How did you fair off this year on income taxes?

[Captain Save]

I have yet to do mine.. I will probably break even .. got a full time job that I overpay but then my side gig wasn't much but I got a lot of write offs for that but I have paid 0 taxes on that.

[msomnipotent]

Federal effective tax rate is 31%. Total effective tax rate is 36%. Total marginal tax rate is 56%. That's why I'm not too worried about my wife getting a job now that we are empty nesters. Making $0.44 on the dollar is not worth the hassle of working just for the sake of working. So she volunteers instead doing things she enjoys. First world problems.

You want to hear a real first world problem? I had to spend several hundred dollars at the vet because my dog got pancreatitis from eating too much prime rib. I was embarrassed to tell people in our family, never mind someone in the 3rd world.

We haven't received his W2 yet and TradeKing won't have their forms ready until the 19th. I thought everything had to be sent by Jan 31st????

We have been getting less and less back every year. I'm one of those that thinks a refund is just giving the govt a free loan and my husband thinks it is found money. Compared to the last few years, I am expecting about $5,000 back from federal and maybe $100 from state.

[Fishindude77]

Just getting stuff to my CPA, expecting I will be paying a bunch

[ShawnaC123]

I started a new career toward the end of last year, so my taxable income was low. I'll be getting back $1600 from federal and $400 from state. According to my rough calculations, I should be getting $500 back in federal taxes next year. I wanted to keep it slightly positive to avoid having to pay money and in case I end up owing money to the state (I was too lazy to calculate that).

This year my refund will be for building back up my EF. It was depleted this year when it took me a few months after finishing grad school to find a job.

[disneysteve]

I'm sure more people have gotten their taxes done by now so I thought I'd bump up this thread.

We ended up with a Federal refund of $1,465 and a state refund of $592.

In addition, as I mentioned in another thread, our new accountant reviewed our 2015 return and felt that there was something that could have been done differently regarding a penalty we paid for a timing mistake with a 529 withdrawal. So he recommended filing an amended 2015 return. That is getting us an additional $1,596 refunded.

So all together, we're getting back $3,653. That's definitely more than I expected but I wasn't expecting the amended return issue.

[bjl584]

I almost broke even. I'll be paying a few hundred to the feds

[greenskeeper]

$600 back from the feds, state is zero as usual. Would like to get the federal closer to zero for this year.

[HundredK]

Saying what you were refunded or owed at the end of the year doesn't mean anything. Total tax liability or effective rate would be more useful.

We are still waiting for some forms, but I'll report back later.

[hamchan]

We're getting around 1600 back this year. It will be helpful since I don't go back to work for two more weeks and it will be 6 more weeks before I am back to full time, due to major surgery.

Normally we don't get more than a few hundred back, but last year was different in that A) My daughter moved back in with me in January and B) I didn't have any misc income like I have in years past. I wasn't sure how that would affect things so I didn't change my withholding at all.

I'm not sure if I should adjust withholdings this year or not though, since my daughter will turn 18 in early January of next year.

[msomnipotent]

Our AGI is almost $18,000 less compared to last year and we are getting almost the same amount back. Our effective tax rate is 18.1% and the marginal is 25%. We are paying more this year for state, which doesn't surprise me.

Once again, I am ticked off because I asked the professional specific questions and was given wrong answers. My main problem was that I asked if I (as a non-working spouse) could contribute to an IRA and still get a deduction, to which she said no. On page 3 of their tax analysis, it says that we could save $1,375 if I added $5,500. GRRR! And her answer to 3 other questions was, "If the IRS finds that it is wrong, they will just correct it and adjust your refund." I feel like filling in next year's tax forms with "close enough" numbers and letting the IRS figure it out.

On the other hand, it was cheaper than I expected and took a fraction of the time it usually takes me to do them, and we actually liked the person this time. I nearly punched the last pro after he started yelling at me.

[disneysteve]

Federal Adjusted Gross = 145K

Effective tax = 14.8%

Total Tax Paid $18,258

How do you calculate your effective tax rate?

If you paid $18,258 on an income of $145,000, that works out to 12.59%. How did you arrive at 14.8%?

[msomnipotent]

I think it is based off of taxable income and not AGI. At least that is how my numbers are matching up.

[disneysteve]

I think it is based off of taxable income and not AGI. At least that is how my numbers are matching up.

Gotcha. I'll have to check on mine tonight.

[frugal saver]

I just paid $350 to the IRS and will get back $80 from the state, so not too bad.

My tax rate has been 10% for the last several years, but now that my income has gone up, it will be 15% for this year.

[Singuy]

Sucked!

I didn't pay enough estimated taxes so my CPA said we owe 8.3k initially. Then we opened up a SEP-IRA for my wife's business which can still be consider as expenses for tax year 2016 if we fund it before 4/15 so we totally did that which brought our tax bill down to 2.3k.

Effective tax rate was 21%

We paid 58k for the year.

Next year we are doing a single member 401k for my wife so she can put in 18k for herself the business can put in 13k as a business expense(payment to employee as a match). That will help use lower our tax bill some.

I know I know..dragged my feet with this business sep-ira 401k stuff..but this definitely whipped me into shape.