Tuesday

minskat30 · January 2016

Oh no @labro - what happened with your withholdings?

MissKittyDanger · January 2016

@labro oh jeez that's awful

we've been there, not to that degree but enough. When Matt started his job from college to salary {he's a lucky duck I tells ya ...} they didn't input taxes properly. Is there any time to balance that amount before filing? $:\$

labro · January 2016

@minskat30 I don't know! I think one of us is getting screwed on our federal withholding somehow since we're both filing as married and 0...but something is really off!

minskat30 · January 2016

@labro - I agree, something has to be off here. I hope it is something in the calculation of the taxes (or your deductions maybe? did you remember them all?) and not in what they withheld...because FUCK that is a lot of money. Hugs.

labro · January 2016

@minskat30 Yeah...I don't know. We're going to consult with an accountant. I haven't officially filed anything yet. I think the problem is we've crossed a threshold and now the IRS thinks we're Scrooge McDuck's. If we can somehow get our AGI a little bit lower I think we MIGHT be able to reduce this....Maybe he knows if we can make some 401k deductions and count them for 2015 and get a corrected W-2. Or donate to charity. Can I create a charity in my name and then donate to it?

labro · January 2016

@TwoDimes The difference is filing separately means you get A LOT more taken out of your paycheck for federal taxes. Most people don't need to file that way...usually you just need to deduct an additional flat amount with each paycheck if you're at the point that filing married and 0 isn't enough. I thought I checked the withholding calculator at the beginning of the year and we were good....but apparently it wasn't good enough. UGH!

jenna8984 · January 2016

Had to actually work today...glad I came back here 4 pages later to learn about bully sticks!

@alpacina 3 months is amazing!

AlPacina · January 2016

@labro - Why can't there be some easy to understand tax manual? It's all so insane! I hope you guys are able to bring that amount down somehow.

Deeeeeefinitely not excited to figure ours out.

wink0erin · January 2016

@labro That sucks! I hope it's an error. Tax code is a pain, I'm glad I decided to do audit instead of tax accounting. Eff that noise.

minskat30 · January 2016

@labro - I hope the accountant can help you figure this out. I never took a tax class in law school. In fact, I only know one tax lawyer who isn't insane. I think anyone who studies the tax code must certainly lose (@twodimes - correct usage this time) their mind at some point.

AlPacina · January 2016

minskat30 said:

@labro - I hope the accountant can help you figure this out. I never took a tax class in law school. In fact, I only know one tax lawyer who isn't insane. I think anyone who studies the tax code must certainly lose (@twodimes - correct usage this time) their mind at some point.

One of my roommates in college worked for a firm that did taxes for larger businesses, and during his first tax season he got so much overtime pay that he decided to quit his job and move to Chicago just to experience it for a while. He worked as a bouncer after that. No idea what he's doing now, but he made it approximately 1 year in the tax game, haha!

They were all allowed to drink alcohol at their desks, too. He came home drunk A LOT.

jenna8984 · January 2016

@labro Yea, many people always assume there are tax benefits of getting married. Unless you're in the tax world, nobody really understands there's actually the marriage penalty once you make over a certain amount. It sounds like you do know about this and thought it was accounted for. Unfortunately, you can only do a 401k catch up contribution after year end if you are over 50 years old so that won't be an option for you. But who knows, hopefully you're missing a deduction, like state taxes. Good luck! I have always claimed 0 but then an additional $10 per week for both state and fed. I would rather go ahead and give the govt the loan of $500-1000 to ensure that I'll never owe.

labro · January 2016

@jenna8984 Yeah...I dunno, I didn't figure the 401k thing was an option. My dad mentioned it but he's also old so his mind is definitely in the land of catch up contributions. I was hoping maybe we can count some charitable donations towards 2015. We're SO freaking borderline right now on this stupid AMT. I rechecked our deductions and we aren't missing anything and I don't work from home enough to deduct business expenses...although an advisor may say otherwise.

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