How much are you getting back or sending in?

[Deleted]

Both state and fed put together we are getting about 2K back.
It will replace the $1,806.90 I just had to pay for my car (4 new tires, brakes, transmission, etc).

I know it's a sin to get money back around here but decided to leave the w4 alone for now since I am not sure how our taxes will work out this year:
> We went from only me working to both of us working as of last september so will more than double our taxable income. 32K in 2009, 56K 2010 and since next year my wife will have a full year of work I am guessing about 75K of taxable income (95k gross, 20% 401K, health insurance, disability, etc)

[Gardening Grandma]

We'll be sending in about $400.

[Savoir Faire-Demogague in NJ]

My financial situation is way too complicated to give a ballpark... I may owe a very small amount, or get a refund of a small amount. Depends on year end mutual fund distributions.

[mithrin]

Haven't gotten all of our tax forms collected yet, plus the wife started teaching piano lessons this year. Need to figure out how to file self-employed taxes for that. Last year went from owing a few hundred to small refund by putting money into an IRA to bring AGI down enough to qualify for savers credit.

This year will probably owe due to not sending in estimated payments for wife's income. Should be less than 1K (which is why I didn't bother) because she only really started getting a decent number of students in the fall.

[Deleted]

Jan 28, 2011 16:33:44 GMT -5 Savoir Faire-Demogague in NJ said:

My financial situation is way too complicated to give a ballpark... I may owe a very small amount, or get a refund of a small amount. Depends on year end mutual fund distributions.

Same here. I was surprised to get my W-2 today; usually they wait till the last legal minute. I've entered all but the brokerage data, which won't be available till mid-February. Looks like a total State/Fed refund of about $2,000 but brokerage info is likely to wipe that out with dividends and interest. We have a large capital loss carryforward that will wipe out any capital gain distributions.

[constanz22]

I didn't get my W-2 yet...they always wait until the last possible day...I was hoping to get it today, but, no go. I am anticipating owing Federal somewhere between 1500-2000. I should pretty much break even on State.

[sbcalimom]

I got the last of our tax docs yesterday so did a quick estimate and was very surprised that it looks like we're getting $1800 back from Feds and owe the state $160. Last year we basically broke even so I figured this year would be the same but I ended up contributing to an HSA this year for the max so I think that may have changed things a bit. Plus, the Work credit added $800 at the end. I plan to do the taxes this weekend on Turbo Tax to be sure they're right so I'm not getting too excited yet.

[achelois]

Getting $110 back

[Plain Old Petunia]

I'm getting $2800 back. I didn't plan it that way, but the American Opportunity Credit is giving me back every cent I spent on tuition for my last class. Sweet!

[midjd]

Owe $5,500

[cavia]

I'm probably going to owe around $300.

[Deleted]

We owe around $1k federal and are getting around $300 from the state.


not bad, but I thought we would be getting $3k from the feds.. woops.

[❤ mollymouser ❤]

This message has been deleted.

[kristi28]

We were expecting to owe the feds and get some back from the state. However, with making work pay and the child tax credit, we will be getting refunds from both, totally almost $2,000.

[Poppet]

I am getting about 3k back and I am not excited nor do I think it's swell to have given the gov't an interest free loan.

I don't know what I did wrong. Dh and I claim 2 exemptions though we have 3.

last year we owed the state and didn't want to owe or be owed this year.

I am not excited about expecting a refund from California. Will they be issuing IOUs this year?

[servant_of_dog]

I'm getting back $675 Fed. No state income tax.

[Deleted]

This message has been deleted.

[schildi]

No state tax, and getting $1,296 back from Fed unless I have a mistake in my calculations for some docs we have not received yet. Another $127 from last year (filing an amended return). I may adjust my withholding to compensate this year, but I am not really all that worried about the $7 or so I missed in interest in my ING account by getting this refund.

[cronewitch]

I paid in 3,500 but haven't started computing my taxes last year my total tax was 2300 but in 2010 I only put half in the 401K so my income is up 11K. We don't have state income tax and I can't file until the IRS is ready for itemized I am not in a hurry to get a little refund or pay some.

[reader79]

I owe the Feds $150, I keep getting an error when I try to download the NY form into the H&R block software, so I don't know what that will be yet. I usually get back ~$100.

[achelois]

I filed mine last night. Of course,the IRS wont process til Feb14, but at least it is done.

[ummboutthat]

normally it's just over a thousand. GF decided to do our taxes a few years ago. and she is right, no house, no kids, no business, and give to charity. we have the simplistic ..easiest...taxes that can be filed. LOL

[The J]

I'll probably get $1-2k back. Don't know since I don't have all my forms yet.

[constanz22]

I started putting numbers in, even though I don't have my main w2, using the figures off my final pay stub from 2010, and am pleasantly surprised to see that it looks like I will owe federal just under 1K. I was thinking it was going to be closer to 2K so i am doing the happy dance

[rovo]

Combined State and Federal looks like I'll be paying about $125K when I file.

[The Home 6]

Just finished our taxes this morning, and we will be getting $8,892 back from the feds, and $1254 back from the state. I think it is time to adjust our witholding, but with DH being in a combat zone (tax-free) soon, do you guys think it is worth it?

[piratesparrot]

Paying Fed $240. Getting back from state $205. That means I just short of breaking even.

[simser]

Paying 2400... Considering we (currently) only make 55k combined with 2 different households it's really annoying!

[❤ mollymouser ❤]

Jan 29, 2011 14:35:36 GMT -5 The Home 6 said:

Just finished our taxes this morning, and we will be getting $8,892 back from the feds, and $1254 back from the state. I think it is time to adjust our witholding, but with DH being in a combat zone (tax-free) soon, do you guys think it is worth it?

It's worth it if you're currently paying interest on any debt that you have .... it lets you free up more cash during the year to pay on those debts. It's also worth it if you have a practical need for that money and you DON'T worry that you wouldn't be super diligent about saving it if it wasn't being withheld.

If you're not currently paying interest on any debt, you're probably losing about $40 per year in accrued interest (based on getting about $9K back). At that point, it's a lifestyle choice about whether or not you like a large refund, or if you don't ... which really needs to factor in what you'd be doing with that money over the course of the year.

Don't forget that, in addition to the CZTE which gets triggered when your DH deploys, there's Family Separation Pay, Hostile Fire Pay, and Hardship Duty Pay.... and I don't think any of those combat-related pays are taxed.

[commuter]

We will owe over $1k. Didn't plan very well this year.