re: Tax board: official, how much you gettin back thread?

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Push the limit too many times and the IRS forces maximum withholding and you don't have a choice.

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There is no underpayment penalty if you're within 10% of your actually taxes owed OR if you withheld at least 100% of last year's tax liability.

No one is suggesting you should have it down to that much of a science nor should you push the limits, but it isn't much to get your federal withholdings in line so you're not getting $3K refunds of your own money every year.

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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

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By the way, congrats on the ridiculous savings. Putting away nearly $5k/month is pretty impressive ($17,500 401k, $11,000 IRAs, $30,000 in M/M funds). Apparently those student loans went to degrees that paid pretty big dividends.

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they've never applied to me as i've been in the >25% for most of my adult life, so i've never had to mess with anything different. this is the first year i'm sniffing the 28% bracket depending on bonuses.

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Take every dollar your employer decides your ignorant arse should receive.

In simpleton terms, tax rates in the US are marginal, which means you only pay 28% federal taxes on every dollar you make over the $151,200. Making $1 over that limit means you'll owe $.03 more than you did before hand, but you will not be hit with an extra 3% on ALL of the money you made up to that point.

There are some concerns with capital gains and what not, but from an income standpoint there is no reason to turn down a raise for fear of a higher tax bracket.

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that's probably where my confusion came in.

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It is where everyone's confusion comes in to play. There is something to be said for someone who doesn't want to work that extra hour when you're taking home 3-5% less for your time, but a basic raise should be accepted 99% of the time.

Outside of a few unique situations, capital gains for instance, the vast majority of people are better off with a raise.

I haven't gotten my W-2.

Guys, I think we might jump into the 33% bracket this year. Should I get my wife to quit her job?

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getting back money because you filed single and 0 all year is nothing to brag about - it is your own damn money.

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yeppers

My old job still hasn't given me my w2. It's fricking criminal

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By the way, congrats on the ridiculous savings. Putting away nearly $5k/month is pretty impressive ($17,500 401k, $11,000 IRAs, $30,000 in M/M funds). Apparently those student loans went to degrees that paid pretty big dividends.

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I should preface that we only established doing this about six months ago. Had to cut out some of the fat. We still have fun, budget for one $250 date night every month, and we still have yoga, ballet, and cycling shite in our budget. We have $246,000 in student loan debts. They balloon into a five year note, not this July but next. I figured if we can get that down to $180,000-200,000 that's a hell of a lot better at low $3,xxx a month rather than $4,500 a month. I got my MBA and she is finishing her fellowship in Allergy/Immunology.