Tis the Season - Tax Time

iVillage Member
Registered: 10-28-2009
Tis the Season - Tax Time
27
Thu, 01-19-2012 - 10:08pm

One of the certainties in life - taxes.

So, have you filed yet? If so, are you expecting a refund? what do you have planned for the money? Some people can wipe out all their debt with a tax refund!

Do you owe the government? If so, did you expect this? And did you set aside money for it? Or is this an emergency for you?

personally, last year, I adjusted my taxes so I would get more money on a weekly basis and no refund. I thought I had it figured just right. Well, I didn't, but fortunately, I don't owe. I am getting a refund of $1600. I will post again when I have some real plans for it.

Let us know what Uncle Sam has in store for you!

iVillage Member
Registered: 03-27-2005
Sat, 01-21-2012 - 9:17am

I'm still waiting on forms to arrive so we can do ours.

iVillage Member
Registered: 05-09-2002
Sat, 01-21-2012 - 12:51pm

Maybe those of us (like me) getting 7 or 8k back are giving too much of a loan to Uncle Sam!

iVillage Member
Registered: 11-14-2008
Mon, 01-23-2012 - 11:48am
You just don't have any deductions like tuition or children Duke. Some people get huge amounts back. Not me, but some.
iVillage Member
Registered: 12-31-2010
Mon, 01-23-2012 - 12:06pm
We paid in nearly $35k so I am hoping for something back! We might miss the tuition tax credit though, so that will mess things up a lot.
I don't think DH took enough out for his 401k.
-Marie
#Marie
iVillage Member
Registered: 07-15-2003
Wed, 01-25-2012 - 10:15am

Have not filed yet. Have not received any paperwork from either of my jobs, or DH's job. Taxes make me very nervous because I feel like it is over my head. I printed a form yesterday for the interest paid on my student loans but that's all I have. This will also be my first year filing as a married person, not single. Anyone have advice on that, or could tell me what to expect from experience? I typically either get no refund at all (also not owing) or get small refunds ($200-$300 total between federal and state). We don't think we want to file a joint return because DH has both state and federal tax debt, but we're not really sure what is best.
We also don't know yet how we will file. In the past my Dad has done mine, he does it all on paper and secretly really enjoys it. We originally were going to H&R Block, but think it will cost more than we can afford.


 


Daisypath Anniversary Years Ticker

iVillage Member
Registered: 07-27-2009
Wed, 01-25-2012 - 10:58pm

I know I will get tisk-tisks from everyone, but I REALLY enjoy getting my refunds at the end of the year. I have very little willpower and that $20-$40 extra a paycheck would be frittered away. This year, we look to be getting about $6,800 back from state and federal. Much of this is for EIC, child tax credits, childcare expense credits, etc. I have every dollar planned out and plan on wiping out a small CC, DHs toolbox payment, DHs Discover card, and the portion of a Best Buy card that has interest. We will only have 3 debts left; the Mortgage, my student loans, and the rest of the Best Buy card that carries no interest till 2014. I am BEYOND excited!!! I have to hold back on filing, because neither DH or I have received our W2s (I used the final paycheck of the year to prep the "paperwork" online). I have already figured it 3 times and have all of the other paperwork we need :) Come on payroll...send me my papers!!!

JenAaron.jpg picture by jen2075


iVillage Member
Registered: 12-31-2010
Thu, 01-26-2012 - 10:40am
IV - generally you pay more total taxes as a couple than single, it is what is termed as the marriage penalty. Dh and I used to pay about $10k each, now we pay over $30k together - quite a hike.
Remember that your student loan interest is deductible, so you might want to use a 1040.
I really like Turbo Tax for people like you, as you walk through each step as an interview and Efile, all not that expensive at all.
Good luck and tell us what you decide to do.
-Marie
#Marie
Community Leader
Registered: 08-25-2006
Thu, 01-26-2012 - 2:35pm
Hey Jen, I didn't know you were expecting!

I am with you on this one. EIC, child credit and my last year of daycare credit. IRS also stopped doing the advanced EIC, so although I never did that, there really is no other way for those of us fortunate enough to qualify for these credits.

I hate to say it, but when I was married and we both worked full time, even with two kids and daycare costs we still were lucky to break even. Married with two W-2's really eats you up. You might have a chance though if one of you is self-employed.

I may rough out the numbers one day, just out of curiousity, what would happen tax wise if me and SO got married.

Oh and Jen, I also hate it when my boss waits until the last minute. Luckily the last few years he has done them really early.

Good to "see" you...
Serenity
iVillage Member
Registered: 07-15-2003
Fri, 01-27-2012 - 10:24am

Marriage penalty? Really? Why have I always believed marriage came with tax benefits? :(

I used the turbo tax calculator to do a preview of what I might get back or owe. A whopping $30 refund. Wowee. Ah well. The most important thing is that we're responsible and file on time. No flake for paying off debt though, that's a bummer.


 


Daisypath Anniversary Years Ticker

iVillage Member
Registered: 03-15-2005
Fri, 01-27-2012 - 10:40am
Make sure that you run numbers for both federal AND state for both Married filing Joint and Married filing separate (if your state has state taxes). When I was still working and doing taxes, many people would be close to the same either way on federal, but would get more back from the state doing MFS.

Jennifer