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Son of a.... (tax thread)

Discussion in 'Anything goes' started by MertWindu, Apr 2, 2007.

  1. MertWindu

    MertWindu Active Member

    OK, so, last year, I got nearly $800 in refunds from the IRS come tax time. While I didn't want to get greedy, I assumed I'd be in line for another refund this year. I live in the same apartment, pay the same rent, have the same job (although last year, I'd been at two other part time jobs, and I'm guessing that's hurting me despite the fact that it doesn't make any sense for it to hurt me). I got $500 in freelancing money that, when I report it, only adds about $70 to my bill. So it's not that. I was claimed as a dependent last year, and I'm still claimed as a dependent this year. On my TurboTax deal, when I click on the "I'm claimed as a dependent" box, my bill jumps from roughly $58 to $660. As in, a year after an enormous (to me) refund, I'm now OWING almost as much? How in the hell did this happen?????

    Someone help me, here.
  2. Oz

    Oz Well-Known Member

    I know nothing about taxes. I sit with H&R Block, they tally up and punch in some numbers, they give me the (usually good) news. Sorry I can't help here.
  3. BYH

    BYH Active Member

    Just be glad you're not a full-time freelancer.

    That'll make your ass sore at Tax Time.
  4. Wonderlic

    Wonderlic Member

    I'm getting boned this year to the tune of about $500 after getting a minimal return last year. Same apartment, job, etc. But I had started my current job toward the end of '05 (so the impact of my fuck up on the W4 was minimal), and worked that same job for all of '06. Turns out my dumb ass claimed one-too-many exemptions when I first started, and didn't find out until now. Oops.
  5. BYH

    BYH Active Member

    and you call yourself wonderlic. :D
  6. Wonderlic

    Wonderlic Member

    Well, I figured out what went wrong all by myself! And I did save about $100 by doing my own damn taxes! ;)
  7. T2

    T2 Member

    Mert, if the tax laws haven't changed (and I don't know about that), the only significant difference on your return between this year and last would be the two part-time jobs that you had last year.

    Here's a guess: Suppose those part-time employers withheld taxes from your paychecks at the same rate that they would have used if you were earning those wages full-time, which would have pushed you into a higher-percentage tax bracket. That wasn't the case, so it turned out that they withheld about $1,400 too much.

    At the end of the year, had there been no part-time jobs you would have owed the government $600; but because of the extra $1,400 that was mistakenly withheld, the government actually owed you $800.

    At the end of THIS year, without that surplus, you do owe the $600 plus the $70 for your freelancing.
  8. EStreetJoe

    EStreetJoe Well-Known Member

    all you people griping about owing $500 or so on taxes just be glad you don't have my tax situation. Got married, wife moved her investments from where she had them to my financial planner who reallocated a bunch of her investments (huge capital gains hit). Between the joint incomes pushing the tax bracket up, the "marriage penalty", and capital gains, we owe close to $6,800 on the federal taxes this year. I'm still waiting to hear what we owe on state taxes, but I'm willing to bet its a couple of thousand.
  9. FileNotFound

    FileNotFound Well-Known Member

    Ouch. That's f---ing brutal. You need to find a way to have a couple of kids, stat, and backdate them to Dec. 31, 2006, somehow.
  10. doubledown68

    doubledown68 Active Member

    Luckily for me, I've got two student loans reaming me Oz (the prison show, not the poster)-style on the interest every year. Some fucker somewhere gets to go to Hawaii every year with the outrageous interest I pay. And lucky me, I can't afford to pay any more than the minimum, so they'll keep enjoying the trips to Hawaii.

    My only solace is the interest jacks up my refund.. about 700 all told.
  11. novelist_wannabe

    novelist_wannabe Well-Known Member

    I really can't help on your situation Mert, but I'll say this: Home ownership is a beautiful thing.

    Also, they day I severely curtailed my freelancing was the day my tax headaches virtually disappeared.
  12. EStreetJoe

    EStreetJoe Well-Known Member

    I neglected to say that's the tab after a homeowner itemizes his deductions.
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