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Started By
Message
re: How much is everybody getting back/paying in for taxes this year?
Posted on 2/3/12 at 7:52 pm to ProximusBlackfin
Posted on 2/3/12 at 7:52 pm to ProximusBlackfin
quote:
Married and 6 I will break even on my taxes.
Wow! So you get nothing taken out of your paycheck and don't have to pay anything? The tax code is way fricked up.
1
Posted on 2/3/12 at 8:45 pm to CoolHand
quote:
Unless you have zero self control, why would you want to use the government as a 0% interest savings account?
You do realize that most savings accounts are paying about .9% right now, so on a$7000 refund you are looking at less than $50 worth of interest if they would of had the self control to put the extra money each paycheck into a savings account? I really think all the people that complain about others getting large refunds are a little jealous this time of year. BTW I have not done my taxes yet but I should be getting about 9k back this year
Posted on 2/3/12 at 9:11 pm to Tigerpaw123
quote:
BTW I have not done my taxes yet but I should be getting about 9k back this year
What is so pimp about getting your own money back? To get back that much, you either paid in too much or have too many kids and low pay so you get the EIC. The EIC is not OT ballin.
Posted on 2/3/12 at 9:20 pm to LSUSUPERSTAR
More like a large commercial real estate transaction several years ago with gozone benefits, and yeah it is my own money I am getting Back, I could change my w4's , but we get along fine without, and when these benefits runout, I won't have to get use to a smaller check.....to each his own
This post was edited on 2/3/12 at 9:22 pm
Posted on 2/3/12 at 9:38 pm to LSUSUPERSTAR
Bankers don't make the kind of money you all think we do. My AGI is low enough where my tax liability is cancelled out by the tax credits I'm eligible for.
Posted on 2/4/12 at 12:06 am to bpfergu
just had mine done yeaterday, getting back $10,850.00 
Posted on 2/4/12 at 12:39 am to bulldog95
quote:
just had mine done yeaterday, getting back $10,850.00
How many frickin' kids you got?
Posted on 2/4/12 at 4:17 am to HoLeInOnEr05
3 kids
me nor my wife claim any dependents so we have the max tax taken out, and the government held out over $18,000.00 on both my wife and myself together.
me nor my wife claim any dependents so we have the max tax taken out, and the government held out over $18,000.00 on both my wife and myself together.
This post was edited on 2/4/12 at 5:01 am
Posted on 2/4/12 at 5:45 am to bulldog95
Married, 2 kids that I am aware of and claiming, and wife and I are scheduled to get back a whopping $800.00.
We paid over $25K in Federal taxes this past year alone.
I get sick just thinking about it.
We paid over $25K in Federal taxes this past year alone.
I get sick just thinking about it.
This post was edited on 2/4/12 at 5:47 am
Posted on 2/4/12 at 9:42 am to Tigerpaw123
quote:
You do realize that most savings accounts are paying about .9% right now, so on a$7000 refund you are looking at less than $50 worth of interest if they would of had the self control to put the extra money each paycheck into a savings account? I really think all the people that complain about others getting large refunds are a little jealous this time of year. BTW I have not done my taxes yet but I should be getting about 9k back this year
Well, it's a bit more complicated than a savings account rate. But let's use that argument. Why do you have money in a traditional savings account? To have quick access to it (otherwise you'd put it in something much better). In that case, if the government is holding your money, you can't access it for emergencies, ect.
There are many more arguments against using the government to hold your money (with no ability to access it), but ultimately, you do what's right for you. My disagreement is by no means based on jealousy.
Posted on 2/4/12 at 9:53 am to CoolHand
quote:
There are many more arguments against using the government to hold your money (with no ability to access it), but ultimately, you do what's right for you.
Agreed. I'm one of those that gets about $3-$5k back every year. And while yes, I agree it isn't the smartest thing to do, it works for me. I have no doubt I'd spend it if I got it in my checks every 2 weeks, and if I tried to save it, the wife would spend it. Haha
So yes, it's a good bonus check to receive and we always take it and decide on something to do with it together.
Posted on 2/4/12 at 10:03 am to Htown Tiger
quote:
Htown Tiger
Posted on 2/4/12 at 4:30 pm to Will Cover
Damn
Posted on 2/4/12 at 5:11 pm to bulldog95
not sure what I'll end up owing yet..but if all worked out with estimated payments it will be just within the amount to avoid penalty.
Posted on 2/4/12 at 9:26 pm to ForeLSU
Married with one child.
Don't want to talk about how much I have paid in it hurts too much, will likely owe another 2K at tax time. At least we deducted almost six figures this year.
Don't want to talk about how much I have paid in it hurts too much, will likely owe another 2K at tax time. At least we deducted almost six figures this year.
Posted on 2/4/12 at 9:28 pm to Da Hammer
That blows but at least you're loaded.
Posted on 2/4/12 at 10:47 pm to wegotdatwood
I wish I had six figure to deduct!
Posted on 2/5/12 at 12:25 am to wegotdatwood
Getting about 2,400 all told. I just started my "career" so I only had a few months paid in.
My question if anyone can answer is this, I'm "single" tax filer with no kids or any of that mess. Just a shite ton of student loans.
I'm firmly in the 25% bracket on my base pay, but it is more than likely that additional income could push me closer to or into the 28% bracket.
Since this is all up in the air, any suggestions on how I should/could reduce my pay in and no royally be off next tax cycle? I kinda know what I have to do. I just don't need 5K sitting in D.C. all year when I could be throwing it at loan principles.
I could wait out this year so I have a full year of knowledge and experience of what to expect from my job, but if its not needed then I'd like to make the adjustments now. Thanks in advance.
My question if anyone can answer is this, I'm "single" tax filer with no kids or any of that mess. Just a shite ton of student loans.
I'm firmly in the 25% bracket on my base pay, but it is more than likely that additional income could push me closer to or into the 28% bracket.
Since this is all up in the air, any suggestions on how I should/could reduce my pay in and no royally be off next tax cycle? I kinda know what I have to do. I just don't need 5K sitting in D.C. all year when I could be throwing it at loan principles.
I could wait out this year so I have a full year of knowledge and experience of what to expect from my job, but if its not needed then I'd like to make the adjustments now. Thanks in advance.
Posted on 2/5/12 at 12:43 am to Teddy Ruxpin
You might want to try this:
IRS withholdings calculator
ETA: I highly recommend you tackle that debt before getting into "that mess".
IRS withholdings calculator
ETA: I highly recommend you tackle that debt before getting into "that mess".
This post was edited on 2/5/12 at 12:46 am
Posted on 2/5/12 at 12:52 am to CoolHand
quote:
ETA: I highly recommend you tackle that debt before getting into "that mess".
Dude, believe me I am.
I look at my salary and look at how much my loans are and notice two things:
1) How the ever loving hell does anyone afford anything over 1/2 a child?
2) There is going to be a shite load of student loan defaults in the future, because I'm one of the fortunate few and I'm barely there.
And thanks, I just hate having to throw educated guesses at it, but its probably the best I can do.
This post was edited on 2/5/12 at 12:54 am
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