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Posted on 1/28/16 at 1:46 pm to McCaigBro69
quote:
Because if they didn't, then they wouldn't save the money to begin with because they suck at managing. I don't really see an issue with that.
I understand, but you can also have direct deposits set up from your checking account to other accounts that force savings on people. "Christmas" savings accounts are popular at banks.
Regardless, those people aren't good at managing their money, and if they're competent enough to know they're withholding more than they need on purpose, then they're competent enough to put that difference in another savings vehicle automatically.
Posted on 1/28/16 at 1:46 pm to McLemore
quote:
congrats on the interest-free loan you made to the government. and/or congrats on being so poor you're getting free money ("credits") at my expense.
child tax credit doesn't start phase out until 110k for a married couple....while not rich I wouldn't say that's being poor
Posted on 1/28/16 at 1:48 pm to BabyTac
thanks to lots of unexpected medical bills that aren't covered by insurance, $6,500
Posted on 1/28/16 at 1:48 pm to BabyTac
About $2,400. I was sweating it this year because my employer paid for my moving expenses, which was around $13K. Luckily, I was just renting at my last stop.
They actually took a shite ton of taxes out on moving expenses, so I got back more once that was entered.
They actually took a shite ton of taxes out on moving expenses, so I got back more once that was entered.
Posted on 1/28/16 at 1:50 pm to yellowfin
quote:
child tax credit doesn't start phase out until 110k for a married couple....while not rich I wouldn't say that's being poor
i always wonder if there's some magic number that i need to tell my boss to stop giving me raises at. i won't be far off from the above point this year.
i saw something like 118k is where you jump above the 10% tax bracket.
Posted on 1/28/16 at 1:50 pm to BabyTac
quote:
~$2,000 headed my way
same
unfortunately, my wife owes back taxes of about the same amount, so, actually going to net 0, which is still better than owing!
plus getting 600 from LA
Posted on 1/28/16 at 1:53 pm to Salmon
quote:
every year every goddamn year y'all post this
Just trying to do my civic duty and help out the simpletons that can't help themselves.
On a serious note though, if people voluntarily giving more of their money than necessary to the government all year with no interest is such a good idea, why don't you increase your withholdings on your W-4. Don't let single and 0 be your stopping point, go ahead and put a couple hundred dollars in Line 6 on the W-4.
Posted on 1/28/16 at 1:53 pm to yellowfin
quote:
child tax credit doesn't start phase out until 110k for a married couple....while not rich I wouldn't say that's being poor
no wonder we haven't got shite since we had our daughter
I was expecting a return the first year we had our daughter and we owed for the first time
Posted on 1/28/16 at 1:54 pm to 3nOut
there is no point where a raise would not be beneficial to you
Posted on 1/28/16 at 1:55 pm to BabyTac
Approx. 2k Maybe a little more.
Posted on 1/28/16 at 1:55 pm to slackster
quote:
Because if they didn't, then they wouldn't save the money to begin with because they suck at managing
That's not always the case. We put $2500 into a money market fund every month, I max out my 401k, we max out our IRAs, pay $1,000/month into student loan debts, plus the normal stuff like mortgages etc... That being said, I have $10s of thousands of dollars tied up in some K-1 investments that are going to start paying out in the next few years, if they don't already this year. So as of right now, I have no way to estimate those.
Posted on 1/28/16 at 1:56 pm to Salmon
you still get to claim them as a dependent and I think the credit drops by $50 per $1k you make over 110k
Posted on 1/28/16 at 1:58 pm to 3nOut
quote:
i always wonder if there's some magic number that i need to tell my boss to stop giving me raises at. i won't be far off from the above point this year
my god, its sad that there are actually people who think this way.
look up marginal tax brackets
Posted on 1/28/16 at 2:02 pm to BabyTac
Writing a check. A big one. WTF, cost of doing business.
Posted on 1/28/16 at 2:03 pm to rocket31
quote:
my god, its sad that there are actually people who think this way. look up marginal tax brackets
We may disagree on the impact of oil's downturn, but there is one thing that is certain - people are horrendous with personal finance.
Posted on 1/28/16 at 2:06 pm to Salmon
Right now it looks like I owe 2,500. My older brother is a CPA, I'm going to get him to look them over first.
Posted on 1/28/16 at 2:07 pm to BabyTac
Prolly $5,500 or so.
Push the limit too many times and the IRS forces maximum withholding and you don't have a choice.
Push the limit too many times and the IRS forces maximum withholding and you don't have a choice.
This post was edited on 1/28/16 at 2:09 pm
Posted on 1/28/16 at 2:08 pm to slackster
Posted on 1/28/16 at 2:10 pm to TheWiz
quote:
That's not always the case. We put $2500 into a money market fund every month, I max out my 401k, we max out our IRAs, pay $1,000/month into student loan debts, plus the normal stuff like mortgages etc... That being said, I have $10s of thousands of dollars tied up in some K-1 investments that are going to start paying out in the next few years, if they don't already this year. So as of right now, I have no way to estimate those.
I never implied that a refund = terrible with money for everyone. There are times where something unpredictable happens, but that isn't the case for most people who religiously get money back every year from withholding too much on their W-4.
I get back money from my LA return every year because, according to the disclosures on the L-4, it is against the law to put more exemptions/dependents than you actually have on lines 6 and 7. I could make an adjustment on Line 8, but my pay fluctuates greatly during the year so it is incredibly difficult to peg it down, so I just leave it as is.
However, federal income taxes and W-4s are much easier to predict and manipulate and I try to get it within a few hundred bucks each year.
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