Got my W2, Just did my taxes...

[mugs]

Originally posted by: Rickten

Originally posted by: OZEE

Originally posted by: codeyf
Last year we got $3300 back, but it should be less this year, as I claimed 1 more exemption in '04 (eligible to claim 4, claimed 2 on '03, claimed 3 in '04). Mainly cuz, as much as I like the big return, I could use the little bit extra on the paycheck. I'm guessing in the $2000-2500 range for this years return.

Dude - your withholdings are all screwed up if you're that far off... You're giving the government an interest-free loan of 2-3k every year. You want a little extra in your paycheck - fix your withholdings so you come out nearly even at the end of the year!

its better to get the big lump sum at the end of the year than 200 bucks extra every month that would probably just get blown on food or something. I love the interest free loan argument everyone uses. How much interest do you think you are missing out on. 40 bucks.

For people who a. have the self-discipline to set aside any extra money and not spend it and b. actually invest the money in an interest-bearing account, it's obviously better to get the smallest refund possible (or even owe the gov't money). But most Americans have no self-discipline and live above their means.

 

[b0mbrman]

Originally posted by: gutharius
Texas = No state income tax here. Nice, but you would not want to raise your kids here, worst schools in the union. Probably because of the no state income tax.

I'm also in Texas. The bad schools are mostly about us not putting a high value on education...but now, if you wanna talk high school football

As for taxes...I wish I could do mine in 5 minutes I've started and stalled several times.

 

[TallBill]

Already got 839 bucks put into my bank account.. All my income since August has been tax free since I'm in a combat zone, so that was kinda nice.

 

Getting $8,000 back. W00t!

 

[z0mb13]

Originally posted by: dwell
Getting $8,000 back. W00t!

8000?? how is this even possible??

 

Originally posted by: z0mb13

Originally posted by: dwell
Getting $8,000 back. W00t!

8000?? how is this even possible??

<-- Home owner. Paid > $18k in interest this year

 

[z0mb13]

Originally posted by: dwell

Originally posted by: z0mb13

Originally posted by: dwell
Getting $8,000 back. W00t!

8000?? how is this even possible??

<-- Home owner. Paid > $18k in interest this year

ah I see..

 

Originally posted by: z0mb13
ah I see..

At least I hope I'm right CPAs?!?!?!

 

[z0mb13]

Originally posted by: dwell

Originally posted by: z0mb13
ah I see..

At least I hope I'm right CPAs?!?!?!

yeah you are supposed to get back how much ur tax bracket is..

so if you are paying 30% tax, you are getting back 30% times 18k, which is a LOT!

can we be friends?

well the idea is, when you make interest payment on your house, you are only paying 70% of it..

 

[SuperTool]

I'll probably end up paying $500 fed and $500 state.

 

[fallenangel99]

paying $656 fed and $156 state in jersey

sucks, i just started working in sept 2004 (graduated may 2004) and im already getting f*k321

 

[bsobel]

its better to get the big lump sum at the end of the year than 200 bucks extra every month that would probably just get blown on food or something. I love the interest free loan argument everyone uses. How much interest do you think you are missing out on. 40 bucks.

Sad, just said. That 200 bucks every month would be much better spent automatically invested into an S&P500 index fund. As it stands you lost money on the deal (3% inflation, averaged over the year, lost about 1.5% of that money)

Bill

 

[bsobel]

Won't know the final score until March, but just sent our friends in Washington ~75k for my January estimated.

Bill

 

[randomlinh]

-$95 $125 to the state, $30 from the feds. blasted local taxes... I should get my witholdings adjusted.

 

[PrinceofWands]

Originally posted by: allisolm

Originally posted by: gutharius
Just did my taxes, took a whole 5 minutes (1040A) and I ended up owing $128.20. Which is better than last year, $155 then.

Anyone who can do their taxes in 5 minutes on a 1040A doesn't even know the meaning of the word. :brokenheart:

That's all mine ever take. I've only owed 1 year, that was about $1000. My average is getting back $3000, but this year I only get $400 because I'm not claiming my daughter.

 

[PrinceofWands]

Originally posted by: OZEE

Originally posted by: codeyf
Last year we got $3300 back, but it should be less this year, as I claimed 1 more exemption in '04 (eligible to claim 4, claimed 2 on '03, claimed 3 in '04). Mainly cuz, as much as I like the big return, I could use the little bit extra on the paycheck. I'm guessing in the $2000-2500 range for this years return.

Dude - your withholdings are all screwed up if you're that far off... You're giving the government an interest-free loan of 2-3k every year. You want a little extra in your paycheck - fix your withholdings so you come out nearly even at the end of the year!

Not necessarily true, it could be eic. I claim like 5 or 7 exemptions so I pay basically no tax on my paychecks. Then what I get back is mostly my eic. The one good thing about making so little.

 

[79Blazer]

Getting back $5200

 

I owe $64 to George W. and $74 to Michigan Gov. Jennifer Granholm.

 

[Feldenak]

I'm getting back $1400....thank you Lifetime Learning Credit.

 

[tec699]

Those college credits do come in handy. W/out the college credits I was getting back $500 but with them I 'll be getting back close to $1,800 My NJ state tax is at $85

 

[Feldenak]

Originally posted by: tec699
Those college credits do come in handy. W/out the college credits I was getting back $500 but with them I 'll be getting back close to $1,800 My NJ state tax is at $85

Yeah, I was getting about $400 back before the LLC. The LLC managed to get me an additional $1000 back. Should be direct deposited into my checking account by the end of next week and then I'll try to forget it's there until my honeymoon.

 

[tec699]

Originally posted by: Feldenak

Originally posted by: tec699
Those college credits do come in handy. W/out the college credits I was getting back $500 but with them I 'll be getting back close to $1,800 My NJ state tax is at $85

Yeah, I was getting about $400 back before the LLC. The LLC managed to get me an additional $1000 back. Should be direct deposited into my checking account by the end of next week and then I'll try to forget it's there until my honeymoon.

Did you go with turbo tax? I went with this program and I actually liked it. I saved about $50, but if I had a ton of deductions I think I would rather let a professional handle my taxes. I was paranoid while doing my taxes. I don't want the IRS taking my money!

 

[classy]

Originally posted by: jumpr
I owe $64 to George W. and $74 to Michigan Gov. Jennifer Granholm.

Got back $7000 last year, home owner. Probably about the same this year. But your governor is one sweet looking politician.

 

[MDE]

Owed $223 from the Feds, nothing from the State. Took me 20 minutes to do both over the phone .

 

[Feldenak]

Originally posted by: tec699

Originally posted by: Feldenak

Originally posted by: tec699
Those college credits do come in handy. W/out the college credits I was getting back $500 but with them I 'll be getting back close to $1,800 My NJ state tax is at $85

Yeah, I was getting about $400 back before the LLC. The LLC managed to get me an additional $1000 back. Should be direct deposited into my checking account by the end of next week and then I'll try to forget it's there until my honeymoon.

Did you go with turbo tax? I went with this program and I actually liked it. I saved about $50, but if I had a ton of deductions I think I would rather let a professional handle my taxes. I was paranoid while doing my taxes. I don't want the IRS taking my money!

Nope. I used H&R Block online and efiled that way. I don't make enough for them to charge me so I used their online services for free.