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Esteemed Contributor
Posts: 7,719
Registered: ‎02-22-2015

Re: Taxes done!

[ Edited ]

@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.  

Money screams; wealth whispers.
Respected Contributor
Posts: 2,124
Registered: ‎07-05-2012

@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

Respected Contributor
Posts: 3,361
Registered: ‎05-21-2010

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. 

Honored Contributor
Posts: 23,835
Registered: ‎03-10-2010

@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.

Trusted Contributor
Posts: 1,320
Registered: ‎06-08-2011

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.

Respected Contributor
Posts: 2,124
Registered: ‎07-05-2012

@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.

Respected Contributor
Posts: 3,361
Registered: ‎05-21-2010

Re: Taxes done!

[ Edited ]

 


@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.




 





Honored Contributor
Posts: 10,620
Registered: ‎09-22-2010

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

Esteemed Contributor
Posts: 7,719
Registered: ‎02-22-2015

@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. Smiley Wink

Money screams; wealth whispers.
Honored Contributor
Posts: 15,801
Registered: ‎03-11-2010

Re: Taxes done!

[ Edited ]

@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!!!