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Started By
Message
Does this tax return seem off?
Posted on 2/24/18 at 7:38 am
Posted on 2/24/18 at 7:38 am
Full disclosure: I know zilch about preparing taxes or really anything about the process.
My wife is an accountant and has always done her own, we are recently married so we just bought TurboTax and she did her thing for us as married filing jointly. 2017 is the first year I/we have owned a home so we have all that mortgage insurance to include, and we got married in August of 2017 which I assume helps cut us a break. We both make moderate incomes.
She did everything and said we would be getting back $800. Now I'm certainly not poo pooing getting money back but should it be more than that? When I was single and making a meager salary in the 30s it felt like I got back several hundred every year. It seems like when people get married or have kids they always talk about the huge tax returns they got.
I guess I'm just concerned that she may have missed something and we aren't getting the best outcome possible.
My wife is an accountant and has always done her own, we are recently married so we just bought TurboTax and she did her thing for us as married filing jointly. 2017 is the first year I/we have owned a home so we have all that mortgage insurance to include, and we got married in August of 2017 which I assume helps cut us a break. We both make moderate incomes.
She did everything and said we would be getting back $800. Now I'm certainly not poo pooing getting money back but should it be more than that? When I was single and making a meager salary in the 30s it felt like I got back several hundred every year. It seems like when people get married or have kids they always talk about the huge tax returns they got.
I guess I'm just concerned that she may have missed something and we aren't getting the best outcome possible.
This post was edited on 2/24/18 at 7:39 am
11
Posted on 2/24/18 at 7:40 am to WG_Dawg
Marriage penalty might have gotten you.
Plus she might have underpaid and you overpaid so it balanced out.
Plus she might have underpaid and you overpaid so it balanced out.
Posted on 2/24/18 at 7:44 am to WG_Dawg
People are paid hundreds of dollars an hour to do this and you think an answer can be derived from that?
Posted on 2/24/18 at 7:44 am to WG_Dawg
Tell her you don't think she did it correctly. Report back to us with her response.
Posted on 2/24/18 at 7:46 am to iknowmorethanyou
quote:
Tell her you don't think she did it correctly. Report back to us with her response.
Also, very informative OP.
Posted on 2/24/18 at 7:47 am to WG_Dawg
Just be happy you got money back. And don’t tell your wife YOU don’t think she knows what she is doing. Welcome to married life...sucker.
Posted on 2/24/18 at 7:48 am to iknowmorethanyou
quote:
Tell her you don't think she did it correctly. Report back to us with her response.
This.
Posted on 2/24/18 at 8:00 am to WG_Dawg
Yeah, I would tell her you think it's wrong and you want it double checked by a professional
Posted on 2/24/18 at 8:09 am to WG_Dawg
Your taxes based on your stated situation are very simple... I doubt it's wrong.
If both of your incomes are equal and you didn't change your number of deductions you would expect to pay slightly more in taxes.
If both of your incomes are equal and you didn't change your number of deductions you would expect to pay slightly more in taxes.
Posted on 2/24/18 at 8:44 am to WG_Dawg
Pretty sure PMI isn't deductible this year so you could only claim property taxes and mortgage interest. If you only owned partially for the year, you likely don't have enough for any benefit to itemize.
Does one if you make signifantly less than the other? If so, That income is being withheld at a lower tax bracket during the year which is probably your problem.
Does one if you make signifantly less than the other? If so, That income is being withheld at a lower tax bracket during the year which is probably your problem.
Posted on 2/24/18 at 9:51 am to WG_Dawg
I always find pleasure when I don't get that much back. I don't want the govt getting a free loan from me! 2017 taxes are going to be a learning curve. The wife finally is out of school and will actually start contributing an income.
Posted on 2/24/18 at 10:19 am to Jobo
quote:
Pretty sure PMI isn't deductible this year so you could only claim property taxes and mortgage interest.
I believe PMI deduction was added back in by the budget bill. Yep, Congress dropped a tax change on the IRS in the middle of tax season
As for marriage penalty, if you look at the rates for 2018 you may notice it's been largely removed which is awesome going forward.
This post was edited on 2/24/18 at 10:21 am
Posted on 2/24/18 at 10:26 am to WG_Dawg
quote:
She did everything and said we would be getting back $800.
I saw some due the other day that said he had a multiple-thousands of dollars tax bill due, so be glad. Lots of things can impact this. Last year, my wife got back $1,900 on her own. This year, we're getting back $1,900 combined. Nothing really changed, but the figures at the end.
Posted on 2/25/18 at 9:25 pm to Teddy Ruxpin
quote:
I believe PMI deduction was added back in by the budget bill. Yep, Congress dropped a tax change on the IRS in the middle of tax season
They did this shite with the tuition and fees deduction as well.
The PMT thing phases out pretty quickly.
quote:
As for marriage penalty, if you look at the rates for 2018 you may notice it's been largely removed which is awesome going forward.
This hasn't been getting a lot of press, but it should be.
Posted on 2/26/18 at 1:18 pm to WG_Dawg
If you are itemizing, I believe there are certain closing costs you can write off. May have to look to the google to see exactly which ones.
Posted on 2/26/18 at 2:32 pm to CivilTiger83
I am a CPA, albeit dont have much tax experience
Almost every friend I have, usually owes over 1k easily the first year they are married. And they cant figure out why and come to me freaking out
Here is why. They update their w4s to "married filing joinlty", and that is the only update they do......
If you do this, and dont withhold additional $100s of dollars each paycheck, you will likely owe a shite ton
Your payroll system at work that witholds money, assumes you are the only one in your family making money. It doesnt take into account your spouses income.
OP, You still got money back, so I am not sure why you think something is "wrong"
Almost every friend I have, usually owes over 1k easily the first year they are married. And they cant figure out why and come to me freaking out
Here is why. They update their w4s to "married filing joinlty", and that is the only update they do......
If you do this, and dont withhold additional $100s of dollars each paycheck, you will likely owe a shite ton
Your payroll system at work that witholds money, assumes you are the only one in your family making money. It doesnt take into account your spouses income.
OP, You still got money back, so I am not sure why you think something is "wrong"
This post was edited on 2/26/18 at 2:34 pm
Posted on 2/26/18 at 4:26 pm to lsupride87
quote:
If you do this, and dont withhold additional $100s of dollars each paycheck, you will likely owe a shite ton
But why does this matter if employers of both husband and wife withhold from their respective paychecks?
We both withhold max amount. No dependents.
This post was edited on 2/26/18 at 4:35 pm
Posted on 2/26/18 at 6:21 pm to Saskwatch
quote:
We both withhold max amount. No dependents.
Marriage penalty
Posted on 2/27/18 at 11:49 am to Saskwatch
Simpler to say marriage penalty
This post was edited on 2/27/18 at 11:51 am
Posted on 3/2/18 at 10:57 pm to WG_Dawg
Impossible for anyone to know without looking at the numbers.
But you can figure it out.
Print the 1040 and Schedule A (that’s your itemized deductions)
Check the numbers to make sure they are correct on both forms.
1040:
If your only incomes are what your employers paid you that should be simple. Did you contribute to any pre tax accounts; i,e, 401K, IRA, HSA?
If one of you got a state refund last year you pay taxes on that as it is considered income.
Lines 7 - 21 are incomes.
Lines 23 - 35 are adjustments to income - make sure you claim any of those you qualify for.
Line 37 is your adjusted gross income (AGI).
Schedule A:
Make sure all your deductions are listed, especially the big one: mortgage interest, property taxes, medical expenses, donations.
Did you have moving expenses?
If you bought a house some of the closing cost may be deductible, not sure about that.
Check line 40 on the 1040 to see if TurboTax used the standard or itemized deduction.
Be sure the number of exemptions are correct, lines 6 a, b, c on 1040.
You pay taxes on your AGI minus exemption and deduction amounts.
That amount is on line 43, Taxable Income.
TT will calculate accurately if the correct numbers are entered.
But you can figure it out.
Print the 1040 and Schedule A (that’s your itemized deductions)
Check the numbers to make sure they are correct on both forms.
1040:
If your only incomes are what your employers paid you that should be simple. Did you contribute to any pre tax accounts; i,e, 401K, IRA, HSA?
If one of you got a state refund last year you pay taxes on that as it is considered income.
Lines 7 - 21 are incomes.
Lines 23 - 35 are adjustments to income - make sure you claim any of those you qualify for.
Line 37 is your adjusted gross income (AGI).
Schedule A:
Make sure all your deductions are listed, especially the big one: mortgage interest, property taxes, medical expenses, donations.
Did you have moving expenses?
If you bought a house some of the closing cost may be deductible, not sure about that.
Check line 40 on the 1040 to see if TurboTax used the standard or itemized deduction.
Be sure the number of exemptions are correct, lines 6 a, b, c on 1040.
You pay taxes on your AGI minus exemption and deduction amounts.
That amount is on line 43, Taxable Income.
TT will calculate accurately if the correct numbers are entered.
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