Official Tax Season Thread? vol Splash Out m8

wallyhopp said:
nydunkhead nydunkhead You got any Thoughts on the new withholding allowances calculations for 2020? It feels like the government is finally cracking down on excessive 'refunds'.
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I really feel they totally messed up the new W-4 seems very trash to me. I would try to still file with the 2019 W-4, I will have to do more research on the new W-4 since it just came out but if you kept the same allowances than the tables didn't change that much. Most of my clients are seeing pennies differences in their paychecks vs the 2019 W-4.

To answer your question I really believe the government loves big refunds (except returns that utilize the EIC and other refundable credits) because that means you gave them an interest free loan for the whole year and they made interest off your money instead of you.
 
Anyone have advice on withholding? I usually just claim 1 each year. My situation is me and my kids mom alternate years for the child tax credit for my son. I’m wondering if I should up my withholding to 2 even on years that I don’t claim my son. I feel like I’m paying too much in taxes because even when I don’t claim him I get a couple grand return. I’m not low income either, but I do still claim head of household on years I don’t claim my son. I’m having trouble figuring out what my actual tax liability is. Anyone have advice?
 
Normally file just a 1040ez since I'm single and claim zero with freetaxusa or turbotax. I have a 1098 to file also now, should I get them done by someone now?
 
ninjahood said:
da vast majority of deficits were from non discretionary spending.
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exactly. sounds like a revenue problem

I have no problem with large deficit spending for the right reasons. NOT so corporations can sit on even larger piles of cash than they were already

the latest data points to negative growth for private-sector investment across most of 2019. this was the one thing the tax cut was supposed to address
 
Yo my refund got approved already. Direct deposit hits this Wednesday. That is crazy fast, they didn’t even start processing until 01/27
 
TurboTax ftw once again :pimp: my taxes are super simple which is why I continue to use their free service.
 
Gonna owe both feds and state this year. Damn. :smh:

Didn’t realize my wife’s short and long term disability weren’t getting taxed until the W2s came in. That was a pleasant surprise. :lol:

Oh well. Thankfully my taxed income offset it for the most part. Still gonna hurt cutting that check though—that’s never a good feeling.
 
Filing via turbo tax. Gotta wait until the 12 until they get some form so I can submit my ****
 
Here's a turbotax tip.
Many states use their own website for a free state e-file. Using the FORMS tab on the left, TT all but does it for you. The trick is to cross reference the TT tab, and use your states website to refill in the forms.
If you use the download/disc version, you receive one free state e-file. You also get up to 5 federal e files per install.

I'll never understand how these companies are getting people for $40-$200 bucks. We pay $55 for one disc/download, and that's that.

I know a guy who said TT charges to import your old tax files. The disc version is free. He's also charged $45 for one 1099-div that's not even worth more than $45. Buy the premier version and there's really no add on costs. They also charge him $40 to do the state e file. These tax companies are hustlers man.

We both have similar tax situations. But he's dropping $200 to do his taxes, and I'll do my entire families for $55. I think he uses TT online. You gotta get the standalone version I guess.
 
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Anyone here an expert on W4s? I'm trying to position mine in a way where I end up with zero expected refund. I followed the new IRS calculator and submitted a new one but unsure if I'm 100% on the money with what I put.
 
^I was interested in your question so did the estimator myself using fake numbers trying to get to zero refund. I guess the biggest factor is that you're making a guess on how much you're going to make for this entire year and all the bumps and bruises that goes along with life. who can predict that they're going to make exactly 36k? (my example). there's holidays, OT, random days off and what not. you can get close but exactly zero is something crazy to me. and this is me with single 0/0 exemptions.

I know my brother likes to break even but its never been that. owes Fed $16 one year, another year is getting $125, owes Fed $351 another. plus state is another ballgame of numbers for your state.

Tax Withholding Estimator | Internal Revenue Service

Check your W-4 tax withholding with the IRS Tax Withholding Estimator. See how your withholding affects your refund, paycheck or tax due.
www.irs.gov www.irs.gov
 
See I was under the impression initially that they would try and figure it out for me when I submitted the new W4 but I hire that's not the case.
 
I mean when you reach the end it says you can print out a prefilled out form with the dollar amount needed for your goal on it. All you gotta do is print, sign your name and turn it in to your employer. That’s if your guesses for your income for the rest of the year comes out correctly.
 
Been a significant delay in NYS with state returns. Got my federal close to a month ago.
 
Mister Meaner said:
My B-day & I get my Fed back same day. My tax girl worked wonders this year so I have to figure out how I'm going to splurge without leaving the house.


Most likely just gonna save.
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Word. Planning on putting a portion into our savings and the rest towards necessities and some credit cards.
 
got my return quick and it was pretty big to say the least... i used it to pay for part of my car that i copped last month... my accountant did his thing and i got my return 1 week after giving him my documents... the fee i had to pay to get it done was kinda expensive but well worth it
 
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