Your TAXES

[old goat]

Sure, and then the post office will issue a stamp memorializing the baby boomers as the most selfish greedy assholes ever to walk the earth.

I mean, why raise taxes when you can just magically reduce debt via inflation and also send rich people's asset values sky high? That's been the underlying basis for the American economy ever since the Reagan era. Who's going to raise taxes? The person who never wants to be elected again? Fat chance.

Taxes will go up if the GOP is reduced to a rump party. Until then, it is not happening. It is an actual GOP policy to put everything on credit and keep the nation hovering on the edge of bankruptcy. It's a well documented political strategy euphemistically called "the two Santas strategy", brought to you by the same psychopaths who still push the "trickle down theory" of tax policy. Look it up.

Most boomers are living on fixed incomes. While SS is adjusted with inflation, it has failed to keep up with the COL over time. Private pensions are still fairly common for boomers and they don't adjust at all. Meanwhile all those safe bond funds boomers bought before the pandemic took a hit. So no, boomers as a group do not benefit from inflation. (I'm not claiming we're not greedy.)

The people who benefit from inflation are mainly people who borrowed money when rates were low--like homeowners. Boomers, if they own a home, tend to have paid off their mortgage, so they don't benefit. If they have investments it's often short term debt, which got hammered when inflation spiked, so they lost money. The govt benefits on it's long term debt but a singificant amount of govt debt is short term, so it is having to borrower at higher interest rates during inflation.

TL;DR--bullshit

[XXX-er]

my ex wife the one who is now on husband #5 would thro away the user's copy of the tax return as soon as i had mailed it in and she just couldn't understand why she might need to save a copy

she would also throw away the toothpaste tube before it was empty

all i can say is that love is blind eh

[Bunion 2020]

Sure, and then the post office will issue a stamp memorializing the baby boomers as the most selfish greedy assholes ever to walk the earth.

Boomers (yes I am one) are only doing what our parents raised us to do, we are a product of our upbringing, no more, no less. Are some greedy assholes? Certainly. They are after all, human.

[AdironRider]

If using meth while doing the taxes, is that deductible?

[XXX-er]

Boomers (yes I am one) are only doing what our parents raised us to do, we are a product of our upbringing, no more, no less. Are some greedy assholes? Certainly. They are after all, human.

there are more than a few boomers out there who are eating dog food not in good shape and can't find a place rent let alone own where they live

I supose i taught my kids to have their shit together and so they do fortunately they emulated dad and not mom

[Diamond Joe]

Have you compared tax returns, i.e. 2023 with 2022? Is it possible that something changed at the employer end, they withheld less taxes, but you didn't notice the extra in your paychecks? IOW, did what get withheld change and you ended up owing, but your overall annual tax burden didn't change? Or was there a significant change in your tax burden?

So just to add some closure (I'm sure you were lying awake at night wondering!), you were spot on. We checked our return from this year and compared it to last year. Yup, last year; ~24k withheld, this year - despite making 10k more - 18k withheld. When we looked at our individual W2s for this year, strangely, despite the fact that she made 25k more than me last year, I had almost $1k more withheld. What the fuck??

After searching every place a meth'd-out raccoon might stuff paperwork, I was finally able to find our W2s from last year. My wages and withholdings were similar (less this year b/c I was out of work with an injury for 2 months). BUT, on her wages last year she had ~13.5k withheld. THIS year, she had only ~9k withheld, despite making 10k more. (so it should have been like 15k).

That ~6k difference in withholding was the difference between getting our usual ~2k refund, and owing ~4. Glad we found where the issue was, but then of course she started crying despite me stressing that it wasn't HER fault that her company did that... wrong thread? She put a ticket in to her HR/Accounting dept to try and get to the bottom of it...

[jackstraw]

So just to add some closure (I'm sure you were lying awake at night wondering!), you were spot on. We checked our return from this year and compared it to last year. Yup, last year; ~24k withheld, this year - despite making 10k more - 18k withheld. When we looked at our individual W2s for this year, strangely, despite the fact that she made 25k more than me last year, I had almost $1k more withheld. What the fuck??

After searching every place a meth'd-out raccoon might stuff paperwork, I was finally able to find our W2s from last year. My wages and withholdings were similar (less this year b/c I was out of work with an injury for 2 months). BUT, on her wages last year she had ~13.5k withheld. THIS year, she had only ~9k withheld, despite making 10k more. (so it should have been like 15k).

That ~6k difference in withholding was the difference between getting our usual ~2k refund, and owing ~4. Glad we found where the issue was, but then of course she started crying despite me stressing that it wasn't HER fault that her company did that... wrong thread? She put a ticket in to her HR/Accounting dept to try and get to the bottom of it...

Thanks Obama

[XXX-er]

did the taxes yesturday, it took 45 minutes on line and I owe 4500 which is about what I expected

I'm surprised they aren't asking me to pay quarterly

[neufox47]

So just to add some closure (I'm sure you were lying awake at night wondering!), you were spot on. We checked our return from this year and compared it to last year. Yup, last year; ~24k withheld, this year - despite making 10k more - 18k withheld. When we looked at our individual W2s for this year, strangely, despite the fact that she made 25k more than me last year, I had almost $1k more withheld. What the fuck??

After searching every place a meth'd-out raccoon might stuff paperwork, I was finally able to find our W2s from last year. My wages and withholdings were similar (less this year b/c I was out of work with an injury for 2 months). BUT, on her wages last year she had ~13.5k withheld. THIS year, she had only ~9k withheld, despite making 10k more. (so it should have been like 15k).

That ~6k difference in withholding was the difference between getting our usual ~2k refund, and owing ~4. Glad we found where the issue was, but then of course she started crying despite me stressing that it wasn't HER fault that her company did that... wrong thread? She put a ticket in to her HR/Accounting dept to try and get to the bottom of it...

The bottom of it is that the W4 form is screwed up, her company didn’t really do anything and she just had to request more to be withheld.

[jackstraw]

My wife has zero fed taxes withheld from Aug thru Dec. We had no idea. Direct deposit so she never looked at a pay stub. She's part time and makes dirt, so it doesn't really matter, but it was funny when my CPA called me and said wtf is going on. So yeah, I don't even know if its fixed yet, but the entire first qtr she hasn't paid anything in either.

[Diamond Joe]

The bottom of it is that the W4 form is screwed up, her company didn’t really do anything and she just had to request more to be withheld.

pretty much, yeah.

what makes no sense to me is that her company allegedly changed her withholding status to "married filing jointly" (from what, IDK) at the end of 22, resulting in much less being withheld in 23. Married filing jointly is WHAT WE FILE as so, like.... huh??

[old goat]

Seems like a lot of people having trouble with enough withholding in recent years. Lot's of changes to the tax code is part of it, but I bet companies like people to get big paychecks--makes people like the company and when they have to pay a lot in April they get mad at the govt, not the corp.

[Foggy_Goggles]

Too me its such an odd take. You know you are gonna be responsible to settle up with the IRS once a year. It seems most of you ain't 22 filing the EZ. Do you really just assume the withholding is gonna be right and budget on your take home? Not look at the amount withheld? Not set aside money from other taxable events? And then get pissy that some algorythm based estimator isn't right?

At bare minimum use this one https://www.irs.gov/individuals/tax-...ding-estimator

[old goat]

I've tried fixing my underwithholding. The company doesn't respond. Most of us that don't have our own businesses would prefer to not to have the hassle and perhaps expense of calculating taxes multiple times per year. It's been said many times by many people--taxes should be simple and free for almost everyone.

[Hood26]

Too me its such an odd take. You know you are gonna be responsible to settle up with the IRS once a year. It seems most of you ain't 22 filing the EZ. Do you really just assume the withholding is gonna be right and budget on your take home? Not look at the amount withheld? Not set aside money from other taxable events? And then get pissy that some algorythm based estimator isn't right?

At bare minimum use this one https://www.irs.gov/individuals/tax-...ding-estimator

We sink $1700 a month and a big part of that is for taxes; both income and property taxes. I think we would have been in ok shape, had my wife’s HR not talked her into filling out a new W4, if we had filled it out together, and if we would have done a mid year checkup.

We got hit with two under withholding penalties. I can kind of be ok with one for the wife. For mine though way pissed. I had 0 and extra withholding on my W4.

I will try to dispute, but probably going to have to give them another $500.


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[nickwm21]

I used FreeTaxUSA this year for the first time. Those that use TT or HRB, check it out next year… it’s the same shit, just priced right.


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[Hood26]

Update, we owe one penalty. More palatable since we should have checked in on one of W4s efficasy.


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[liv2ski]

Received my Federal refund but not the state. Went on line to check and it was "checks in the mail" 6 weeks ago. Tried to call and due to high volume of calls was told to fuck off and call back someday. Is CA short money?

[Obstruction]

I under withhold consistently and have paid a penalty every tax season for the past 20 years or so. My goal is to break even but I hedge it on the low side. Net result is I’m paying peanuts to hang onto my money for months at a time rather than letting Uncle borrow it from me for free.

[Hood26]

Preliminary numbers in and effective Fed Tax rate of 12.4% (11.50% last year) and still owe $3269

Upside no penalty this year.

[XXX-er]

I use the Wealth Simple program, the T1 is auto filled and autocalculated, tax owed is usually 4700 ish, I don't mind the lump sum I transfer the $$$$ from my bank, all on the computer taxes took 45 minutes last year

as long as I file before the deadline in the spring there is no penalty, , as of yet they havent told me I must pay quartlerly instalments,

[Hood26]

What’s your effective rate for federal burden to the beaver petting old maple leaf?

[XXX-er]

What’s your effective rate for federal burden to the beaver petting old maple leaf?

You coulid get the answer by google, so it is what it is and I just pay it

edit: you are probably wondering who pays more tax but it may not be that simple, food might be cheaepr down there but then HC is cheaper up here, I had a manager who was married to an American he was a resident down there but worked up here, people would always ask which was cheaper and that was his answer,

[Hood26]

I was just curious. I can Google the tax brackets sure.

Also, no hate intended to Canada. Lastly, food costs in Portland/Eugene Oregon are pushing pretty high; higher than both Calgary and Vancouver.

[BCMtnHound]

In BC, for a gross income of approx $100k, without significant deductions, prov and feds combined take a bit under 20% in income tax.

Make more than that, pay a few percentage points more. Make less and pay less.