Taxes

Grrrr!!!  I thought I fixed my Federal and State Exemptions/Allowances so that we would break even this year and not owe anything.  Somehow I screwed up because we owe almost $3000! We're going to have to pull that out of our a$$ somehow.

I know somebody on here does taxes (Becki?).  I changed my exemptions from last year of Federal 5 and State 5 to Federal with which we owed $1426 to federal and got $630 back from state.  I increased State to 6 and decreased Federal to 4...did I do I mix them up?

Thanks for anyone that can help!!

Heather L.

from my personal experience, on your W-4's if you claim LESS dependents the more taxes they take out of every pay.....then when you file your taxes and then claim your regular number of dependents then you get more back.

Thanks Aaron...I thought it was the other way around for some reason!  Durrrr...

MAJOR SUCKAGE!!!

Oh, honey, I am SO sorry!!!!  Jeez, you just can't catch a break!!  I know it's of little consolation, but I think they'll set up a payment "plan," where they don't take it all at once.  Like they could, anyway, right?  I know NOTHING about taxes, sorry, love!

T

I know, right?!  2009 was supposed to be BETTER than 2008!!!!

That's what we ended up doing last year since we were in the same spot financially last year as we are now!  They sent us the form to fill out for that automatically this year along with payment envelopes.  LOL!!  Thankfully our economic stimulus checks covered what we owed, so that was great.  Somehow I don't think we'll be seeing any of those this year! 

ME TOO ME TOO!!!!!!!!!!!!!!!! TAXES SUCK!!!!!!!!!!!!!!!!!!!! Mike and I did ours last night and we BROKE EVEN almost THANK GOD! I owed about 6 thousand and Mike was due to get back around 6 thousand. I was mad but he kept telling me atleast we broke even. We get a federal check back of almost 18 dollars..... WOW! I should jump up and down! LOL 
GRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR
 I WANTED A REFUND!!!! So I am right with you! 
Now we would have owed that $ had Mike not had it taken out
of his checks all year. He claims 1 all year instead of 4. Smart move
on his part. Phew!

I don't like getting refunds because you end up getting taxed on it the following year.  WTF?!  When you earned it the first time it was taxed, if you get it back as a refund and it gets taxed again, you're getting double taxed (which should be illegal).  So, I decided that even though we always end up needing extra money this time of year, I'd avoid the double taxation (which, again, should be illegal)!!  Grrr!!

Hey Heather,

I believe Aaron is right.  I know when I was much more financially secure I would always claim zero so they would take out more taxes, meaning a bigger refund.  I'm sure with times the way they are now, a lot of people probably claim more dependents to have more money on payday, but suffer this time of year when they have their taxes done. 

I am so sorry you owe that much money.  I'm afraid to get mine done because I was stupid enough when I collected unemployment last year to not have ANY taxes taken out.  Man oh man am I going to get slammed!!!  But I do know that if you owe, they will work with you.  I'm not sure who you have to contact, but when you find out let me know.  I need to speak with them too.  Good luck with everything and take care.

yeah I used to put zero on my W-4 but I need more money on my paycheck so i changed to 1 and i get about 700 back from fed and 200 back from state

Hi Heather,

Aaron is correct, the less exemptions you use during the year the more you get back at the end of the year.  Claiming 0 or 1 throughout the year is the best thing to do.  As for being double taxed...  I have been doing taxes for years now and also get a refund every year, and I have never had to pay taxes on the refund I received.  If you or anyone else on here have any questions regarding taxes just PM and I will be glad to help.

Becki