Post # 1
I know that not everyone gets hit with it and for some, its a tax break. Well apparently DH and I do not fall in the category.
We have a nice $4,500 bill we owe! This year we dont have many deductions, but hopefully next year we will have more based on our plans for the year. But still. grrrrrrrr. Had we filed individually as singles we would have had each a large refund.
Just a little bitter at the moment.
And it didnt help that the state I live in had a retroacative tax that we had to pay at once as well. Not sure how that is legal…
Post # 3
@ThreeMeers: Yikes! That’s totally not cool. I’m hoping it doesn’t have too big an impact on us this year, but we haven’t put our taxes together yet.
Post # 4
@ThreeMeers: Ours is looking like we’re going to owe $3800. WTF is all I have to say about that. I got promoted last summer and my husband got a great new job last year, but I had no idea those two things were going to throw us into a completely different tax bracket. I guess it’s not a terrible problem to have, but our baby is due in March and I am not looking forward to shelling out almost $4000 shortly afterward.
Post # 5
sounds like we are in the same place.
The first year we were married I was unemployed so we didnt really feel the hit. This year I was emloyed full time and DH got an extra bonus.
Post # 6
Taxes suck. We don’t have to pay back as much as y’all do but I was making plans with that money to help us get out of debt. Hopefully next year we won’t have to pay back.
Post # 7
The funny thing is, I don’t really “mind” taxes per se. Of course I don’t love them, haha, but I have no problem having more taken out of each paycheck over the course of the year to fund programs and services. It’s just the fact that it’s this huge lump sum and I didn’t know it was coming… it’s the first time I’ve owed rather than gotten a refund, and it’s NOT fun.
Post # 8
We do a tax worksheet twice a year to double check how we’re doing so we don’t get surprised like this. It’s really not a lot of work – maybe 15 minutes? – and it saves you the surprise, and the fees for owing too much.
Post # 9
We didn’t get hit with any penalty, but we also both chose to continue withholding at the single rate for our first full year as a married couple since we both work, so there weren’t any surprises. All of my friends that changed their withholding status to married seem to end up with a nasty surprise the first year. The W4 withholding calculators are fairly accurate, now is the perfect time to change your withholdings with your calculator. (/accounting nerd talk)
Also, if you don’t have many deductions, have you looked into filing as married filing separately? It could possibly help you out. Most tax programs like Turbo Tax will let you enter all your info and try it out both ways.
Post # 10
This is the 1st time we are having to pay back as well and I’m not a fan. Looks like DH is going to have to go back and make changes to his W-4 and have them take out more.
crayfish– Do you do that online or how do you go about this? I do believe it is something we need to start doing to make sure there are no surprises.
Post # 11
When I figured out the scale of the tax impact, I reconsidered getting married.
Post # 12
This is scary! I didn’t even know it existed! EEK!
Post # 13
Well this kind of ruined my day…. Here I thought we would get a better return this year being married! The last thing we need is a payment to the IRS when my husband just lost his job at the beginning of this year… all I can hope for is to break even or that the payment isnt too severe. I have never had to pay in before, I can’t even imagine!
Post # 14
The IRS usually has a calculator on their website (irs.gov) but right now it’s still down for 2013 probably because of the IRS scrambling to put all of the fiscal cliff deal laws into action. There are also instructions on the front of the W4 for how to figure out how many allowances to claim. The second page of the W4 form also has instructions on how to estimate your withholdings if you both work or if you itemize deductions. Or you could always just talk to a CPA or financial advisor if you don’t want to worry about guessing or making a mistake.
Post # 15
I was really worried that H and I would get penalized, but it looks like we’re getting $200 back. However, it’s a HUGE swing. Like owe $3200 to the state, but then getting a $3400 refund from the feds. I’m Ok with getting $200 back all in all!
Is there anything you can do to change withholdings, etc?
Post # 16
- Wedding: June 2014 - Italiano\'s Humble
Is this only for newlyweds? B/c I did my mom and SD’s taxes the other night, and they are getting a return of only $3400, and when we originally did the calculator back in december, they were supposed to get back almost $6k! Pretty much every year, they get back 4900-6200. this year is a bad hit for them. but they got married in 2010.