OT: Anything Goes 33: What'cha Drinking?

[BK]

Yeah there has to be something wrong.

 

[Easy E]

That's likely your issue. You need to subtract out your 401k plus all of your health/vision/dental insurance costs. None of that is taxable income, either.

I apologize, that is what I did, since I just pay benefits and she only pays 401k, I took my total gross pay minus all my benefits and her total gross minus 401k.

 

[BK]

Yep, took our last paystubs, took total gross subtracted out 401k contrib and used Fed Withholding.

There you go.

Thinking you will get a refund then having to pay would be terrifying to me. I over plan for stuff like that.

 

[Easy E]

There you go.

I'm doing the math again. I believe I pulled out all the necessary information.

Only Fed Withholding, correct? SS and Medicare mean nothing right?

 

[BK]

I'm doing the math again. I believe I pulled out all the necessary information.

The should be a federal taxable income on the pay stub.

 

[ChiHawks10]

I'm doing the math again. I believe I pulled out all the necessary information.

Only Fed Withholding, correct? SS and Medicare mean nothing right?

Those should both be included in some way. They don't "mean nothing" when filing your taxes. There's a reason why they're included in TurboTax as fields you fill out for income.

 

[ChiHawks10]

There still has to be something wrong... unless you're making a ton of money combined, and not having much withheld at all(which would be weird since you guys claim 0 and 1), you shouldn't owe... like ever.

 

[Easy E]

The should be a federal taxable income on the pay stub.

On hers, yes. On mine, no.

Those should both be included in some way. They don't "mean nothing" when filing your taxes. There's a reason why they're included in TurboTax as fields you fill out for income.

I mean I know they are not meaningless, but they don't count towards my fed withholding.

 

[BK]

On hers, yes. On mine, no.

Try using only hers to see what it says.

 

[Easy E]

Try using only hers to see what it says.

When I start with hers before I put mine in, it shows "refund of $1,979"
When I start with mine before I put hers in, it shows "refund of $1,949"

When I put both of ours in, it shows I owe $5.5K

On taxable income, I make 2 times as much as she does.

 

[ChiHawks10]

When I start with hers before I put mine in, it shows "refund of $1,979"
When I start with mine before I put hers in, it shows "refund of $1,949"

When I put both of ours in, it shows I owe $5.5K

WTF?

That makes no sense...

 

[Easy E]

WTF?

That makes no sense...

Anything to do with that I make 2 x as much as she does and I claim an allowance and she does not?

 

[ChiHawks10]

Anything to do with that I make 2 x as much as she does and I claim an allowance and she does not?

Shouldn't. If you're making double she is, your withholding is likely close to double hers...

Something just doesn't seem right... but I can't put my finger on it.

I'm no tax professional, but I've been doing my own taxes since I was 18, including itemized when I owned a condo and such. So it's not like I'm clueless. But this is weird... All the info you gave says you should owe nothing, or get a refund.

Also... remember that most those tax estimators usually don't include child tax credits and things like that...

 

[b1e9a8r5s]

Nevermind, I was thinking standard deduction.

 

[Easy E]

Shouldn't. If you're making double she is, your withholding is likely close to double hers...

Something just doesn't seem right... but I can't put my finger on it.

I'm no tax professional, but I've been doing my own taxes since I was 18, including itemized when I owned a condo and such. So it's not like I'm clueless. But this is weird... All the info you gave says you should owe nothing, or get a refund.

Also... remember that most those tax estimators usually don't include child tax credits and things like that...

The only thing I can think of is that Taxcaster doesn't ask me if I am in Texas. So when I put 0 state withholding it hits me.

 

[ChiHawks10]

The only thing I can think of is that Taxcaster doesn't ask me if I am in Texas. So when I put 0 state withholding it hits me.

State withholding has nothing to do with your federal, though.

 

[Easy E]

State withholding has nothing to do with your federal, though.

Yeah disregard that.

So I get to the step that says "Federal Withholding" and the little ? Says enter in ALL federal withholding.

Medicare and SS are technically fed withholding or no?

 

[Easy E]

State withholding has nothing to do with your federal, though.

I'll figure it out and let you know .Maybe I'll give my CPA a call. I had one when I had a trust. I don't want to bog down the anything goes thread.

Thanks for suggestions all .

 

[ChiHawks10]

Yeah disregard that.

So I get to the step that says "Federal Withholding" and the little ? Says enter in ALL federal withholding.

Medicare and SS are technically fed withholding or no?

Yes they are. That's probably your issue right there.

 

[RayP]

Was an independent contractor for years. This will be the first time in quite a while my wife and I will actually get a return, and quite a nice one.

Although probably just going to toss it in savings towards a down payment.

 

[Easy E]

Figured it out.

I should be claiming 0, not 1. Child Tax Credit saved me.

 

[x Tame Impala]

Was an independent contractor for years. This will be the first time in quite a while my wife and I will actually get a return, and quite a nice one.

Although probably just going to toss it in savings towards a down payment.

Take it to Vegas and triple your money!

 

[x Tame Impala]

I’ve found it easier to just give a solid tax guy $150/year to just get it done. They’re tough to find though. Nothing I’ve heard about the H&R Block-esque agents was encouraging.

Granted, I’m a bartender with no dependents so my tax situation is a lot different than most of you.

 

[clydesdale line]

God this snow storm is gonna suck...

 

[b1e9a8r5s]

God this snow storm is gonna suck...

I'm looking forward to it. Going to have some fun with my oldest building a snowman and "sledding" (pulling her on the sled). There hasn't been hardly any snow this winter so far.

 

[Blue Liner]

Looks like we're only supposed to get 3-5" where I am, so hopefully that holds true.