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Just got my W2(s).......its Tax Season |OT|
- Thread starter gdt
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$6000 back, feels good. I know all the super accountants out there are going to say I gave a free loan to the government, blah blah blah. Don't care.
I see it as another savings vehicle that forces my wife and I to do even more without. $2700 of it will go to pay off my car, $1000 for savings, and the rest for vacation.
I see it as another savings vehicle that forces my wife and I to do even more without. $2700 of it will go to pay off my car, $1000 for savings, and the rest for vacation.
Yeah, who gives a shit if it was a "free loan to the government"? I treat it like a year end bonus. I make 2/3rds of my income off commission which gets way overtaxed. Even claiming 2 dependents I get 4k back. Mine is going in to savings towards a down-payment on a new house next year.
Skel1ingt0n
I can't *believe* these lazy developers keep making file sizes so damn large. Btw, how does technology work?
Looks like I'll owe about $900 - I'm happy with that. I prefer the bigger paychecks, and this way I can save on my own accord.
Also, can anyone tell me if it would be worthwhile to set up a "home office" even though I work for another company. I do about 20% of my work at home - and do use my personal computer and computer equipment for work (and it's not expensed by my company). Any thoughts, or not worth it?
Also, can anyone tell me if it would be worthwhile to set up a "home office" even though I work for another company. I do about 20% of my work at home - and do use my personal computer and computer equipment for work (and it's not expensed by my company). Any thoughts, or not worth it?
Should I even bother (or am I required) to file this year if the only income I had last year was $700 from my last military drill weekend, and pell grant that covered my tuition expenses (full time student) with the help of 50% GI Bill benefits? I also don't have health insurance.
I'm going to the VA office at college next week to see if they have any tax advice for veterans, but I'd like to have an idea, in case any of you are having the same benefits going on and know what to do.
I'm going to the VA office at college next week to see if they have any tax advice for veterans, but I'd like to have an idea, in case any of you are having the same benefits going on and know what to do.
It is because you don't get any return on that money. If you invested it properly instead of giving it to the government you'd have and extra $300-400×
×assuming you don't spend it.
yes
Yep. It'll take less than an hour (probably way less, but you might be slow your first time).
I think if you know that you'd be more likely to spend that 6000 during the year, then it's a good idea to let the government save you from yourself, in a way.
Easystride
Member
Wait, you got your 1098 from your servicer or the place your loan was sold to? I just bought a home in 2015 as well, and I received a 1098 from my servicer that had the points on it (as well as one month of interest and PMI), and a second 1098 from the place my loan was serviced to.
You should also be able to deduct the county taxes you paid as the seller on your HUD, I believe (this won't be on your 1098).
Hidden One
Member
Never did my own taxes..Usually let my sister do it for me, but I think I'll give Turbo Tax a try >_<.
Eye for an Eye
Member
I've got a question for those in the know.
I closed an old 401k account and they withheld 20% penalty. Now I know I can get back 10% because of being a student and financial hardship. This is my only income for the year, under 5k.
I claim residency in two states, CA and TX. All my 401k stuff was handled with my TX address. The last time I filed (2012 and 2013) I filed with my CA address because of school and claiming the school tax credit. Do I file with my TX address or CA address? Do I still have to file CA taxes if I file with a CA address? I do not plan on using any tax credits for school this year (I want to save it when I transfer to the University).
I closed an old 401k account and they withheld 20% penalty. Now I know I can get back 10% because of being a student and financial hardship. This is my only income for the year, under 5k.
I claim residency in two states, CA and TX. All my 401k stuff was handled with my TX address. The last time I filed (2012 and 2013) I filed with my CA address because of school and claiming the school tax credit. Do I file with my TX address or CA address? Do I still have to file CA taxes if I file with a CA address? I do not plan on using any tax credits for school this year (I want to save it when I transfer to the University).
HomerSimpson-Man
Member
WTF?
This only on the W2? You're not far off from what I make; the social security and medicare taxes withheld are in the same ball park as me, but those taxes paid for federal look insane! My federal tax is ~$5500. You are overpaying federal out of your paycheck by an insane amount.
EDIT: I just checked, I'm only going to get a few hundred for my State back too.
Yeah that makes sense, you had a shit ton of federal taxes withheld.
edit: not sure why this would be the case, maybe talk to HR? or did you receive most of your income in a bonus?
dc3k
Member
WTF?
This only on the W2? You're not far off from what I make; the social security and medicare taxes withheld are in the same ball park as me, but those taxes paid for federal look insane! My federal is ~$5500. You are overpaying federal out of your paycheck by an insane amount.
EDIT: I just checked, I'm only going to get a few hundred for my State back too.
How is federal calculated? Is it per-paycheque or based on my full yearly salary? I only worked from Sept 1 - Dec 31 last year.
But...I can still invest it. Personally, I'm more prone to invest one large disbursement than smaller amounts distributed over 26 disbursements.
Playing around with TurboTax, it seems that If I get an IRA in the next few weeks my refund could be a bit larger.
However, the difference is that I'll have to trap my money in an IRA. I don't know if I want that. Essentially though, I think if I put $4,000 in an IRA, I may get back $2,800.
At that point, I guess I would have only "lost" (or locked away) around $1,200 (difference between the IRA and the return), but I don't know if I should do it or not.
However, the difference is that I'll have to trap my money in an IRA. I don't know if I want that. Essentially though, I think if I put $4,000 in an IRA, I may get back $2,800.
At that point, I guess I would have only "lost" (or locked away) around $1,200 (difference between the IRA and the return), but I don't know if I should do it or not.
twozerotwo
Member
Same here. I've thought about it and I'm going to leave my withholding as is. It'd be nice to have a bit more each month but I know I'd just end up spending it. Getting a lump sum every year keeps me from wasting it throughout the year.
homelessscootaloo
Banned
Getting ~$1800 back, not bad at all : )
Gonna use some for PC parts and bank the rest.
Gonna use some for PC parts and bank the rest.
ScottSullivan
Member
I think I'm just not gonna file this year, I think I would owe money since I didn't have health insurance, Thanks Obama(couldn't afford it until recently)
kutthoat5150
Member
~$2700 I'm getting back. Will probably get an elite controller for pc and open up another vanguard investment account. Nothing exciting.
nhlducks35
Member
Pretty sure tax evasion is illegal
nicoga3000
Saint Nic
Running quick numbers, wife and I will be getting ~$1000 Fed each. We have to file married filing separately, so we miss out on some stuff. But an extra $2000 is always a plus.
BronsonLee
Member
What if I told you this was probably a bad idea
You'll be fined and owe interest on time not paid. I know it sucks to pay in, but at least pay what you can
You qualify for an exemption if bronze level insurance in the Marketplace would be > 8% than your AGI. Look to see if you qualify.
The IRS can also just file for him as well, which is much worse.
Right but that is just the money you'd have gotten in the 12 months before the government gave it back to you. You can just lower your withholding ~300 a month and have that go right into a vanguard ETF and start earning interest right away. Over 30 years you're probably giving up ~$15,000 in interest
I had 2 different jobs last year. When I entered my W-2 from the one I got paid more from (made $50K) TurboTax said I'd be getting back like $3500 total.
Then I got my other W-2 today and when I entered that (only made $10K there) my refund dropped all the way down to $1100.
Damn those tax brackets .
Then I got my other W-2 today and when I entered that (only made $10K there) my refund dropped all the way down to $1100.
Damn those tax brackets .
Gray Matter
Member
Getting my refund by Wednesday, YES!
PS3GamerKyle
Member
Filed yesterday....single, no dependents, getting $2000 back!
DizzyCaffeine
Member
If I own my own home, am single and have no dependents, which version of Turbo Tax do I need? Deluxe, Premier, or Home & Business?
rokkerkory
Member
I am hoping to get 4-5k back this year. Need 3.5 to cover property taxes and the rest towards paying off my amex. sigh
SolidSnakeUS
Member
So I found out that I only got one part of my W2 from last year. I was supposed to be mailed two parts of the W2 (worked for one company from Jan-End of May that was bought by another company and became the new company starting Jun 1st until the end of August). I got the W2 from June to August, but did not get one from January to the end of May. I need to call their HR for them to mail it again (I don't work there anymore). Fucking ugh...
GoldenEye 007
Member
So I got my final W2 and was able to finish my taxes. I must have answered a question wrong in the educational credits section because my refund went from like $500 to basically $2500.
I am kind of drunk, but HR Block said I'm good so.... meh.
I am kind of drunk, but HR Block said I'm good so.... meh.
Damn, I think this is the first year I actually owe federal taxes. Thanks Obama.
Only $22. Walker had my back though and I'm getting like $400 in Wisconsin.
Edit: Fuck, and right after I file my girlfriend points out that Wisconsin has some fucking dumb divorce law where I needed to claim the part of the year where I was not divorced as joint income with my ex and then the rest myself or something even though we never lived together the entire year. Now I gotta figure this shit out and amend it or something... ugh. fuck you wisconsin.
Only $22. Walker had my back though and I'm getting like $400 in Wisconsin.
Edit: Fuck, and right after I file my girlfriend points out that Wisconsin has some fucking dumb divorce law where I needed to claim the part of the year where I was not divorced as joint income with my ex and then the rest myself or something even though we never lived together the entire year. Now I gotta figure this shit out and amend it or something... ugh. fuck you wisconsin.
"Walker had my back"
This is what Wisconsinites actually believe. It's also why their state is, well, sucking.
StopMakingSense
Member
Fixed. Sounds like that second w-2 had very little withheld. ( though as been said, its better than having been not paid the extra 6k over the year)
Yeah, hopefully people know I'm just joking.
My husband just did our taxes and it looks like we'll be getting back about $8,500 in state and federal taxes. I never changed my withholdings after we got married (2 years ago), so we've been getting big refunds the last couple of years. Personally, as others have said, I don't mind the forced savings plan, as it's helping us stock away money for a down payment on a house, but this year we have a baby coming, so I think I'll finally change my withholdings to get more per month.
Although, I just went through the W-4 worksheet and it looks like it's telling me to withhold 0, which obviously isn't getting us anywhere near breaking even. Looks like I'll have to get our W-2s and last paychecks to do the more complicated IRS withholding calculations.
Although, I just went through the W-4 worksheet and it looks like it's telling me to withhold 0, which obviously isn't getting us anywhere near breaking even. Looks like I'll have to get our W-2s and last paychecks to do the more complicated IRS withholding calculations.
youngplaya21
Member
I used to do 1 withholding and always received a couple grand back, but I'm trying 2 this year. I have absolutely no idea if I'll end up breaking even or owing $$$, but I'm just gonna hope it's even and enjoy the extra ~$80/paycheck that I should be getting (just changed it, so it didn't start yet)
MidgarBlowedUp
Member
Started a business last year but didn't make any money, just spent money to get it up and running. So I'm wondering if I can count what I spent as a loss or would the business be considered a hobby instead since I made no actual sales?
Either way, looks like I'll get back $800 - $1,000
Either way, looks like I'll get back $800 - $1,000
SparksterMeta0
Member
I had a question regarding my contractor job, which requires travel sometimes, but I think I figured it out.
Not really for sure what your talking about on tax brackets. Your problem is that your main job withheld money at the equivalent of 20-25% of your salary and then your side job only withheld at 10% or less. You had to make up the difference since your withholding weren't correct on your second job.
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