Geez. It's hard to tell. Our financial situation changes damn near every year. We owed $5K in 2011, but we raised our withholdings after we discovered this. Hopefully that will cover us for 2012.
30% of my paycheck is withheld for taxes, so I told H that it's his fault if we owe.
Not sure myself, I hope to just even out and not owe or get any refund. Our house helps a lot for the deductions, but it phases/caps out at a certain limit. Time will tell I guess, we shall see in February.
Post by mrssavy42112 on Jan 10, 2013 14:29:39 GMT -5
I owed last year because I sent in approx 3% less than I should have. This year, I sent in 5% more than last for my quarterly taxes. Plus, I have significantly more business expenses. Oh, and I got married. So I'm hoping that all of those things together will mean I'll get a refund this time.
I normally hope to just about break even, but I haven't been able to figure out what our withholdings should be since our income changed last year. Last year we ended up owing a couple thousand, so this year I hope we have the formula cracked. I'm not going to lie, a fat refund would be appreciated right about now. It was an expensive summer/fall.
I am hoping that we are really, really close to breaking even this year. We have owed a bunch every year of our marriage, so I decided to try really hard last year to fix our withholdings. We paid in about $4k more than our liability in 2011, so fingers crossed that makes up for the increase in income we had last year!
I feel like we always end up owing, no matter what adjustments I make. Though last year we got a Fed. refund for roughly the same amount that we owed NJ so that was really nice.
We usually get $1500-2000 back. I will DIE if we don't get anything or owe this year. There is no reason anything should have drastically changed (other than making slightly more maybe?) so I'm expecting a refund.
Yes, I know we should change withholdings but I like getting a chunk back. Makes it easier to save than trying to do that monthly! This time it's all going right into savings for sure.
We always owe bc we get hit with the marriage penalty of two incomes that push us up to a higher tax bracket together than we are alone. (in my case, two brackets, one for DH). Not sure how much and I don't want to know.
We got a pretty hefty refund last year so I tried to adjust withholdings to get the refund down. I'm hopeful we'll get a small refund and I'll cry if we have to pay.
We sold stock this year to make the down payment and bail out my mom, so we will owe capital gains (I was surprised they didn't withhold when we did the stock sale).
If it weren't for the cap gains, we would get a refund, but not much.
We will get a refund. We have gotten one every year and last year we had another baby. We use that money each spring to do our annual house projects. I prefer to give the interest-free loan to the gov't. because even though I would save most of it it is unlikely that I would save as much if it were in the paycheck. I am good at saving, but I know myself too well. Plus, my miniscule interest rate in my savings account doesn't do much for me. We should get around $4000-$5000 from fed and another $1000-$2000 from state.
Post by whitemerlot on Jan 10, 2013 17:21:39 GMT -5
I think we will get a refund because we withhold a lot and had a second kid this year. It's usually hundreds, not thousands one way or the other. When we were both working, we had to pay in most of the time, once quite a lot.