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New W4 and 2024 Taxes
Posted on 1/30/25 at 9:13 am
Posted on 1/30/25 at 9:13 am
Anyone start their tax returns for 2024? Am i the only one who thinks the W4 is more complicated than ever? For the first time in my life, it seems that I will owe taxes. In the past I always paid in more received a refund. I know the goal is to breakeven but owing money will suck. How many people are going to owe tons more than I am is concerning.
6
Posted on 1/30/25 at 11:36 am to lsuCJ5
Use the w4 calculator. It'll be back online in a couple days. Idk why they did maintenance in January and not December.
This post was edited on 1/30/25 at 11:38 am
Posted on 1/30/25 at 12:58 pm to lsuCJ5
quote:
Anyone start their tax returns for 2024? Am i the only one who thinks the W4 is more complicated than ever? For the first time in my life, it seems that I will owe taxes. In the past I always paid in more received a refund. I know the goal is to breakeven but owing money will suck. How many people are going to owe tons more than I am is concerning
I’m nervous as shite this year about owing a ton of money. We relocated to Texas and it was ran through my wife’s company as income so it inflated our annual income by a lot. We both claim 0 and none and the relo had income taxes taken out but still not sure how that will come out.
Posted on 1/30/25 at 2:28 pm to Rize
quote:
relo had income taxes taken out but still not sure how that will come out.
The relo company should have tax people to guide you on this. I think I used Cartus in 2010? and it ended up being a net zero impact. Since then, I've repeatedly had tax liability in other states and countries, and the corporations handled it.
Since you're new to Texas, start worrying about how bad your escrow is going to be off at the end of the year, especially if you are in the Houston area. Fairly common for banks (not USAA, they're not stupid) to forget about MUD taxes being half the owed overall property tax, so they forget to include it in the calcs. Then you get a call asking for thousands around Thanksgiving, due by 31 DEC. And if you don't escrow, realize that what the previous owner paid in property taxes is not representative of what you're going to pay. Texas limits valuation increases to 10% a year. Unless you just bought the house. The valuation immediately adjusts to at least what you bought the house for. At least you're getting this information now and not in October/November.
Posted on 1/30/25 at 5:05 pm to lsuCJ5
quote:keep it that way. the US treasury is not entitled to an interest free loan from you
For the first time in my life, it seems that I will owe taxes
Posted on 1/30/25 at 5:11 pm to Rize
quote:
We relocated to Texas and it was ran through my wife’s company as income so it inflated our annual income by a lot. We both claim 0 and none and the relo had income taxes taken out but still not sure how that will come out.
Did your wife's company gross it up to where you received the amount you needed to pay the movers after taxes? That's what we do for employees relocating.
Posted on 1/30/25 at 5:11 pm to lsuCJ5
quote:
Anyone start their tax returns for 2024?
Have entered income, but not deductions yet... but frick me and screw the IRS.
When are the other 50% going to pay their fair share?
Posted on 1/30/25 at 5:39 pm to lsuCJ5
A few years ago, I started a new job and had to use the new form for the first time. Thought I did it correctly.
Had a fricking tax bomb at the end of the year
Had a fricking tax bomb at the end of the year
Posted on 1/30/25 at 5:43 pm to jchamil
quote:
Did your wife's company gross it up to where you received the amount you needed to pay the movers after taxes? That's what we do for employees relocating.
I’m not sure. They paid closing cost on the house we sold, house we bought and our mortgage in BR while we lived here until the house sold. Then they paid to move us here once our house sold.
It was six figures worth of extra income for the move I think that ran through payroll.
This post was edited on 1/30/25 at 5:48 pm
Posted on 1/30/25 at 7:09 pm to Rize
quote:
I’m not sure. They paid closing cost on the house we sold, house we bought and our mortgage in BR while we lived here until the house sold. Then they paid to move us here once our house sold
If they did all of that, I bet they grossed it up when running the payrolls so your wife got the money she needed for each of those things after taxes.
Posted on 1/30/25 at 7:46 pm to lsuCJ5
Yes I ended up paying extra $2k to the feds. Now I just withhold extra.
Posted on 1/30/25 at 8:24 pm to jchamil
quote:
If they did all of that, I bet they grossed it up when running the payrolls so your wife got the money she needed for each of those things after taxes.
I’m not sure because it’s a smaller company. Looks like I’ll be getting an extension for my taxes for some special form.
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