Taxes Suck

[L33H05WALD]

Well I just did our taxes and we owe!!!  $252 to federal and $357 to state.  Guess thats what happens when you make over 60K and only have 1 kid.  So I guess we pay taxes now and then get the money back with the rebate check, whenever that comes out.

[Justin]

lol

[grdianangel]

thats funny. if i did ours right we should be getting about 4k from federal and state, plus the rebate check. what deductions do you have taken out? cuz me and jill together make more than 60k

[L33H05WALD]

What hurt us, is that Em was claiming married and 1 and I told her to be single and 0, so I was married and 1 and so that hurt and also my 401K check that was cashed out last year on what wouldn't roll-over to my IRA because half of a stock was mine and half was Hoyt's because I wasn't fully vested, and that 2K wasn't taxed so thats what did it because it was an early disbursement and was subject to high penelties

[grdianangel]

i hear ya on that. when i cashed out my 401k when i worked at rc willey i owed quite a bit too. so hopefully the rebate check will help out alot

[Andrea]

Yeah the most I have ever claimed is one and I have never had to owe on my taxes.  I would never claim more than that you guys otherwise you will have to owe a lot of money.  One of my friends here at work said that last year her husband had claimed two and ended up owing over 700 dollars and it took them a long time to come up with the money to pay it off.  Make sure you both change your deductions asap so you won't get panalized next year.

[L33H05WALD]

Yeah me and Emily both claimed 1, but what really hurt was part of my 401K being sent to me, so I had to pay taxes and penalties on it.