I did a draft last week, and wowza do I need to do something about my withholding. Happydad’s withholding is almost perfect if his were the only income (would owe about $500 to the feds). But my my income varies wildly because my adjunct teaching load at the community college is different from one month to the next. I can’t safely opt for an extra $ amount off each paycheck as there is no way to predict what (or if) I’ll teach next term.
Finished taxes 2/02. Fed refund came through this morning.
State one always takes much longer.
Waiting for brokerage info here, too. Added to that, I’m a repeat offender as far as contributing to my IRA for prior year after the statement’s already come out.
Husband changed jobs and moved back from out of state middle of the year. No idea of how our withholding kept up but am more than happy to deal with the ramifications.
We get a federal refund because of child credit and education credits.
I like getting a bigger refund because we can use it towards future college costs.
I did our federal tax return as soon as the IRS accepted efile returns and already have our refund.
I paid $30 with Taxact to efile federal.
I will do the state return on the state revenue website for free. We won’t get a state refund. There is no standard deduction in PA. All compensation is taxed at a flat rate of 3.07%. The employer usually withholds just enough so you pay in what you need.
I’m not in a hurry to file the state return or local return.
It’s usually better to get these things done earlier rather than later, but every year I do amended returns for those who filed too early and left out something essential. I’m already seeing the race to claim dependents first. Sad it is this way for some folks. Just talked to someone who got return rejected because Ex claimed kids though divorce agreement states he could file and get some child credits in doing so. He did not get the IRS Form 8332 in support of his claim the case, so an upward and likely futile battle to get it changed.
I won’t file till October— getting extensions but have paid what I have to pay with a bit more I’ll send with the April 15 extension. Most of my clients want a large check early in the year from refunds and credits rather than cutting it close and having the extra money each paycheck during the year. A large tax bill for many of them means a downward financial spiral into the rabbit hole of debt to theIRS and state that they want to avoid. Getting at least a bit of money instead is preferable. I’ll be doing free tax returns at the end of the month through a volunteer program here as I’ve been doing for the last several years. The look of desolation and depression and alarm in the faces of those who owe is sad. I’m working with a number of folks who owe from multiple years and didn’t deal with it because …they just emotionally couldn’t, and trying to get arrangements they can honor and continue to honor as they stay at least even with their taxes for future years.
Here the state refunds are coming quickly. Federal not so much due to so many of my clients claiming EITC, child tax credits, HOH status which does slow down the return of those refunds from the feds. I get calls every day asking me , “where’s my money?”
And state refund just came through
Have done all of the stuff to be ready for the tax accountant when those statements are available. There was a time when there were plenty of amndments for investments- it just doesn’t pay to send in material several times.
I don’t get brokerage statements until March. I forget why but did look into it and it was legal for certain docs to be that late (K1s??).
Anyway can’t do anything for a few weeks. Grrr