Taxes - big jump this year?

[Anonymous]

Huge increase.

[Anonymous]

Anonymous wrote:Voting Republican forevermore. We got killed.

I guess it did not cost much to buy your vote.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Voting Republican forevermore. We got killed.

I guess it did not cost much to buy your vote.

Letting you keep your own money is "buying your vote?" I love how liberals assume that everyone's income belongs to the government. This is how they argue that tax cuts are "subsidies." Argh.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Voting Republican forevermore. We got killed.

I guess it did not cost much to buy your vote.

Letting you keep your own money is "buying your vote?" I love how liberals assume that everyone's income belongs to the government. This is how they argue that tax cuts are "subsidies." Argh.

Nope, I'm not assuming or arguing anything about tax policy. I'm just saying that if a simple increase in your tax payment this year of $____ is enough to swing your vote to one political party for the next 40+ years, then your loyalty is cheaply bought.

[Anonymous]

Owed $4500. Ridiculous!!!

[Anonymous]

Good thing none of you have kids in schools, or drive on roads or (about to fall down) bridges or fly in airplanes controlled by the FAA or eat inspected food or anything. Your taxes pay for nothing! NOTHING, I tell you!

(They also pay for those two deficit-financed wars that the Republicans you are going to vote for from now on decided were a good thing.)

[Anonymous]

Speak for yourselves - we got a 100 percent refund - almost $8k. Sometimes it's good to earn less than $100k.

[Anonymous]

Anonymous wrote:Summary from Forbes:

Now, let’s get to the good stuff. As you may remember, 2013 was a pivotal year in tax policy. Beginning on January 1st, a series of tax increases proposed and signed into law by President Obama came into effect, including:


A new maximum rate on ordinary income of 39.6%. The rate applies only to taxable income in excess of $450,000 (if married filing jointly, $400,000 if single).
A new maximum rate on qualified dividends and long-term capital gains of 20%, but once again, only if the taxpayer’s taxable income exceeds $450,000/$400,000.
A resuscitated limitation on itemized deductions; taxpayers with adjusted gross income in excess of $300,000 (if married filing jointly, $250,000 if single) lose 3% of most itemized deductions (maxing out at 80% of itemized deductions) for each dollar adjusted gross income exceeds the threshold.
A taxpayer’s personal exemptions are phased out once adjusted gross income exceeds the $300,000/$250,000 thresholds. Mechanically, once a married taxpayer has adjusted gross income in excess of $400,000, the exemptions are gone.
A new payroll tax was born. Starting in 2013, taxpayers with earned income from wages or self-employment income in excess of $250,000 (if married filing jointly, $200,000 if single), will pay an extra 0.9% Medicare tax on the excess earnings.
Lastly, and perhaps most famously, taxpayers with adjusted gross income in excess of $250,000 (if married filing jointly, $200,000 if single), will pay an extra 3.8% surtax on “net investment income,” which includes items such as interest, dividends, capital gains, rents, and royalties.

Holy s. I think we ticked each of these boxes this year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Summary from Forbes:

Now, let’s get to the good stuff. As you may remember, 2013 was a pivotal year in tax policy. Beginning on January 1st, a series of tax increases proposed and signed into law by President Obama came into effect, including:


A new maximum rate on ordinary income of 39.6%. The rate applies only to taxable income in excess of $450,000 (if married filing jointly, $400,000 if single).
A new maximum rate on qualified dividends and long-term capital gains of 20%, but once again, only if the taxpayer’s taxable income exceeds $450,000/$400,000.
A resuscitated limitation on itemized deductions; taxpayers with adjusted gross income in excess of $300,000 (if married filing jointly, $250,000 if single) lose 3% of most itemized deductions (maxing out at 80% of itemized deductions) for each dollar adjusted gross income exceeds the threshold.
A taxpayer’s personal exemptions are phased out once adjusted gross income exceeds the $300,000/$250,000 thresholds. Mechanically, once a married taxpayer has adjusted gross income in excess of $400,000, the exemptions are gone.
A new payroll tax was born. Starting in 2013, taxpayers with earned income from wages or self-employment income in excess of $250,000 (if married filing jointly, $200,000 if single), will pay an extra 0.9% Medicare tax on the excess earnings.
Lastly, and perhaps most famously, taxpayers with adjusted gross income in excess of $250,000 (if married filing jointly, $200,000 if single), will pay an extra 3.8% surtax on “net investment income,” which includes items such as interest, dividends, capital gains, rents, and royalties.

Holy s. I think we ticked each of these boxes this year.

Lucky you! You are incredibly wealthy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Our accountant says its because out investment portfolio did so well this year -- and they didn't anticipate such a jump so very little planning went into protecting our earnings from such steep taxes. We do the basics - try to max out our pre tax accounts and fund everything - not sure what else we can do to avoid this happening again. Ugh.

Did you sell stocks? Otherwise how would you be taxed?

It's not just selling stocks. If you have stock mutual funds, there can be capital gains distributions even if you don't sell.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our accountant says its because out investment portfolio did so well this year -- and they didn't anticipate such a jump so very little planning went into protecting our earnings from such steep taxes. We do the basics - try to max out our pre tax accounts and fund everything - not sure what else we can do to avoid this happening again. Ugh.

Did you sell stocks? Otherwise how would you be taxed?

It's not just selling stocks. If you have stock mutual funds, there can be capital gains distributions even if you don't sell.

Yes, when the market rises. Best solution is to vote Republican - they have a knack for tanking stocks. You'll get to write off all those losses!

[Anonymous]

We owed for the first time in a decade, but saved $10k in mortgage interest after refinancing, so I guess it's okay... ugh. Taxes.

[Anonymous]

Anonymous wrote:Speak for yourselves - we got a 100 percent refund - almost $8k. Sometimes it's good to earn less than $100k.

same here!!

[Anonymous]

Absolutely killed. I have to figure out how to come up with $74,000 by tomorrow. We have always gotten a refund before.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Summary from Forbes:

Now, let’s get to the good stuff. As you may remember, 2013 was a pivotal year in tax policy. Beginning on January 1st, a series of tax increases proposed and signed into law by President Obama came into effect, including:


A new maximum rate on ordinary income of 39.6%. The rate applies only to taxable income in excess of $450,000 (if married filing jointly, $400,000 if single).
A new maximum rate on qualified dividends and long-term capital gains of 20%, but once again, only if the taxpayer’s taxable income exceeds $450,000/$400,000.
A resuscitated limitation on itemized deductions; taxpayers with adjusted gross income in excess of $300,000 (if married filing jointly, $250,000 if single) lose 3% of most itemized deductions (maxing out at 80% of itemized deductions) for each dollar adjusted gross income exceeds the threshold.
A taxpayer’s personal exemptions are phased out once adjusted gross income exceeds the $300,000/$250,000 thresholds. Mechanically, once a married taxpayer has adjusted gross income in excess of $400,000, the exemptions are gone.
A new payroll tax was born. Starting in 2013, taxpayers with earned income from wages or self-employment income in excess of $250,000 (if married filing jointly, $200,000 if single), will pay an extra 0.9% Medicare tax on the excess earnings.
Lastly, and perhaps most famously, taxpayers with adjusted gross income in excess of $250,000 (if married filing jointly, $200,000 if single), will pay an extra 3.8% surtax on “net investment income,” which includes items such as interest, dividends, capital gains, rents, and royalties.

Holy s. I think we ticked each of these boxes this year.

Lucky you! You are incredibly wealthy.

Umm are you stupid? Mark cuban is wealthy 400k is not.