topic Re: Taxes done! in Community Chat

Taxes done!

SeaMaiden — Tue, 16 Mar 2021 20:31:52 GMT

DH finished our 2020 taxes....So we owe nothing zip, zero! Yea! Thanks to the stimulus my DH never received last payment...taking off that 600 dollars brought us to zero owed. Have no clue why I was sent a $600 debit card in my name and DH received nothing....mystery....

I checked today to see how the next stimulus is looking....we should be getting $1400 each...or $2800 total....but it just says....nothing yet....so hopefully that will change. I can not figure out the system the IRS uses....so confused. 😳

Re: Taxes done!

LuvmyLab — Tue, 16 Mar 2021 20:24:42 GMT

We received the last 2 stimulus monies right away. People at work have already received the 3rd but we haven't yet. Hoping it comes soon. I thought it was $1400.00 per person?

Re: Taxes done!

SeaMaiden — Tue, 16 Mar 2021 20:32:26 GMT

@LuvmyLab wrote:
We received the last 2 stimulus monies right away. People at work have already received the 3rd but we haven't yet. Hoping it comes soon. I thought it was $1400.00 per person?

@LuvmyLab Thanks for the correction! I posted incorrectly. I corrected it

Re: Taxes done!

Nightowlz — Tue, 16 Mar 2021 20:29:44 GMT

We may have to pay this year since morons DH works for were not deducting correct amount of taxes. Figured that out later last year so had extra deducted. Will see if it was enough.

Pretty bad you have to make sure they pay you correct amount, deducted correct amount of taxes, received correct leave etc every payday???

I don't understand how all these people that cannot do their jobs keep their job? Does not make sense.

Anyone else running into these issues or just us?

Re: Taxes done!

50Mickey — Tue, 16 Mar 2021 21:04:28 GMT

@LuvmyLab . The IRS is sending the stimulus payments out in batches. Not everyone has received it. I checked the IRS website and mine is scheduled to be deposited into my account 3/17.

Re: Taxes done!

tansy — Tue, 16 Mar 2021 21:25:20 GMT

Yipee. This post prompted me to check my account to see if our refund was there and it was. We filed a week ago.

Re: Taxes done!

Trinity11 — Tue, 16 Mar 2021 21:31:39 GMT

@Nightowlz wrote:
We may have to pay this year since morons DH works for were not deducting correct amount of taxes. Figured that out later last year so had extra deducted. Will see if it was enough.
Pretty bad you have to make sure they pay you correct amount, deducted correct amount of taxes, received correct leave etc every payday???
I don't understand how all these people that cannot do their jobs keep their job? Does not make sense.
Anyone else running into these issues or just us?

@Nightowlz We always have to pay and we aren't eligible for stimulus checks. We are both retired. You need to contact Human Resources.

Re: Taxes done!

tansy — Tue, 16 Mar 2021 21:41:32 GMT

@Trinity11 wrote:
@Nightowlz wrote:
We may have to pay this year since morons DH works for were not deducting correct amount of taxes. Figured that out later last year so had extra deducted. Will see if it was enough.
Pretty bad you have to make sure they pay you correct amount, deducted correct amount of taxes, received correct leave etc every payday???
I don't understand how all these people that cannot do their jobs keep their job? Does not make sense.
Anyone else running into these issues or just us?
@Nightowlz We always have to pay and we aren't eligible for stimulus checks. We are both retired. You need to contact Human Resources.

We qualified for a refund because we didn't have to take a 2020 401k distribution this year due to covid. Pleasant surprise.

Re: Taxes done!

50Mickey — Tue, 16 Mar 2021 22:34:21 GMT

@Nightowlz Your employer should withold the amount of taxes based on the W4 form that your husband filed. For example married 2 or married 0. They use the W 4 that you file and the tax tables. It is not always the fault of the employer. Maybe your husband needs to change his withholding W 4 form.

Re: Taxes done!

Lucky Charm — Tue, 16 Mar 2021 22:55:08 GMT

@SeaMaiden wrote:
Thanks to the stimulus my DH never received last payment...taking off that 600 dollars brought us to zero owed......DH received nothing....mystery....

Was your husband supposed to recieve one? Don't know how you file.

We've never rec'd stimulous money and I wonder it will be to our benefit when we file.

Re: Taxes done!

BirkiLady — Tue, 16 Mar 2021 23:27:49 GMT

@tansy I didn't take any of my RMD's either in 2020. Didn't realize there would be stimulus checks when making that decision, but it was an unexpected surprise. If I had my choice, I'd stop taking RMD's every year and reduce my taxes a lot! However, I still didn't receive a refund.

Still not sure how our government plans to pay back all that money . . . someday, we must balance our federal budget and it's going to be a mess. It becomes worse every month and is a huge concern to me as an investor.

Re: Taxes done!

WenGirl42 — Tue, 16 Mar 2021 23:35:21 GMT

@50Mickey wrote:
@Nightowlz Your employer should withold the amount of taxes based on the W4 form that your husband filed. For example married 2 or married 0. They use the W 4 that you file and the tax tables. It is not always the fault of the employer. Maybe your husband needs to change his withholding W 4 form.

You can't simply claim exemptions anymore. The individual is now responsible to determine what specific $ amount should be withheld from each paycheck. Because my husband's income added to mine puts us in another tax bracket than my income alone, I have to tell my HR dept how much extra to withhold each pay, to avoid under-withholding. The IRS has created a tool to help figure this out.

https://www.irs.gov/individuals/tax-withholding-estimator

Re: Taxes done!

50Mickey — Tue, 16 Mar 2021 23:43:41 GMT

This may be a tool for you to complete to determine what you need to have withheld but you must file a W4 with the filing status with your employer as far as I can tell. It is not up to the employer to determine what your filing status is.

Re: Taxes done!

SeaMaiden — Tue, 16 Mar 2021 23:44:06 GMT

@Lucky Charm wrote:
@SeaMaiden wrote:
Thanks to the stimulus my DH never received last payment...taking off that 600 dollars brought us to zero owed......DH received nothing....mystery....

Was your husband supposed to recieve one? Don't know how you file.

We've never rec'd stimulous money and I wonder it will be to our benefit when we file.

@Lucky Charm DH uses Turbo Tax...that allowed us to write it in. You have to check based on your income. If you were due the stimulus you request it then.

Re: Taxes done!

Jaspersmom — Tue, 16 Mar 2021 23:46:23 GMT

Most years I have to pay and no, I don't get a stimulus check. Oh well. By the way, I've always heard no one should get a tax refund. If you do, it means you don't have your tax deductions set up correctly. You should actually break even at the end of the year. People like to get that refund check, though, because they think they're owed something. It was always your money.

Re: Taxes done!

WenGirl42 — Wed, 17 Mar 2021 00:15:16 GMT

@50Mickey wrote:
This may be a tool for you to complete to determine what you need to have withheld but you must file a W4 with the filing status with your employer as far as I can tell. It is not up to the employer to determine what your filing status is.

Yes, you have to tell your employer your planned filing status as well as extra withholding needed (not simply number of exemptions, as before). A lot of people have been caught off guard by this change, because they had submitted a W4 as Married Filing Jointly with 0 exemptions claimed...employer still knows they plan to file as MFJ, but no longer does the calculation to determine what the withholding for "0 exemptions" should be.

Re: Taxes done!

50Mickey — Wed, 17 Mar 2021 01:17:26 GMT

@WenGirl42 wrote:
@50Mickey wrote:
This may be a tool for you to complete to determine what you need to have withheld but you must file a W4 with the filing status with your employer as far as I can tell. It is not up to the employer to determine what your filing status is.
Yes, you have to tell your employer your planned filing status as well as extra withholding needed (not simply number of exemptions, as before). A lot of people have been caught off guard by this change, because they had submitted a W4 as Married Filing Jointly with 0 exemptions claimed...employer still knows they plan to file as MFJ, but no longer does the calculation to determine what the withholding for "0 exemptions" should be.

Re: Taxes done!

DiAnne — Wed, 17 Mar 2021 00:59:57 GMT

I am retired and because of the changes in tax laws (no exemptions) I now have to pay $1000 more in taxes every year.

Re: Taxes done!

BirkiLady — Wed, 17 Mar 2021 11:19:49 GMT

@DiAnne We ALL are paying much more than previously. You are not alone. However, I don't let the government use my money throughout the year. I continue to invest it. Then I don't mind paying taxes in March/April.

Re: Taxes done!

Nightowlz — Fri, 19 Mar 2021 03:12:28 GMT

@50Mickey wrote:
@Nightowlz Your employer should withold the amount of taxes based on the W4 form that your husband filed. For example married 2 or married 0. They use the W 4 that you file and the tax tables. It is not always the fault of the employer. Maybe your husband needs to change his withholding W 4 form.

@50Mickey

I know that. I did payroll for many years. DH did give them a new one as all the employees did. They just assumed the correct amount would be withheld as it always has been.

The problem is the Payroll Dept is clueless. Someone else is now doing payroll.

There is no HR Dept where DH works either??? He tries to take care of all that stuff. He's Mr. Do It All Know It All. LOL!!!