Taxes - Sigh

[phamy76]

I hate doing our taxes.
In the last year, my husband was laid off.

After I take my Federal Refund minus what I owe the state, minus what I owe local, minus what I paid H&R Block to do my taxes, I only take home $400.

I'm already claiming 6 exemptions on my paycheck just to break even.

 

[Gr8t Fan]

Why do you pay H&R Block to do your taxes?? There are so many online programs that you can do them for free and they walk you through step by step. I use www.taxact.com and they are wonderful.

 

[mommyrants]

SOrry - no pity here. We'll owe almost $3k and it's only THAT low because our medical spending was more than 7.5% of our income.

I agree on using Tax Software. Even with buying Audit defense and using the "Premier" TurboTax - it's still under $100.....

Tax returns are not a savings plan.

 

[a1tinkfans]

I hate doing our taxes.
In the last year, my husband was laid off.

After I take my Federal Refund minus what I owe the state, minus what I owe local, minus what I paid H&R Block to do my taxes, I only take home $400.

I'm already claiming 6 exemptions on my paycheck just to break even.

I paid 350 for my taxes this year.

 

[phamy76]

I'm just frustrated I guess.

When I filled out my W4 at work, I claim 6. That way I get the money back in my regular paychecks. I was just hoping to break even when I did my taxes.

I just look at the numbers from 08 to 09 and want to cry.
Income is down
interest was down
car mileage was down (work)


I guess I should be happy that my husband was able to be a stay at home dad with our 2 year old.

 

[Anjelica]

This should make you feel better - we "net" owe $3500 - but we expected worse.

We prefer to owe then get back though.

 

[emmababy]

I'm confused. I thought the higher number you claim, the more is taken out. I had to fill a new w4 and claimed 5. I like a refund. Maybe I claimed to many???

 

[QVCshopper]

I'm confused. I thought the higher number you claim, the more is taken out. I had to fill a new w4 and claimed 5. I like a refund. Maybe I claimed to many???

No... it's the reverse. If you claim 0, then they take the most out of your paycheck. Then, 1, 2, etc. gets smaller and smaller.

BTW, I've gotten good at doing our taxes, but they are easy. I do them by hand, using a 1040A. So simple. It usually takes me a night, and I've been doing it by myself for a few years now. But, the 1040A is only good for some people--it does make it easier though, if you qualify.

Also, I usually run 1/2 year taxes, around June or July to make sure we're on track not to owe. That way, I still have time to bump up our 401k and make adjustments to our investments so we don't owe. It's a balancing act. (We owed the first year we got married; after that, we got smart.)

OP-you might want to look into investing in your 401k--that reduces your AGI, so you keep more of your own money. I use the 401k as a means on reducing my overall income--works great, but does not apply to local and state taxes. But, the kids' 529 plans reduce my state tax. Good luck to your DH finding a job!

 

[ckdsnynt]

we claim zero deductions, have no dependants, have home and dvc interest to deduct and we will stay pay both state and federal, it is just a matter of how much.
But I am glad we both have jobs so we can pay those taxes!

 

[bumbershoot]

I'm just frustrated I guess.

When I filled out my W4 at work, I claim 6. That way I get the money back in my regular paychecks. I was just hoping to break even when I did my taxes.

I just look at the numbers from 08 to 09 and want to cry.
Income is down
interest was down
car mileage was down (work)


I guess I should be happy that my husband was able to be a stay at home dad with our 2 year old.

Well, think of it this way...you just wanted to break even, but instead you're getting $400. Right?



(unless I'm drastically mis-reading your post!)



And yes, it must be very nice for your child to be home with her dad. I know my son would be over the moon about it if DH and I swapped the at home duties. Moms are nice, but dads are amazing. At least with my son.

 

[carj]

We owe $1600 this year on top of the tidy sum that we have already paid in. I don't really like it but who does?

The last time we owed was before we had kids. That year we owed $3600!!

It stinks to hear about people who get huge tax refunds when you are having to pay in. The worst ones for me to hear about are the ones that get back MORE than they paid in. I don't want to hear it. I especially don't want to hear it as I write my check for $1600 this year.

However, I feel very fortunate that we have the jobs and the ability to pay the taxes. It doesn't feel so great to PAY the taxes but considering the year that many others have had, I feel very blessed!

 

[Halbleib1]

It is actually not hard to do your own taxes even without a program. I do our taxes every year and we have to file 1040 and itemize deductions. The tax book actually has instructions for every line on the form to walk you through it and if you do not understand something you can look it up at irs.gov or give them a call. For the most part the book answers any questions you might have though. Unless you are doing business taxes than that can be a bit harder and you might want a program in that case.

The only class I had about taxes was in high school and that was only filing the ez forms. When you get into itemizing it does get a little harder but the book walks you through it. It will just take you a little longer doing it yourself until you get use to it. I admit I was nervous the first year we had to itemize but it was easy. I made it harder in my mind than it actually was.

 

[Halbleib1]

And yes, it must be very nice for your child to be home with her dad. I know my son would be over the moon about it if DH and I swapped the at home duties. Moms are nice, but dads are amazing. At least with my son. [/QUOTE]

My son is the same way. His dad hangs the moon for him. Currently my husband is unemployed so when he goes back to work it is going to be a huge wake up call for him.

 

[Carl Fredricksen]

Why do you pay H&R Block to do your taxes?? There are so many online programs that you can do them for free and they walk you through step by step. I use www.taxact.com and they are wonderful.

I have used TaxAct for 8 years, and think it is the best. $30 a year and no hassles for me! Money well spent IMO.

 

[Carl Fredricksen]

However, I feel very fortunate that we have the jobs and the ability to pay the taxes. It doesn't feel so great to PAY the taxes but considering the year that many others have had, I feel very blessed!

Second that. We know far too many people who are or will be out of work soon. This area is above 14% unemployment right now, so even though I got less back this year than last year, we feel very blessed also.

 

[disykat]

We also owe. While it's frustrating to have to write a check, the little check I wrote is a drop in the bucket compared to what we actually paid in taxes. It's not about the refund or what you owe, that's just based on the exemptions etc. The bottom line is how much you pay overall. (At first I was reading this wondering how people could only pay $400 in taxes!)

I'm also confused by why you claim so many exemptions if you want them to take more money out so you get a bigger refund?

 

[eliza61]

SOrry - no pity here. We'll owe almost $3k and it's only THAT low because our medical spending was more than 7.5% of our income.
I agree on using Tax Software. Even with buying Audit defense and using the "Premier" TurboTax - it's still under $100.....

Tax returns are not a savings plan.

Ditto, we owe $4,500 bucks this year (due to my dh's stupidity )

I too will also echo CARLJ's sentiment. Dh & I both have very good paying jobs. I thank the Lord each day.

 

[RadioFanatic]

I paid 350 for my taxes this year.

Almost $800 here - and both dh and I say we are single with no kids although we have a kid. It gets so frustrating!

 

[bennyrn12]

If I got a refund of 400 dollars i would feel like I hit the lottery!! DH and I owe 8100 dollars this year.... yup 8100. Must people would freak but we feel blessed to owe that much because it means we have good jobs (that arent taking out enough taxes ). Three things in life are guarenteed (at least here on the DIS) death, taxes and DISNEY

 

[EdDome]

...... It's not about the refund or what you owe, that's just based on the exemptions etc. The bottom line is how much you pay overall.

Bingo! Well stated.