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Old 02-16-2014, 14:17   #41
njl
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Originally Posted by jame View Post
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.
Depends on how complicated your finances are. What did you and Turbo Tax screw up that's taking years to pay off?
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Old 02-16-2014, 14:17   #42
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I have to send the IRS a check for $11,000.
Been like this since I retired.

The 401K is screwing me bad. I'd be way ahead if I had put my retirement savings in a IRA when I was working, paying the taxes up front.


Could be worse.
H&R Block said I owe over $14,000.


Well, at least the A-holes in Washington are spending our money well.
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Old 02-16-2014, 14:25   #43
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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.
You can certainly argue the dollar amount. But to say that our tax system doesn't create a net payer and a net recipient simply isn't true. John Calhoun was a Democrat and a proud proponent of slavery, but he nailed it pretty well in Disquisition on Government.
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Old 02-16-2014, 14:25   #44
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Ouch, M2!


What kind of distributions have you taken out of your 401k?
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Old 02-16-2014, 14:28   #45
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Originally Posted by jpa View Post
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.
Thank you for doing that. I also just looked at everything my wife did and everything looks good.
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Old 02-16-2014, 14:30   #46
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Originally Posted by jpa View Post
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?
I believe my wife puts half their money in a 529 plan each year.
And the $1000 for Christmas is just our 3 kids. We spent about $2k just this last Christmas on everything. We do have a big family, but we buy our kids a lot.
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Old 02-16-2014, 14:33   #47
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Originally Posted by JMS View Post
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.
That H&R Block calculator is scary. I put in our W-2 income and taxes withheld and a guestimate at dividend and interest income (didn't bother with deductions), and it says we owe additional taxes roughly equal to 10% of XDRoX's income. I hope that's not right...but I'm not going through all the data til I have Turbo Tax installed. I don't even have all the necessary data yet. We will be itemizing deductions...so hopefully it's not quite that bad. As it is, it's got us paying about 15% of our income to income tax.
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Old 02-16-2014, 14:38   #48
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Originally Posted by JMS View Post
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.
It's not 7 figures.

2013 US federal expeditures:

$3,454,000 M (3.45 trillion dollars, according to CBO)

divided by

~198 M Americans aged between 18-65 in 2013 (US census bureau)

gives ~$17k, or ~$35k per household.

If you live in a household of two working adults (as many of us here do) and don't pay at least ~$35k of federal income taxes, someone else is paying your share. That level of taxes comes out, roughly, to a 100k household income.
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Old 02-16-2014, 14:39   #49
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Quote:
Originally Posted by JMS View Post
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.
Well, to be fair, it's true. The vast majority of Americans have their existence subsidized by others who pay the real tax burden. The middle class is subsidized.
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Old 02-16-2014, 14:39   #50
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Originally Posted by XDRoX View Post
She handles all the bills. I have no idea what cable or cell phone bills cost. I like it this way.
It's one thing to recognize that you don't have the time or mental capacity to know these details. It's quite another to enjoy the ignorance.
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Old 02-16-2014, 14:40   #51
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I'm curious what people think of turbotax? I've used it for years. This year I have extra income, and it was reported on a 1099 not a W2. I also can't count my kids as deduction any longer. So this year is going to hurt.
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Old 02-16-2014, 14:44   #52
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I'm curious what people think of turbotax? I've used it for years. This year I have extra income, and it was reported on a 1099 not a W2. I also can't count my kids as deduction any longer. So this year is going to hurt.
We have been using TaxCut for the past 10 years. This year we switched to TurboTax because it got better reviews. From the little I've seen the are very similar.
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Old 02-16-2014, 14:50   #53
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Ouch, M2!


What kind of distributions have you taken out of your 401k?
Up to $30,000 a couple years.

Of course this is all taxed, so with some money I get from a small oil lease, this is enough "income" (I have no deductions) to cause them to tax a big hunk of my Social Security as "income" to.

Puts me in about the 25% bracket.

Like I said, I would be money ahead if I hadn't put most of my retirement money in a 401K.
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Old 02-16-2014, 14:55   #54
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I'm curious what people think of turbotax? I've used it for years. This year I have extra income, and it was reported on a 1099 not a W2. I also can't count my kids as deduction any longer. So this year is going to hurt.
My tax is right simple. (retired, with no deductions).

I figure my tax with several online tax outfits.

Last year H&R Block had me owing about a thousand lower than Turbo tax.

This year TT had me owing about $4,000 less than H&R.


Try several and see what you get.
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Old 02-16-2014, 15:30   #55
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Wife and I paid about $27k between fed & state. Expect a net $2k refund to be applied to 2014 estimated taxes. Still waiting on a 1099 though.
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Old 02-16-2014, 15:34   #56
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Well, to be fair, it's true. The vast majority of Americans have their existence subsidized by others who pay the real tax burden. The middle class is subsidized.
I feel middle class after all said and done (i.e. net) but according to DD I'm a contributor

Where's my Obama phone!
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Old 02-16-2014, 15:48   #57
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Quote:
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I feel middle class after all said and done (i.e. net) but according to DD I'm a contributor

Where's my Obama phone!
Most working people describe themselves as middle class regardless of income. I believe the reason is that people generally associate with others of similar socioeconomic status. So they look around and think they're average.

When it comes to taxes the data are readily available. Your $50-$100,000 family of 4 really isn't paying much in terms of % of the tax burden.
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Old 02-16-2014, 16:26   #58
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Originally Posted by devildog2067 View Post
It's not 7 figures.

2013 US federal expeditures:

$3,454,000 M (3.45 trillion dollars, according to CBO)

divided by

~198 M Americans aged between 18-65 in 2013 (US census bureau)

gives ~$17k, or ~$35k per household.

If you live in a household of two working adults (as many of us here do) and don't pay at least ~$35k of federal income taxes, someone else is paying your share. That level of taxes comes out, roughly, to a 100k household income.
What about businesses? Do they pay federal taxes? Wouldn't part of the money you spend with a business go towards taxes?
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Old 02-16-2014, 17:41   #59
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around $8000



...monthly
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Old 02-16-2014, 17:59   #60
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So if the state is taking out way too much taxes (I get a big refund) and want them to take out less, do I increase exemptions on my W4?
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