Tax Season

[mac5155]

soooooo do it?

[mac5155]

Honestly I just don't want to be bothered with TurboTax premier, and the free edition isn't allowing me to add a 1099-B

[MrKennethTKangaroo]

sure go for it

but dont cry if you get a bill or letter from irs

[mac5155]

I don't care about paying it. It just makes it easier to file. I'll pay the $11 bill.

[dodint]

We owe taxes every year. That's the only time I think the DINK life hurts us. We only owe like $200 or something like that.

Truth. $700 for us, though.

[Willie Kool]

We owe taxes every year. That's the only time I think the DINK life hurts us. We only owe like $200 or something like that.

Truth. $700 for us, though.

You could always adjust your withholding allowances. We have ours set so that we get a pretty big refund every year that we usually just use for fun. Might finally get that SR-762 with this year's refund.

[dodint]

Truth. $700 for us, though.

You could always adjust your withholding allowances. We have ours set so that we get a pretty big refund every year that we usually just use for fun. Might finally get that SR-762 with this year's refund.

We have. In fact we worked hers out tonight. Her company took out 4% of her salary for federal withholding. I don't understand how they come to that number, she's not working $6/hr part time with 9 exemptions. And that's with her tacking on an extra $10 withheld per pay because we've had this problem in the past. Same W-4 and three different employers took out three different portions; 4%, 6%, and 7.5%. The hell?

Our 1098-T's have bailed us out in the past but I think my graduating boned us in that regard.

[King Colby]

We have 2 things out of the ordinary:

1. Student Loan Interest
2. Simple dividends from stocks

Can I do turbo tax for free with those?

Or can I just fill out and file the tax return on my own?

[mac5155]

Yes free edition supports 1098E and 1099DIV but not 1099B

[NTP66]

I'd much prefer owing than getting a refund. I think we're going to be pretty close to breaking even this year, which is nice.

[Morkle]

Truth. $700 for us, though.

You could always adjust your withholding allowances. We have ours set so that we get a pretty big refund every year that we usually just use for fun. Might finally get that SR-762 with this year's refund.

We have. In fact we worked hers out tonight. Her company took out 4% of her salary for federal withholding. I don't understand how they come to that number, she's not working $6/hr part time with 9 exemptions. And that's with her tacking on an extra $10 withheld per pay because we've had this problem in the past. Same W-4 and three different employers took out three different portions; 4%, 6%, and 7.5%. The hell?

Our 1098-T's have bailed us out in the past but I think my graduating boned us in that regard.

Yea so I started a new job this year. They offered me the luxury of withholding the amount if I were single, and I have an extra $20 coming out each paycheck. Hopefully that pays off for next year.

[grunthy]

I'd much prefer owing than getting a refund. I think we're going to be pretty close to breaking even this year, which is nice.

Exactly. I don't want them holding any of my money on basically an interest free loan. Rather have it now.

[Silentom]

Our taxes ought to be fun this year. First time we're filing jointly, we just bought a house, and I switched jobs in 2015.

[Morkle]

Our taxes ought to be fun this year. First time we're filing jointly, we just bought a house, and I switched jobs in 2015.

If you don't have kids, this may be the year were you *may* get money back because you just bought a house.

[Silentom]

Yep, no kids.

[shmenguin]

mortgage interest + property tax deductions = $$$$$

[NTP66]

+ kids = $$

Then again, - daycare = --------$$$

[shmenguin]

+ kids = $$

Then again, - daycare = --------$$$

i net -$16,000 in this equation

[NTP66]

+ kids = $$

Then again, - daycare = --------$$$

i net -$16,000 in this equation

That's what I was paying when my daughter was an infant, but I'm around $13k/year now that she's a toddler. She switches classes every year, immediately following the annual rate hike.

[Silentom]

Can you get anything back from closing fee's and such?

[NTP66]

Can you get anything back from closing fee's and such?

Nope, just mortgage interest and [some] property taxes.

Edit: Points are deductible, too, in case you paid them.

[Silentom]

Booo. Would have been nice to get that $7k back.

[Freddy Rumsen]

Taxes mailed.

[dodint]

So, I had no idea the W-4 assumes that if you're married only one spouse works. Amazing. It makes the marriage penalty absolute murder. One more way society systemically discriminates against DINKs.

Turns you you have to turn the worksheet to page two to find out the correct way to withold.

For accuracy, complete all worksheets that apply.
• If you are single and have more than one job or are married and you and your spouse both work and the combined
earnings from all jobs exceed $50,000 ($20,000 if married), see the Two-Earners/Multiple Jobs Worksheet on page 2
to avoid having too little tax withheld.

OOPS.

[willeyeam]

Sounds like they just discriminate against people that don't feel like reading instructions