Fuuuuuuuuuuck!!!!

[Anonymous]

To Op ... How much did your mortgage interest knock down you bill? After just inputting our normal income, I owe 20k, but haven't inputted my mortgage/prop tax info yet

[Anonymous]

Oh OP, we were there last year. Same kind of thing- first full year being married, DH changed jobs, and I was claiming 1 instead of 0 by mistake. DH usually keeps track of this kind of stuff pretty well but the multiple things at once just confused things. Back on track this year but that totally sucked!

[Anonymous]

I just did mine today. I get about $2,000 back, but I was out of work for 11 months last year.

[Anonymous]

Anonymous wrote:We both claim 0 and put away an extra $800 a month. It's ridiculous since we're regular w-4 employees with a huge mortgage. Marriage penalty!

Yup, same here.

[Anonymous]

Same thing happened to us 2 years ago, that was the first year DH and I both worked full time. We owed 5k, I couldn't believe it... Now I opt for additional lum sum withholding from my paycheck.

[Anonymous]

Yes its terrible, it should be that if you check exempt yourself and family you shouldn't have to pay more. The tax code is just terrible for certain incomes.

[Anonymous]

For those with 0 deductions being hit with a huge tax bill, what's your income? 200k? 300k? We're one income and always get money back but I will be returning to work soon and that will push us over 200k. DH thinks it's not worth it because he fears the taxes.

[Anonymous]

Anonymous wrote:I have cut back on work and make less. It's not worth trading your life for highly taxed income. I fully intend to throttle back and take government subsidies as I age and watch upper income people kill themselves paying for me. Especially in MD , where I know many vote for it. I figure the faster the system breaks, the faster it gets fixed. In the meantime , might as well enjoy yourself.

I'm not sure you will really "enjoy yourself" on the small amounts provided by the government but go for it.

[Anonymous]

Definitely run the numbers before you push over $200K because your DH is right - it may not be worth it at all if you have to pay daycare, buy nice work clothes and pay for a Metro commute or long drive/parking.

[Anonymous]

Anonymous wrote:Definitely run the numbers before you push over $200K because your DH is right - it may not be worth it at all if you have to pay daycare, buy nice work clothes and pay for a Metro commute or long drive/parking.

Any good sites to run numbers? Or just turbo tax?

[Anonymous]

We just did the math on this and I think $190K is about where you need to start worrying that it's not worth it.

[Anonymous]

DH made something like $1.7M and has already had $500K taken out of this paycheck.
I thought rich people didn't pay much in taxes....

[Anonymous]

Anonymous wrote:We just did the math on this and I think $190K is about where you need to start worrying that it's not worth it.

Does this depend on the disparity between incomes? For instance, DH makes 100k and I made almost 90k (hopefully getting a raise soon). It seems like 190k is worth it even with childcare costs added in as opposed to just living off 100k. I imagine if one spouse makes 150k and the other makes 40k though, then it might not be worth it for the lower income person to work? I haven't run the numbers for both scenarios though.

And I'm sorry OP -- owing that much in taxes sounds awful

[Anonymous]

Anonymous wrote:DH made something like $1.7M and has already had $500K taken out of this paycheck.
I thought rich people didn't pay much in taxes....

You're still netting over a million dollars and have more discretionary money than most families would know what to do with. You're on the wrong board if you're expecting sympathy.

[Anonymous]

Anonymous wrote:DH made something like $1.7M and has already had $500K taken out of this paycheck.
I thought rich people didn't pay much in taxes....

Get a better tax specialist?

Such hardship and suffering. I'm praying for you right now PP.