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2013 Taxes...What'd you pay?

Discussion in 'The Okie Corral' started by XDRoX, Feb 16, 2014.

  1. XDRoX

    XDRoX

    6,450
    2,262
    Jan 24, 2009
    San Diego
    State took $4218 and feds took $12,220.
    We are getting back $12,852.
     
  2. XDRoX

    XDRoX

    6,450
    2,262
    Jan 24, 2009
    San Diego
    It wasn't nearly this good. But we had a 3rd child, maybe that's what did it.
     


  3. Zonny

    Zonny

    10,464
    932
    Apr 22, 2006
    Tempe, Arizona
    "Nearly"? Compare your numbers across the board. You will find your error.
     
  4. XDRoX

    XDRoX

    6,450
    2,262
    Jan 24, 2009
    San Diego
    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 :crying:
     
  5. Cybercowboy

    Cybercowboy Support the 2nd

    3,412
    1
    Dec 15, 2012
    SW Missouri
    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?
     
  6. gwalchmai

    gwalchmai Lucky Member

    24,129
    708
    Jan 9, 2002
    Outside the perimeter
    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...
     
  7. Zonny

    Zonny

    10,464
    932
    Apr 22, 2006
    Tempe, Arizona
    Perhaps you should involve yourself in your finances.
     
  8. Dave514

    Dave514

    20,835
    4,048
    Jul 6, 2013
    USSA
    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.
     
  9. 2bgop

    2bgop

    7,962
    1,521
    Dec 5, 2006
    In the SEC
  10. XDRoX

    XDRoX

    6,450
    2,262
    Jan 24, 2009
    San Diego
    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.
     
  11. XDRoX

    XDRoX

    6,450
    2,262
    Jan 24, 2009
    San Diego
    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 :supergrin:
     
    Last edited: Feb 16, 2014
  12. roger123

    roger123

    1,199
    208
    Feb 23, 2012
    VA Beach, VA
    I just did mine, I guess the 12K the government took out wasn't enough, they want an additional 3K.
     
    Last edited: Feb 16, 2014
  13. jame

    jame mange takk

    5,525
    1,314
    Apr 6, 2002
    Central Iowa
    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.
     
  14. Dave514

    Dave514

    20,835
    4,048
    Jul 6, 2013
    USSA

    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.
     
  15. RGbiker

    RGbiker

    1,513
    6
    Oct 12, 2009
    Arizona
    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....:dunno:

    Check to cover underpayment to IRS went out next day.

    My mistake was only several hundred bucks!
     
  16. Glock!9

    Glock!9

    3,196
    48
    Oct 5, 2001
    South Eastern PA
    Add another 0 and that's almost what I pay...
    Something is not right, fix it ASAP
     
  17. jpa

    jpa CLM

    7,997
    93
    May 28, 2001
    Las Vegas NV
    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.
     
  18. jpa

    jpa CLM

    7,997
    93
    May 28, 2001
    Las Vegas NV
    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? :)
     
  19. JMS

    JMS 02

    13,429
    3,554
    May 6, 2007
    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.