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Message
re: First time ever I owe taxes
Posted on 3/25/24 at 8:47 am to Ace Midnight
Posted on 3/25/24 at 8:47 am to Ace Midnight
I am 46 and this is the first year in 20 years that I have not been able to itemize. On top of that, one of my kids turned 17, so we lost her child tax credit.
Capping property tax is a real nut punch, because without the cap my deductions would be 6500 more.
Last year I got back about 800 (I try to keep it at 0). This year I owe 2500.
Capping property tax is a real nut punch, because without the cap my deductions would be 6500 more.
Last year I got back about 800 (I try to keep it at 0). This year I owe 2500.
0
Posted on 3/25/24 at 8:58 am to dallastiger55
Nursing Home Commander In Chief sent your refund to the illegals. You did a good deed my man. They will be popping up in your community soon.
Posted on 3/25/24 at 9:18 am to SleepyJeaux
Why do so many people choose to be ignorant about (arguably) one of their biggest financial liabilities? I get that it's not fun to look at all, but most people's returns aren't all that complicated. I will never understand it.
Posted on 3/25/24 at 9:41 am to FinleyStreet
quote:
Why do so many people choose to be ignorant about (arguably) one of their biggest financial liabilities? I get that it's not fun to look at all, but most people's returns aren't all that complicated. I will never understand it.
It baffles me.
80% of peoples taxes are easy enough where if you put any effort at all at trying to understand them, you will. But almost no one does because they don’t want to fool with it.
If you want TurboTax to make sure everything is right, I’m fine with that. But look at it at the end. Compare to last year. Understand the differences.
Posted on 3/25/24 at 12:18 pm to dallastiger55
quote:it’s been a minute since you got credit for that type of giving unless you give a bunch
I did my deductions, things I always got credit for now never move the needle. We give a lot to our church and certain charities and that always made a dent, but this year not $1.
Posted on 3/25/24 at 12:33 pm to dallastiger55
update- my wife's work said she's at Single with 1 allowance (we are married with 2 kids and i make more)
23 vs 22
combined total was 18k more.
also, my 12d box for 401k was 3k more in 23
for simple math, lets say i made 130k and her 65k. Its fairly accurate
23 vs 22
combined total was 18k more.
also, my 12d box for 401k was 3k more in 23
for simple math, lets say i made 130k and her 65k. Its fairly accurate
Posted on 3/25/24 at 12:36 pm to dallastiger55
I’m getting back close to 5k and owe the state $500. First time getting a refund in a long time. Usually owe between 7500 to 14,000.
After about 10 years of owing I asked my wife what she was claiming for taxes on her paycheck and she said zero and 1. Changed it last year and owe a couple grand and this year get a refund.
No kids and standard deduction.
Fixed to say refund
After about 10 years of owing I asked my wife what she was claiming for taxes on her paycheck and she said zero and 1. Changed it last year and owe a couple grand and this year get a refund.
No kids and standard deduction.
Fixed to say refund
This post was edited on 3/25/24 at 1:26 pm
Posted on 3/25/24 at 1:16 pm to Rize
@rize:
I know what you mean, but please fix this to say refund.
@dallastiger55, did you compare the tax summary to see if anything in 2023 jump drastically compared to the previous years?
I still feel like i'm missing something
quote:
First time getting a return in a long time.
I know what you mean, but please fix this to say refund.
@dallastiger55, did you compare the tax summary to see if anything in 2023 jump drastically compared to the previous years?
I still feel like i'm missing something
Posted on 3/25/24 at 1:35 pm to horsesandbulls
also just checked mine and im filing joint married with 0
also it has a N next to my wife doesn't work and it should be Y. Will that make a difference?
also it has a N next to my wife doesn't work and it should be Y. Will that make a difference?
Posted on 3/25/24 at 1:48 pm to dallastiger55
Break it down to three categories.
AGI, taxable income, withholdings.
I’m assuming your hypothetical numbers earlier are AGI. You should theoretically see a similar increase to taxable income that you saw with your AGI. If it’s more then look at why? More, less, or same deductions?
Take your increase in AGI, take 24% of the increase and add it to last years withholdings. Is that number close to what you actually withheld?
Those questions should give you an answer to your original question.
AGI, taxable income, withholdings.
I’m assuming your hypothetical numbers earlier are AGI. You should theoretically see a similar increase to taxable income that you saw with your AGI. If it’s more then look at why? More, less, or same deductions?
Take your increase in AGI, take 24% of the increase and add it to last years withholdings. Is that number close to what you actually withheld?
Those questions should give you an answer to your original question.
Posted on 3/25/24 at 1:56 pm to dallastiger55
quote:
also it has a N next to my wife doesn't work and it should be Y. Will that make a difference
Pretty sure that’s the answer. You’ve told your payroll administrator that your wife doesn’t work so the withholding being calculated with just your salary as your total taxable income.
From your previous post, your wife’s w4 also indicated she was withholding lower than she should due to claiming a dependent.
You are under withheld. If you can afford it, switch your w4s to show you are single and you will continue to get refunds like you did in the past.
As always, consult with a tax professional before taking advice from strangers on the internet.
Posted on 3/25/24 at 7:46 pm to dallastiger55
quote:
I just don’t know with the thousands of deductions we had it didn’t move the needle $1
What deductions? Are they more than $27,700?
Posted on 3/25/24 at 10:53 pm to dallastiger55
I’m gonna say FJB, just because.
Posted on 3/26/24 at 5:58 am to BZ504
quote:
FJB
You do know we are still under trumps tax plan right?
Posted on 3/26/24 at 8:49 am to horsesandbulls
quote:
You do know we are still under trumps tax plan right?
You know what "just because" means, right?
Posted on 3/26/24 at 9:41 am to dallastiger55
23 vs 22
combined total was 18k more.
--
There's your answer. You will pay additional taxes on the increase.
combined total was 18k more.
--
There's your answer. You will pay additional taxes on the increase.
Posted on 3/26/24 at 11:21 am to dallastiger55
quote:
I’m dummy
trust me WE KNOW from your postings and predictions on the rant
Posted on 3/26/24 at 12:45 pm to horsesandbulls
quote:
@rize: quote:First time getting a return in a long time. I know what you mean, but please fix this to say refund. @dallastiger55, did you compare the tax summary to see if anything in 2023 jump drastically compared to the previous years? I still feel like i'm missing something
I would imagine it had something to do with my wife getting a signing bonus in 2022 that paid half in 2022 and 2023. We then repaid the signing bonus in full to the company in 2023 taxes included in our repayment.
Basically 20k in 2022 and 20k in 2023 but we were charged taxes on it but had to cut a 40k check back. Then her new company reimbursed us for the 40k. shite like this is why I don’t do my own taxes
This post was edited on 3/26/24 at 12:48 pm
Posted on 3/26/24 at 2:28 pm to notsince98
quote:
You know what "just because" means, right?
I do.
But this an example of injecting politics for the sake of injecting politics. Just because.
Posted on 3/26/24 at 2:30 pm to Rize
Sure.
But at face value your post stated it was the first time in a while you were getting a “return”.
You file a return every year. Sometimes you get a refund, sometimes you owe.
It’s nitpicky but I see it and hear it daily.
But at face value your post stated it was the first time in a while you were getting a “return”.
You file a return every year. Sometimes you get a refund, sometimes you owe.
It’s nitpicky but I see it and hear it daily.
This post was edited on 3/26/24 at 2:31 pm
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