bobosensei
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Post by bobosensei on Jan 30, 2011 4:58:11 GMT -5
We are getting back 42.00 for federal and 840 for state. DH's state home of record stopped taxing active duty military pay in July of this year we thought we would still end up owing something, but we are getting back every penny they took from Jan-June.
We still ended up paying 4500 for federal taxes though.
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The Home 6
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Location: Bourbon Country
Favorite Drink: Wine. With a wine chaser.
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Post by The Home 6 on Jan 30, 2011 8:19:14 GMT -5
Thanks, molly! We have no debt, except for our mortgage, and when DH is gone, it is LOTS easier to save. I am a saver, he is a spender, and giver-away-er. I would much rather put money into an IRA or the TSP myself rather than give a $10K interest-free loan to the government.
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Deleted
Joined: May 3, 2024 13:49:17 GMT -5
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Post by Deleted on Jan 30, 2011 9:49:37 GMT -5
Zip. Zero. Nada. That is to say, not a dime either way. I don't have to file anymore because (1) my income is low enough, and (2) I'm old enough!
Yay, me.
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mesquite77
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Post by mesquite77 on Jan 30, 2011 12:01:18 GMT -5
Preliminary numbers show about $5000 back from fed and owe the state a couple hundred. I got a sizeable unexpected bonus late in the year and I didn't have a chance to adjust my withholding.
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swamp
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Post by swamp on Jan 30, 2011 12:05:22 GMT -5
Who knows?
I'm self employed and my income varies from year to year, so we're still getting the numbers together for 2010. One year, I had to pay $6k, the next year, I got back $3500, the next year I paid about $1k, and last year, I got $12k back.
It's a crapshoot every year.
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Post by tea4me on Jan 30, 2011 13:42:36 GMT -5
I think I should have a kid this year. Then next year I might get back more than I paid in. Wouldn't that be sweet?
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swamp
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Post by swamp on Jan 30, 2011 14:01:38 GMT -5
I think I should have a kid this year. Then next year I might get back more than I paid in. Wouldn't that be sweet? Hey, it worked for me. The year I had my son, I got back $3500. However, I can tell you I spent far in excess of $3500 on the little bugger, so it wasn't a very cost effective plan.
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Post by tea4me on Jan 31, 2011 9:30:37 GMT -5
Was the $3500 more than you paid in? If it was, there is something effed up. That means you got back what the rest of us paid in. When is that okay? I would rather my hard earned money go towards highways, police, military, etc.
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swamp
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Post by swamp on Jan 31, 2011 9:43:07 GMT -5
Was the $3500 more than you paid in? If it was, there is something effed up. That means you got back what the rest of us paid in. When is that okay? I would rather my hard earned money go towards highways, police, military, etc. No, I got a $3500 refund, however, I paid in about $30k that year. Is that acceptable to you?
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Post by tea4me on Jan 31, 2011 10:25:17 GMT -5
Yes - Sorry - It is a touchy subject for me. I work in an accounting/tax office and I just saw a return where the guy is getting back about 1/3 of his total earnings - more than twice what he paid in.
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swamp
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Post by swamp on Jan 31, 2011 10:38:50 GMT -5
Yes - Sorry - It is a touchy subject for me. I work in an accounting/tax office and I just saw a return where the guy is getting back about 1/3 of his total earnings - more than twice what he paid in. It may be a touchy subject for you, but think before you post. You really shouldn't assume that everyone with kids is sucking at the teat of the government and not paying any taxes.
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Kung Fu Panda
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Post by Kung Fu Panda on Jan 31, 2011 10:40:37 GMT -5
I switched jobs and overpaid SS and whatnot, so I get a refund this year. A few hundred. And....Since Texas doesnt have state income tax..No Tax for me!!
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michelyn8
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Post by michelyn8 on Jan 31, 2011 10:44:20 GMT -5
I'll have to send in about $500. I was expecting this though since I didn't recalculate my withholding when my base salary increased last September. I also have lost my dependent since my daughter moved out in late 2009 and can't claim my cat. BTW: IRS finally has the 2011 withholding calculator up and running. I adjusted my W-4 and VA-4 this morning so I hopefully won't have t pay next year.
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Sum Dum Gai
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Post by Sum Dum Gai on Jan 31, 2011 14:23:23 GMT -5
This year looks like I finally did it right... or close enough anyway. I should be getting a couple hundred back. The last couple years I've been having to send in about $2,500, which drives the wife crazy because she's never expecting it.
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Deleted
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Post by Deleted on Jan 31, 2011 16:29:25 GMT -5
Rovo
I thought i was bad....
125k ouchie
Havent finalized but numbers look like around 15k owed to feds and 3k to state
Better than last year....
And i will wait till the last minute to pay them both
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Cookies Galore
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Post by Cookies Galore on Jan 31, 2011 17:54:59 GMT -5
Last time I estimated (end of December) I was getting back $94 for the federal gov't, so we'll see how that goes when I file. State I normally end up at 0, so we'll see how this year looks again. Local, I get a credit. Gee willikers, batman! Considering I pay over $1,000 to the city of Philadelphia (wage tax) and the income tax for where I live would only be $300+, I'd much rather get the excess back! Oh well, such is life.
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lurkyloo
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Post by lurkyloo on Jan 31, 2011 21:56:25 GMT -5
Expecting in the range of 6-8K back from the feds and maybe 2K back from the state...only our second full year with a mortgage, and we refinanced midway through 2010, so we're not sure what the appropriate equilibrium withholding settings are.
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schildi
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Post by schildi on Jan 31, 2011 22:45:50 GMT -5
Was the $3500 more than you paid in? If it was, there is something effed up. That means you got back what the rest of us paid in. When is that okay? I would rather my hard earned money go towards highways, police, military, etc. Definitely the military, we need more military! They are excellent renters in the area here.
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Post by honeybunny66 on Feb 1, 2011 13:03:30 GMT -5
Guesstimate - Refund of $15,000 total Fed & State. And before anyone ask: (1) No, it's not any of your tax dollars. It's a refund of mine. (2) Yes, our retirement accounts are maxed out. (3) Yes, I know that I'm giving Sam a free loan, etc. etc. However, I've been on the opposite side of this picture with Sam acting like a loan shark. WITCH, you better give me my money. AND (4) I'm okay with it, so why should it bother you. It's not like it's your money.
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Deleted
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Post by Deleted on Feb 1, 2011 21:37:20 GMT -5
Guesstimate - Refund of $15,000 total Fed & State. And before anyone ask: (1) No, it's not any of your tax dollars. It's a refund of mine. (2) Yes, our retirement accounts are maxed out. (3) Yes, I know that I'm giving Sam a free loan, etc. etc. However, I've been on the opposite side of this picture with Sam acting like a loan shark. WITCH, you better give me my money. AND (4) I'm okay with it, so why should it bother you. It's not like it's your money. Can you loan me some? ;D
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sapphire12
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Post by sapphire12 on Feb 19, 2011 22:17:42 GMT -5
About $600 back from fed and st combined. Whew. I'm happy with that.
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kccini9
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Post by kccini9 on Feb 20, 2011 3:49:15 GMT -5
I'm still waiting on a couple 1099's, but it looks to be between $3500 and $4K. I wasn't expecting that much since I was on UE most of last year and had no taxes taken out. We also moved overseas and now have rental property, so I had no idea what to expect from that either. We got married last year though and I wasn't sure about withholding, but DH did switch his to married. We also only get to claim one child this year instead of both of them.
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Deleted
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Post by Deleted on Feb 20, 2011 8:28:38 GMT -5
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Deleted
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Post by Deleted on Feb 20, 2011 8:43:31 GMT -5
We had total refunds of $3K coming. It all looked pretty good and then yesterday a K-1 landed in our mailbox with $8,500 of income on it from "contracts and straddles". No, I'm not buying options but one of the funds we're in does, with precious metals. I just entered all the info and it appears our refunds were unchanged- we had a large capital loss carryforward and it soaked up a lot of it. Phew. The money will go mostly back into our investments with some to charity. I know we'll have more years like the one where we owed $8K, given the way our investments are recovering.
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Ava
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Post by Ava on Feb 20, 2011 9:36:30 GMT -5
I am getting 3900 from Fed and 519 from state. The money, plus 2k savings I have, are going straight to pay off the car loan. I am so happy. This is a huge milestone for me.
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Deleted
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Post by Deleted on Feb 20, 2011 9:57:29 GMT -5
Getting back $525 from the state and paying back $194 to the feds.
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skweet
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Post by skweet on Feb 20, 2011 10:40:18 GMT -5
I will have and over-payment of 15k-20k applied to first estimate 2011. I am ok with this, as I have been on the other side many times before. I make estimates of 110% of previous year, instead of trying to hit 100%. One year I was trying to not loan the gov't money. In November I booked a deal that would add $75k to my tax burden. I was to be paid out before Dec 31. Dec 15 is the due date for 4th quarter's estimate, so I scrambled to come up with the taxes on money that I was going to owe. The end result left me earning the money in Jan the following year, and having a large overpayment. My accountant advises me that if I pay 110% of previous years taxes, then I will never be in that situation again.
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Gardening Grandma
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Post by Gardening Grandma on Feb 20, 2011 10:44:04 GMT -5
I originally posted that we'd be paying $400. But I've finished our taxes and now it's $1500 we'll be paying. No state income tax.
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Deleted
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Post by Deleted on Feb 20, 2011 11:21:11 GMT -5
I am getting 3900 from Fed and 519 from state. The money, plus 2k savings I have, are going straight to pay off the car loan. I am so happy. This is a huge milestone for me. Congrats!!
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runewell
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Post by runewell on Feb 20, 2011 12:13:57 GMT -5
I'm getting a bit more than $2,500 back. My federal withholding is maxxed out and they overtaxed last March's bonus check. And they will likely overtax next month's bonus as well.
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