that you don't need to worry about it.

Jk I believe it starts at 70k for single taxpayers and not sure of married amounts. Not sure on how gradual you get phased out, but for some reason I thought it was an all or nothing thing.

Unreal. I should just quit my job and send my loans into deferment

[columbia]

I had hoped to file my return last night, but H&R Block gave me "check back on 1/28", so you can complete this particular section message.
I WANT MY REFUND, BRO. GET IT TOGETHER.

[dodint]

TurboTax wants me to pay $37.99 to file my WI return, which is a $1 refund. I also have an NC return to file, for $37.99. Insane. I think it's so high because they bumped me up to Federal Premier so I can record my Long Term investment gains which aren't taxable anyway. If the entry doesn't change my refund amount I should be allowed to pay the Deluxe rate.

Gonna go ahead and file that WI return for free on the WI.gov site, thanks.

[KennyTheKangaroo]

State websites are usually easy to navigate and file too

[PensFanInDC]

The first time turbo tax told me in owed I went to an accountant. We still owed but about 70% less than turbo tax said. Been using the same guy since. He got us over 7K in returns in 2011.

[dodint]

State websites are usually easy to navigate and file too

It's pretty neat in WI. You check some boxes for the forms you plan to use and it generates a PDF for you with everything you need and you just fill it out. Since TT gave me the worksheets anyway it should be a slam dunk.

[mac5155]

Why am I all of a sudden ineligible for the Tuition deduction but TT tells me to go for the Lifetime Learning Credit?