Who has done their taxes? FED Tax Liability change?

[CADsortaGUY]

I just received my last W-2 today and promptly entered it into TaxAct and finished my taxes. Seems I must be "rich" since my Federal tax liability went down by over $1000 - which is just over a 17% reduction from last year.

My exemptions and deductions were also increased this year due to the marriage penalty tax being taken away.
Also my tax credits(after tax liability) went up by a few hundred. The child tax credit doesn't really show up in the numbers since it is taken away internally so basically my credits were $800 more than what the software and numbers show since I got the check last fall.

But yeah, my "rich" household income of ~60K (give of take a few K) didn't get anything from the Bush tax cut - it must have gone to all the "rich" 70+K incomes

Anyone else figured their taxes yet? I'm curious to see peoples change in FEDERAL TAX LIABILITY numbers from last year. Now I should state that if you saw an increase in salary your numbers will be skewed a tad, but my household income numbers stayed approx the same this year. Anyone wish to share numbers or Federal tax liability % change?

CkG

 

[Gaard]

Coincidence! I did TaxAct last night also. Good thing, too. I hadn't thought of EIC and Child Tax Credit. I was just going to fill out the 1040A and be done with it. TaxAct got me another $2600.

 

[alchemize]

Just my rough numbers, last year vs. this year. I'm in the "rich" according to the dems because my family of 4 takes in about 115K per year...

14% this year. 16% last year. A reduction of about $1,800.

 

[CADsortaGUY]

Originally posted by: Gaard
Coincidence! I did TaxAct last night also. Good thing, too. I hadn't thought of EIC and Child Tax Credit. I was just going to fill out the 1040A and be done with it. TaxAct got me another $2600.

As long as you didn't get more back than you paid in throughout the year...I won't bitch too much. EIC and other "credits" should have a "net zero" tag line to it

I suppose I should pay for the software now so I can e-file and then buy the state version too. It's only $20 and should get me my money back faster.

CkG

 

[CADsortaGUY]

Originally posted by: alchemize
Just my rough numbers, last year vs. this year. I'm in the "rich" according to the dems because my family of 4 takes in about 115K per year...

14% this year. 16% last year. A reduction of about $1,800.

That's Liability/AGI - right?

CkG

 

[Gaard]

Originally posted by: CADkindaGUY

Originally posted by: Gaard
Coincidence! I did TaxAct last night also. Good thing, too. I hadn't thought of EIC and Child Tax Credit. I was just going to fill out the 1040A and be done with it. TaxAct got me another $2600.

As long as you didn't get more back than you paid in throughout the year...I won't bitch too much. EIC and other "credits" should have a "net zero" tag line to it

I suppose I should pay for the software now so I can e-file and then buy the state version too. It's only $20 and should get me my money back faster.

CkG

It probably helped that my son was born in the last week of November.

 

[CADsortaGUY]

Originally posted by: Gaard

Originally posted by: CADkindaGUY

Originally posted by: Gaard
Coincidence! I did TaxAct last night also. Good thing, too. I hadn't thought of EIC and Child Tax Credit. I was just going to fill out the 1040A and be done with it. TaxAct got me another $2600.

As long as you didn't get more back than you paid in throughout the year...I won't bitch too much. EIC and other "credits" should have a "net zero" tag line to it

I suppose I should pay for the software now so I can e-file and then buy the state version too. It's only $20 and should get me my money back faster.

CkG

It probably helped that my son was born in the last week of November.

Yeah, my son was born in December of 2001. He was a few weeks early - he saved me a few hundred on my taxes that year due to his early arrival

CkG

 

[alchemize]

Originally posted by: CADkindaGUY

Originally posted by: alchemize
Just my rough numbers, last year vs. this year. I'm in the "rich" according to the dems because my family of 4 takes in about 115K per year...

14% this year. 16% last year. A reduction of about $1,800.

That's Liability/AGI - right?

CkG

Exactly Haven't finished honing my deductions yet, just an estimate

Helped my son was born December 30, 2002

 

[Gaard]

Originally posted by: CADkindaGUY

Originally posted by: Gaard

Originally posted by: CADkindaGUY

Originally posted by: Gaard
Coincidence! I did TaxAct last night also. Good thing, too. I hadn't thought of EIC and Child Tax Credit. I was just going to fill out the 1040A and be done with it. TaxAct got me another $2600.

As long as you didn't get more back than you paid in throughout the year...I won't bitch too much. EIC and other "credits" should have a "net zero" tag line to it

I suppose I should pay for the software now so I can e-file and then buy the state version too. It's only $20 and should get me my money back faster.

CkG

It probably helped that my son was born in the last week of November.

Yeah, my son was born in December of 2001. He was a few weeks early - he saved me a few hundred on my taxes that year due to his early arrival

CkG

:beer:

And just pay the 8 bucks and use their online site for State.

 

[iBold]

death and taxes and all that..

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[NesuD]

Just did my Taxes 2 days ago and found my taxes dropped over$1200 from last years on roughly the same household income. Needless to say I was somewhat elated. In the past it always seemed everyone but me benefitted from a taxcut. Guess it was that damn marriage penalty skewing everything. I have a feeling that a lot of voters will be suitably impressed to see the effect of Bush's taxcut when they complete their returns.

 

[amok]

Originally posted by: NesuD
Just did my Taxes 2 days ago and found my taxes dropped over$1200 from last years on roughly the same household income. Needless to say I was somewhat elated. In the past it always seemed everyone but me benefitted from a taxcut. Guess it was that damn marriage penalty skewing everything. I have a feeling that a lot of voters will be suitably impressed to see the effect of Bush's taxcut when they complete their returns.

Actually, I tend to think that after a couple of days of dancing around in circles, they will realize part of the reason we have a half trillion dollar deficit .

 

[EagleKeeper]

Originally posted by: Gaard

It probably helped that my son was born in the last week of November.

You have 1 more month to get started on another exemption for 2004.

 

[EagleKeeper]

Before all you peeps submit you taxes (if it is not to late), check out some of the ideas that are floating around in the ATOT Tax thread. May save someone a few more $$$.

 

[charrison]

I have done the initial work on my taxes, and it looks like will be about 2000 reduction in taxes on slightly increased income. Might get more if we decide to do IRA.

I was not expecting this decrease being a dink.

 

[dmcowen674]

Originally posted by: NesuD
Just did my Taxes 2 days ago and found my taxes dropped over$1200 from last years on roughly the same household income. Needless to say I was somewhat elated. In the past it always seemed everyone but me benefitted from a taxcut. Guess it was that damn marriage penalty skewing everything. I have a feeling that a lot of voters will be suitably impressed to see the effect of Bush's taxcut when they complete their returns.

Woo Hooo a whole whopping 2% when the cost of of everything was raised way more than that 2% to make up for the supposed "Cut".

 

[CADsortaGUY]

Originally posted by: dmcowen674

Originally posted by: NesuD
Just did my Taxes 2 days ago and found my taxes dropped over$1200 from last years on roughly the same household income. Needless to say I was somewhat elated. In the past it always seemed everyone but me benefitted from a taxcut. Guess it was that damn marriage penalty skewing everything. I have a feeling that a lot of voters will be suitably impressed to see the effect of Bush's taxcut when they complete their returns.

Woo Hooo a whole whopping 2% when the cost of of everything was raised way more than that 2% to make up for the supposed "Cut".

MAN THE LIFEBOAT!!!

CkG

 

[Hayabusa Rider]

gonna find out whats what. About to start my taxes now.

 

[dmcowen674]

Originally posted by: CADkindaGUY

Originally posted by: dmcowen674

Originally posted by: NesuD
Just did my Taxes 2 days ago and found my taxes dropped over$1200 from last years on roughly the same household income. Needless to say I was somewhat elated. In the past it always seemed everyone but me benefitted from a taxcut. Guess it was that damn marriage penalty skewing everything. I have a feeling that a lot of voters will be suitably impressed to see the effect of Bush's taxcut when they complete their returns.

Woo Hooo a whole whopping 2% when the cost of of everything was raised way more than that 2% to make up for the supposed "Cut".

MAN THE LIFEBOAT!!!

CkG

MAN THE LIFEBOATS!!!

 

[chess9]

We've already filed online with TurboTax. We're getting back quite a bit more than usual.

Does this mean I have to vote for Bush.


-Robert

 

[Jhhnn]

I take it that Y'all realize this isn't really a tax "cut", that we're merely borrowing money to pay our taxes? Or that 12 cents of every tax dollar goes to paying the interest on past tax "cut" illusions?

Party hearty, dudes, try not to notice that your hosts pissed in the punchbowl....

 

[CADsortaGUY]

Originally posted by: Jhhnn
I take it that Y'all realize this isn't really a tax "cut", that we're merely borrowing money to pay our taxes? Or that 12 cents of every tax dollar goes to paying the interest on past tax "cut" illusions?

Party hearty, dudes, try not to notice that your hosts pissed in the punchbowl....

Make sure you figure out what you would have paid before Bush's tax cuts(what you think you SHOULD have to pay) and send it to the Feds.
I don't think anyone here will stop you from doing so.

CkG

 

[charrison]

Originally posted by: CADkindaGUY

Originally posted by: Jhhnn
I take it that Y'all realize this isn't really a tax "cut", that we're merely borrowing money to pay our taxes? Or that 12 cents of every tax dollar goes to paying the interest on past tax "cut" illusions?

Party hearty, dudes, try not to notice that your hosts pissed in the punchbowl....

Make sure you figure out what you would have paid before Bush's tax cuts(what you think you SHOULD have to pay) and send it to the Feds.
I don't think anyone here will stop you from doing so.

CkG

I dont think very many liberals are going to take that offer.

 

[Hayabusa Rider]

Well, I be done.

Am a little better off than last year, largely due to charitable contributions.

Least I don't owe

 

[Jhhnn]

Make sure you figure out what you would have paid before Bush's tax cuts(what you think you SHOULD have to pay) and send it to the Feds.

I would, and gladly, if there were some way that payment could be credited to my account and interest accrued so as to count against the inevitable tax hikes and interest payments I'll be making along with a lot of short-sighted folks who seem to like borrowing money they don't need, and co-signing on really big notes for others who can easily buy citizenship in some tax haven, like Bermuda...

The wife and I did quite well on the tax break- two kids, ~$90K total income, near the lower end of Dubya's target income group... We have no illusions, however, that we're the recipients of some beneficience from the Republicans, or that this whole thing is actually connected to fiscal responsibility in any way whatsoever...

Just keep your snouts in the trough, there's a reason you're being fed so well...