Tax Time Poll

Did you receive a refund or do you owe?

  • Refund. I'm happy!

    Votes: 17 63.0%
  • I owe, I owe, so off to work I go.

    Votes: 10 37.0%

  • Total voters
    27
  • Poll closed .
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#21
Ummm.... I checked the box that I was getting a refund, but I ain't exactly happy. Yes, I'm glad I am not having to pay, but this year I have paid more than ever before in witholdings, and the actual tax amount is pretty dang big.

So, yah, yah, you might say that if I am having to pay so much, then I must be really making a lot. And please don't get me wrong, I am grateful for the blessings of having sound employment and income, but understand that at the same time, it has been because of great sacrifice and working through the summer working 16 hour days and going literally 3 months with only 8 days off. That is brutal to say the least. So yes, I made a lot of extra money this year, but it wasn't because I receive some sort of windfall, but through weeks of working 110+ hours surrounded in choking levels of wildfire smoke and sleeping on the ground in a tent all that time, and putting up with people who threatened my life because they didn't think we were doing enough to put out the fires.

So... While Uncle Sam may be giving me a little money back this year, I have paid more than I ever have in my life and I have a bit of mixed thoughts over the whole thing. Gratitude for the blessing of work and income, but also contemplation of having so much taken away after providing a valuable service to my country at a pretty great personal sacrifice in doing so.

If I was just fortunate to have made a lot of money in the stock market, or received a huge raise, then that is one thing, but damn... I worked my ass off to earn it too. And the worse part is that I didn't do it for the money, but because this is something I want to do in order to help others. That is the best repayment I can ever receive.
 
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Maxx

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#22
You sure have had a full plate, Maxx.

We should have put our money in a 401 K, but the school system didn't offer it and we were never that good with investments. My wife was the bill payer and in the last few years, accumulated the tax information. For the past several years we've paid a CPA to do our taxes. We were supposed to be paying quarterly, but as my wife got sicker, it didn't get done. Next year should be favorable tax wise.
You too... getting old is a bitch, but I guess it beats the alternative.

I think that might have been the case with my dad as well, but I got into it too late in the game to do anything. He might even have done a couple quarterlies before his computer got hijacked. I've got no way of knowing. We'll see if the IRS says anything. I just filled out the forms, so I'm not personally on the hook. I'll have to keep a closer eye on it this year, as at some point I could have legal responsibility for mom. Right now, my sister has POA but not guardianship (yet). Fallback position, "Irma blew the paperwork away".
 

Poofybutt

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#23
I'm getting a refund as well, a small one, but still, a refund is a refund. I can buy a few extra diapers sometime soon :)

In all honesty though, do some people really wind up owing? I know based on the poll that some do, but my entire family has received nothing but refunds come tax time. In fact, I don't think there has ever been a time when anyone in my immediate family had to owe. Maybe that's just one of the perks to having not one, but two accountants in the family and having them fine tooth comb your taxes for you.
 

Slomo

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#24
I'm getting a refund as well, a small one, but still, a refund is a refund. I can buy a few extra diapers sometime soon :)

In all honesty though, do some people really wind up owing? I know based on the poll that some do, but my entire family has received nothing but refunds come tax time. In fact, I don't think there has ever been a time when anyone in my immediate family had to owe. Maybe that's just one of the perks to having not one, but two accountants in the family and having them fine tooth comb your taxes for you.
Sadly yes. Roughly HALF of the US population will end up owing. Mostly because they just don't withold the right amount from each paycheck (usually by just going with the mandatory minimum withholdings, which historically is almost never enough)
 
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Maxx

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#25
I'm getting a refund as well, a small one, but still, a refund is a refund. I can buy a few extra diapers sometime soon :)

In all honesty though, do some people really wind up owing? I know based on the poll that some do, but my entire family has received nothing but refunds come tax time. In fact, I don't think there has ever been a time when anyone in my immediate family had to owe. Maybe that's just one of the perks to having not one, but two accountants in the family and having them fine tooth comb your taxes for you.
If you only have W2 wages, then you may never have to ante up or do any forms other than the 1040. Consider yourself fortunate. If you have any other kind of income from investments, or you're self-employed, or a contract employee, or you hire household help, get divorced, move to another state or you sell that ring grandma left you, you end up hip deep in forms, worksheets and instructions, and possibly having to write your uncle a check at the end of it.
 

Slomo

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#26
If you only have W2 wages, then you may never have to ante up or do any forms other than the 1040. Consider yourself fortunate. If you have any other kind of income from investments, or you're self-employed, or a contract employee, or you hire household help, get divorced, move to another state or you sell that ring grandma left you, you end up hip deep in forms, worksheets and instructions, and possibly having to write your uncle a check at the end of it.
Not true. Tax witholdings are calculated by the gogernment based on the minimum projected amount that will be required for the next year. That projection almost never comes in at or above the expected or true amount. As such, claiming the standard witholding is almost always not enough when tax time comes. Hence why so many always end up having to pay.

It's more often when someone is able to apply a tax credit of some sort that they get money back. Filling out just the basic 1040 is where most people end up paying the most.

Alternatively, having an extra $10-20 witheld from each pay check is another good way to zero out each year.
 

w0lfpack91

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#27
If you only have W2 wages, then you may never have to ante up or do any forms other than the 1040. Consider yourself fortunate. If you have any other kind of income from investments, or you're self-employed, or a contract employee, or you hire household help, get divorced, move to another state or you sell that ring grandma left you, you end up hip deep in forms, worksheets and instructions, and possibly having to write your uncle a check at the end of it.
1099 are a bitch and a half. i will never do another one without a paid professional. especially when that 1099 income reaches 6 digits. 2016 income gross was $230,000 on 1099 the taxes almost bankrupted menow in 2018 still paying on 2016 tax bills
 

Slomo

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#28
1099 are a bitch and a half. i will never do another one without a paid professional. especially when that 1099 income reaches 6 digits. 2016 income gross was $230,000 on 1099 the taxes almost bankrupted menow in 2018 still paying on 2016 tax bills
You make is sound like you're self employed or own a business. Taxes for that one year were what, $60-100K? Add in business expenses and you don't actually make six figures after all, not even close. Then you get to also add in the stress and extra hours just to make it all work. I've been there, didn't care for any of it. It makes paying $100 with a 1040 form look like a walk in the park.
 

Borya

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#29
1099 are a bitch and a half. i will never do another one without a paid professional. especially when that 1099 income reaches 6 digits. 2016 income gross was $230,000 on 1099 the taxes almost bankrupted menow in 2018 still paying on 2016 tax bills
You do know that you can refile your 2016 return if you did it wrong, right?

I had to. I made a 2,000$ mistake on mine. just about had it paid off too, now they'll be sending some back to me.
 

w0lfpack91

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#30
You make is sound like you're self employed or own a business. Taxes for that one year were what, $60-100K? Add in business expenses and you don't actually make six figures after all, not even close. Then you get to also add in the stress and extra hours just to make it all work. I've been there, didn't care for any of it. It makes paying $100 with a 1040 form look like a walk in the park.
Driving a truck and leasing it. Never thought to keep up with anything. Wont make that mistake twice next go round

You do know that you can refile your 2016 return if you did it wrong, right?

I had to. I made a 2,000$ mistake on mine. just about had it paid off too, now they'll be sending some back to me.
If i can re track down my 1099 i might do that

Sent from my SM-G955U using Tapatalk
 

willnotwill

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#31
Well, I'm split. I got money back from the feds but I owed a little to the state. Net was I got money back because I could take the geothermal tax credit for the heat pumps I just put in.
 

Ravensteel

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#35
My wife and I had our son this year so we got to use the tax child credit. Pretty cool, but considering how much more we spent this year on our son it all balanced out.
 
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Maxx

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#36
You do know that you can refile your 2016 return if you did it wrong, right?

I had to. I made a 2,000$ mistake on mine. just about had it paid off too, now they'll be sending some back to me.
It never ends.

- - - Updated - - -

Driving a truck and leasing it. Never thought to keep up with anything. Wont make that mistake twice next go round

If i can re track down my 1099 i might do that

Sent from my SM-G955U using Tapatalk
Having survived a house fire a long time ago, first thing I did when I got a home scanner ('98 maybe?) was start keeping my records digitally. I've still got papers in a fire safe, but also duplicates on a backup drive kept in said fire safe. REALLY important stuff is also on a thumb drive in my son's gun safe at his house.
 
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