I wasn’t born in America to not be able to judge other people’s choices on the internet
Taxes
- Thread starter Cycloneman24
- Start date
I wasn’t born in America to not be able to judge other people’s choices on the internet
Damn. My wife and I have both claimed zero the last 2 years and have owed over $3k each year. I’m about ready to start stealing kids or something
I had something similar happen to me and my wife last year. We thought we were withholding correctly but got a surprise $2500 tax bill. After looking into the numbers it appeared that when you select 'Married' on the W-4 it withholds at the Married Filing Jointly rate, but it also assumes that your income is the only household income. But when you combined our salaries it put us into a higher tax bracket so we owed more than what they assumed. I'm not a tax expert so someone can correct me if I'm wrong.
This past year we changed ours to 'Married, but withhold at the single rate', and it came out to where we would have owed less than $100, but the child tax credit gave us a nice refund. And we changed that withholding part way into the year, so if we would have had it that way all year we probably would have had a bigger refund.
For those struggling with withholding @isufbcurt posted this in another thread.
https://apps.irs.gov/app/withholdingcalculator/
https://apps.irs.gov/app/withholdingcalculator/
I've had a few people with a similar situation (except they don't have kids) and they are also changing their w/h to married but withhold at the single rate.
Filed my Iowa return on 4/12 and just today got the refund direct deposit! I'm only in my mid-thirties, but this feels by far the fastest I've ever gotten money back from Iowa..
Perhaps it is tied to having a CPA firm do my return for the first time this year?
Perhaps it is tied to having a CPA firm do my return for the first time this year?
Mine were filed 4-14 and we got ours last Friday. Waiting on federal.
Hell yes. My total refund from Iowa and Federal combined was $24.00.
First time in a bit, but with 2024 taxes being the one that will be used for sons first year financial aid, I tanked my income.
$700 this year is a 5 year record for me! Net of CPA charges though it is probably $200..
We got a refund this year, but I've always thought that it would be perfect if it just equaled out and you didn't have to pay in or get any back. Any refund is just your own money you didn't have during the year that you could have put in your 401k or whatever.
I hope you aren't a professional because that's just not true anymore. When it was 1-2% yeah I agree....but it sure as hell isn't anymore.
Clients typically don't know the difference because I don't go out of my way to tell them then they do the, "I want to pay less in taxes" dance and I can tell them immediately we can eliminate the penalties if you just make estimated payments. "Well, I didn't realize it was costing us more! You should have told us!"
