Post by compassrose on Feb 2, 2016 20:22:57 GMT -5
I just filed mine, and I'm super excited I'm getting a big refund (~$3500). I'm torn between putting it toward my car to reduce the payments, the fund for SO's new car we are buying this summer, and blowing it on 5 tickets to Europe so we can take a family vacation this summer (tickets to France are only $650 this summer and SS2 is dying to go).
What's happening with your taxes?
(Side note: I know I can reduce my withholding, but last year was my first full year at this job and owning a home, so I wasn't sure how it would shake out.)
Mine are all done, but not filed. I'm waiting on a 1099 to arrive. I knew all the info, so I went ahead and entered it, but want to confirm before filing. When are 1099s due?
Mine are all done, but not filed. I'm waiting on a 1099 to arrive. I knew all the info, so I went ahead and entered it, but want to confirm before filing. When are 1099s due?
I said in the other thread that we're going to owe H's state 2k! Lol. It's not a huge deal. Overall, we'll owe only about $500, and the problem is fixed now.
DH completed ours over the weekend. We owed $$$ to the Feds and got back $$$ from the state. The difference was like -$73. Our tax goal is break even. I'd say that's pretty damn good!!
They are half done. I'm waiting on DH's corrected w2.
Idiots at the payroll company once again failed do his state withholding correctly, so the reported income is incorrect. They keep trying to not tax him on his retirement contributions at the state level. This was pointed out to them last year. Took forever to get the corrected w2. They tried to argue their way was correct. Nope. How many times would you like me to send you the state tax code. They had to redo a bunch of people's forms last year. You'd think they'd correct the software for this year. Nooope.
I have to check his pay stub to see if they are screwing it up for 2016.
Eta We are only getting $161 back from the Feds, unless I sock some more money in an IRA or DH finds the charity receipts that are MIA. We owe the state $230, would be a wash with the Fed if I didn't pay the use tax based on income. I don't have time to sort through all of DH's online purchases to determine if he paid sales tax. Owe local $1500, DH's company doesn't withhold that one so it was expected. I thought our Fed refund would be a little higher, oops.
I started it but we are still waiting on some paperwork. It looks like we are going to break even which is a relief because we were close to bumping into the next tax bracket which would have meant we would owe a lot.
I started mine and so far it looks good. Waiting on my business K1, which is profitable... I put in a rough estimate and it basically wiped out my Fed refund . I was hoping to have around $2k to save for daycare for baby #2 this year. I think I'm going to be about break even. Let's hope my business didn't make as much as I think! We are phasing out of the child tax credit though which made me sad.
E-filed a week ago and almost immediately accepted by State and Fed. Getting a very, very large refund that will add a nice chunk to our house downpayment fund.
I started them so I could get an estimate on how much we owe. I won't actually file until the last minute because I like to wait for magical deductions that will never happen. I like to think that if I sit around and think about it for three months I'll have some sort of revelation and not owe the IRS. It never works but I'm a hopeful sort of person.
I'll be doing a pot later to figure out how we can lessen our net income for 2016. We don't currently own a house, so without the mortgage tax deduction it's going to be even worse this year.
Filed the weekend before last and everything was accepted almost immediately. Waiting on a massive refund of 7k. DH quit his independent contractor job last year midway through and we way overpaid quarterly taxes because of it. One time anomaly.
We are going to start on them this weekend. I'm thinking we will be getting a refund. We really want to spend a little bit on house projects, but we will probably end up being responsible and sticking it in savings.
Ours are almost complete, and I mentioned in another thread that we are getting a pretty big refund. We bought a house this year, but we also moved up a tax bracket so I wasn't sure what to plan for. DH has large commissions which are taxed pretty heftily, so that contributes.
We are waiting on the form from the mortgage company we bought our house with (who sold our loan a month later), because that's where the points are and I haven't been able to enter that yet.
I did back of the envelope math and my combined state and federal refund will be close to $5,000. I'm going to use it mostly to fund travel, my trips this year are almost paid for so remaining will go to next year's big vacation.
ETA: I have to print out the forms, I do them pen and paper style because I'm old school
Post by UnderProtest on Feb 3, 2016 5:20:58 GMT -5
Not me! Not me! Ours didn't get done until almost October last year and I expect it to be the same this year. Oh, but my husband got his UK taxes done. The company gave him all of 4 hours to review and sign the return (the UK does not allow any extensions and are due 1/31).
We're still waiting on our brokerage forms, but I have everything else in and don't think the brokerage transactions will change much. This year I had a new job and my husband and I both worked in NJ but we live in NY, and our withholding elections didn't exactly work out. We owe a ton to the feds, and while the state stuff is not that far off on a net basis, we owe one state a lot and will get back around the same amount from the other state. So fail?
We finished last weekend and get a small return. We try to keep that as low as possible. All of our forms came in quick this year, normally we don't file so soon.
I started ours. I need my w2 and then I think we should be good. Will probably get a decent refund, I never adjusted anything after we found out we'd have a 2015 baby.
Filed and should be getting my federal refund early next week, $1300. That will pay off most of my cc and the rest will come from a little less than half of my state refund which is $900. I withhold at 0 and I don't know how much it would change if I went to 1, but I'd rather play it safe and get a refund next year. I know the whole "interest free loan to the government" argument, but I only earn 0.01% on my savings account anyway so it's not really worth it to me and I like the forced savings, haha.
We got both W-2s and 1099-G in the mail last week. Don't think I've seen the mortgage statement. I should start gathering everything else for our deductions. I think our refund will be a little smaller this year but definitely no owing. Income went up a little but we withheld the same.
Fairy tales do not tell children the dragons exist. Children already know that dragons exist. Fairy tales tell children the dragons can be killed. - G. K. Chesterton
I can't start yet Apparently some health insurance form deadline was extended, and we might not get it until March! And I need this form (1095-C) to file because I only had coverage 10/12 months, had a marketplace plan with a tax credit, and finally regular employer coverage. But I know I'll owe, so I guess I'm in no rush...
(from the irs: If you enrolled in a health plan in the Marketplace, you may need the information in Part II of Form 1095-C to help determine your eligibility for the premium tax credit.)
I started. When we had the snow storm a couple weeks ago I spent 3 hours getting things ready. I worked a bit last night on them and it looks like we'll get a fairly big return (about 7k). While I know I should change my withholdings I prefer to keep it this way to ensure we don't owe. And it still feels like free money to me at the end.