Federal Tax Returns

• chicago510

  

  justincredible;1085917 wrote:Yeah, we'll never go back. My wife is now confident that I know what I'm doing so I can do them from now on.

  LJ;1086310 wrote:Just an FYI you can either file for itemized or for standard deduct when doing Married filing sep.

  justincredible;1086313 wrote:Yeah I don't know what this means.

  Idk why, but I lol'd
• justincredible

  

  chicago510;1086320 wrote:Idk why, but I lol'd

  I guess I know what I am doing when filing a joint return.
• WebFire

  dwccrew;1086237 wrote:Pretty sure he meant it sucks he's getting more back because that means he overpaid more for the year. Have you not followed the previous posts? Honest question.

  If that is what he meant, it's not true. He didn't overpay "more", because he didn't pay in any more than the previous year. He is getting more back because his tax burden was reduced. Do you know how taxes work? Honest question.
• j_crazy

  

  SportsAndLady;1086251 wrote:I took it as it sucks he's getting more money back at the expense of his kid's surgery. But I could be 150% wrong lol

  
  It was kind of both. Don't like getting a huge refund but since we are moving it might be nice to help us with a downpayment on the mcmansion my wife wants.
• Belly35

  

  dwccrew;1085996 wrote:Did you get taxes deducted out of the commissions? If not, that could be why you feel your return is low, you owed money on the commissions. I am not close to a tax expert though. Hope this helps.
  
  
  
  Bullshit alert! It'd be cool if you did though. Let us know how that goes if you have the balls to do it.

  Every year I have to pay 6-9 more because of the two business and other investments. Every year the Feds want me to sign a agreement to pay amount monthly. I sign no agreement, I sign no arrangment documents. I send the Feds what I want as long as it is paid by April the next tax period. Sending the Feds something and they can't do a dam thing. Never sign a agreement with the goverment ... what document have they signed with you?
• WebFire

  j_crazy;1086368 wrote:It was kind of both. Don't like getting a huge refund but since we are moving it might be nice to help us with a downpayment on the mcmansion my wife wants.

  Do you make any adjustments to your withholding?
• j_crazy

  

  I will this year. Didnt last year.
• WebFire

  j_crazy;1086466 wrote:I will this year. Didnt last year.

  Many people don't realize they can actually hold whatever amount from their check that they want. It doesn't have to be determined by the default independents formula. I was getting back $4-5k each year for fed and state combined. I took the average net tax owed from the last 3 years, subtracted $500, then divided that by my number of pay periods, and had that amount taken out. I did the $500 just to have a cushion for any changes that happen from year-to-year, because I don't want to owe at the end either.
  
  Bottom line is I got a lot more cash in my pocket each paycheck, and my return this year is under $500.
• jmog

  WebFire;1086469 wrote:Many people don't realize they can actually hold whatever amount from their check that they want. It doesn't have to be determined by the default independents formula. I was getting back $4-5k each year for fed and state combined. I took the average net tax owed from the last 3 years, subtracted $500, then divided that by my number of pay periods, and had that amount taken out. I did the $500 just to have a cushion for any changes that happen from year-to-year, because I don't want to owe at the end either.
  
  Bottom line is I got a lot more cash in my pocket each paycheck, and my return this year is under $500.

  I do the same, but do it by claiming many more dependents than I have on my work tax forms. I obviously claim the correct amount at the end of the year filing.
  
  Last year I got around $500 back instead of the $3k I had been getting back. However, I had taken the extra $100/paycheck and put it in a savings account all year long.
• dwccrew

  

  WebFire;1086350 wrote:If that is what he meant, it's not true. He didn't overpay "more", because he didn't pay in any more than the previous year. He is getting more back because his tax burden was reduced. Do you know how taxes work? Honest question.

  I wasn't implying that he paid more from the previous year, I was stating that he doesn't like big refunds because he overpaid more than he owes, hence the "more". Guess I should have stated "more" than he owes. Sorry for the confusion, no need to be so touchy. Yes, I understand how taxes work. LOL
• ptown_trojans_1

  

  Getting $1100 from fed, and $350 from MD.
  Not bad for a single guy.
  I'm not blowing it, it's all going to paying off student loans and savings/ stock.
• dwccrew

  

  ptown_trojans_1;1087175 wrote:Getting $1100 from fed, and $350 from MD.
  Not bad for a single guy.
  I'm not blowing it, it's all going to paying off student loans and savings/ stock.

  Screw that. Spend it on something worthwhile, like strippers and blow.
• LJ

  

  dwccrew;1087186 wrote:Screw that. Spend it on something worthwhile, like strippers and blow.

  and lime
• WebFire

  dwccrew;1087170 wrote:I wasn't implying that he paid more from the previous year, I was stating that he doesn't like big refunds because he overpaid more than he owes, hence the "more". Guess I should have stated "more" than he owes. Sorry for the confusion, no need to be so touchy. Yes, I understand how taxes work. LOL

  Just to be clear, I was "touchy" because you were a smartass in your post.
• WebFire

  dwccrew;1087170 wrote:I wasn't implying that he paid more from the previous year, I was stating that he doesn't like big refunds because he overpaid more than he owes, hence the "more". Guess I should have stated "more" than he owes. Sorry for the confusion, no need to be so touchy. Yes, I understand how taxes work. LOL

  Anywho, if that's what you meant, then correct. I thought you meant he overpaid more than he did previously because his return was bigger.
• dwccrew

  

  WebFire;1087195 wrote:Just to be clear, I was "touchy" because you were a smartass in your post.

  That is how you perceived it, but I was actually asking you in honesty. I wasn't sure if you had read the previous few exchanges or just happened to catch his post because it was the last post at that time.
  
  I think you saw my avatar and assumed I was being a smartass. LOL
• mella

  With my wife's new job we paid over $70,000 in income tax this year. I'm kind of afraid to put the numbers into TT. I don't want to find out we still owe a bunch of money. My wife works in Chicago and I work in Ohio, so we aren't sure if the taxes between the 2 states are going to kill us. The money we have in savings is for our daughter's college tuition and we don't want to tap into that. It will be interesting to see the final numbers.
• THE4RINGZ

  

  I am going to get absolutely smashed this year in taxes. Not enough expenses. So much for running lean and mean.
• I Wear Pants

  Getting a bit more than $800 back when including Federal and State. I do mine on the forms themselves since I still file as a dependant and only make like $10k a year working during school and summer.
  
  I think I'm going to buy my mom a clothes washer with it since ours broke recently and she's been going to the laundry mat. Spend the rest on brewing supplies probably. Or I might try to find a good deal on a washer and use the rest to put towards taking a class or two in the summer.
• WebFire

  mella;1087241 wrote:With my wife's new job we paid over $70,000 in income tax this year. I'm kind of afraid to put the numbers into TT. I don't want to find out we still owe a bunch of money. My wife works in Chicago and I work in Ohio, so we aren't sure if the taxes between the 2 states are going to kill us. The money we have in savings is for our daughter's college tuition and we don't want to tap into that. It will be interesting to see the final numbers.

  1st world problem.
• hoops23

  

  I Wear Pants;1087264 wrote:Getting a bit more than $800 back when including Federal and State. I do mine on the forms themselves since I still file as a dependant and only make like $10k a year working during school and summer.
  
  I think I'm going to buy my mom a clothes washer with it since ours broke recently and she's been going to the laundry mat. Spend the rest on brewing supplies probably. Or I might try to find a good deal on a washer and use the rest to put towards taking a class or two in the summer.

  
  
  Do that
• ernest_t_bass

  

  Here is a question about TurboTax to which I would like an education answer, if you could be so kind. I went through TurboTax, did my Federal and Ohio. Fed. $6,600 and OH $280ish. I submitted it, printed confirmation, declined to file Indiana's. Well, I went back and decided to submit Indiana's. I had gone through before, and my Fed. and OH numbers were the same as listed, along with $275ish for Indiana. All three numbers were there, but I decided to delete Indiana and try to do it by myself. I go back in and had to redo my Indiana one. THIS time, it takes my OH down to $39. Mind you, I had already submitted (and printed my return) for Fed. and OH.
  
  Every time I log into TurboTax now, it says that my Fed. ($6,600) and OH ($39) have been accepted, however I never submitted an Ohio return that had $39 on it. Even though TurboTax is telling me $39, should I expect the $280ish that I originally submitted?
• Pick6

  

  ernest_t_bass;1087842 wrote:Here is a question about TurboTax to which I would like an education answer, if you could be so kind. I went through TurboTax, did my Federal and Ohio. Fed. $6,600 and OH $280ish. I submitted it, printed confirmation, declined to file Indiana's. Well, I went back and decided to submit Indiana's. I had gone through before, and my Fed. and OH numbers were the same as listed, along with $275ish for Indiana. All three numbers were there, but I decided to delete Indiana and try to do it by myself. I go back in and had to redo my Indiana one. THIS time, it takes my OH down to $39. Mind you, I had already submitted (and printed my return) for Fed. and OH.
  
  Every time I log into TurboTax now, it says that my Fed. ($6,600) and OH ($39) have been accepted, however I never submitted an Ohio return that had $39 on it. Even though TurboTax is telling me $39, should I expect the $280ish that I originally submitted?

  I doubt anybody knows how you managed to fuck your turbo tax up.
• LJ

  

  Pick6;1087847 wrote:I doubt anybody knows how you managed to fuck your turbo tax up.

  Yeah, you're gonna need to call turbo tax brah
• jmog

  ernest_t_bass;1087842 wrote:Here is a question about TurboTax to which I would like an education answer, if you could be so kind. I went through TurboTax, did my Federal and Ohio. Fed. $6,600 and OH $280ish. I submitted it, printed confirmation, declined to file Indiana's. Well, I went back and decided to submit Indiana's. I had gone through before, and my Fed. and OH numbers were the same as listed, along with $275ish for Indiana. All three numbers were there, but I decided to delete Indiana and try to do it by myself. I go back in and had to redo my Indiana one. THIS time, it takes my OH down to $39. Mind you, I had already submitted (and printed my return) for Fed. and OH.
  
  Every time I log into TurboTax now, it says that my Fed. ($6,600) and OH ($39) have been accepted, however I never submitted an Ohio return that had $39 on it. Even though TurboTax is telling me $39, should I expect the $280ish that I originally submitted?

  Call them, you screwed it up pretty good.