Official tax refund thread vol. for the 2015 tax year

[nrg1604]

11k is ridiculous. You definitely lost out on making some money off of that amount through savings/investment throughout the year. Time value of money principle.

Also, if you are receiving 2 W-2s, it's very common for you to end up owing taxes back or see a decrease in your refund. You would have to do some tax planning and adjust your withholding to avoid this. Reason for this is because the difference of the tax bracket you end up in when you combine both W-2s.

Hypothetically, say you make 20k at each job and the current tax bracket is 15% at 20k, 18% at 30k, 20% at 40k.

W-2 #1 - since you make 20k, they withhold for 15% tax rate
W-2 #2 - since you also make 20k, they withhold for 15% tax rate

When you file, you combine both W-2s, which puts you at 40k and 20% tax rate. You end up owing tax because you paid 15% throughout the year, when it should have been 20%. Your employers have no knowledge of your other employer so they can't withhold your actual tax rate. You'd have to adjust it yourself.

 

[bwsteg]

lol

Getting 11k back in taxes this year

They still took out 31k form me last year tho

Care to explain how?  I paid nearly $30K in just federal taxes alone (with 2 on my w4), and turbo tax says $3kish (Also I've gotten the same amount of refund back with the same amount of taxes paid for the past 10 years or so). I also have 2 dependents.  Do you own a house or kids?

I get paid weekly, and according to my pay stub - about $750 was deducted from my paycheck on just "federal" taxes alone.  Something has to be wrong or I need to start claiming 6 on my w4.

 

[usabasketball08]

Filed and was accepted on the 25th. No WMR update yet.

 

[jetpacunlimited]

Care to explain how?  I paid nearly $30K in just federal taxes alone (with 2 on my w4), and turbo tax says $3kish (Also I've gotten the same amount of refund back with the same amount of taxes paid for the past 10 years or so). I also have 2 dependents.  Do you own a house or kids?

I get paid weekly, and according to my pay stub - about $750 was deducted from my paycheck on just "federal" taxes alone.  Something has to be wrong or I need to start claiming 6 on my w4.

2 kids, married filling separate.

11k is ridiculous. You definitely lost out on making some money off of that amount through savings/investment throughout the year. Time value of money principle.

Agreed. I don't have any kind of accountant or anything like that so honestly I always turbotax.

 

[capital sb]

@Jetpacunlimited  you don't need an accountant unless your tax situation is complicated. Use turbo tax W4 withholding calculator to figure out what to change your W4 allowance to.

 

[downyboy]

What's the difference between married filing separately vs joint? Any benefits for either?

 

[jetpacunlimited]

@Jetpacunlimited
 you don't need an accountant unless your tax situation is complicated. Use turbo tax W4 withholding calculator to figure out what to change your W4 allowance to.

Good tip thank you, I honestly get scared when it comes to withholdings and all that stuff brah.. Will check it out.

 

[capital sb]

Good tip thank you, I honestly get scared when it comes to withholdings and all that stuff brah.. Will check it out.

No problem. Nothing to get scared about you can change your W4 every paycheck (depending on how fast your HR processes your request). 

 

[luckyluchiano]

Still sick about the 1300 i had to pay the IRS :x

 

[capital sb]

Still sick about the 1300 i had to pay the IRS

Dam you owed even with your house?

I changed my W4 to 5 for federal and 1 for state. Gonna input the numbers into turbo tax calculator tomorrow once my paystub comes out.

 

[luckyluchiano]

Dam you owed even with your house?

I changed my W4 to 5 for federal and 1 for state. Gonna input the numbers into turbo tax calculator tomorrow once my paystub comes out.

Yea lol, i changed jobs and had a 401k loan from when i got my house (used it for closing cost) so they automaticallly "default" the loan and count it as a withdrawl, so I know why i owed it just sucks lol. I usually break even on my taxes and get back a little under a rack for federal and owe state like 50-60 bucks. I make more money now though so next yr will be interesting.

 

[sohoguy]

Got my state now I just wait for federal , I like turbo tax

 

[cashbanks]

Got my state now I just wait for federal , I like turbo tax

when did u file?

 

[iamdef]

What's the difference between married filing separately vs joint? Any benefits for either?

Supposedly you can possibly get more filing seprerately but you  miss out on certain exemptions like medical expenses filing seperately and if you are in certain states (like TX) you can't e-file filing seperately you have to physically mail out your returns

 

[sohoguy]

when did u file?

Jan 26

 

[spizike231]

Filed on the 24th, TurboTax says "1% of the people who filed on your day have received their refunds"



I'm gonna guess this Friday for me

 

[nawghtyhare]

e-Filed mine and accepted on the 22nd
And still no direct deposit date

 

[ronaldo nazario]

Originally had a decent refund of about $1200, which is around normal for me since I don't make a lot of money. After entering a 1099 for a small job I had on the side and then entering my CoveredCA insurance info I now have a federal refund of $200 and owe the state $432 :x They ended up saying I needed to pay an additional $500 for my CoveredCA because I "got too much of a discount" I would have saved money not paying for health insurance all year which I didn't use one, and just taking the penalty on my taxes smh. Don't really have any kind of deductions, but would taking my business to HR Block, etc. help me out? Not sure If maybe I am doing something wrong on my end, originally was filing through TurboTax.

 

[harlemtothebronx]

e-Filed mine and accepted on the 22nd
And still no direct deposit date

Accepted on the 21st...I feel like the last few years the turnaround was like 10 days.

 

[nawghtyhare]

e-Filed mine and accepted on the 22nd

And still no direct deposit date

Accepted on the 21st...I feel like the last few years the turnaround was like 10 days.

Yeah usually it was

 

[comptonprince]

Just got my w2's this am got a surprise w2 so now I have 2 to file should still be simple on Turbo Tax right?

 

[capital sb]

 
Just got my w2's this am got a surprise w2 so now I have 2 to file should still be simple on Turbo Tax right?

Yup still simple. Do the first W2, it will then ask you if you have any more W2's to enter. Say yes, then put in those numbers.

 

[harlemtothebronx]

e-Filed mine and accepted on the 22nd

And still no direct deposit date

Accepted on the 21st...I feel like the last few years the turnaround was like 10 days.

Yeah usually it was

 

[spizike231]

Yup still simple. Do the first W2, it will then ask you if you have any more W2's to enter. Say yes, then put in those numbers.

Then watch your return get significantly smaller.

You missed a step, I fixed it for you.

Yes, I'm still salty they took $800 after my second W2 was entered.

 

[capital sb]

You missed a step, I fixed it for you.

Yes, I'm still salty they took $800 after my second W2 was entered.