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Old 02-16-2014, 11:20   #21
XDRoX
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Quote:
Originally Posted by 8-Ball View Post
If you don't mind me asking, how much did they take out for fed and state?
State took $4218 and feds took $12,220.
We are getting back $12,852.
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Old 02-16-2014, 11:22   #22
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Quote:
Originally Posted by Zonny View Post
What was your situation last year? Compare them.
It wasn't nearly this good. But we had a 3rd child, maybe that's what did it.
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Old 02-16-2014, 11:23   #23
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Quote:
Originally Posted by XDRoX View Post
It wasn't nearly this good. But we had a 3rd child, maybe that's what did it.
"Nearly"? Compare your numbers across the board. You will find your error.
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Old 02-16-2014, 11:27   #24
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"Nearly"? Compare your numbers across the board. You will find your error.
I actually don't remember what happened last year. I don't remember getting this large of a return but my wife always handles the tax stuff. I just asked her, she said we got back around $11k last year. All I know is I got $1k for myself
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Old 02-16-2014, 11:33   #25
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If you are getting 5 figure returns, you are in serious need of adjusting your W4. Why in the world would you want the government to hold onto that much of your money for a year or more?
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Old 02-16-2014, 11:36   #26
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The amount of taxes people report paying on internet forums, like range accuracy and, um, appendage length, is, shall we say, not subject to verification...
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Old 02-16-2014, 11:38   #27
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Perhaps you should involve yourself in your finances.
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Old 02-16-2014, 11:43   #28
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Hope you don't get audited.
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Old 02-16-2014, 11:44   #29
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Based on the given information, I would have someone who does taxes for a living look over your information. A small oops now can mean a big penalty later.
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Old 02-16-2014, 11:44   #30
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I paid far more than I wanted.
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Old 02-16-2014, 12:06   #31
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Originally Posted by Cybercowboy View Post
If you are getting 5 figure returns, you are in serious need of adjusting your W4. Why in the world would you want the government to hold onto that much of your money for a year or more?
I get that, I really do, but it sure is nice to get a good return. Truth be told if the government didn't hold onto this money for me it would be spent already.

I will have them take out less next year but I still would like to get a return.
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Old 02-16-2014, 12:12   #32
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Originally Posted by Zonny View Post
Perhaps you should involve yourself in your finances.
I'm really good at spending money :super grin: That's about it.

I feel like my wife does a great job managing our money. She handles all the bills. I have no idea what cable or cell phone bills cost. I like it this way. Seems like a lot of hassle.

She probably likes a large return because she knows I'll spend the money if I had it. She already spent this return BTW.
$4k for me not working this summer (I'm a teacher)
$1k for Christmas 2014
$1500 to the kids saving accounts
etc...

I get $1252

Last edited by XDRoX; 02-16-2014 at 12:12..
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Old 02-16-2014, 12:15   #33
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I just did mine, I guess the 12K the government took out wasn't enough, they want an additional 3K.

Last edited by roger123; 02-16-2014 at 12:17..
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Old 02-16-2014, 12:18   #34
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I did the Turbo Tax thing for a few years, until a a big penalty came down the pipe. I'm still paying for that screw up.

You need a dedicated CPA/Tax guy. Believe me.
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Old 02-16-2014, 12:27   #35
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Quote:
Originally Posted by XDRoX View Post
I'm really good at spending money :super grin: That's about it.

I feel like my wife does a great job managing our money. She handles all the bills. I have no idea what cable or cell phone bills cost. I like it this way. Seems like a lot of hassle.

She probably likes a large return because she knows I'll spend the money if I had it. She already spent this return BTW.
$4k for me not working this summer (I'm a teacher)
$1k for Christmas 2014
$1500 to the kids saving accounts
etc...

I get $1252

Your name goes on that return. You better wake up. I don't know if the taxes were done right or not but your obtuse outlook is a recipe for disaster.
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Old 02-16-2014, 12:41   #36
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I use Turbo Tax for years. Made a mistake one year and underpaid. IRS sent me a nice letter informing of mistake and amount underpaid and asked if I needed extra time to make good. Maybe someone there was having a good day....

Check to cover underpayment to IRS went out next day.

My mistake was only several hundred bucks!
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Old 02-16-2014, 12:42   #37
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Add another 0 and that's almost what I pay...
Something is not right, fix it ASAP
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Old 02-16-2014, 12:43   #38
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I just plugged his numbers into a tax calculator on the H&R Block web site and he's right.
http://www.hrblock.com/get-answers/tax-calculators.html

Here's what I plugged in:

Married Filing Jointly
3 dependents (I don't know ages so I just put 5 for each and checked "child living with me")
75k income for self, 0 income for wife.
No deductions or accounting for state income tax.

End result?
Taxable Income $43300
Adjusted Gross income (AGI) $75000
Greater of itemized or std. deduction $12200
Personal exemptions $19500
Taxes and nonrefundable credits + $2603
Payments and refundable credits + You will owe $2603 (I put zero for tax withheld)

I didn't account for rental income and expenses, mortgage interest or any other deductions or credits. So yes, it looks like they're pretty spot on.
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Old 02-16-2014, 12:51   #39
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Quote:
Originally Posted by XDRoX View Post
I'm really good at spending money :super grin: That's about it.

I feel like my wife does a great job managing our money. She handles all the bills. I have no idea what cable or cell phone bills cost. I like it this way. Seems like a lot of hassle.

She probably likes a large return because she knows I'll spend the money if I had it. She already spent this return BTW.
$4k for me not working this summer (I'm a teacher)
$1k for Christmas 2014
$1500 to the kids saving accounts
etc...

I get $1252
How much interest could you have earned on $4k if you saved the money all year long? Not much, but I'd rather have it in my bank account instead of Uncle Sam's.

Instead of putting $1500 in a regular savings account for the kids, invest it tax-free in a 529 plan for college.

Same question for the $1k for Christmas. I assume you mean for presents...how many dozens of people are you buying presents for and how do I get on that list?
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Old 02-16-2014, 14:04   #40
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Just wanted to get in before the crowd of GT posters who'll use this opportunity to say they paid more than $75k in taxes last year and that you're a net user to the system unless you make 7 figures.
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