It depends entirely on the credits that you currently qualify for, without knowing more info, I can't tell you for sure.

As far as what you put on your w-4 vs what you file, it doesn't matter.

The only problem with the discrepancy between your w-4 and tax return is that if you withhold significantly less than your tax liability, you can be charged penalties.

1/28/2013 10:06:24 PM

this year is going to be fun...filing in 4 states

[Edited on January 29, 2013 at 2:49 AM. Reason : .]

1/29/2013 2:48:52 AM

Quote :

"I've got a question for someone who knows about taxes a little better than me: My wife has been a stay at home mom for the past three years, so I have filed "married filing jointly" every year. This year she got a part time seasonal job over the holidays, and it looks like her income might've pushed us over the threshold for a couple exemptions. Would it be worth it if we filed separately? What goes into a "married filing jointly" return (i.e. even though I have a certain number of dependents on my W-4 can I switch between statuses like that?) I would just go ahead and run a test filing for her on turbotax to see what it would do to our returns, but since we have a daughter with a lot of medical expenses that we write off, it will probably be more trouble than its worth."

This is where turbo tax is really worth the money. They'll tell you this in a heartbeat.

1/29/2013 9:56:24 AM

so I did the turbo tax thing tonight. It says its complete, however in the email it says no processing until at least january 30th with people like deductions as mine. wtf. I just need it before march and it says 21 days....how long will they wait to process?

1/30/2013 1:36:48 AM

how bout you read this thread or watch the news or pay attention to current events in your local newspaper

1/30/2013 6:42:12 AM

my taxes are complete. but i owe 1200 so im not in any hurry to file

1/30/2013 8:55:57 AM

Lucky you. Last year I had to pay 3 grand, I'm hoping this year is a hell of a lot better.

1/30/2013 9:42:19 AM

My wife did some consulting outside of her normal job last year. Consequently, she received a 1099-misc. When trying to enter this in turbo tax, it is kind of leading me down the path of caling her self employeed, and setting up a business name and all of that. Does that sound normal? Do you have to have a business name if you just do a small amount of consulting? FWIW, she has been paying estimated taxes quarterly on this income. Thanks.

1/30/2013 4:26:07 PM

would this info be included on what is actually filed or is it just there to help you keep things organized within the turbotax software?

1/30/2013 4:29:56 PM

^^ yeah that sounds normal. My wife does copy-editing on the side and we have a "business" thing set up within turbotax. It's not really real business but imo just something to track the same job over multiple years. Never had any issues or red flags or anything and she's done this for like 8 years. She doesn't pay taxes quarterly but just witholds an extra amount from her main job. Not technically the appropriate way to do it but it still works out mathematically.

1/30/2013 4:42:40 PM

Quote :

""I've got a question for someone who knows about taxes a little better than me: My wife has been a stay at home mom for the past three years, so I have filed "married filing jointly" every year. This year she got a part time seasonal job over the holidays, and it looks like her income might've pushed us over the threshold for a couple exemptions. Would it be worth it if we filed separately? What goes into a "married filing jointly" return (i.e. even though I have a certain number of dependents on my W-4 can I switch between statuses like that?) I would just go ahead and run a test filing for her on turbotax to see what it would do to our returns, but since we have a daughter with a lot of medical expenses that we write off, it will probably be more trouble than its worth.""

so say my wife filed separately, and we own a home together, would we both say that we own the home? I would only claim the mortgage interest info on my return, so I guess it might not matter

And I guess I would need to claim our daughter as well, while my wife cant.

1/30/2013 6:12:35 PM

skaterjaws
All American
708 Posts
user info
edit post so I did the turbo tax thing tonight. It says its complete, however in the email it says no processing until at least january 30th with people like deductions as mine. wtf. I just need it before march and it says 21 days....how long will they wait to process?

1/30/2013 1:36:48 AM

bobster
All American
2260 Posts
user info
edit post how bout you read this thread or watch the news or pay attention to current events in your local newspaper


i don't know what deductions they are talking about?!

1/30/2013 8:55:58 PM

Was all jacked up and ready to hit 'send' tonight and got a notice that I can't yet til mid-Feb. Damn AOC. Better than all those other credits they're still working on.

http://www.irs.gov/uac/Newsroom/List-of-IRS-forms-that-1040-filers-can-begin-filing-in-late-February-or-into-March-2013

1/30/2013 11:22:36 PM

I haven't gotten my damn W2 yet

1/30/2013 11:29:19 PM

^we haven't either. freakin' school system

1/31/2013 6:26:07 AM

Ok I know it is taking time for the IRS but... I still am a little lost...

A quick update on your federal tax return
Although you submitted your return earlier this month, you may have heard that the IRS is not ready to accept tax returns that have certain deductions or credits in them - like yours.

Your return is currently being held because it contains these deductions and/or credits: Form 4562 - Depreciation, Education Credits.

If your federal return is being held, your state return may also be delayed. Some state tax authorities require that the federal return is accepted before they can start processing.

This is a nationwide delay for all returns like yours - no matter who prepares them. Don't worry, you won't lose your place in line. We've got your return ready to go as soon as the IRS is ready to process it.

Next step: keep watching your email.

We'll send you another message when there is an update on the status of your return.



are we talking days, weeks, or months here?

1/31/2013 10:29:39 PM

when are 1099s required to be mailed?

2/1/2013 6:17:38 AM

2 days ago

2/2/2013 9:46:11 AM

I really don't understand how people end up owing money?

2/2/2013 3:07:18 PM

Because I don't pay

2/2/2013 3:23:04 PM

Yeah, why would I gladly give the govt extra money from my paycheck every month?

2/3/2013 5:13:07 PM

I'd rather keep my hands on it in the event I really need it.

2/3/2013 7:22:14 PM

I didn't get my W2 from work until middle of last week. Wife did the taxes over the weekend.

Last year with my wife having worked about half of 2011, we got like $2k. This year since she did not work any in 2012 and we have two kids, we are getting just under $7k. It mainly has to do with credits from our house and not making any money on it from rent, and the EITC.

2/4/2013 7:50:46 AM

I'll be doing our taxes this weekend. We finally got my wife's 1099 from her other job.

2/4/2013 8:03:31 AM

Quote :

"I really don't understand how people end up owing money?"

not poor, married with dual income, no kids, not in school, not worth it for my situation to own a house.

[Edited on February 4, 2013 at 9:12 AM. Reason : ]

2/4/2013 9:11:06 AM

Filed electronically yesterday.

2/4/2013 9:12:53 AM

Quote :

"I really don't understand how people end up owing money? "

First year I've ever owed. Run my own business and made some good money this year...so I'll take it.

2/4/2013 9:16:34 AM

Owe federal $37 and getting back $48 from state. Close enough.

2/4/2013 9:21:42 AM

More like

Quote :

"I really don't understand how people end up owing money taxes"

2/4/2013 9:33:08 AM

Damn, I owe $3k.

Even though logically I know it's just extra money I've had all year, it still hurts to see that on the turbotax screen.

Guess on the bright side I can thank the IRS for the loan, right?

2/4/2013 10:27:10 AM

314 federal refund, 213 state. I would have owed a little bit had I not had student loan interest to deduct.

2/4/2013 1:43:38 PM

I'm getting about 1900 back from Federal and 200 back from State.

I know I'm giving the government a free loan, but it's damn nice to get a check that large every year. It feels like free money. It's also an easy way for me to make myself "save" money.

2/4/2013 3:23:21 PM

I'm getting $1550 fed and $550 state. Enough money back that I can put granite in the kitchen a couple months ahead of schedule.

Still ended up paying 20.7% in taxes though

2/4/2013 5:48:12 PM

I think I have all of my tax forms in now.

Time for being an adult.

2/5/2013 9:45:59 AM

Already got my federal return deposited. Not expecting state return anytime soon.

2/5/2013 10:29:39 AM

~$4500 back. oops.

sidenote: does anyone that watches the news more than i do have any idea if the irs withholding calculator will return in any acceptable time in the future? i want to fix this but need guidance, son.

2/5/2013 11:01:33 AM

http://www.kiplinger.com/tool/taxes/T055-S001-tax-withholding-calculator-kiplinger/index.php

2/5/2013 11:08:58 AM

Still waiting for my 1099-DIV....so frustrating

2/5/2013 1:12:06 PM

Quote :

"Your federal return is lined up for processing The IRS is not ready to accept tax returns that have certain deductions or credits in them - like yours. "

WHAT THE FUCK IS THIS SHIT?

Their entire JOB is to process taxes and THEY AREN'T FUCKING READY???


(ibomfg read first post)

2/6/2013 7:21:36 AM

Maybe this link that was halfway down page 2?

http://www.irs.gov/uac/Newsroom/List-of-IRS-forms-that-1040-filers-can-begin-filing-in-late-February-or-into-March-2013

2/6/2013 8:34:30 AM

yeah i knew about the delay beforehand, but it doesn't mean it doesn't aggrivate me.

and some of you people want to entrust MORE of your money with the federal government?

2/6/2013 8:40:42 AM

although i will say I did pretty good this year with tax withholdings... only getting ~550ish back in Federal, and that's after having a kid. (I adjusted my withholdings mid-year)

still getting ~900ish back from NC... I'm not sure why it's so high compared to federal, but it irritates me because I will have to count the 900 as additional income for my taxes next year.

2/6/2013 8:47:03 AM

Quote :

"Still waiting for my 1099-DIV....so frustrating"

YEP

2/6/2013 9:30:08 AM

^Who do you use?

2/6/2013 9:38:36 AM

Still waiting on mine too. TDAmeritrade.

2/6/2013 10:14:24 AM

Don't places have until 2/15?

2/6/2013 10:33:57 AM

Etrade

2/6/2013 10:44:12 AM

Morgan Stanley

2/6/2013 10:49:01 AM

Okay good. Just wanted to make sure I wasn't the only one. I'm with tradeking.

2/6/2013 1:23:30 PM

I was supposed to get a $325 return from NC but they only deposited $82. Anybody else encounter something similar?

I keep trying to call about it but get a busy signal.

2/12/2013 1:05:48 PM