Tax Season

[dodint]

Indeed.

I haven't read a W-4 since before I met my wife, and we're high school sweethearts.

I wonder what else I've been missing all this time.

[dodint]

It is strange to me that in this world of ultra political correctness the form assumes one spouse (wife, duh) will obviously not be earning any income once she latches onto her man for good. Perhaps I missed it because my generation is blind to such blatant forms of sexism.

[columbia]

Indeed.

I haven't read a W-4 since before I met my wife, and we're high school sweethearts.

I wonder what else I've been missing all this time.

The Pens won the Cup in '93.

[dodint]

Ouch.

I was ten. How old do you think I am?

[columbia]

You complain as much as my mother.

[mac5155]

I just looked, and we're pretty much at the top of the second tax bracket. Will probably be in the third one next year. So I upped mine and hers 401k contribution.

[columbia]

Good move and keep doing it.

[dodint]

I'll have a bit more taxable income this year since I switched to a health plan that's about 1/3rd the cost of what was deducted from my check last year. Worse things in life.

[MrKennethTKangaroo]

It is strange to me that in this world of ultra political correctness the form assumes one spouse (wife, duh) will obviously not be earning any income once she latches onto her man for good. Perhaps I missed it because my generation is blind to such blatant forms of sexism.

At Kenny the kangaroos old job, there was ones client that would come to the firm every year. They were husband and wife, and the wife earned more money. Every year she would ask us why the husband got to be the taxpayer and she was stuck being the spouse even though she earned the dough. This gentleman would just roll his eyes and said that we do taxes and not are try to explain social norms and the sexist undertones of tax returns.

[NTP66]

I know a few people who contribute to IRAs, while they aren't maxing out their 403b's. That's a no-no, and a topic that I wish was actually taught in high school (maybe it is now?).

[columbia]

Today is the day I can import my 1099-B and 1099-DIV to H&R Block, so taxes will be completed tonight.

[dodint]

I know a few people who contribute to IRAs, while they aren't maxing out their 403b's. That's a no-no, and a topic that I wish was actually taught in high school (maybe it is now?).

It's a pretty small population that can utilize 403b, right? That would be like teaching TSP in high school if I'm understanding it correctly.

[NTP66]

I know a few people who contribute to IRAs, while they aren't maxing out their 403b's. That's a no-no, and a topic that I wish was actually taught in high school (maybe it is now?).

It's a pretty small population that can utilize 403b, right? That would be like teaching TSP in high school if I'm understanding it correctly.

Yes (teachers, healthcare, etc.), but the same applies to a 401k, too.

[Miami Vice]

I got my refund on Friday. Its always only $400-700, with me owing that much for 2011.

Itemizing didn't make sense this year, given that I only paid a few months worth of mortgage interest and real estate taxes. Maybe next year.

[Kraftster]

I am hoping that I get a refund this year. I just heard from the IRS about a month ago that I somehow entered my mortgage interest into Turbo Tax twice on 2013 taxes? I must have started the return and then jumped back in months later and put it in twice and somehow didn't realize it. Anyway, I owe them $2,200. I deferred it for 90 days hoping that I get a refund and they can just keep it. Otherwise, blech.

[NTP66]

Another bonus to working from home is that now the city of Philadelphia owes me a refund of over $1k in city wage taxes. Next year should be even nicer, given that I'm now working from home twice as much as the previous year.

[mac5155]

Another bonus to working from home is that now the city of Philadelphia owes me a refund of over $1k in city wage taxes. Next year should be even nicer, given that I'm now working from home twice as much as the previous year.

Speaking of wage taxes, if you work in the city of Pittsburgh but live outside, do you have the chance to get a refund of those taxes?

[MrKennethTKangaroo]

They shouldn't even be withheld at the pittsburgh rate.

[NTP66]

Another bonus to working from home is that now the city of Philadelphia owes me a refund of over $1k in city wage taxes. Next year should be even nicer, given that I'm now working from home twice as much as the previous year.

Speaking of wage taxes, if you work in the city of Pittsburgh but live outside, do you have the chance to get a refund of those taxes?

No idea, but I'm sure somebody else will chime in on this thread. In the Philly area, residents and non-residents are simply taxed at a different rate.

[shmenguin]

ah fudge...i might be working in the philly city limits at some point this year. i forgot about the stupid city wage tax

[dodint]

Source of the post Yes (teachers, healthcare, etc.), but the same applies to a 401k, too.

Ah, gotcha. I put a fair bit in my TSP but I don't max it out. I also have a Roth IRA on the side that I contribute a small amount to. Mentally I like the idea of the competing tax advantages, but in reality the Roth dwarfs the Traditional TSP so it probably won't matter anyway.

[NTP66]

I probably shouldn't have generalized my original statement. Depending on your tax bracket, it may be wiser to invest up to the company match in your 401k/403b, and put the rest into your IRA. Maxing out your 40xx will lower your taxable income, which is good. I stopped contributing to my Roth IRA a year or so ago because of my own stupidity (over-contributed, had to file extra nonsense with my tax return), but I'll likely resume that again this year.

[columbia]

I know a few people who contribute to IRAs, while they aren't maxing out their 403b's. That's a no-no, and a topic that I wish was actually taught in high school (maybe it is now?).

It depends. Employer funds often have bad/expensive options, so the preference order in those situations should be:

Employer plan to get maximum match
Max out IRA or ROTH
Back to employer plan for the rest of the money to be invested

[NTP66]

I thought I mentioned the funds in each plan in my prior post, but I apparently deleted it before posting. I was lucky enough to be in a terrific Vanguard plan with my previous employer, and while TIAA-CREF has some decent funds in my current employer's plan, the rates are higher and the funds just don't perform as well.

[columbia]

Yes, that's what I have for work. Gotta hold your nose a bit with them.