RavensTillIDie Posted February 28, 2019 Share Posted February 28, 2019 33 minutes ago, mistakey said: do you live in a state with high state and local taxes? I live in Maryland. Looks like it's around the 12th highest tax burden? But the funny thing is, I only owe $100 in state taxes. Link to comment Share on other sites More sharing options...
pwny Posted February 28, 2019 Author Share Posted February 28, 2019 1 hour ago, RavensTillIDie said: My taxes owed to Federal went from a refund of $100 in 2017 to owing them $7000+ in 2018. Even my CPA doesn't know what the hell happened and she's one of the best reviewed in the area lol. Why taxes so crazy? She couldn’t figure it out? ...that’s odd. Like really odd. Do you have copies of the two years? Link to comment Share on other sites More sharing options...
RavensTillIDie Posted February 28, 2019 Share Posted February 28, 2019 1 minute ago, pwny said: She couldn’t figure it out? ...that’s odd. Like really odd. Do you have copies of the two years? You mean of the 1040 forms? Yeah. The only thing things she noticed b/w the two were that my wife and I did have an increase in total income by around $25,000, but at the same time since I took the standard deduction both years, I was supposed to "benefit" from the increase in the standard deduction to $24,000 for married filing jointly. Link to comment Share on other sites More sharing options...
pwny Posted February 28, 2019 Author Share Posted February 28, 2019 Just now, RavensTillIDie said: You mean of the 1040 forms? Yeah. The only thing things she noticed b/w the two were that my wife and I did have an increase in total income by around $25,000, but at the same time since I took the standard deduction both years, I was supposed to "benefit" from the increase in the standard deduction to $24,000 for married filing jointly. Check the taxable income (line 10 in 2018, 43 in 2017), and total payments (line 18 in 2018, 74 in 2017. Link to comment Share on other sites More sharing options...
MWil23 Posted February 28, 2019 Share Posted February 28, 2019 That extra taxes for being a Ravens fan must be a swift kick to the ball bag. 4 Link to comment Share on other sites More sharing options...
Dr LBC Posted March 1, 2019 Share Posted March 1, 2019 Made it purely based on an idea that came to my head while grocery shopping this afternoon and let me tell you, Lobster Ratatouille WORKS! It's really, really good! Link to comment Share on other sites More sharing options...
RavensTillIDie Posted March 1, 2019 Share Posted March 1, 2019 5 hours ago, pwny said: Check the taxable income (line 10 in 2018, 43 in 2017), and total payments (line 18 in 2018, 74 in 2017. Heh, the taxable income was a difference of +$22,000, but somehow the difference between the total payments were -$5,600. I guess even though my wife and I both had our witholdings at 1 for state and federal, our employers just didn't hold back enough in taxes throughout the year? Link to comment Share on other sites More sharing options...
pwny Posted March 1, 2019 Author Share Posted March 1, 2019 1 minute ago, RavensTillIDie said: Heh, the taxable income was a difference of +$22,000, but somehow the difference between the total payments were -$5,600. I guess even though my wife and I both had our witholdings at 1 for state and federal, our employers just didn't hold back enough in taxes throughout the year? Yikes. Yeah, that’s it. One of the payroll processors might have screwed something up. You can check out what each W2 is suppose to look like at https://www.paycheckcity.com/, if you want to figure out which one is wrong. Also - check line 23 on your 2018, because with that change, you probably got hit with some penalties. 2 Link to comment Share on other sites More sharing options...
RavensTillIDie Posted March 1, 2019 Share Posted March 1, 2019 4 minutes ago, pwny said: Yikes. Yeah, that’s it. One of the payroll processors might have screwed something up. You can check out what each W2 is suppose to look like at https://www.paycheckcity.com/, if you want to figure out which one is wrong. Also - check line 23 on your 2018, because with that change, you probably got hit with some penalties. That's pretty neat. I'll have to take a look tomorrow. And yeah, there's a penalty tax, but fortunately it's only $163 (relative to how much I owe at the moment). Thanks for clearing up the confusion. Link to comment Share on other sites More sharing options...
theJ Posted March 1, 2019 Share Posted March 1, 2019 All this tax talk is a good reminder for everyone that you should always check your paychecks around this time of year (after doing your taxes) to make sure the proper amount of taxes are being taken out. It shouldn't be a surprise whether you get a refund or have to pay. With the change in the standard deduction last year, it makes it pretty easy to do this calculation in a few minutes time. Link to comment Share on other sites More sharing options...
ramssuperbowl99 Posted March 1, 2019 Share Posted March 1, 2019 4 hours ago, theJ said: All this tax talk is a good reminder for everyone that you should always check your paychecks around this time of year (after doing your taxes) to make sure the proper amount of taxes are being taken out. It shouldn't be a surprise whether you get a refund or have to pay. With the change in the standard deduction last year, it makes it pretty easy to do this calculation in a few minutes time. Year-end dividends make this a challenge. I typically just over-contribute and then get a check back. One less thing to worry about, and I don't really care if the government gets an interest free loan off me. I wasn't going to do much with the money and even if I invested it the interest over the year versus lump summing the refund into a brokerage account isn't a big enough deal for me to really care. 1 Link to comment Share on other sites More sharing options...
theJ Posted March 1, 2019 Share Posted March 1, 2019 45 minutes ago, ramssuperbowl99 said: Year-end dividends make this a challenge. I typically just over-contribute and then get a check back. One less thing to worry about, and I don't really care if the government gets an interest free loan off me. I wasn't going to do much with the money and even if I invested it the interest over the year versus lump summing the refund into a brokerage account isn't a big enough deal for me to really care. That's very true. I don't typically think about that too much. I try to keep most of my investments in retirement type accounts so i don't have to worry about the taxes. The small amount i have in a brokerage account is not enough to make big swings in my taxes. Link to comment Share on other sites More sharing options...
MacReady Posted March 1, 2019 Share Posted March 1, 2019 I have never been more sick than I am right now. I don't know what it is, but I've gone from feeling freezing cold to burning up with aches and cramps, a runny nose, a cough, feeling feint and having no energy at all and also frequent bowel movements. I've had no appetite whatsoever and have hardly eaten anything the past three days. Am I dying? Link to comment Share on other sites More sharing options...
flyers0909 Posted March 1, 2019 Share Posted March 1, 2019 I took a leap and changed jobs at work after an interesting opportunity came up. Same salary and I was told it was a lateral move but two weeks in and I learn I'm being changed from salary to hourly. I typically work a few extra hours a week so I know the OT will be nice but I don't like the idea of clocking in and out each day. The freedom to be flexible with my hours was really nice. Any other reasons the switch to hourly would be a negative? Link to comment Share on other sites More sharing options...
ramssuperbowl99 Posted March 1, 2019 Share Posted March 1, 2019 44 minutes ago, flyers0909 said: I took a leap and changed jobs at work after an interesting opportunity came up. Same salary and I was told it was a lateral move but two weeks in and I learn I'm being changed from salary to hourly. I typically work a few extra hours a week so I know the OT will be nice but I don't like the idea of clocking in and out each day. The freedom to be flexible with my hours was really nice. Any other reasons the switch to hourly would be a negative? None. Being salaried sucks. 2 Link to comment Share on other sites More sharing options...
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