Fuuuuuuuuuuck!!!!

[Anonymous]

Anonymous wrote:You didn't earn that. Other people helped, you have to write them a check. You don't need that much money anyway people survive on much less.

go away food stamp troll

[Anonymous]

Anonymous wrote:

Anonymous wrote:You didn't earn that. Other people helped, you have to write them a check. You don't need that much money anyway people survive on much less.

go away food stamp troll

How dare you call our President a troll!

[Anonymous]

Anonymous wrote: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.

I'll answer. We make 175k. DH makes 100k and I make 75k. We ALWAYS owe. Neither of us claims any exemptions. Normally we owe $4500-6000. This year I withheld an extra $800 a month, which seems to have worked since we're now getting $1500 back. We are regular employees, have a large mortgage and it just baffles me every year. Neither one of us ever owed before getting married.

[Anonymous]

And how many kids do you have? I wonder if that's why we end up getting money back. We have 4 kids.

[Anonymous]

^ Do you guys have no deductions at all, like a mortgage, daycare costs, after school daycare costs? If you work, the summer camps can also be deducted.

[Anonymous]

Anonymous wrote:^ Do you guys have no deductions at all, like a mortgage, daycare costs, after school daycare costs? If you work, the summer camps can also be deducted.

No deductions at all. Two professionals making 120k each. Standard deduction and the exemptions are the only thing we can deduct. Tax is about 40k. I have a 401k at work, so 17,500 are sheltered. We each contribute to our IRAs but no immediate tax benefit for that. We think of it in a positive way- there used to be years when we lived on less than 40k of income ( grad school). And we were happy.

We cannot even deduct some substantial medical expenses because our AGI is so high. There is some nonsense with the current tax code for sure- we are considered rich when it comes to paying taxes but we are not rich enough to buy a house in this area.

[Anonymous]

This is my first year filing as a married person. DH and I are both in the 25% tax bracket, but our combined income pushes us into the 28% tax bracket (thanks marriage penalty)! We're getting less back this year than when we were just living together, but unmarried. I wonder if any other PPs are being affected by this?

[Anonymous]

I usually owe a few thousand in taxes a year despite claiming 0 exemptions. HHI ~300k. No student loan or mortgage interest deductions though.

[Anonymous]

Anonymous wrote:

Anonymous wrote:^ Do you guys have no deductions at all, like a mortgage, daycare costs, after school daycare costs? If you work, the summer camps can also be deducted.

No deductions at all. Two professionals making 120k each. Standard deduction and the exemptions are the only thing we can deduct. Tax is about 40k. I have a 401k at work, so 17,500 are sheltered. We each contribute to our IRAs but no immediate tax benefit for that. We think of it in a positive way- there used to be years when we lived on less than 40k of income ( grad school). And we were happy.

We cannot even deduct some substantial medical expenses because our AGI is so high. There is some nonsense with the current tax code for sure- we are considered rich when it comes to paying taxes but we are not rich enough to buy a house in this area.

You can buy house, just not one more than 700k

[Anonymous]

Anonymous wrote:This is my first year filing as a married person. DH and I are both in the 25% tax bracket, but our combined income pushes us into the 28% tax bracket (thanks marriage penalty)! We're getting less back this year than when we were just living together, but unmarried. I wonder if any other PPs are being affected by this?

Story of my life. Happens to us every year. I wish we were just married socially, but legally were still single. I see no benefits to being married legally.

[Anonymous]

Anonymous wrote:

Anonymous wrote:^ Do you guys have no deductions at all, like a mortgage, daycare costs, after school daycare costs? If you work, the summer camps can also be deducted.

No deductions at all. Two professionals making 120k each. Standard deduction and the exemptions are the only thing we can deduct. Tax is about 40k. I have a 401k at work, so 17,500 are sheltered. We each contribute to our IRAs but no immediate tax benefit for that. We think of it in a positive way- there used to be years when we lived on less than 40k of income ( grad school). And we were happy.

We cannot even deduct some substantial medical expenses because our AGI is so high. There is some nonsense with the current tax code for sure- we are considered rich when it comes to paying taxes but we are not rich enough to buy a house in this area.

I would buy a small place, like a condo or TH or something in a desirable area. Long term, you'll earn some equity and short term, you will get some tax deductions. My CPA kept pushing us to buy a rental property because we were paying so much in taxes.

[Anonymous]

Anonymous wrote:

Anonymous wrote: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.

I'll answer. We make 175k. DH makes 100k and I make 75k. We ALWAYS owe. Neither of us claims any exemptions. Normally we owe $4500-6000. This year I withheld an extra $800 a month, which seems to have worked since we're now getting $1500 back. We are regular employees, have a large mortgage and it just baffles me every year. Neither one of us ever owed before getting married.

This just cannot be right. ESPECIALLY if you're withholding and additional $9600 per year. Even without that, I just don't understand that with all those things in place that you're still paying an additional $6K in taxes. Is your mortgage a 10 or 15yr mortgage? how much mortgage interest are you writing off?

[Anonymous]

Anonymous wrote:I usually owe a few thousand in taxes a year despite claiming 0 exemptions. HHI ~300k. No student loan or mortgage interest deductions though.

This I understand. actually surprised its only a few thousand but more power to ya!

[Anonymous]

I think I would actually be more pissed if I was getting a $10k refund. That's $10k of my money that I should have had working for me rather than being held interest-free by the feds.

Well done.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is my first year filing as a married person. DH and I are both in the 25% tax bracket, but our combined income pushes us into the 28% tax bracket (thanks marriage penalty)! We're getting less back this year than when we were just living together, but unmarried. I wonder if any other PPs are being affected by this?

Story of my life. Happens to us every year. I wish we were just married socially, but legally were still single. I see no benefits to being married legally.

This is what we did. I've run the numbers and it saves us many thousands of dollars every year to be legally single. Totally ridiculous.