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TAXES! - Page 2

post #21 of 31
1/18/12 at 11:32am

We got back 7k last year. 9K the year before that. These are all credits. We pay in a laughable amount. I am also self employed so I always worry one year I will just make too much.

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post #22 of 31
1/21/12 at 4:18am

We got 10 grand "back" in '09 (due to withholdings, EIC, child tax credit, and the special employment credit that year).  And then *nothing* in '10.  We had different circumstances and in '10 we didn't qualify for "earned income credit".  That was a major disappointment.

 

This year I'm thinking it will be a little more moderate.  Dh is employed, so there are withholdings, but not much.  But we should get the EIC as he was employed for just about 6 months in '11.  I hope so.

 

Because we are low income, he is going to try for one of the free volunteer tax programs.  But they wouldn't touch ours last year since we have numerous rental properties (always a business loss, sigh) so we may default to TurboTax.

post #23 of 31
1/21/12 at 5:10am
I guess we always JUST miss qualifying for things (like we make 3k more than the cutoff, or we buy our home 6mos before they started the first time homebuyer's credit, or whatever). We live in a fairly HCOL area so I always feel like we 'should' qualify for more than we do. Oh well. fingersx.gif Hoping that at least we won't owe money after having no taxes taken from UE. Don't know why DH didn't fill out a withholding form, he probably figured he'd only be unemployed for a few weeks... *sigh*
post #24 of 31
1/21/12 at 7:31am
Thread Starter 

Well I want to say earned income credit was a different rate last year.  Does anyone remember or have their info on hand.  I'm googling it but I can't find it.  

post #25 of 31
2/7/12 at 12:53pm

We use Turbo tax for about 5 years now. Depending on DH's contract work outside of his FT job, we get about 3.5K back because of all of our deductions such as donations, property taxes, interest on our mortgage, 2 kids, plus all kinds of other things. If we have 1099s, we have to pay taxes on those. For some reason, the past few years we have had large returns, but normally for years and years we would get back about $100 or so or owe about that.

 

On state, we can deduct all of our property tax, plus the kids 529 programs. So getting back about $200 there too.

 

We had about 7.5K deducted for the year for Federal. We also contribute to the pretax 401K/simpleIRAs so it lowers our taxable income as well. So in the end, we are paying about 4% in taxes to Uncle Sam. But I hate the interest free loan they received from us.

post #26 of 31
2/7/12 at 12:55pm

Also, if you use Turbo, do you have a deposit date yet? It usually hits our accts around mid Feb. I filed it and it accepted on Feb 5th. So I should have it by the 17th,.

post #27 of 31
2/7/12 at 1:19pm
Thread Starter 

haven't hit send yet, I have a hang up between three different ones.  The amounts are not astronomical but I'm trying to figure out why I'm getting three different amounts.  I'm at work right now so tomorrow I'll be making some phone call.

post #28 of 31
2/7/12 at 4:08pm
Quote:
Originally Posted by Imakcerka View Post

haven't hit send yet, I have a hang up between three different ones.  The amounts are not astronomical but I'm trying to figure out why I'm getting three different amounts.  I'm at work right now so tomorrow I'll be making some phone call.

 

Can you share the differences - not the amount you're getting quoted, just the differences in those amounts?  I haven't tried separate services in a long while, but now I'm wondering if I should because we have had a few major lifestyle changes this year and it makes me nervous.

 

 

post #29 of 31
2/7/12 at 6:15pm
Thread Starter 

Yes I'll share them.  I'm getting the kids ready for bed and I'll go through it all tonight and tomorrow.  I'll put up the differences and what I found to be the culprit as soon as I can. 

 

This is really interesting to me and I really enjoy messing with this stuff. 

post #30 of 31
2/10/12 at 11:27am
Quote:
Originally Posted by Imakcerka View Post

Yes I'll share them.  I'm getting the kids ready for bed and I'll go through it all tonight and tomorrow.  I'll put up the differences and what I found to be the culprit as soon as I can. 

 

This is really interesting to me and I really enjoy messing with this stuff. 



whistling.gif

 

(Haha.)

post #31 of 31
2/10/12 at 2:29pm
Thread Starter 

Still not done, I promise I'll it done by the end of the weekend!!