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Tax return....
- Thread starter quinnjalan
- Start date
You can't lump everyone together and assume people can always be at a point where they owe or are at net $0.00.
For example:
It is pretty much impossible in a good sales role to not get a refund. When one year your commission could be $40K, and the following year could be $80K and so on. Good luck adjusting for that, specially when 99% of companies calculate tax on commissions at the highest rate.
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I never do well figuring out how to get it close to zero. I was claiming 3 dependents when I bought my first house. With my pay being heavily weighted by quarterly incentives, I ended up getting like $10K back the first year. I bumped it to something like 14, where I dont pay a penny of fed tax out of my bi-weekly paychecks and still got a ton back.
1903Collector
NES Member
Yea, that's just what I have heard from people ( some here), but I've never been able todo it
![[laugh]](/xen/styles/default/xenforo/smilies.vb/012.gif "Laugh [laugh]")
If more people managed their finances better owing even $2000 should not be the kick in the dick that they all bitch about. I always laugh when my relatives bitch about owing a couple grand......saying it's taking food out of their kids mouths.....can't afford it....Yada Yada. As they jump in their $70k suburban and hook up the snowmobile trailer with $40k of arctic cat bank owned machines on it. Those guys will never get it.
Goals.....paid off house by age 45. 6 months of bills in the bank ALWAYS. After that a decent 401k you started when you were 20 should amount to a retirement. If you don't have that imo you have no business buying $40k toys or going on expensive vacations. But that's just me.....and I definitely don't bitch about owing a couple grand at tax time. It's not even a miniscule dent in my checking account. I'm not exactly a "high paid employee" so all you guys that think you can't save and get a comfortable financial situation unless you make a big salary...... I've done it.......and my salary is less than 6 figures.
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Heres somthing really strange....
Using TurboTax [flame me if you want] it asked if I got any kind of .gov corona money. I did, [along with everyone else] and receivede like $129 bucks during the very first stimulus.
So I entered in that stimulus amount and my tax refund went up. It went up!!! It made no sense at all....
I do claim "head of household" so maybe there is some kind of credit for that? It left me scratching my head.
Using TurboTax [flame me if you want] it asked if I got any kind of .gov corona money. I did, [along with everyone else] and receivede like $129 bucks during the very first stimulus.
So I entered in that stimulus amount and my tax refund went up. It went up!!! It made no sense at all....
I do claim "head of household" so maybe there is some kind of credit for that? It left me scratching my head.
It’s because it’s calculated that you were owed more in your stimulus. Right or wrong that’s why it went up.
I did not get a stimulus check, was above the limit. Didn't really bother me since I was able to keep working. Plus, I personally don't want "free money" that others have to pay for.
However knowing a few people who are in difficult straits, I have no problem with them getting a little help.
TrackDayRdr
NES Member
Try this to determine your filing status: What Is My Filing Status? | Internal Revenue Service
You cannot simply choose HoH and have it be the correct selection.
The stim checks were an advance on a credit that was to appear on your 2020 Federal tax return. Enter the payments you and your spouse if applicable received in May 2020 and Jan 2021 in Turbotax's entry box. I don't use TTx so I can't say how their credit calc works but it should be correct. If all else fails, refer to the 2020 Form 1040 instructions at IRS.gov and read.
TrackDayRdr
NES Member
Sounds to me like you have passive losses from real estate that offset other passive incomes so you don't just have no earned income, you don't have ANY income.
Not really sure what you mean. I dont just check head of house hold. I meet all the criteria. Not married, pay for all of housing and have a dependent.
I was simply saying maybe because of that filing status I got more money from the China Virus Stimulus.
It is a little bizarre that there was some kind of sliding scale. Let's be honest, I didn't need the extra hundred bucks and I wasn't unemployed. That money should have gone to someone else.
Rick1987
NES Member
This 100%
I just don't get people who complain about not getting as much back as someone else.
Just have your employer take out an extra $200 a week for taxes, you'll get a great refund. Lmfao.
I try to get as close to zero as possible.
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Wife and I owed just over $1400. We both got the stimulus checks which didn’t help of course.
No kids.
She’s pissed she’s getting no money back for the first time in many years. I told her I’m fine owing $1400 which will be spit 50/50 between us. As you said, close enough.
A lot better than 2019. I owed almost 5k because of a new job I started and F’d up the withholdings etc. Wife got 5k back (was a student) and gave it to me to pay it off. Made the necessary changes for 2020.
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Twigg
NES Member
It's a sign from John Moses Browning ! Quick. Buy a 1911 !
Cphobes
NES Member
Educational credits and one dependent helps, though my CPA did better than my turbotax refund numbers. I bought turbotax did my son's returns then decided to go back to my CPA. CPA's are worth it.
Cphobes
NES Member
Mine did two years ago but he referred me to another one in the area.
friscoeast
NES Member
i used to get the "friends and family" discount. Used last years forms and filled out the FreeForm feature on IRS and MA web sites and did my own. No filing until after next "parachute money' drop is done by Bidet.
Buck F
NES Member
I’m self employed so I never get a refund, sometimes I end up overpaying the estimates and that just offsets the next year’s return/estimates. This year I’m looking at paying around $10k & I’ll also be paying more in estimates, but that only means I had a much better year than anticipated so that’s a good thing.
TrackDayRdr
NES Member
I can help you.
ReluctantDecoy
NES Member
True, but always a crazy realization when you tally the total, particularly with short term. You ask yourself what does the government actually do with half your gains when it seems like all they do is in-fight.
I'm not a tax expert so I may be wrong. But I figured we would have been closer to owing $0 or getting a small amount of money back had we not got a stimulus check?
We haven't been affected by the Rona so we'd rather not get a check. Give it to people who have been out of work.
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