We won't file until March, but I am hoping for a refund based on only working half the year but having normal withholdings.
Ok so did you change your ei withholdings? I Googled and am a bit worried about all the people saying they owed because the government only takes out 10%? I put a shitload in my rrsps to try and compensate. I've been on since March.
We're still waiting on more than half our docs, but I'm assuming we won't owe. We bought a house and gained two dependents but it's harder for me to predict because we file separately.
Post by ginkgoleaf on Jan 29, 2015 10:21:04 GMT -5
We are going to start them this weekend. I have no idea, but hoping for a refund since I only worked until the end of June and we had a TON of medical expenses... We will itemize and I think the medical OOP expenses will be high enough that we can deduct for them, or whatever the term is.
Ask me in April. We don't even have all our forms yet, then I need to give it all to our accountant. But I will be shocked if we don't owe $10k+. I would be pleased with anything under $20k.
Post by whitepicketfence on Jan 29, 2015 10:25:27 GMT -5
We got both of our W-2s yesterday so I filed last night. We're getting an obscene amount back because we never changed our withholdings like we needed to last year. Oops!
It'll go toward school tuition for the girls and our Disney trip.
I have no idea. We finally just resolved the clusterf$&@ of 2013, caused by living for 6 months in one country and 6 months in another. We haven't had the will to even begin accounting for 2014 yet. We will definitely owe, though, since I didn't make the quarterly payments for being self-employed. It's just a question of how much.
We owe a lot It happens every year and it's very annoying! I don't know why.
You might need to have more withheld. We had to change ours at one point to married, withhold at the higher single rate, no exemptions, +$xxx.
Of course, our taxes seem to be a moving target. DH gets dividend payments and I think we have too much withheld from those, plus this is the first year that we haven't had ANY 1099s for contracting so we are getting about $7500 back. Oops. We normally owe at least a few thousand.
I will probably owe between 25-30k, but I don't have any taxes taken off during the year because I'm self employed. I budget accordingly and have always had enough saved aside to pay it in full, on time. So what I owe is my entire income tax owing for the year.
You don't pay estimated quarterly taxes? We had to do that when DH was self-employed (1099d) or pay a penalty.
Post by Queen Mamadala on Jan 29, 2015 10:52:19 GMT -5
We filed on Monday. We're getting just over $6000 back. Self-employment tax takes out a decent chunk. It would have been around $8500, which was typical of previous years.
Post by leonard131 on Jan 29, 2015 11:19:03 GMT -5
I have no clue. We always owe- H is self employed and pays estimated quarterly taxes. This year his business wasn't as profitable by just little but hopefully what we have all ready paid in covers and don't owe more.
I am still waiting on some smaller items, but it should be in the neighborhood of $1K. We've always gotten quite a bit back, but my new company doesn't seem to take out as much even though I'm withholding at the higher single rate. Oh, well. Less for the government! Once Betterment posts their tax documents, I'll be set to file.
We usually get back around $7k. We both claim single zero. The one time we claimed married, we owed $11k. We aren't able to deduct the correct amount of taxes since DH's income is variable.
This just reinforces how exactly average we are. $2,400 tax return.
I sometimes think we should change our with holdings so we have more $$ to cash flow with, then I see people who mis-calculated and now have to find $$ to pay taxes with and I'm like, "nope, don't wanna chance it."
Fed 3400 back but we owe 1600 to state bc H works in another state (this was the first year). Pissed.
Are you sure you did it right for state? I don't know where you live so I don't know if the two states have very different tax policies. But we have always lived and worked across state lines (NY/NJ) and our reciprocal taxes come out very similarly.
Post by Ashley&Scott on Jan 29, 2015 11:50:56 GMT -5
We are still collecting paperwork to file, just got my W2 yesterday. We'll drop everything off with our accountant in a few weeks & won't know until early March. We usually get a significant refund.
We owe a lot. We do every year. It's a combination of assets we hold, the stock market and other things like that. Last year we also sold our house and made a good chunk of change off that sale so we'll owe on that money for sure. Ugh it sucks. We don't even have all the forms yet and don't typically until mid-March. We're anticipating around $10,000 though.