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Discussion in 'The Okie Corral' started by XDRoX, Feb 16, 2014.
State took $4218 and feds took $12,220.
We are getting back $12,852.
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.
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
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?
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...
Perhaps you should involve yourself in your finances.
Hope you don't get audited.
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.
I paid far more than I wanted.
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.
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
I get $1252
I just did mine, I guess the 12K the government took out wasn't enough, they want an additional 3K.
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.
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.
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!
Add another 0 and that's almost what I pay...
Something is not right, fix it ASAP
I just plugged his numbers into a tax calculator on the H&R Block web site and he's right.
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.
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.
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?
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.