Just did taxes...annoyed. Other people in the same boat?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just did our taxes. Only W-2 income.

Overall we are paying less total tax than last year on slightly higher income (thank you tax cuts!). But we owe over $5k when we usually have a smallish refund.

I know we should its mathematically stupid to complain since we paid less overall but I am super annoyed as this will throw my budgeting into a tailspin.

We both have zero witholdings on our W-4 so this to me seems like some incompetence on part of the government that is blowing my budget up. Other people experience this?

Stupid people like you should volunteer to pay MORE taxes.

Sheesh.

There is a reason why the IRS isn't imposing underpayment penalties this year. They adjusted the withholding and so people who have been fine for years with the withholding they selected, now way underwithheld. All because they wanted it to seem like the tax law changes were causing the increase in your paycheck, when it was that they were under withholding to make people feel good and vote republican.

Yes. The messaging was not sincere! Can’t people see this?

They are just Republicans who will never admit to be lying liars who lie. That's how gaslighting works.

[Anonymous]

I’ve been posting in this thread a lot. Just got a call from accountant. We are getting a similar sized refund to last years. It’s a relief.

Still don’t like the tax bill or Trump and still think they should publish better withholding tables!

[Anonymous]

Anonymous wrote:I’ve been posting in this thread a lot. Just got a call from accountant. We are getting a similar sized refund to last years. It’s a relief.

Still don’t like the tax bill or Trump and still think they should publish better withholding tables!

This is a feature, not a bug.

Does anyone know if the withholding is still screwed up as we go through 2020?

[Anonymous]

Why can't they redo the withholdings you can do at work instead. Currently it asks me how many exemptions I want at work.

Instead why does't it ask what my spouse's income is and then how many children I have? I think if it asked that it would lead to a more accurate taxation for most. DH makes about 50k more than I do so i withhold an extra $300 a paycheck which seems to be about right.

[Anonymous]

Anonymous wrote:Why can't they redo the withholdings you can do at work instead. Currently it asks me how many exemptions I want at work.

Instead why does't it ask what my spouse's income is and then how many children I have? I think if it asked that it would lead to a more accurate taxation for most. DH makes about 50k more than I do so i withhold an extra $300 a paycheck which seems to be about right.

Read the instructions closely or use google next time.

IRS gives you exactly what you are asking for and you are supposed to use it to fill out your W-4.

Here you go: https://www.irs.gov/individuals/irs-withholding-calculator

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’ve been posting in this thread a lot. Just got a call from accountant. We are getting a similar sized refund to last years. It’s a relief.

Still don’t like the tax bill or Trump and still think they should publish better withholding tables!

This is a feature, not a bug.

Does anyone know if the withholding is still screwed up as we go through 2020?

There is no change to withholding tables. If you underpaid by a lot then use the IRS calculator to figure out the correct withholding.

[Anonymous]

Forget the withholding table, just do your taxes halfway through the year and double everything. If you got a bonus last year, add that on top. Everyone should have to do their taxes twice a year now that Republicans are in charge!

[Anonymous]

I used the IRS calculator a couple of times last year and we adjusted withholding based on results and it was pretty accurate.

[Anonymous]

Why do people think it's acceptable to have to do their yearly taxes two or three times a year because the government is intentionally screwing with things? That's not ok.

[Anonymous]

Anonymous wrote:Why do people think it's acceptable to have to do their yearly taxes two or three times a year because the government is intentionally screwing with things? That's not ok.

"Something something something....personal responsibility!"

-Republicans who supposedly want less federal government interference in our lives

[Anonymous]

This was supposed to be the tax code revisions that would allow us to send in our tax return on a postcard...

[Anonymous]

Anonymous wrote:This was supposed to be the tax code revisions that would allow us to send in our tax return on a postcard...

Ooh good point!! Apparently they were sonfocused on being able to do that they had to invent 4 more “schedules” where you fogure out what numbers to put on the shorter form. The Treasury dept IG said it will actually cause more mistakes in people’s returns but what do they care about the actual impact on people’s lives.

[Anonymous]

All withholding are estimates of your tax liability. Rechecking if you are on track to hit the estimates over the course of the year is something that responsible people do. The attitude that we shouldn't have to worry about this shows a real lack of financial literacy.

[Anonymous]

Anonymous wrote:Just did our taxes. Only W-2 income.

Overall we are paying less total tax than last year on slightly higher income (thank you tax cuts!). But we owe over $5k when we usually have a smallish refund.

I know we should its mathematically stupid to complain since we paid less overall but I am super annoyed as this will throw my budgeting into a tailspin.

We both have zero witholdings on our W-4 so this to me seems like some incompetence on part of the government that is blowing my budget up. Other people experience this?

yea, but my overall tax rate was lower, so I'm happy! Last year my check was much bigger than I thought it should be and we always do extra withholdings (historically an extra $300/mo) due to my "new" higher paycheck, I doubled that to an extra $600/mo. I ended up still owing, but that was expected.

[Anonymous]

Anonymous wrote:Why do people think it's acceptable to have to do their yearly taxes two or three times a year because the government is intentionally screwing with things? That's not ok.

Because we are dumbing down the country. At this point there are millions of Americans who have no idea how to figure out their taxes or figure out their withholding without hand-holding. Heck, even among the well-off here on DCUM, there are many who don't even understand their own withholding and what they mean. In the 4+ tax threads over the last week, there are many who don't know how to adjust their withholding below single filers.

Plus with a shrinking IRS, it is ridiculous that we have to pay so many people to come up with withholding estimators for employers so that it covers the several thousand situations of families. And inevitably, many are wrong and then because these filers have no idea what their withholding means, they blame the IRS for getting it wrong. Do it yourself, understand what you are withholding and get it right for your particular situation instead of using the same formula that covers your boss, the custodian and your child's teacher and expect that it will give you a more accurate picture of your own finances.

Use the calculator, make your own estimate of your income and adjust your withholdings. It takes like 30 minutes once or twice a year and you'll save yourself money from penalties or having to do estimated taxes every quarter.