How did you fair off this year on income taxes?

**StormRichards** · 01-26-2017, 04:24 AM

Originally posted by GoodSteward View Post

My intention is to go to Walmart and buy TVs, video game systems, Ipads, all the scented candles I can find, and blow the rest.

Silly man. Don't you know the best way to acquire scented candles is to have a candle party and have all of your friends overpay for their candles so you can some free!

So where is the GoodSteward family heading for vacation?

**Jluke** · 01-26-2017, 04:27 AM

GoodSteward, maybe you need to adjust your W-4 so you don't get that large of a refund. Assuming a similar year up ahead for you financially.

my rough calcs show I might get back $100 or so from federal. Better than owing like I normally do.

I'll probably owe $50 to the state.

Although I don't work for the government, they get a nice chunk of my gross salary.

**disneysteve** · 01-26-2017, 04:33 AM

Still working on gathering everything. I haven't gotten all of my 1099s yet. I'll probably get them done sometime next month hopefully.

If there is a refund of any substance, part will go to fund my SEP-IRA contribution for the year, part will go toward our Parent PLUS loan, and part will probably help fund our travel for the year.

**StormRichards** · 01-26-2017, 04:45 AM

We are still gathering our forms as well. My DH plans to start plugging numbers on Saturday while DD and I are at soccer practice.

Over the past few years, our Federal refund comes in between $500 and $1,000. That is an outcome I am perfectly happy with.

**disneysteve** · 01-26-2017, 05:02 AM

Originally posted by Jluke View Post

GoodSteward, maybe you need to adjust your W-4 so you don't get that large of a refund. Assuming a similar year up ahead for you financially.

As much as I try, I can never seem to make that happen. Something always comes up that I didn't expect, like a medical bill or big capital gains or something that throws off the numbers. Of course, having them thrown off and resulting in a bigger refund isn't a terrible thing. It's better than a big bill, although that has happened too.

This year, in September, we got our HSA so I know that having put $6,750 into that is going to decrease our taxable income and likely bump up our refund.

**bigdaddybus** · 01-26-2017, 05:08 AM

Scottrade sends 1099's on FEB 15th. I assume I will owe or be close to breaking even so I wont do mine till April.

**Spiffster** · 01-26-2017, 05:11 AM

Im not sure about this year yet, but I just got a notice from the IRS saying I owe them $3k more for my 2014 taxes.

**HundredK** · 01-26-2017, 05:16 AM

We are still waiting for 1099's and other info, so I don't know yet. We'll definitely have some to pay. I think it would be more interesting here to see filing status, number of exemptions, and total taxes due for the whole year.

Knowing whether you get a refund or not simply says whether you estimated exemptions correctly and/or made appropriate quarterly estimated payments.

**creditcardfree** · 01-26-2017, 06:12 AM

Yes, we are getting a Federal refund of $1497, this is due primarily due to the ability to claim the American Opportunity credit. We do not pay state income tax in our state as we get an exemption for active duty military pay.

Filing Status: Married, filing jointly
Total Tax $7079
Tax After Credits: $4607

I have adjusted our withholding for next year, as income will be similar as will tax credits. I did factor in that we will no longer claim the child tax credit, youngest daughter turns 17 in 2017. I expect to owe less than $100.

I personally would rather owe a small amount, something I can manage without saving for it specifically.

**disneysteve** · 01-26-2017, 07:05 AM

Originally posted by bigdaddybus View Post

Scottrade sends 1099's on FEB 15th.

Same here. They are always the last to come.

**corn18** · 01-26-2017, 07:35 AM

Married Filing Joint
Federal tax: $161,103 (owe $8k)
State tax: $23,762 (owe $2,200)
Local tax: $5,591

No penalties or interest.

Add real estate and FICA taxes and I paid just over $210k in taxes.

**GoodSteward** · 01-26-2017, 07:39 AM

Originally posted by StormRichards View Post

So where is the GoodSteward family heading for vacation?

Seaworld and Possibly Disney(can get cheap single day tickets from a contact)

Originally posted by Jluke View Post

GoodSteward, maybe you need to adjust your W-4 so you don't get that large of a refund. Assuming a similar year up ahead for you financially.

my rough calcs show I might get back $100 or so from federal. Better than owing like I normally do.

My income changes yearly due to ministry not being set, and I never know for sure what deductions I will or won't have. I would rather just leave it and give some room for error.

Originally posted by HundredK View Post

I think it would be more interesting here to see filing status, number of exemptions, and total taxes due for the whole year.

Knowing whether you get a refund or not simply says whether you estimated exemptions correctly and/or made appropriate quarterly estimated payments.

This is a good idea.

Married - Filing joint(though she doesn't work anymore)
Withholding Fed- M4
Withholding State -M1
Actual on both- M6 (Woo babies!)

Total Paid in Fed - 1780
Total Paid in State - 1965
Fed Return - 2315
State Return - 1180

**97guns** · 01-26-2017, 08:05 AM

I should look much better than last year because I got married, I only paid $1200 to federal and $300 to state last year on around $68k income

**phantom** · 01-26-2017, 08:27 AM

We're still a long way from having our taxes for 2016 figured out. It was a crazy year that included a bonus check with extra taxes withheld, 5 different employers, money that went into Roth IRAs and had to be moved, and over contributions to 401ks that still need to be resolved. None of it should be too too crazy to get sorted out, but we're still waiting on a lot of tax documents. So far, we're entering everything into TurboTax as it comes, but there's a lot more to come.

How did you fair off this year on income taxes?