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Thread: 2017 Taxes!

  1. #1
    Senior Member rosarugosa's Avatar
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    2017 Taxes!

    Ever since our refund got stolen a few years ago, it has been my mission to make sure there isn't any federal tax return to steal. That was a little painful for a couple of years when we had to make payments; we just weren't used to that, although we had the money in the bank so it wasn't an actual hardship. It just stung a little bit! Well this year between a very modest state return and a very modest federal amount owed, we will end up paying $41. out of pocket. I don't think I could hope to get it much closer than that!

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    Senior Member iris lilies's Avatar
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    Quote Originally Posted by rosarugosa View Post
    Ever since our refund got stolen a few years ago, it has been my mission to make sure there isn't any federal tax return to steal. That was a little painful for a couple of years when we had to make payments; we just weren't used to that, although we had the money in the bank so it wasn't an actual hardship. It just stung a little bit! Well this year between a very modest state return and a very modest federal amount owed, we will end up paying $41. out of pocket. I don't think I could hope to get it much closer than that!
    That is a beautiful thing indeed. Truly!

    We are winging the income tax thing in these years of transition to stable retirement income. We are not yet drawing Social Security. The ACA is a big determinant of how it all washes out, so we shall see if our estimates this year pan out. Last year we got a big refund and that isnt good, but all of the factors of income and ACA health insurance premiums make this estimate game tricky.

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    Senior Member Williamsmith's Avatar
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    I could have literally filled out my federal tax return on a postcard if the IRS would provide it in that format. My 1040EZ declared a refund of $175 which surprised me. I still don’t think any identity thief worth his/her salt would waste their time with me. If I go to Ohio and purchase my tipple, that’s seven 750 ml bottles of Makers Mark. And I can fill up my gas tank for 75 cents a gallon cheaper too. I love the Buckeye State.

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    I had to pay in for both Federal and state, but not so much that I had to pay a penalty so I was happy, but usually I get something back from the Feds. How do I prevent this? I claim one exemption. I don't think the W4 form will let me claim 2 as I file as a single. I do not want to leave any potential refunds out there for identity thieves.

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    Senior Member Williamsmith's Avatar
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    Quote Originally Posted by Yppej View Post
    I had to pay in for both Federal and state, but not so much that I had to pay a penalty so I was happy, but usually I get something back from the Feds. How do I prevent this? I claim one exemption. I don't think the W4 form will let me claim 2 as I file as a single. I do not want to leave any potential refunds out there for identity thieves.
    You can designate a specific amount in addition to have taken out of your income.

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    Senior Member SteveinMN's Avatar
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    Waiting on our Form 1095-C, which DW informs me will not be available from her workplace until the end of this month. Everything else is ready to go so I may just ship it off to the accountant and have them file as soon we get as the mandatory form. Last year I think we ended up with a very small refund; that may change this year because of medical expenses. *shrug* We don't spend it till we get it.
    If Americans expended even a fraction of the energy on civic engagement that we spend on consumer ideology, our democracy would be much healthier. Can you imagine people camping out to vote? -- Charles Roberts, Amherst, Mass., Nov. 25, 2006

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    Thanks WS. I probably should see how I end up when I file next year, my first full year at a new job that does payroll in house rather than using ADP. Management is very Republican and sent us all an email that thanks to the Trump tax cut we will be getting bigger paychecks (not the first time they have promoted the current president). So they may try to withhold to maximize take home pay. And I hope they don't think this absolves them from giving normal raises.

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    Senior Member Williamsmith's Avatar
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    Quote Originally Posted by Yppej View Post
    Thanks WS. I probably should see how I end up when I file next year, my first full year at a new job that does payroll in house rather than using ADP. Management is very Republican and sent us all an email that thanks to the Trump tax cut we will be getting bigger paychecks (not the first time they have promoted the current president). So they may try to withhold to maximize take home pay. And I hope they don't think this absolves them from giving normal raises.
    Perhaps, I can make you feel a little better about the expected “normal” raise. My wife works for a non profit in the morning and then goes to a public school. She just started at the school a year and a half ago.....has thirteen years in for the non profit. She is already making more at the school than at the non profit. The CEO of the non profit was fired for sharing pornography with unappreciative subordinates....well that’s the rumor.

    The board of directors is mum on the whole thing. Rumor also has it, he left with a full pension, back pay for the days he was banned from the property but not yet fired, and with a letter of appreciation for the great work he’s done for them and well wishes for his future.

    Meanwhile, the acting CEO has informed all the staff that due to the expense of investigating his misdeeds...there will be no raises this year. Well, nothing new....she hasn’t had a raise in three years.

    Not sure what that has to do with your tax question but hey.....I feel better venting.

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    Quote Originally Posted by Yppej View Post
    Thanks WS. I probably should see how I end up when I file next year, my first full year at a new job that does payroll in house rather than using ADP. Management is very Republican and sent us all an email that thanks to the Trump tax cut we will be getting bigger paychecks (not the first time they have promoted the current president). So they may try to withhold to maximize take home pay. And I hope they don't think this absolves them from giving normal raises.

    Can they do that? You have to sign a form for deductions?

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    They can choose how to round it, whether to put incentive pay on a separate check, some small things like that. ADP always overwithheld a little on my federal and underwithheld a little on my state taxes.

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