|
|
Post by principalraditch on Apr 9, 2024 16:58:39 GMT
So most years I've set up our taxes so that we're as close to flush as possible. Going back the last few years have been mostly paying @ 1000-1500 federal and $400 or so state. Last year was different since we had a forced stock sale that had to be done, resulting in a lot of capital gains tax owed.
So this year anticipating the general same result as prior years, I waited to do our taxes till last night because we always owe and I usually wait till the last week that they're due. Now there's been no significant change in our general income. It's up from the last few years, but as a whole it's the same income coming in. Yet this year, all of a sudden we are getting almost 4k back federally and $700 state. I looked at both our W2's, rechecked the inputted numbers, made sure that I wasn't putting things in, incorrectly and it always came out the same. The only thing I can think of is the increased 401k/403 b contributions with catch up amounts for both of us, but it still seems odd.
Was just wondering if anyone else ran into a big discrepancy when filing this year compared to last few as a whole?
|
|
|
|
Post by KGB on Apr 9, 2024 19:43:44 GMT
So most years I've set up our taxes so that we're as close to flush as possible. Going back the last few years have been mostly paying @ 1000-1500 federal and $400 or so state. Last year was different since we had a forced stock sale that had to be done, resulting in a lot of capital gains tax owed. So this year anticipating the general same result as prior years, I waited to do our taxes till last night because we always owe and I usually wait till the last week that they're due. Now there's been no significant change in our general income. It's up from the last few years, but as a whole it's the same income coming in. Yet this year, all of a sudden we are getting almost 4k back federally and $700 state. I looked at both our W2's, rechecked the inputted numbers, made sure that I wasn't putting things in, incorrectly and it always came out the same. The only thing I can think of is the increased 401k/403 b contributions with catch up amounts for both of us, but it still seems odd. Was just wondering if anyone else ran into a big discrepancy when filing this year compared to last few as a whole? Nope. I'm paying more this year than ever before. More than $4K State and Federal combined. |
|
|
|
Post by srossi on Apr 9, 2024 20:37:58 GMT
My taxes are through the roof this year, worse than they’ve ever been.
|
|
|
|
Post by beejmi on Apr 9, 2024 23:10:37 GMT
I spit in the face of fate and came out unscathed
Tax appointment 9 AM then off to the dealer for auto inspection. Came out of the day + money.
|
|
|
|
Post by principalraditch on Apr 9, 2024 23:17:34 GMT
So I checked again. I noticed my AGI was up 10k from last year, but then saw the taxes withheld was almost 6k higher. I still couldn't figure that one out till I just realized that at the end of each year I have a buyout for all the PTO i accumulate over 100hrs in the bank. Most years my payout is @ 2k since I'll use up the majority of my time allowed. Last year I got a bump in the accumulation of PTO, and I used much less than normal, which resulted more hours to be paid out. THe problem is it's not done as a separate check, it's piggybacked onto the last paycheck of the year, hence the withholding rate is much higher. So I wen back and looked at my last paycheck, and found it, with the increased withholding, not commensurate with the regular withholding %.
|
|
|
|
Post by Quattro on Apr 10, 2024 1:41:03 GMT
More interest income do to actually being able to earn interest for first time in 12 years plus some capital gains due to some circumstances with some property. Results in higher taxes here…..
|
|
|
|
Post by Superstar on Apr 10, 2024 13:43:45 GMT
This year I didn't have my wallet handy when I filed my taxes, so I didn't put in my driver's license info. After five weeks of wondering where my refund was, I got a letter stating I had to prove my identity online. After 20 mins of torture, I was approved to receive my refund. Two weeks later I got it. Normally I file and wait about 15 days to get my money. This year it was like pulling teeth. I'm glad this isn't like ten years ago when I relied on that money to pay my bills.
|
|
|
|
Post by srossi on Apr 14, 2024 15:35:07 GMT
Spent the morning writing out 5 checks - federal, NY State, PA State, estimated quarterly payment for federal, estimated quarterly payment for PA. Not to mention the hours I put into this, and the huge bill from my accountant. Thousands of dollars stolen from me in one day to send to Ukraine and Israel and pay for a $100,000 toilet somewhere. #TaxationIsTheft
|
|
