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Started By
Message
Tax Returns
Posted on 2/4/15 at 1:20 pm
Posted on 2/4/15 at 1:20 pm
(no message)
This post was edited on 12/21/16 at 9:27 am
10
Posted on 2/4/15 at 1:34 pm to Mootsman
quote:
My income increased 9%
Posted on 2/4/15 at 1:34 pm to Mootsman
When you say "return", do you mean refund?
Posted on 2/4/15 at 1:46 pm to Mootsman
Did you change your withholdings on your new W4?
This post was edited on 2/4/15 at 1:49 pm
Posted on 2/4/15 at 3:44 pm to Mootsman
quote:
My income increased 9%
/thread.
Posted on 2/4/15 at 4:15 pm to Mootsman
Impossible to say with the info provided.
My guess is the 9% increase threw you in a higher tax bracket or pushed you over the phase-out threshold on some credits and/or deductions, or you changed your withholdings on your W4 at the new job.
My guess is the 9% increase threw you in a higher tax bracket or pushed you over the phase-out threshold on some credits and/or deductions, or you changed your withholdings on your W4 at the new job.
Posted on 2/4/15 at 5:44 pm to Mootsman
When you started working for the TN based bank did you fill out a W-4 that took into account your year to date earnings and withholding, or did you just fill out a W-4 with a fixed number of withholding allowances that assumes you were not working previously in 2014? If you did the latter, then the TN bank withheld assuming you had zero year to date income and withholding instead of taking into account your year to date income and withholding from the NC based bank. Some of your income that should have been subject to withholding at 25% was subjected to withholding at lower rates.
Posted on 2/4/15 at 9:23 pm to Mootsman
Yeah the change in job (see Poodlebrain's post) and the raise would've done that.
Posted on 2/4/15 at 9:53 pm to Mootsman
Telling us whether the total amount you paid in taxes for the year changed markedly would be far more useful than saying your return decreased. Too many variables.
Posted on 2/5/15 at 12:20 pm to Mootsman
quote:
Any recommendations?
Congratulations - you loaned less of your money to the gubmint tax free last year. Keep working at that and maybe you'll owe a little bit in a few years and really get ahead of the game.
(I'm 100% serious - every reasonable person should strive to slightly underwithhold - for this very reason.)
Posted on 2/7/15 at 4:12 pm to Mootsman
I noticed that withholding has been reducing the last few years even it you do not change your marital status or deductions.
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