Post by whitepicketfence on Feb 1, 2013 17:14:08 GMT -5
It looks like we'll be getting a refund since we didn't account for DH's education credits. I won't know exactly how much until I get DH's business expenses entered, but it should be a few thousand.
Haven't done mine yet, but typically DH's work over withholds the state (we've tried to fix it several times). So we end up owing almost as much in fed as we get back from the state. So its a break even, but not in the way you'd think.
We'll owe some. My taxes are pretty well breakeven but DH gets some taxable benefits during the year for which his employer does not do any withholdings, so we owe for that.
Post by Norticprincess on Feb 1, 2013 17:54:25 GMT -5
I thought we were going to owe, but forgot DH had extra out to still cover things when I was working, without that we would have been about even. $2k refund, I have to add in local taxes from last year. I'll turn around and pay it to the local taxes
Post by gogreengowhite on Feb 1, 2013 18:14:32 GMT -5
We should be getting $2k back. I had a baby, maternity leave and my husband took a job with a 20% pay increase. We had no idea how to claim this year.
I want to adjust, but he will be starting another new job with an additional 35% pay increase in two weeks so I'm once again nervous to change our withholdings.
Post by awkwardpenguin on Feb 1, 2013 19:01:14 GMT -5
We overwithheld on purpose (as we had no idea how much our big gay healthcare taxes would be, and my income changed dramatically) and are getting back about $4k and a couple hundred from Illinois. I'm getting back $1 from Michigan.
Was $5500, but we moved into the next tax bracket and it's now at $3800. It'll be less when I get my 1099-misc form from my blogging ad company.
Taxes don't really work like that. Each new income tax bracket is only for the money above the cutoff for the lower bracket. So the cutoff for the 10% bracket is $17,400. If you make $17,401, the first $17,400 is taxable income is taxed at 10%, and only the last dollar is taxed at 15%.
What probably happened is you went above the income limits for certain deductions or credits, which made your tax bill jump up.
My husband started a new job this year which resulted in weird things like a vacation payout that was taxed like a bonus and him way overpaying his payroll tax, so we're right for totally wrong reasons. But I'll take it!
Post by bostonmichelle on Feb 1, 2013 19:42:14 GMT -5
We are getting a huge refund, we got married and bought a house and neither of us changed our withholdings. I think its about $4k total between fed and state. Our savings account will be happy, and I already adjusted my withholdings for this year and will reevaluate mid-year, I'm hoping to break even within a grand next year.
We used to get back about $1k federal and $200 state. Then we bought a house and didn't change our withholdings. That first year we got back over $17k combined. I adjusted my withholdings this year so it won't be quite so much but still stupidly large. Hopefully I'll do better next year.
I just did a preliminary run (can't finish until mid-Feb due to some 1099s). DH worked a lot less overtime last year. I never thought I would be happy to see our income go down, but it did. And that actually put us under the limit for passive real estate loss phase out. Which mean I GET TO DEDUCT MY RENTAL LOSSES!! WOOHOO!!!
And it turned into a decent refund. Like, if I can file quickly, it can actually pay most of H's IRA contribution this year.
We owe. I have NO idea how much. There have been so many different things doing on the last few years with DHs businesses that it is impossible to estimate.
I'm so afraid that I owe. We had so many changes last year that it is really a crap shoot. I've had it both ways, and I would rather give the government an interest free loan every time. It sucks so hard to write a check to the IRS. I'm making less than 1% on my savings anyway.
Post by kimibrighteyes on Feb 1, 2013 22:26:58 GMT -5
I'm always jealous at tax time of all you Americans. Our slips have until end of February to get to us. I have no clue this year since last year I only worked half of the year.
We will owe because of stock sales, but we have money set aside for it since we knew it was coming. I am just hoping we withheld correctly outside of the stock sales.
Post by sweetpea508 on Feb 1, 2013 23:30:23 GMT -5
We have a pretty straightforward tax situation so we used Turbo Tax. We got all our documents pretty early, luckily. We actually received our return today. And it went straight to pay our property taxes