Rob Base 2.0
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Post by Rob Base 2.0 on Mar 6, 2018 17:22:55 GMT -5
Thanks again! Day2 went OK
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Rob Base 2.0
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Post by Rob Base 2.0 on Mar 5, 2018 17:29:51 GMT -5
Honestly, I do think this has helped my situation, thanks again
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Rob Base 2.0
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Post by Rob Base 2.0 on Mar 4, 2018 17:46:13 GMT -5
Thanks again all, I appreciate it
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Rob Base 2.0
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Post by Rob Base 2.0 on Mar 3, 2018 10:39:37 GMT -5
Thanks again all, I really appreciate it and appreciate any more goodness you can keep sending me. I really need it.
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Rob Base 2.0
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Post by Rob Base 2.0 on Mar 1, 2018 20:26:39 GMT -5
Thanks all. I am heading to sleep soon and won't be able to like posts until late tomorrow, know that your posts are helping. thanks
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Rob Base 2.0
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Post by Rob Base 2.0 on Mar 1, 2018 19:26:52 GMT -5
I could really use your thoughts, prayers & good vibes if you can spare any. I don't want to say much about what I am going through though. Thanks.
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Rob Base 2.0
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Post by Rob Base 2.0 on Feb 28, 2018 17:48:31 GMT -5
Congrats
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Rob Base 2.0
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Post by Rob Base 2.0 on Feb 12, 2018 19:44:37 GMT -5
I know, I know. It's just that's the way I have always put my taxes into HR in the past and never had a problem before, first time in like 20 years.
Just to see a $6K swing going from $2500 refund (without retired pay) to owing $4K (after putting in retired pay) is a shock. Still recovering. I just always thought it was hard to "owe" taxes unless you had unusual income (you own a business or some other unusual thing).
Please don't rub it in
Look at it this way. You and your wife earned $85,000 at your jobs. Assuming standard deduction and including no other factors or dependents, it is 85,000 - 12,700 - 8100 = 64,200 taxable income. For your $46,000 military pay, the first $11,700 fills your 15% bracket, while the rest is in the 25% bracket. That means that the additional tax resulting from the pension is $10,330. Obviously your true numbers will be different, but a quick check shows that withholding looks like $4400 at the level you claimed. That is about a $6,000 difference right there. Cutting exemptions to zero and having an additional amount withheld from one of the jobs will fix the problem.
This AM I set my retirement pay to take $300 extra in taxes per month. Also I set my pay from work to take an extra $75 per pay period. I need to reduce some of my investments to make up some of the difference. Now I don't want to look at state taxes.....
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Rob Base 2.0
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Post by Rob Base 2.0 on Feb 12, 2018 18:05:33 GMT -5
Hey all I been busy. Here's some updates. We paid about $16K in taxes (I'll pull the exact numbers later)
I checked my withholdings this morning and they were set at (my wife's are similar):
for my retired pay- "married number of exemptions 1" for my regular job-"married but at higher single rate, number of exemptions 2" (not sure why that one was at 2 exemptions)
This AM I set taxes to just take out extra flat amount to about even it out. I just never had this problem before, I always got a refund in the past and LIKED getting a refund in the past (despite Phil's and other's opinions on this). I guess we will just invest less this year to make up for the new tax payments. I still just have a hard time understanding how when I thought we had everything set up to take the right (or close to it) taxes that I have so high a bill. I don't get that having 3 smaller salaries combined could result in so high a tax bill..... I could understand a $1K bill or something......but $4K?? I am afraid to check my state taxes now......
and when I put all our stuff in H&R Block (minus my retirement pay), it shows a $2,500 refund. So I am not understanding how they let me pay so low an amount in my retired pay. I am just frustrated because this is my first time paying taxes in like forever, and to pay such an amount.....
"They" have nothing to do with your tax situation. There isn't even anything particularly outstanding about your claiming "married and 1." Ditto for your regular job with "married and 2." Those are choices you made. Do you think "they" are supposed to question your having a few extra hundred dollars in additional withholding? Your HR dept. doesn't care. This is what is called the "marriage penalty" so I'm surprised that you are encountering it for the first time. Two wage earners married to each other have always had to deal with the fact that the second income should be taxed at a higher rate. It's why I have always had extra $$$ taken from my salary when I worked two jobs. I get a reminder of this when DH's Social Security is taxed, but he hasn't had anything withheld. You must have been withholding too much (or your wife didn't earn much) if this is the first time you have encountered it.
I know, I know. It's just that's the way I have always put my taxes into HR in the past and never had a problem before, first time in like 20 years.
Just to see a $6K swing going from $2500 refund (without retired pay) to owing $4K (after putting in retired pay) is a shock. Still recovering. I just always thought it was hard to "owe" taxes unless you had unusual income (you own a business or some other unusual thing).
Please don't rub it in
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Rob Base 2.0
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Post by Rob Base 2.0 on Feb 12, 2018 17:38:04 GMT -5
Hey all I been busy. Here's some updates. We paid about $16K in taxes (I'll pull the exact numbers later)
I checked my withholdings this morning and they were set at (my wife's are similar):
for my retired pay- "married number of exemptions 1" for my regular job-"married but at higher single rate, number of exemptions 2" (not sure why that one was at 2 exemptions)
This AM I set taxes to just take out extra flat amount to about even it out. I just never had this problem before, I always got a refund in the past and LIKED getting a refund in the past (despite Phil's and other's opinions on this). I guess we will just invest less this year to make up for the new tax payments. I still just have a hard time understanding how when I thought we had everything set up to take the right (or close to it) taxes that I have so high a bill. I don't get that having 3 smaller salaries combined could result in so high a tax bill..... I could understand a $1K bill or something......but $4K?? I am afraid to check my state taxes now......
and when I put all our stuff in H&R Block (minus my retirement pay), it shows a $2,500 refund. So I am not understanding how they let me pay so low an amount in my retired pay. I am just frustrated because this is my first time paying taxes in like forever, and to pay such an amount.....
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Rob Base 2.0
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Post by Rob Base 2.0 on Feb 11, 2018 20:48:19 GMT -5
I'd bet that each of the three sources of income are being withheld at their own bracket rate. Most of the withholding is being done as though you were in the 15% bracket (and had 0 and 10% brackets incorporated within.) When the income is combined at the end, much of it is in the 25% bracket. There is then a large additional tax due above that which was withheld for. You may need to request an additional amount withheld from one source, but as long as you are safe-harbored from last year's tax liability there should be no penalty.
The H&R Block program showed a refund of $2,400 up until I put in my military pension.....can the taxes really be off that much?
What does safe-harbored mean? penalty?
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Rob Base 2.0
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Post by Rob Base 2.0 on Feb 11, 2018 20:27:52 GMT -5
So I think I might owe for the first time federal. Around $4,000.00. I have to double check because I don't understand how it can be so much. It's my first year "retired" from the military. When I retired I set my taxes to withhold at the higher "0" deductions amount on my retired pay. At my new job, I did the same and so did my wife; so I don't understand, I never had a problem before with taxes.......My preliminary inputs into H&R Block are showing that I owe about $4,000.00.
Can this be right? Retired Pay is about $46K per year, I made $53K at job and wife made $32K
Are you having income taxes withheld from your pension? If not, that might be why you owe so much despite choosing O exemptions on your W-4 for your current job.
Income taxes are being withheld from pension (state taxes too). But now that I am looking at them they seem a bit low.
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Rob Base 2.0
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Post by Rob Base 2.0 on Feb 11, 2018 20:06:50 GMT -5
Nothing significant in investments outside of tax advantaged accounts
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Rob Base 2.0
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Post by Rob Base 2.0 on Feb 11, 2018 19:28:51 GMT -5
We made about $135K combined.
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Rob Base 2.0
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Post by Rob Base 2.0 on Feb 11, 2018 19:27:10 GMT -5
but we just have normal jobs and my military retirement no crazy deductions or other income.
I thought even if u maxed withholding amount at ur job, that it was still hard to "owe" on taxes (esp $4,000.00)
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Rob Base 2.0
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Post by Rob Base 2.0 on Feb 11, 2018 18:45:34 GMT -5
So I think I might owe for the first time federal. Around $4,000.00. I have to double check because I don't understand how it can be so much. It's my first year "retired" from the military. When I retired I set my taxes to withhold at the higher "0" deductions amount on my retired pay. At my new job, I did the same and so did my wife; so I don't understand, I never had a problem before with taxes.......My preliminary inputs into H&R Block are showing that I owe about $4,000.00.
Can this be right? Retired Pay is about $46K per year, I made $53K at job and wife made $32K
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Rob Base 2.0
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Post by Rob Base 2.0 on Feb 9, 2018 18:36:59 GMT -5
politicians are hypocrites.....shocking
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Rob Base 2.0
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Post by Rob Base 2.0 on Feb 9, 2018 18:18:48 GMT -5
any president get two shutdowns in 3 weeks before? i think we can hand Trump another trophy for that. edit: turns out that Trump shares this honor with Reagan.
He's probably the only POTUS that had someone from the POTUS own party shut down the government
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Rob Base 2.0
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Post by Rob Base 2.0 on Feb 8, 2018 21:00:17 GMT -5
Don't 401Ks usually transact at close of business? So you can't really trade mid-day as it will be executed at close of business? or am I wrong on that?
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Rob Base 2.0
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Post by Rob Base 2.0 on Feb 8, 2018 20:50:26 GMT -5
Now it looks like Rand Paul might shut down the government somehow??
I am so confused.....
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Rob Base 2.0
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Post by Rob Base 2.0 on Feb 8, 2018 19:08:16 GMT -5
What do u think? (maybe I am watching too much ID Channel)
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Rob Base 2.0
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Post by Rob Base 2.0 on Feb 8, 2018 15:50:03 GMT -5
so far no one has un-confused me.
There is no mention of wall and DACA in any of this. Those were sticking points last time. Why not this time?
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Rob Base 2.0
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Post by Rob Base 2.0 on Feb 7, 2018 19:16:20 GMT -5
So I have to admit I don't understand the current negotiations, but from what I understandards---Schumer, Ryan & McConnel all seem to agree on a way forward and seem confident the government won't shutdown......but it seems Pelosi is not on board??
Also last time I thought the 2 sticking points were funding for a wall and fixing the DACA thing. So far I haven't heard how the current bill addresses either of these items, so I am confused on how most of them seem to think everything is relative hunkey-dorey?
Can someone un-confuse me?
Thanks
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Rob Base 2.0
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Post by Rob Base 2.0 on Feb 6, 2018 16:56:09 GMT -5
There is more money being spent on implants and Viagra today than on Alzheimer's research. This means by 2040 there should be a large elderly population with perky boobs, huge erections, and absolutely no recollection of what to do with them.
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Rob Base 2.0
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Post by Rob Base 2.0 on Feb 6, 2018 16:48:53 GMT -5
Thanks all. Part of it is me not being happy at current job. Things have happened recently at the job where I am not having much confidence in my abilities at the current job and thus considering other things. Also I only have to hold out a few more years if all goes well (fingers crossed).
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Rob Base 2.0
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Post by Rob Base 2.0 on Feb 5, 2018 17:51:34 GMT -5
Yes
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Rob Base 2.0
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Post by Rob Base 2.0 on Feb 4, 2018 16:58:58 GMT -5
News keeps talking about it's coldest Super Bowl ever today. Uhmm, it's in a dome. (the news mentions that point too......so I am not sure what is so special about mentioning it's the coldest weather ever for a Super Bowl?
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Rob Base 2.0
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Post by Rob Base 2.0 on Feb 4, 2018 16:40:52 GMT -5
Thanks again all.
Not worried about getting a Teacher pension. I just don't know how it works and don't want to be penalized (have to contribute or something to a pension that I may never qualify for).
Yes the "hobby" would be taking a class or 2 here and there to re-fresh on Math and build towards teacher certification. I am not so interesting in tutoring or anything in addition to my normal job (also I don't think I have the skills right now to do that). I am just not feeling my job lately and I felt so alive while teaching. I'll see what a conversation with the Troops to Teachers POC brings..... You felt "alive" doing it on a part time basis. When it's your full time job and you are not in total control of the curriculum and other things, maybe you will find the same stressors as any other job. I am not sure why people nowadays think that just because they like something that it then has to become their career. I mean, you can do whatever you choose, but have your eyes wide open. Earning less money and then have the issues of full time job, the office politics of that particular position, the issues of students, etc, isn't all charm.
It wasn't really a part time basis. It was a 2 week class that I taught like 2 weeks "on" (teaching), 2 weeks "off" (update lesson plans, catch up on mandatory training, other assorted extra duties my boss gave me, etc.), 2 weeks "on", 2 weeks "off", rinse, wash, repeat.....But I take your point. I probably will end up staying in current job, but nothing wrong with considering options........
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Rob Base 2.0
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Post by Rob Base 2.0 on Feb 4, 2018 16:29:50 GMT -5
So my wife looked at this "Fabletics" website for exercise clothes, but you have to "join" for a monthly membership fee. I think "adore me" does the same things with chicks bras & underwear. I guess I don't see this model being successful, because it totally turned my wife off from buying anything since she had to "join".
But I guess people actually buy monthly memberships?
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Rob Base 2.0
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Post by Rob Base 2.0 on Feb 4, 2018 14:21:46 GMT -5
Thanks again all.
Not worried about getting a Teacher pension. I just don't know how it works and don't want to be penalized (have to contribute or something to a pension that I may never qualify for).
Yes the "hobby" would be taking a class or 2 here and there to re-fresh on Math and build towards teacher certification. I am not so interesting in tutoring or anything in addition to my normal job (also I don't think I have the skills right now to do that). I am just not feeling my job lately and I felt so alive while teaching. I'll see what a conversation with the Troops to Teachers POC brings.....
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