[Jr_Bullit]

So...last night I paid bills and took the first stab at getting my 1040 done.

Last year, when I filed, it took me and my mom several days to itemize deductions and lower the amount I owed the gov't to just over $100...

This year...I just do a cursory walkthrough of my taxes to see the range of what I think I'll owe...and the gov't owes me???? I don't get it...

I went to school less this year than last year - so much smaller deduction
Made roughly 10% more overall this year than last year (my most recent raise only went into effect in November)
I always claim 1 for myself, same as last year....
Paid interest on student loans - slightly more this year than last, but not significantly more
Paid the same towards my IRA and other retirement things...

So why?

Any thoughts?

 

[menachite]

Sorry to butt in and ask my own question:

Is there a cutoff date for employers to mail out 1099's?

 

[MTB_Rob_NC]

Any thoughts?

There was a reduction in withholding tax % this year. So if your employer was not fast to make the correction with their payroll software that might contribute to a slightly higer withholding $ amount.

 

[I Are Baboon]

Is there a cutoff date for employers to mail out 1099's?

January 31, as stated by the IRS.

 

[MTB_Rob_NC]

Sorry to butt in and ask my own question:

Is there a cutoff date for employers to mail out 1099's?

W2's is 1/31,
I would ASSUME it is the same for 1099, but we do not have any 1099 employees so I cannot be sure

 

[Heidi]

Babs is right - they had to be postmarked 1/31. If you have moved, they only have to send it to the address they have on file by the 31st. If it comes back and they have to hunt you down, it ain't their problem.

 

[MtnBikerChk]

I always claim 1 for myself, same as last year....

claim 0.

 

[Heidi]

Did you get a bonus?

 

[MMcG]

claim 0.

MBC - what should I be claiming once my divorce is complete?

I'll get to claim one of the boys as my dependent and Shellie the other.

Should I claim 1 or 0 or 2 or what?

 

[MTB_Rob_NC]

Did you get a bonus?

That will make a difference as well. Any non salary pay is taxed at the highest %.

 

[Heidi]

That will make a difference as well. Any non salary pay is taxed at the highest %.

Yep, my point exactly.

 

[Brian HCM#1]

MBC - what should I be claiming once my divorce is complete?

I'll get to claim one of the boys as my dependent and Shellie the other.

Should I claim 1 or 0 or 2 or what?

My wife and I with 2 kids still claim 0 each. We do get a nice tax return at the end of the year

 

[menachite]

Did you get a bonus?

Side jobs....different company than my regular 9-5.

 

[dh girlie]

My wife and I with 2 kids still claim 0 each. We do get a nice tax return at the end of the year

Who are you foolin...you don't work!

 

[I Are Baboon]

If you have moved, they only have to send it to the address they have on file by the 31st. If it comes back and they have to hunt you down, it ain't their problem.

Heh, we have a STACK of W-2's here in payroll that got returned with incorrect addresses. They sit a pile and collect dust unless someone comes looking for one.

I processed our company's W-2's this year (11,000 of them) and had them out Jan 20. :dancing:

 

[Brian HCM#1]

Who are you foolin...you don't work!

..........................you're right

 

[MtnBikerChk]

MBC - what should I be claiming once my divorce is complete?

I'll get to claim one of the boys as my dependent and Shellie the other.

Should I claim 1 or 0 or 2 or what?

if you want we can sit down and do an estimate of what your taxes would look like given the scenario.

You might get head of household if we can say one of the boys lived with you for more than 1/2 the year, which would help and you can deduct the alimony - so my guess would be 1 but we'll have to do a projection.

 

[MMcG]

if you want we can sit down and do an estimate of what your taxes would look like given the scenario.

You might get head of household if we can say one of the boys lived with you for more than 1/2 the year, which would help and you can deduct the alimony - so my guess would be 1 but we'll have to do a projection.

No alimony involved in our settlement - just child support.

she'll get to claim H of HH and I'll get to file single.

This year we'll have to file together again I think.

 

[MtnBikerChk]

No alimony involved in our settlement - just child support.

she'll get to claim H of HH and I'll get to file single.

This year we'll have to file together again I think.

filing status is determined by your status at the end of the year.

now I'm leaning toward 0.

 

[MTB_Rob_NC]

I am SOOO glad I am in corp accounting not tax right now.


although I am NOT doing our fed income tax package as I surf RM

 

[MtnBikerChk]

I am SOOO glad I am in corp accounting not tax right now.


although I am NOT doing our fed income tax package as I surf RM

:mumble:

 

[Heidi]

I'm with Rob

 

[Snacks]

I am SOOO glad I am in corp accounting not tax right now.


although I am NOT doing our fed income tax package as I surf RM

Oy! I'm up to my ears in our companies taxes right now! Will it ever end!!

 

[-BB-]

Who are you foolin...you don't work!

Hope and Karpiel pay him for advertising.
:nuts:

 

[MTB_Rob_NC]

Oy! I'm up to my ears in our companies taxes right now! Will it ever end!!

mine ends March 3rd when the tax package is due to our corp tax dept.

 

[-BB-]

I'm SO afraid to do Taxes this year.
It is going to be confusing as hell.

1) I had unemployment
2) My wife is 1099
3) we opened up an LLC
4) we bought a house
5) My wife didn't take out ANY taxes
6) We started a car lease
7) I claimed 2 for part of the year, 0 for the rest
8) We made almost nothing for part of the year, and a lot for the other part.
9) I got bonuses and options


Time to hire a Tax guy.
Luckily I work for H&R Block

 

[reflux]

Sorry to butt in and ask my own question:

Is there a cutoff date for employers to mail out 1099's?

1096 and 1099 Copy A - 2/28/05 (date not flexible)
1099 Copy B - 1/31/05 (date is somewhat flexible)

 

[Brian HCM#1]

Hope and Karpiel pay him for advertising.
:nuts:

Thats right, how do you expect me to pay for my 2 places, definatly not on my looks.

 

[reflux]

Oh yeah, I forgot to mention. Compare your total tax liability, not just what was owed/received, and let us know just how significant the difference is between 03 and 04 (no specifics, that's too personal for RM). Werd.

 

[-dustin]

I am SOOO glad I am in corp accounting not tax right now.


although I am NOT doing our fed income tax package as I surf RM

g/f is doing her internship in tax accounting right now. yea for 16hr work days.

 

[JRB]

Time to hire a Tax guy.
Luckily I work for H&R Block

Uhm - I hope you aren't figuring taxes for anyone else.

 

[Heidi]

g/f is doing her internship in tax accounting right now. yea for 16hr work days.

and if she ends up going to work for one of the Big 4...you're doomed. Take it from me, I did it.

 

[I Are Baboon]

Stupid ass tax season...kidnapping my wife for three months every year.

 

[Jr_Bullit]

Wowzors! I disappear for a few hours and log back on hoping for one or two responses .

In answer to some of the questions: No bonus last year - company doesn't really do those; our bonuses come in the form of an employer match on our retirement plans.
No second job or anything...besides - wouldn't these things mean I owe More in taxes, not be receiving a large refund this year?

Mostly what I'm wondering about is the oddity in having Paid last year, and this year receiving a large refund, for essentially the same deductions and this year making about 10% more in income.

 

[Heidi]

No, if you had gotten a bonus, they would have most likely withheld taxes from it at a higher rate than your normal bracket. Then, when you filed your return, you would essentially get the difference back.

 

[Silver]

and if she ends up going to work for one of the Big 4...you're doomed. Take it from me, I did it.

I didn't even bother. I knew I'd put a gun into my mouth before I ever finished...

 

[SkaredShtles]

My wife and I with 2 kids still claim 0 each. We do get a nice tax return at the end of the year

My wife does not work, and I'm currently claiming 6. I hate letting the government "save" my money for me..... :mumble:

-S.S.-

 

[Brian HCM#1]

My wife does not work, and I'm currently claiming 6. I hate letting the government "save" my money for me..... :mumble:

-S.S.-

I look at it this way.........................I don't have to worry about paying at the end of the year. One main reason is my rental property is sucking my bank account dry :mumble: I don't want to be paying on that and owing more money to Uncle Sam.

 

[-dustin]

and if she ends up going to work for one of the Big 4...you're doomed. Take it from me, I did it.

i don't think she will. she had pretty bad experiences with all but E&Y. i put her in touch with a friend of mine who started on at Deloitte a couple years ago, and...well....yeah. she wants to stick with middle market, namely GrantThornton.

did you take your CPA exam before going to work? my friend at Deloitte didn't and she said she basically gets looked down upon because of that. as part of the PPA program here at UT, i think Mandi takes it next spring.

 

[Heidi]

Working at PricewaterhouseCoopers was the best and worst thing I ever did. Best, because after having worked for the biggest accounting firm in the world, I am able to get a job anywhere I want pretty much....worst, because I put a lot of hours in.

I fell under the old rules for getting my CPA license. I took the exam within my first 6 months of working there. Then I got my 2 years of experience, and got my license.